GUIDE TO THE SECONDARY MARKET - Dow Jones & Company

GUIDE TO THE SECONDARYMARKET

2013 Edition

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As a market pioneer and a global leader in secondary market investment banking, Cogent Partners has successfully advised on more than $65 billion of private equity secondaries since 2001. Our experience and worldwide presence give us a superior insight and perspective into the unique elements of every transaction. We leverage this knowledge to provide independent and unbiased advice to our clients – wherever they are.

2013 Edition

Editorial Laura Kreutzer, David Smagalla, Hillary Canada, Sonja Cheung, Russ Garland, Michael Wursthorn

Research Victoria Camporeale Bradley, Sean Curran

Advertising Joseph Koskuba, James Lindquist

Production and Design Tara S. Cooper, Heather Graham, Tim White

Editorial Director Nicholas Elliott

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ISBN# 1-934391-17-4/978-1-934391-17-4 | Guide to the Secondary Market published May 2013 by Dow Jones & Company, Inc., located at 1211 Avenue of the Americas, New York , New York 10036. Dow Jones & Co. is a News Corporation company. Cover Price: $195. Contact [email protected]. Copyright © 2013 by Dow Jones & Company, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means – graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems – without the express written permission of Dow Jones & Company, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Dow Jones & Company, Inc., its officers, employees, or agents may hold positions in any of the securities mentioned herein.

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GUIDE TO THE SECONDARYMARKET

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GUIDE TO THE SECONDARY MARKET | | 3

I. Introduction

Preface 4 By Laura Kreutzer, Assistant Managing Editor, Private Equity

After Two Fast-Paced Years, Secondary Market Pauses to Catch Its Breath 6 By Laura Kreutzer

Secondary Market Timeline 16 Fundraising and deal volume, 2000-2012

Stable Pricing Puts Secondary Sellers Back in the Driver’s Seat, for Now 18 By Laura Kreutzer

Secondary Buyers Drive Market’s Next Wave: Fund Recapitalizations 22 By Michael Wursthorn

Secondary Exchanges Innovate in a Post-Facebook World 24 By Russ Garland

Real Estate Secondaries Lay the Foundation for Growth 25 By Hillary Canada

Secondaries Vie to Build Road to Infrastructure Deals 26 By Michael Wursthorn

Maturing Funds, Lack of Exits in Asia May Usher in Secondary Wave 27 By Sonja Cheung

Improving Market Conditions Let Secondary Funds Pump Out the Cash 28 By David Smagalla

II. Sponsored Article

With a Maturing Market, Secondary Firms Provide More Comprehensive Solutions 31 By Benjamin Wilson of PEI Funds

III. Firm Listings

Secondary Market Buyer Listings 32

Secondary Direct Manager Listings 65

Intermediary Firm Listings 71

IV. Appendices

A. Investors That Have Backed Secondary Funds 82

B. Secondary Buyer Rankings by Assets Under Management 85

C. Secondary Buyer Rankings by 2012 Capital Invested 86

V. Indexes

Company Name 87

Contact Name 90

Location 95

Secondary Market Buyer: Interests Sought 99

Secondary Market Buyer & Direct Manager: Geographic Preferences 101

Secondary Market Intermediary: Types of Clients Represented 103

Secondary Market Intermediary: Average Size of Secondary Deals Represented 104

Table Of Contents

| | GUIDE TO THE SECONDARY MARKET4

Preface

After three consecutive years of blockbuster deal volume, the private equity secondary market appears to have hit an inflection point as 2013 unfolds.

The solid performance of public stock markets and a near-record year for distributions in 2012 appear to have taken some of the pressure off sellers, putting the market back onto a pace that characterized it prior to 2011.

At the same time, however, two back-to-back years of strong secondary fundraising has helped buoy pricing for transactions as buyers look to invest the capital they’ve raised. Power at the negotiating table is shifting back into the hands of sellers, according to sentiments from our annual survey of secondary buyers.

In this latest edition of our guide to the secondary market, we examine exactly how secondary buyers and sellers plan to navigate this new terrain, where they expect to see the most active selling and how they are structuring deals.

This year, we have combined all of the content of our Guide to Secondary Market Buyers and Guide to Secondary Market Intermediaries into a single user-friendly reference. As in years past, you will still find all of the detailed profiles of buyers and intermediaries, along with the fundraising, performance and deal volume statistics that have characterized these guides in prior years.

This year, we also address in detail the market’s growing interest in fund recapitalizations and the future of secondary market exchanges, along with new features covering secondary investing in Asia and the challenges or opportunities associated with the nascent market for infrastructure secondary deals.

As always, we hope you find the guide to be a useful reference and welcome your feedback on how we can improve future editions.

Sincerely, Laura Kreutzer Assistant Managing Editor, Private Equity Dow Jones & Co. [email protected] @LauraKreutzer

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After Two Fast-Paced Years, Secondary Market Pauses to Catch Its BreathBy Laura Kreutzer

Secondary buyers enjoyed two back-to-

back years of record deal volume in 2011 and 2012. However, as 2013 unfolds, sellers appear to have hit the pause button, and it remains to be seen exactly how quickly the market will regain its momentum.

Secondary deal volume hit nearly $26 billion in 2012, topping a previous record $24.78 billion in transactions during 2011, as both financial institutions and fiduciaries such as public pension funds offloaded a steady stream of portfolios.

But during the first quarter of 2013, secondary market professionals say the pace of deals has slowed, particularly when compared with the first quarters of each of the two prior years. Strong stock markets and a robust year for distributions have taken pressure off sellers, many of which now find themselves awash in cash and well within their target allocations to the asset class.

“In the last five or six years that we’ve been doing this, it’s probably one of the slowest quarters that we’ve seen,” said Yann Robard, vice president and head of secondaries and co-investments at the Canada Pension Plan Investment Board.

Our secondary buyers survey bared this uncertainty out as firms seemed less optimistic the record levels of deal volume the industry experienced in the past two years will continue this year. The survey reflected responses from 35 secondary buyers, including many of the industry’s most active firms.

Only 53% of this year’s survey respondents predicted 2013 would be another record year for secondary deal volume, down significantly from the 83% of respondents in last year’s survey that predicted a record year for 2012.

Among those that do not believe 2013 will bring record volume, two pointed to the volume of large portfolios that have already changed hands in the past two years.

“The main deals have flushed through the market,” one respondent wrote.

Some market participants contend the market is simply reverting to a deal pace that characterized the industry for the years up until 2011 and 2012. Typically, the pace of deals would start slowly in the early part of the year, as sellers awaited year-end audited valuations, but would pick up during the second half.

“The secondary market prior to 2011 was always seasonal,” said Todd Miller, managing director at Cogent Partners.

A Year for Smaller Deals?Although smaller secondary deals have long outnumbered larger ones, some buyers predict that, as 2013 unfolds, deals involving stakes in individual funds or a small handful of funds managed by the same firm will dominate the market.

Do You Expect 2013 to Be a Record Year for Secondary Deal Volume?

Source: Guide to the Secondary Market, 2013 Edition

Yes

No

20122013

53%

83%

47%

17%

What Percentage of Secondary Deals You Do is Due To:

0

5

10

15

20

25

30

35

40%

Median (%)Mean (%)

Other (5) Their use as a portfolio

management tool (24)

Regulatorychanges (22)

Economic concerns of

inexperienced investors/distressed (21)


(Sample Size)

27%

33%

37%

20%

40% 40%

16% 15%


“There has been a clear slowdown at the large end of the market,” said John Wolak, managing director at Morgan Stanley Alternative Investment Partners. “For the sub-$50 million transactions, the market has been very strong, and it’s been quite eclectic in terms of who the sellers are.”

Smaller portfolios continue to account for the lion’s share of deals in many funds, according to our survey. Survey respondents invested a median of 75% of their latest funds in fund stakes with net asset values of less than $15 million.

Smaller fund interests are coming on the market as limited partners consolidate relationships with general partners in their portfolios and use the secondary market more actively as a portfolio management tool. Firms in our survey say that portfolio management issues drove an average of about 40% of the deal volume that they do, making them the most common driver of deal volume.

Still, other buyers contend that even though the volume of large portfolio transactions may have slowed in the first quarter, there are still behind-the-scenes discussions about large deals, including ones involving large single-fund stakes.

Percentage of Funds Going to U.S./Non-U.S. Deals

0

20

40

60

80%

Prior fundCurrent fund

Non-U.S. DealsU.S. Deals


Median %

75%

30%

80%

28%


“Today, you can still find a single [fund] interest for $200 [million] or $300 million,” said Benoît Verbrugghe, head of U.S. activities at Axa Private Equity, which invested some $2.5 billion into secondary deals in 2012.

Mr. Verbrugghe added that his firm closed a “significant- sized” transaction in late December, although he declined to disclose details of the deal.

Others share Mr. Verbrugghe’s view, contending that although the pace of selling may be slower than this time last year, there is still a large volume of assets in investor portfolios waiting to hit the market.

“Our pipeline suggests that $25 billion to $30 billion [of transaction volume] is possible this year, based on what we’re working on,” said Wilson Warren, a partner with Lexington Partners.

Financial Institutions Ease Off the GasBanks and insurance companies continue to drive secondary deal volume, although at a slower pace than at this time in prior years.

Over the past three years, banks, insurance companies and other financial institutions have provided a steady pipeline of deals. European banks, in particular, have shed portfolios as they braced for regulations limiting the amount of riskier assets they can hold on their balance sheets.

Regulation continues to motivate sellers, with participants in this year’s survey estimating it drives an average of about 37% of deals they do, a close second to portfolio management issues as a motivating factor.

However, toward the end of 2012, the volume of deal flow coming from banks began to slow, according to some secondary buyers, as economic conditions in some European countries stabilized and their financial conditions improved.

“The European banks are reluctant to take hits to their assets,” said Mr. Wolak of Morgan Stanley AIP. “Overall, the market is trading at a 10% discount, and European

Banks Sell Down Captives/Anchor Stakes (Select Deals 2012-2013)Financial Institution Seller Fund Name Stake (M) Buyers (if known)Bank of America Merrill Lynch Ridgemont Equity Secondary at least $460 AlpInvest Partners, Goldman Sachs Group Inc., Fund I LP Landmark PartnersCredit Suisse Group Global Infrastructure $590 (NAV and uncalled Lexington Partners Partners LP commitments as of 9/30)Credit Suisse Group Credit Suisse Private Equity N/A HarbourVest Partners, Asia Growth Capital Advisors Asia Partners LP HSBC Holdings PLC Headland Capital Partners at least $300 N/A (various funds) J.P. Morgan Chase & Co. CCMP Capital Partners II LP approx. $400 A handful of prospective buyers that includes Lexington Partners and Canada Pension Plan Investment BoardKBC Group NV KBC Private Equity N/A LGT Capital PartnersSources: Dow Jones & Co., Private Equity News, Bloomberg

Percentage of Funds Going to Large/Small Deals

0

20

40

60

80%

Prior fundCurrent fund

Stakes with NAVs less than $15M

Stakes with NAVs larger than $15M


Median %

75%

50%

75%

50%

What Percentage of Assets You Purchased on the Secondary Market Fell Outside Traditional De�nitions of Private Equity or Venture Capital?

Numbers do not add up to 100% due to rounding. *Nontraditional sectors include infrastructure funds, oil and gas funds, hedge funds, real estate funds and private credit portfolios. Source: Guide to the Secondary Market, 2013 Edition

*

None

1% to 10%

11% to 20%

21% to 30%

31% to 40%

41% to 50%

More than 50%

62%

8%

23%

4%

4%

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LGT Capital Partners is pleased to announce the final closing of

Crown Global Secondaries III $ 2,000,000,000January 2013

Pfaeffi kon, New York, London, Dublin, Hong Kong, Beijing, Tokyowww.lgtcp.com, [email protected]

LGT Capital Partners is a leading private equity fund of funds manager and secondary specialist with USD 19 billion in commitments.

LGT Capital Partners has a 15-year track record of providing portfolio management and liquidity solutions to private equity investors around the globe. Our experienced team of secondary professionals has led over 150 transactions, including:

• Buyout, growth equity, venture capital, infrastructure and real estate• European, US, Asian and Latin American assets• Special situations (spin-offs, direct secondaries, unfunded fund interests)

For further information please contact: André Aubert ([email protected]) or Sascha Gruber ([email protected])

Secondaries House of the Year 2012LGT Capital Partners

Secondaries House of the Year 2012LGT Capital Partners

LGT Capital Partners

Secondaries House of the Year 2013

banks are unwilling to take losses against their capital base. On the flip side, the U.S. banks have been going through a recapitalization process over the past two years and are under less stress to build liquidity.”

Uncertainty about the implementation of regulations such as the Volcker Rule in the U.S. and the Alternative Investment Fund Managers Directive in Europe may also further dissuade some sellers from unloading assets in the near term.

That said, secondary buyers and intermediaries point out that many banks continue to hold sizable chunks of private equity assets on their balance sheets, including stakes in funds managed by groups that had spun out of those same banks in recent years. Ultimately, they believe those institutions will sell down those stakes as regulators fine-tune the rules.

In 2012, Bank of America Merrill Lynch sold its anchor stake in a portfolio managed by Ridgemont Equity Partners to a group of secondary buyers that included AlpInvest Partners, Goldman Sachs Group Inc. and Landmark Partners. Ridgemont’s team, which previously operated as Bank of America Capital Investors, spun off of the bank in 2010. At press time, a small handful of secondary buyers were also considering bids for an estimated $400 million anchor commitment J.P. Morgan Chase & Co. held in CCMP Capital Partners II LP.

Buyers point to many other banks, including Citibank, Credit Suisse Group AG, Deutsche Bank AG and Goldman Sachs, that continue to hold stakes in different private equity assets across various pockets of their organizations.

“That game isn’t done yet,” said Mr. Miller of Cogent Partners. “It’s kind of crazy how complicated some of these banks are. Some have a pension fund, then they have their own balance sheet, and they have a third-party asset management arm. It’s all over the map.”

Portfolio Management Powers Fiduciary SellersFiduciaries, such as endowments, foundations, and corporate and public pension funds, also promise to generate steady deal volume this year as they continue to use the secondary market to actively manage their investment portfolios.

In some cases, this has led to a broader array of assets being put up for sale. More than one-third of survey participants bought assets in 2012 that fell outside of traditional buyout or venture assets, although in most cases, those nontraditional assets only accounted for less than 10% of the total assets that managers purchased.

Among fiduciaries, pension funds, particularly those on the public side, shed sizable portfolios in 2012 as they sought to reduce their exposure to specific subsectors of the asset class or specific managers.


“When valuations start going up and people get distributions, the penalty for waiting to sell goes down,” said Brent Nicklas, managing partner at Lexington Partners. “However, the assets remain targeted for secondary sales in the long term.”

Although large public pensions captured most of the secondary deal headlines in 2011 and 2012, secondary buyers see potential deal flow emanating from corporate defined benefit plans going forward.

As corporations wrestle with aging beneficiaries and shift newer employees into traditional 401(k) retirement

In 2012, the State of Wisconsin Investment Board sold a $1 billion portfolio of funds managed by Kolhberg Kravis Roberts & Co., Blackstone Group and Carlyle Group, as part of a shift in emphasis away from megabuyout funds, particularly ones managed by publicly traded firms. Indiana Public Retirement System had also planned to sell a large portfolio of fund stakes on the secondary market last year, as part of a portfolio repositioning following the merger of several state retirement funds into a single system. However, the pension system pulled the sale when Robert Clone, who oversaw the private equity portfolio, announced his retirement.

Buyers say investors will continue to pare their portfolios this year, as they focus their capital on their best performing GPs or make room to add certain new relationships.

Limited partners also continue to contend with portfolios of older funds that have yet to wind down. As investors exert more pressure on fund managers to generate liquidity, limited partners will generate more opportunities for secondary buyers to invest in fund recapitalizations (see story on page 22). However, given that they have fairly lengthy time horizons on their investment portfolios, pension funds can afford to hold off if they don’t like the prices they receive for their assets.

How Long Did It Take You to Raise Your Last Fund?


0-1 year

1 year

1-2 years

2 years

30%

35%

30%

5%


Select Secondary Funds in the Market or Recently Closed

Target Total Amt. Fund Name Investing Firm Name Fund Type Fund Region (M) Closed (M)

Access Secondary Bridge Fund* Access Capital Partners Secondary Direct/Portfolio Western Europe N/A $281.8

ACG European Secondary Fund ACG Private Equity Secondary Direct/Portfolio Eastern Europe/CIS $206.6 N/A

Adams Street Global Adams Street Partners LP Secondaries U.S. $750.0 $1,000.0 Secondary Fund V LP*

Akkadian Ventures Annex II LP Akkadian Ventures Secondary Direct/Portfolio U.S. $5.4 N/A

Akkadian Ventures II LP* Akkadian Ventures Secondary Direct/Portfolio U.S. $20.0 $22.0

AlpInvest Secondaries Fund V AlpInvest Partners LP Secondaries Global $200.0 $98.7

Altercap II* LBO France Gestion LP Secondaries Western Europe $258.8 $266.9

Amberbrook VI LLC* Willowridge Partners LP Secondaries U.S. $350.0 $400.0

Arcano Secondary Fund I LP* Arcano Capital LP Secondaries Western Europe N/A $700.0

Arcano Secondary Fund II LP Arcano Capital LP Secondaries Western Europe $40.0 $37.0

Auda Secondary Fund III LP Auda International LP Secondaries U.S. $300.0 $134.5

Axa Early Secondary V LP* Axa Private Equity LP Secondaries Global N/A $605.0

Axa Secondary Fund V LP* Axa Private Equity LP Secondaries Global $3,500.0 $5,000.0

Coller International Partners VI LP* Coller Capital LP Secondaries Global $5,000.0 $5,500.0

Crown Global Secondaries III* LGT Capital Partners Secondary Direct/Portfolio Global $1,500.0 $2,000.0

CS Strategic Partners V LP* Credit Suisse Private Equity LP Secondaries U.S. $2,500.0 $2,900.0

Cuyahoga Capital Partners IV LP* Cuyahoga Capital Partners Secondary Direct/Portfolio U.S. $132.5 $132.5

DB Secondary Opportunities Rreef Alternative Investments LP Secondaries Global $500.0 $614.0 Fund II LP*

Devtec Fund I LP Tempo Capital Partners Secondary Direct/Portfolio Western Europe N/A N/A

Dover Street VIII Cayman Fund LP* HarbourVest Partners LP Secondaries U.S. $3,000.0 $3,000.0

Environmental Energies Fund* Scottish Equity Partners LP Secondaries Western Europe $150.2 $150.2

Rosetta Capital IV* Rosetta Capital Secondary Direct/Portfolio Western Europe N/A $38.6

Greenpark International Greenpark Capital LP Secondaries Global $1,200.0 $500.0 Investors IV LP*

GS Vintage Fund VI LP Goldman Sachs LP Secondaries Global $4,000.0 $1,200.0 Private Equity Group

Hamilton Lane Secondary Fund III LP Hamilton Lane Advisors LP Secondaries U.S. $650.0 $113.1

Headlands Capital Secondary Fund Headlands Capital Management Secondary Direct/Portfolio Global $200 $62.6

Headway Investment Partners III LP Headway Capital Partners LP Secondaries Western Europe $373.6 $131.3

Idinvest Secondary Fund Idinvest Partners Secondary Direct/Portfolio Western Europe $258.8 $125.8

Industry Ventures Fund V-A LP* Industry Ventures Secondary Direct/Portfolio U.S. $8.7 $8.7

J.P. Morgan Secondary J.P. Morgan Asset Management LP Secondaries U.S. N/A $259.2 Private Equity Investors II LP

Landmark Equity Partners XV LP Landmark Partners LP Secondaries Western Europe $2,500.0 N/A

Lexington Middle Market Lexington Partners LP Secondaries U.S. $750.0 $750.0 Investors III LP

Millennium Technology Value Millennium Technology Secondary Direct/Portfolio U.S. N/A $50.0 Partners Master* Value Partners

Montauk TriGuard Fund V LP Montauk TriGuard LP Secondaries U.S. $369.7 N/A

Morgan Stanley Global Secondary Morgan Stanley Alternative LP Secondaries Global $600.0 $496.0 Opportunities Fund II LP Investment Partners

NB Secondary Opportunities Neuberger Berman Group Secondary Direct/Portfolio U.S. $1,600.0 $733.2 Fund III LP

Nordea Private Equity II Nordic Nordea Bank AB LP Secondaries Western Europe $50.0 N/A Secondaries KB

*Fund held final closing. continued on page 14 >


shareholder pressure to generate more liquidity in their portfolios or boost their share price. A few listed vehicles sold or plan to sell down their portfolios altogether. HarbourVest Partners, for one, bought Conversus Capital’s roughly $1.4 billion portfolio in 2012, resulting in the firm delisting its stock.

Meanwhile, in March 2013, ShaPE Capital sold initial stakes in several funds of funds managed by BlackRock Private Equity as part of an ongoing realization strategy by ShaPE. ShaPE’s realization plans consist of a combination of share buybacks, secondary sales and a

plans, they are looking to better manage risk within their investment portfolios, including liquidity risk.

In 2012, General Motors Co. sold a $2 billion strip of an estimated $8 billion to $10 billion private equity portfolio the company’s pension plans built over the years to Lexington Partners and China’s State Administration of Foreign Exchange.

That same year, Verizon Investment Management Corp. hired Goldman Sachs’ Alternative Investments and Manager Selection Group to help reshape its $11 billion private equity and real estate portfolio, a move that some buyers predict will result in some culling of the portfolio. Secondary investors see more corporations following their lead in the face of an aging population among their corporate pension beneficiaries.

“It will play out over the next three to five years, and we would expect that corporate pensions would be a bigger percentage of sellers going forward,” said Morgan Stanley AIP’s Mr. Wolak. “There is probably going to be some pressure for liquidity as those defined benefit plans near the terminal phase of their existence.”

Outside of the pension fund realm, secondary buyers have also picked off deals, both large and small, from publicly listed funds of funds, as those vehicles face

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Raising Your Last Fund Was:


Very easy

Fairly easy

Somewhat difficult

Very difficult

4%

35%

61%


The Supply Side: Secondary FundraisingAlthough it’s unclear exactly how many portfolios will hit the secondary market this year, for those that do, there should be no shortage of potential buyers.

Secondary firms enjoyed a robust year of fundraising in 2012, attracting a total of $20.78 billion in capital, thanks in part to multibillion-dollar funds raised by LGT Capital Partners, Partners Group and Coller Capital. During 2012, secondary funds remained a popular investment strategy among limited partners, even in a challenging fundraising environment.

reliance on underlying exits from general partners in its portfolio. In 2012, the listed fund of funds sold just one small stake from the portfolio, a £2 million commitment to Sovereign Capital III LP, according to ShaPE’s 2012 annual report.

“As prices in the secondary markets for private equity fund interests showed only marginal increases over the year, holding on to fund interests and harvesting appeared as the preferred strategy, which was confirmed by the healthy development of the NAV per share,” the report stated.

Secondary Transactions 2012-2013Institutional Seller Portfolio/Stake Size (M) Buyer (if known)Conversus Capital $1,400 HarbourVest PartnersGeneral Motor Co. pension fund $2,000 Lexington Partners, China’s State Administration of Foreign ExchangeIndiana Public Retirement System $800 Transaction pulled J.P. Morgan Private Equity N/A (stakes in four funds) N/ALänsförsäkringar Alliance €1,500 Queensland Investment Council, Abu Dhabi Investment AuthorityLloyds Banking Group PLC €800 Coller CapitalShaPE Capital BlackRock fund-of-funds stakes N/AState of Wisconsin Investment Board $1,000 N/ASources: Dow Jones & Co., Private Equity International

Target Total Amt. Fund Name Investing Firm Name Fund Type Fund Region (M) Closed (M)

Nottingham Capital Partners I Nottingham Capital Management Secondary Direct/Portfolio Global $100.0 N/A

Nova Capital Management Fund Nova Capital Management Secondary Direct/Portfolio Global $379.3 N/A

OAM European Value Fund Overseas Asset Management LP Secondaries Western Europe N/A N/A (Cayman) Ltd.

OAM/Greenpark Secondaries Overseas Asset Management LP Secondaries Global N/A N/A Participation Fund (Cayman) Ltd.

Partners Group Secondary 2011 LP* Partners Group LP Secondaries Western Europe N/A $2,597.6

Paul Capital Partners X LP Paul Capital Partners LP Secondaries U.S. $2,000.0 N/A

Permal Private Equity Permal Capital Management LP Secondaries U.S. $350.0 $403.0 Opportunities IV (a) LP*

Pomona Capital VIII LP Pomona Capital LP Secondaries Global $1,300.0 N/A

RCP Secondary Fund II LP RCP Advisors Secondary Direct/Portfolio U.S. $300.0 $288.0

Saints Capital VII LP Saints VC Secondary Direct/Portfolio U.S. $300.0 N/A

SightLine Healthcare Sightline Partners Secondary Direct/Portfolio U.S. $100.0 $48.0 Opportunity Fund II LP

Sobera Capital Fund I Sobera Capital Secondary Direct/Portfolio Global N/A N/A

Stepstone Secondary Opportunities StepStone Group LP Secondaries U.S. $350.0 $450.0 Fund II LP*

Stratim III Stratim Capital Secondary Direct/Portfolio U.S. $150 N/A

TS2012-5 Secondary Fund* T.S. Investment Corp. Secondary Direct/Portfolio Asia/Pacific N/A N/A

W Capital Partners III LP W Capital Partners Secondary Direct/Portfolio U.S. $750.0 $518.6

Weisel Global Growth Thomas Weisel Global LP Secondaries U.S. $150.0 N/A Partners IV-S LP Growth Partners *Fund held final closing. Sources: Dow Jones LP Source and Guide to the Secondary Market, 2013 Edition

Select Secondary Funds in the Market or Recently Closed (cont.)


What Net IRR Do You Expect From Future Funds?

0

5

10

15

20%

Median %Mean %


19%18%

Is This Higher, Lower or the Same as From Past Funds, on Average?


Lower

Same

85%

15%

Around 60% of the firms in our survey raised their latest funds in one year or less and some 61% of survey respondents characterized their latest fundraising as “fairly easy.”

Many firms reaped the rewards of strong performances by portfolios they purchased during the recession that followed the late 2008 collapse of Lehman Brothers Holdings Inc. Amid current favorable exit conditions, secondary firms maintain high expectations for future returns from their funds, with an 18% median return expectation among participants in our survey.

That said, not every firm has instant success on the fundraising trail. Among firms in our survey, 35% charact-erized their latest fundraising process as “somewhat difficult.”

In 2013, Greenpark Capital wrapped up its fourth fund with $500 million, well below its $1.2 billion target, after about two years on the fundraising trail.

It remains to be seen how much additional capital investors are willing to put into the strategy in 2013. However, those firms that brave the fundraising market may find it less crowded than in past years.

Pantheon and Lexington Partners are among a few firms that expect to bring new offerings to the market in 2013. They join only a handful of others that hit the market with new funds over the past 18 months, including Landmark Partners and Paul Capital Partners.

“A lot of funds were raised in the past two years, but the market appetite for secondary funds may have been satisfied for a little while,” said Mr. Wolak of Morgan Stanley AIP.


Secondary Market Timeline 2000-2012

2000 2001 2002 2003 2004 2005 20 06 2007 2008 2009 2010Sources: Lexington Partners, Dow Jones Private Equity Analyst*Includes only dedicated secondary funds.

2011

$3060$2278 $1961

$6675$6977 $6735

$7920

$11430

$13709

$18241

$30

$2$131

$354

$1403$733

$2355

$1935

$2654

$574

($9172)

($16363)

($13365)

($10275)

($7468)

($8380)

($7029)

($2092)($2280)

($3090)

$1718

$5125

$951

$3190$4147

$4590

$8398

$6722

$8039

$10648

$712

$2224

$2912

$5289$4159

$1763$9222

$3316

($11355)$2983

($13631)

$7655

($14377)

($17620)

($6353)

($8306)($8480)

($3863)

($7349)

($2430)

$13669

$5327

($11066)

2012

$8598

$2687

($20927)

($24781)

$23170

$1611

$6002

($19671)

$5739

($25950)

$1135

$24815

$9523

$11258

($20781)

Rest of World

U.S. Totals

(Yearly totals)

Secondary Fundraising (M)

Secondary Directs

Secondary Partnerships

(Yearly totals)

Secondary Deal Volume (M)*

2007California Public Employees’ Retirement System sells a legacy portfolio of fund stakes on the secondary market for about $1.5 billion to a syndicate that includes Lexington Partners, HarbourVest Partners, Pantheon and Oak Hill Investment Management.

2007Coller Capital raises a $4.5 billion fund, reclaiming the record for the largest fund that Lexington Partners took away from Coller in 2006 with its $3.8 billion vehicle.

2006-2007Stapled secondaries become a commonplace occurrence in the secondary industry.

2005Secondary sales of fund interests remain near the record highs set in 2004, thanks in part to large sales by Merrill Lynch & Co., DPL Inc. and Dresdner Bank.

2004State of Connecticut Retirement Plans and Trust Funds becomes one of the first pension funds to sell fund interests. The buyer is Coller Capital.

2002Coller Capital raises the largest secondary fund as of that date, with $2.6 billion in commitments.

2000 In what was then the largest ever purchase of U.S. fund interests, Lexington Partners and Hamilton Lane buy a portion of Chase Capital Partners’ portfolio, with a net asset value of roughly $500 million.


Secondary Market Timeline 2000-2012

2000 2001 2002 2003 2004 2005 20 06 2007 2008 2009 2010Sources: Lexington Partners, Dow Jones Private Equity Analyst*Includes only dedicated secondary funds.

2011

$3060$2278 $1961

$6675$6977 $6735

$7920

$11430

$13709

$18241

$30

$2$131

$354

$1403$733

$2355

$1935

$2654

$574

($9172)

($16363)

($13365)

($10275)

($7468)

($8380)

($7029)

($2092)($2280)

($3090)

$1718

$5125

$951

$3190$4147

$4590

$8398

$6722

$8039

$10648

$712

$2224

$2912

$5289$4159

$1763$9222

$3316

($11355)$2983

($13631)

$7655

($14377)

($17620)

($6353)

($8306)($8480)

($3863)

($7349)

($2430)

$13669

$5327

($11066)

2012

$8598

$2687

($20927)

($24781)

$23170

$1611

$6002

($19671)

$5739

($25950)

$1135

$24815

$9523

$11258

($20781)

Rest of World

U.S. Totals

(Yearly totals)

Secondary Fundraising (M)

Secondary Directs

Secondary Partnerships

(Yearly totals)

Secondary Deal Volume (M)*

2011Lexington Partners breaks Goldman Sachs’ $5.5 billion fundraising record when it wraps up a $7 billion pool of capital for secondary deals.

2010 Axa Private Equity announces the purchase of a $1.9 billion portfolio from Bank of America, in a signal that the floodgates have finally opened for large portfolio transactions. Total deal volume hits a record $21 billion by year end, driven in large part by additional large portfolio sales by Citigroup, Natixis and Lloyds Banking Group, among others.

2009 An expected surge in secondary deal flow following the late 2008 economic downturn is slow to materialize due to a wide price gap between buyers and sellers. As a result, several limited partners, including Harvard Management Co., Columbia University and Stanford Management Co., pull planned sales of large portfolios of private equity funds, although in some cases they go on to do much smaller deals.

2012Older funds approaching the end of their lives increasingly are in need of fresh capital to sustain investment, as evidenced by Behrman Capital and Willis Stein & Partners turning to the secondary markets to capitalize funds raised in 2000 and 2001.


sellers understand their portfolios will likely show continued gains when the first-quarter numbers finally come out later this year, increasing price expectations.

On one hand, buoyant markets and solid returns can make it easier for buyers and sellers to transact. In a bullish public market environment, buyers can submit stronger bids with thinner discount margins, knowing that the next quarterly valuation will produce higher marks, implying a wider discount to a portfolio’s actual market value. However, some sellers may be reluctant to price their transactions off of lagging valuations for fear of leaving too much money on the table.

“In every transaction we work with, there is a significant record date conversation,” said Lawrence Thuet, co-founder of Park Hill Group and head of the firm’s secondary advisory business. “There’s a little bit of gamesmanship by everyone, buyers and sellers. My hunch is that Dec. 31 will be a pretty good record date, and we’ll see a lot of activity priced off of that.”

Secondary firms must also contend with an expanded universe of potential buyers. A little more than half of our survey respondents said they see competition from newer entrants to the market, with some respondents citing increased buying activity from sovereign wealth funds, pension funds and fund-of-funds managers.

Canada Pension Plan Investment Board, for one, plans to double its annual secondary investment pace over the next five years to $2 billion, and China’s State Administration of Foreign Exchange teamed up with Lexington Partners in 2012 to purchase a roughly $2 billion portfolio of assets from General Motors Co.’s pension plan. At press time,

As 2013 unfolds, secondary buyers are

flush with cash – and they’re ready to spend.

But with fewer large transactions currently in the market and plenty of competition from traditional and nontraditional capital sources, secondary buyers may have to pay up to get the assets they really want.

“The supply and demand imbalance is huge right now,” said Todd Miller, managing director at secondary intermediary Cogent Partners. “There’s significant demand, and just not enough supply. If you’re a seller, there couldn’t be a better time to sell than right now.”

That said, market participants remain sharply divided over whether the buyers or sellers have the upper hand at the negotiating table, which may reflect a split in the market for large and small deals. Among this year’s survey respondents, 53% said market conditions are more favorable to sellers, compared with 47% that now feel buyers have more negotiating power. This year’s results represent a shift from last year, when 68% of respondents felt market conditions favored buyers.

Strong markets and a steady economic recovery, particularly in the U.S., may be part of the reason behind the change. The S&P 500 index posted gains of more than 13% for 2012, and as this report went to press, many sellers had already begun to receive audited year-end performance updates from the private equity firms in their portfolios.

Public markets continued their bull run during the first quarter, further complicating the pricing picture. Many

Stable Pricing Puts Secondary Sellers Back in the Driver’s Seat, for NowBy Laura Kreutzer

How Would You Classify the Current Secondary Market?


A seller’s marketA buyer’s market

201120122013

47%68%

44%53%

32%

56%

Secondary Market Transactions Are Priced:


Too high Too low On average, about right

201120122013

55%

32%

68%

45%

64%

32%

4%


Los Angeles County Employees Retirement Association was considering a policy change that would allow its chief investment officer to purchase secondary stakes in individual funds and portfolios.

Meanwhile, a steady flow of discretionary advisers and fund-of-funds managers raised new dedicated secondary vehicles over the past 12 months, including Adams Street Partners, LGT Capital Partners, Portfolio Advisors, RCP Advisors and StepStone Group.

All of this capital has contributed to more aggressive pricing. This year, about 45% of survey respondents feel secondary deals are priced too high, up from 32% that felt that way in

last year’s survey, but still well below the 68% of respondents that said pricing was too frothy back in 2011.

Even robust pricing won’t guarantee deals get completed. Sellers are less likely to be distressed, and so they continue to show a willingness to walk away from the table if they don’t receive sufficiently favorable bids for their portfolios. Among this year’s survey respondents, 86% said a seller walked away from a deal over price concerns, roughly consistent with last year’s survey results.

Of course, a few buyers say that strong pricing could ultimately have a beneficial impact on deal volume.

Do You See Competition From New Sources for Deals?


Yes

No48% 52%

Has a Seller Walked Away From a Deal With You Over Price Concerns?


Yes

No

14%

86%


“Sellers will see the uptick in pricing, and it will entice more people to come to market to generate liquidity on their portfolios,” said Yann Robard, vice president and head of secondaries and co-investments at CPPIB.

Buyers continue to show less enthusiasm for venture capital interests than for buyout interests, according to the survey. A higher percentage of this year’s survey respondents (38%) indicated that they paid more, on average, for buyout assets this year than the percentage that paid more this year for venture assets (12%).

Average high bids for buyout funds during the second half of 2012 hovered at 84% of underlying net asset value, roughly on par with average high bids for such funds during the first half of the year, according to a pricing study produced by Cogent. Average high bids for venture funds, meanwhile, dipped slightly, to 70% of NAV, from 74% during the first half of the year.

Appetite for subasset classes and, consequently, pricing for those assets tend to mirror institutional investor demand for primary commitments. Fundraising for venture capital hovered around $20 billion in 2011 and 2012, with the bulk of the capital going to a select group of premium firms. Outside of a few sought-after firms, venture fund interests remain a tough sell for many buyers.

“If venture is part of a bigger portfolio, generally it will trade, but there often needs to be some accretive buyout assets with [it],” said Mr. Thuet of Park Hill.

In the Past Year, on Average, Did You Pay More for Secondary Deals?

*Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2013 Edition

Yes No

201120122013*

2011*20122013*

38% 40%

85%

57%

12% 6%

63% 60%

15%

89% 94%

44%

BUYOUTS

VENTURE CAPITAL


stakes in four funds of funds managed by BlackRock Private Equity earlier this year, according to a news release issued by ShaPE. Under the sale terms, ShaPE would receive 60% of the proceeds at the deal’s close and the remaining 40% 12 months later.

Deferred payment structures can come in a variety of forms, depending on the risk tolerance of both the buyers and sellers.

“We may see a deferred purchase agreement for three years, and instead of paying half now and half in three years, you’ll see the buyer periodically return a portion of the distributions to reduce the credit risk,” said Kari Harris, a partner at law firm Nixon Peabody LLP.

Stapled Secondaries Back on the RiseStapled secondary deals, in which buyers typically agree to provide fresh capital for new deals or a new fund as part of their purchase agreement, also appear to be gaining in popularity, according to secondary buyers.

Many of them point to increased involvement by general partners in the transfer of stakes in funds they manage, particularly in the midst of a highly competitive fundraising environment. At least 20% of survey respondents had participated in at least one stapled secondary transaction in 2012 or 2011. Only about 5% of buyers had participated in one or more stapled secondaries in 2010, according to last year’s survey, although survey samples differed.

“The GPs are becoming increasingly focused on who they accept as a replacement LP, particularly in situations where GPs are fundraising,” said Mr. Robard of CPPIB.

Many secondary buyers have limited capacity to participate in stapled secondary deals, particularly if they lack a primary commitment program in their organization. At the same time, buyers may not always have faith in a GP’s ability to invest a blind pool, particularly if the firm is struggling to gain traction among other limited partners.

“Currently, it’s more the exception than the rule,” Mr. Robard said.

Leverage: More Conversation Than ActionAs buyers seek to compete, they continue to utilize deferred payment structures to help narrow the bid-ask spread on deals. However, the use of more direct forms of leverage appears to have fallen by the wayside, at least temporarily.

Buyers used third-party leverage in secondary deals more frequently during the middle part of the last decade, when cheap debt flowed freely. Leverage all but dried up when the financial markets collapsed in late 2008, although in 2010 and 2011, a few buyers began selectively turning to the debt markets again.

More recently, the debt markets have once again proven favorable, and a small number of financial institutions, including Macquarie Group and Deutsche Bank AG, have shown a willingness to provide leverage to secondary deals, according to buyers.

“We’re hearing groups that never would have discussed leverage before, who are at least considering it now,” said Mr. Miller of Cogent.

That said, none of the respondents to this year’s survey had utilized debt in their recent transactions, down from 11% of firms in last year’s survey that employed debt in a deal. Despite an abundance of cheap debt, the decline likely stems from a smaller number of large diversified fund portfolios – which tend to more easily support third-party debt – coming onto the market in recent months.

“The interest that existed a year ago still exists,” said Mike Vitelli, head of specialized fund solutions in Macquarie Funds Group. “But you need the right portfolios to come up for sale.”

By contrast, deferred payment structures, in which a buyer pays only a portion of the purchase price up front and then pays the remainder after a prenegotiated period, remains a popular mechanism for bridging a gap in pricing.

ShaPE Capital, a listed fund-of-funds manager, for one, negotiated a deferred payment structure when it sold

Do You Use Debt to Finance Your Secondary Deals?


Yes

No

20122013

11%

100%89%

How Many Stapled Secondary Deals Did You Do?

Sample sets differed between the two years. *Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2013 Edition

0

1

2

3 or more

In 2010In 2012*

95%77%

10%

9%

5%5%


the general partner with the interests of the outgoing limited partners as well as the incoming limited partners.”

When aligning interests, new LPs, including secondary buyers, must see the promise of a good deal while existing investors are given the option of a profitable exit or suitable economics to stay on with a fund, secondary professionals said. “There are a lot of moving pieces [in these deals], unlike a straightforward secondary deal,” said Rudy Scarpa, a partner with fund-of-funds manager Pantheon.

Fund recapitalization structures generally require a reset of fund economics and provide GPs with follow-on capital, in deals that tend to be less tricky than when buyers pick and choose certain assets to buy, Mr. Scarpa said. For the general partners involved in such deals, the rehashed economics may include new management fee agreements to continue overseeing the assets and even a reboot of the carried interest arrangement.

Limited partners deciding whether or not to exit a fund through a recapitalization often must judge how honest a GP is being about a fund’s remaining portfolio companies. “The challenge to the LPs is trying to actually understand where the GPs sit on all of it and how honest they are about realizing value in the short term,” said Patrick Knechtli, managing director and head of SL Capital Partners’ secondary program. “If they’re saying [they need] another two to three years to realize the portfolio, it’s about getting comfort that the GP is telling the right story.”

GPs in the Driver’s SeatGeneral partners play a crucial role in fund recapitalizations, adding a layer of complexity into the mix that may not exist in more traditional portfolio sales.

“The real difference is the general partner being the driver here,” Mr. Hektor said. “There are a number of very substantial potential conflicts in these types of situations.”

Potential conflicts with the GPs involved include resetting fund economics to include a new management fee and carry agreement, while also settling on the true net asset value of a portfolio, which would affect pricing, said secondary professionals.

Setting NAV can become particularly troublesome, according to NewGlobe’s Mr. Hawkins, as poorly performing firms may be more likely to overvalue their

Secondary buyers see big opportunities to breathe new life into older

investment vehicles using fund recapitalizations. However, with just a handful of these transactions completed, buyers and sellers have few models to build upon in structuring such deals.

“This is [potentially] bigger than anything we have seen in the secondary market today,” said Tjarko Hektor, co-head of AlpInvest Partners’ secondary investment team.

Aging funds and a growing trend among limited partners to consolidate their private equity portfolios promise to drive more fund recapitalizations in the coming years. However, the complexities associated with these deals make them tough to pull off and, so far, buyers have succeeded with only a handful. They include deals involving funds managed by Behrman Capital and Willis Stein & Partners in 2012 and the backing of HM Capital Partners spinout Kainos Capital by the Canada Pension Plan Investment Board earlier this year.

Mr. Hektor and others point to the large number of private equity funds raised a decade ago that are now facing the end of their lives or extension periods. For those firms that were either unable or unwilling to raise new funds, pressure is mounting for managers to find solutions for their remaining portfolio companies. Some secondary buyers estimate there is as much as $100 billion invested in these so-called “zombie funds.”

The potential opportunity also extends to healthier firms that see fund recapitalizations as a way to attract cash to older vehicles that may have a number of portfolio companies needing just a few more years to realize their value, according to secondary professionals. Industry estimates peg the total value of funds that could undergo this type of transaction at as little as $25 billion to as much as $75 billion.

A Delicate BalanceSecondary professionals say these transactions are fraught with emotion for both limited partners and fund managers, and the small number of deals done so far hasn’t provided a structure for other such deals to follow.

“These are really complicated deals,” said Andrew Hawkins, chief executive of newly founded firm NewGlobe Capital Partners, which aims to buy interests in end-of-life funds. “You’ve got to align the interests of

Secondary Buyers Drive Market’s Next Wave: Fund RecapitalizationsBy Michael Wursthorn


assets. “We think they do that because of pride and embarrassment, and because often, economically, it makes no difference,” he said.

Agreeing on the NAV of a portfolio and coming up with a reasonable price buyers can offer to existing limited partners to cash out of their stakes is critical to closing a deal. Some LPs may want to stay on, so the economics of the new structure must be agreeable to limited partners.

CPPIB, which has deployed $1.2 billion in these types of transactions over the last 12 months, said it aims to provide LPs with an agreement that aligns the interests for all the parties.

“It comes down to the option – not the obligation – for liquidity,” said André Bourbonnais, senior vice president of private investments at CPPIB. “We try to generate a fair price that allows people to make their decisions to hold for the long term or generate liquidity.”

As more of these deals get done, they provide models for other secondary professionals and general partners and pave the way to expand the overall market.

A Diverse MarketAs the market for fund recaps expands, secondary buyers expect it to broaden beyond those GPs that struggle to raise new funds.

“There may be other general partners in a similar situation, where they may be sitting on a portfolio that just needs a longer runway,” said Mr. Scarpa.

John Wolak, managing director of Morgan Stanley Alternative Investment Partners, said there are large numbers of fund managers with older funds invested in “good” assets but needing several years to get to a good exit.

“And they have a lot of LP fatigue,” Mr. Wolak said.

AlpInvest Partners is looking for just these types of deals. Mr. Hektor said that his firm only seeks healthy GPs to execute these types of transactions, and is working on two possible deals that fit this description.

“We’re looking for situations where we can find good assets and, on the other hand, a good general partner,” said Mr. Hektor, declining to disclose details of the two prospective deals.

GPs seeking to do a fund recap with a firm the size of AlpInvest should have at least $100 million in net asset value, Mr. Hector said, but generally will have NAVs of between $250 million and $750 million.

He added that they are mostly midmarket funds between five to 12 years old, and can even include firms that would be considered megabuyout managers but that had operated smaller vehicles a decade earlier.

That said, others see opportunities for these deals even at the smaller end of the spectrum. At press time, Morgan Stanley AIP had recently teamed up with another secondary buyer on a fund recapitalization deal that was in the $50 million range, according to Mr. Wolak.

“There are quite a few managers that had raised $200 million or $300 million and maybe they have NAV left of $50 million to $75 million,” said Mr. Wolak. “[It’s] not quite big enough to attract many of the larger secondary players, but certainly interesting to smaller buyers.”

Meanwhile, GPs whose firms are struggling can still see deals completed through the inclusion of players such as NewGlobe, which was launched with the support of Hamilton Lane and Vanterra Capital.

“We’re more interested in [situations] where the manager has some issues, lost some team members or performance is poor,” Mr. Hawkins said, adding that better performing GPs seeking a fund recap can usually attract money without the need for direct intervention from a capital provider. Although there is no shortage of opportunities for potential fund recaps, the key to expanding the market will hinge on getting more deals across the finish line.

“We haven’t seen a lot of these transactions yet due to the execution risk and the complexity of the alignment issues,” said Mr. Scarpa. “It can be a very large market if the conflicts are handled properly and you can line up all the constituencies.”


Technology could make trading shares of private companies more like

exchanging public stock, but advances so far have been fitful.

Facebook Inc. ignited interest in the market, but its initial public offering last year disappointed many who had bought shares via secondary transactions. Demand remains, however, from investors who want access to rapidly growing companies, many of which are waiting longer to go public.

Growth investor GSV Capital estimates there are more than 2,000 private venture-backed companies with a market value of $100 million or more. GSV and giants like T. Rowe Price and Fidelity Investments have learned how to invest in such companies by navigating the opaque secondary market, but “many, many more funds need to figure out a way to participate and access these shares,” said Michael Moe, GSV Capital’s co-founder and chief executive.

A significant development since the Facebook IPO a year ago is a joint venture by Nasdaq OMX Group Inc. and secondary marketplace SharesPost Inc. to establish a marketplace for privately owned growth companies. Meanwhile, SharesPost rival SecondMarket Holdings Inc. continues to position itself as a service that private companies at all stages of development can use to raise capital, manage employee and investor liquidity, and communicate with shareholders.

The Nasdaq-SharesPost joint venture, called Nasdaq Private Market LLC, is expected to launch later this year, incorporating SharesPost’s online marketplace for private-company shares. SharesPost’s broker-dealer and investment adviser businesses will remain separate.

Greg Brogger, SharesPost founder and president, is president of the joint venture. He said SharesPost has moved its servers into the Nasdaq data center to enhance security and is taking what was a development-stage product to “an industrial-strength level.”

The scope of the secondary market for private-company stock remains murky, with most deals done the old-fashioned way via negotiations between buyers and sellers, aided by firms who specialize in secondary deals. Publicly traded GSV uses both SharesPost and SecondMarket to buy shares, but “most of our transactions are still done away from these exchanges,” said Mr. Moe, who is on the SharesPost board.

Mr. Brogger said the average size of a SharesPost transaction as of the fourth quarter was more than $650,000, up from less than $100,000 in 2010. The largest single secondary deal handled by the exchange was $15 million, he said.

When the joint venture with Nasdaq was announced in March, SecondMarket issued a statement saying it “is a validation of the model that we have developed over the past five years.” The venture-backed company, which has other lines of business aimed at student loan issuers and community banks, says its mission is to work directly with private companies to manage liquidity needs.

SecondMarket, which has its own online marketplace, hasn’t yet disclosed the private companies it works with, but data it has published indicate how its business has changed. Much of its trading activity once involved Facebook as former employees of the then-private company looked to cash in their stock by selling to eager late-stage investors.

Previously, a majority of sellers on SecondMarket were ex-employees, but last year 66% were current employees, as SecondMarket worked with private companies to create company-controlled liquidity programs to reward employees by enabling them to sell some of their stock, mostly to institutional investors, including current shareholders.

SecondMarket has also worked with AngelList, which brings together startups and investors, enabling accredited investors to invest in select companies, alongside the lead investor, through a single entity, according to Sudhir Kandula, Second Market’s executive vice president of sales.

Secondary Exchanges Innovate in a Post-Facebook WorldBy Russ Garland

Who’s Selling on Secondary Market Exchanges?

Investors

Former employees

Founders

Employees

As of Dec. 31, 2012. Source: SecondMarket Holdings Inc.

26%

1%

7%

66%


Limited partners are driving deal volume in the real

estate secondary market in the face of regulatory changes and a desire to focus their portfolios.

Although far smaller than that of the private equity secondary market, the volume of trading in private real estate has grown steadily over the past four years, despite a modest economic recovery. There was an estimated $2.6 billion in private real estate secondary transaction volume last year, up from $2.2 billion in 2011, according to Landmark Partners, which invests in and tracks this market. The firm noted the actual dollar amount could be higher, as the data did not include all “LP-to-LP” trades, many of which aren’t disclosed.

“We’ve seen roughly $600 billion of capital flow into private equity real estate funds in the past decade. That’s now come to maturity, so there is a substantial base of assets,” said Paul Mehlman, a partner in Landmark’s real estate group.

Potential deal volume could reach as much as $10 billion annually, assuming between 3% and 5% of the capital raised becomes available for sale, according to a research paper published in January by alternative asset manager Partners Group.

As with private equity secondaries, sellers increasingly are driven by new regulations, including the Volcker Rule, as well as portfolio management needs. “There’s quite a bit of uncertainty about what these regulations will look like,” said Marc Weiss, head of the private equity real estate

secondary practice at Partners Group. “You’re going to be more motivated to sell if you think tomorrow is going to be worse than today.”

Buyers can afford to be picky, as prospective deal volume outstrips capital raised by real estate secondary funds. Secondary funds attracted a total of about $2.67 billion in commitments since 2010, according to data provider Preqin.

Even though supply outweighs demand, pricing for assets has increased in recent years from the steep discounts – as much as 50% or more to net asset value – that characterized deals immediately following the financial crisis of late 2008, said Mr. Weiss. “If you’re in an environment that just suffered a steep cor rec tion, you can expect high discounts until the market catches up,” he said, noting that now, depending on geo graphy, stakes could sell at discounts of between 15% and 25%.

Although few of them are selling under distress, institutional investors continue to shed stakes as they seek to exit certain geographies or reduce exposure to specific vintage years. Economic uncertainty in Europe and the potential for the economies of Asia to overheat could serve as motivation to offload stakes, particularly if an investor is already heavily exposed to a region in another asset class.

According to Landmark Partners’ data, roughly 40% of deal activity in 2012 was concentrated in European real estate partnerships, another 37% in U.S. partnerships, 18% in Asian partnerships and the remaining 5% in global funds.

The volume of trading also varies across vintage year. Mr. Weiss said that although a substantial amount of opportunities come from the 2007-2008 vintage years – fundraising for primary private real estate funds peaked at $139.9 billion in 2008 – the firm has seen vintages as old as 2003 and as recent as 2012. “There are still opportunities to capture the rising values on those [boom-era] investments,” he said.

Real Estate Secondaries Lay the Foundation for Growth By Hillary Canada

Annual Fundraising by Private Real Estate Secondary Funds, 2009-2012

Source: Preqin

0

500

1,000

1,500

$2,000M

Aggregate capital raised (M)

20122011201020090

1

2

3

4

No. of funds raised

$300

$718

$1,651

$305

1

3

1

2


driving deal volume. Infrastructure secondary deal volume grew dramatically in 2010 and 2011, although growth slowed somewhat in 2012, according to Brandon Prater, co-head of private infrastructure at Partners Group. Mr. Prater said his firm saw infrastructure secondary deal volume hit $5 billion in 2012, up slightly from $4.8 billion in 2011, but up dramatically from $2.4 billion in 2010.

Some early investors in the space are seeing a need to diversify away from heavy exposure to certain general partners after having built fairly concentrated portfolios, according to Kathryn Leaf Wilmes, head of global infrastructure at Pantheon.

On the buy side, limited partners with growing infrastructure investment programs are considering using the secondary market to jump the J-curve and gain exposure to earlier vintage funds, said Chason Beggerow, a partner with Altius Associates.

Return profiles for infrastructure assets tend to lag their private equity peers, making it difficult for private equity secondary buyers to achieve the 20%-plus return targets for their funds without securing substantial discounts.

At the same time, infrastructure assets have a longer life span than the average private equity portfolio company, posing additional challenges for traditional secondary buyers.

“When infrastructure managers buy an asset, they are generally inclined to hold that asset for as long as they can,” said Altius’ Mr. Beggerow.

Some secondary firms are getting around these challenges, though, with separate accounts or dedicated infrastructure funds, which have lower return expectations and longer hold periods. Pantheon, for example, invests in infrastructure secondary deals through a vehicle separate from its private equity secondary fund, reflecting the different expectations and circumstances of each asset class, according to Mr. Garfunkle.

Buyers say they expect to see more firms form such vehicles as infrastructure funds raised in the 2006 to 2008 time frame continue to mature.

“Infrastructure is a developing and evolving asset class,” Mr. Beggerow said. “It’s an area that more people are getting interested in.”

–Laura Kreutzer contributed to this article.

So far, the path to a robust market for infrastructure

secondary deals resembles more of a country back road than a busy superhighway.

It remains to be seen whether the secondary infrastructure market will ever approach the size of the private equity secondary market, even though deal volume in the sector has grown in recent years. Sellers and buyers alike must navigate challenges in asset pricing, long investment life spans and the modest returns typically associated with infrastructure investments.

“It’s probably not in its infancy, but it’s certainly in its early stages relative to the more mature private equity secondary market,” said Matt Garfunkle, a partner with Pantheon’s secondary team. “We see it as a market that’s growing and is likely to grow over time.”

Secondary buyers of infrastructure assets point to steady growth in transaction volume in recent years, partly a function of the volume of capital raised by infrastructure funds during the past decade. Since 2004, global private infrastructure funds have attracted more than $222 billion in primary commitments, according to data provider Preqin, including around $108 billion raised between 2006 and 2008 alone.

Investors in infrastructure funds face the same regulatory pressures and portfolio management issues they have with their private equity portfolios, which is

Secondaries Vie to Build Road to Infrastructure DealsBy Michael Wursthorn

Annual Global Unlisted Infrastructure Fundraising, 2004-2013 YTD

*As of April 1, 2013. Source: Preqin

0

10

20

30

40

50

$60B

Aggregate capital raised (B)

0

10

20

30

40

50

60

No. of funds closed

2013YTD*

201220112010200920082007200620052004

$4.5

10

$23.2

$10.1

$44.6

$40.0

$9.5

$32.3

$22.3$25.6

$10.0

23

33

53

26

48

41 41

12

39


Direct secondary investors are circling Asia,

expecting new buying opportunities to emerge as regional funds reach maturity and general partners come under pressure to return capital to investors.

Some 672 Asian private equity funds attracted a total of $180.4 billion between 2004 and 2007, according to data provider Preqin. These funds are particularly ripe for the picking, as general and limited partners seek liquidity amid an increasingly challenging exit environment.

“Funds created in the 2004 to 2007 vintage years will be getting to a point where they are of interest to secondary buyers. In Asia, the expectation is that volumes of Asian assets will grow over the next three to five years,” said John Wolak, managing director and co-head of the private equity funds group at Morgan Stanley Alternative Investment Partners.

The lack of competition among specialist secondary players in Asia so far has resulted in many deals being priced at a discount to fair market value, although industry insiders say it is hard to quantify that discount as it depends, for example, on the assets and the situation.

That discount also comes with caveats. The buyers are investing in emerging market assets from firms that often have short track records, while the ability of some Asian general partners to exit portfolio companies and raise successive funds is still in question. Last year saw a decline in the number of Asia-focused funds raised in 2012 compared with 2011, to 208 vehicles from 249, according to Preqin.

“Even on limited partner deals, you worry about franchise risk. The valuation gap that can exist between seller and buyer can be an issue,” said Tim Flower, a principal at HarbourVest Partners, an investor in NewQuest Capital Partners, which purchased Bank of America Merrill Lynch’s Asian private equity assets in 2011.

Other challenges facing secondary buyers include a lack of information on Asian assets, compared with what would be provided in Europe and the U.S., and less familiarity with the general partners in the market.

“In Asia, only now are we seeing funds for sale that have a demonstrated track record that we have been able to track for the last seven to 15 years,” said Neal Costello, a principal at AlpInvest Partners.

At the moment, the sellers of Asian assets are mainly European and U.S. investors looking to rebalance their portfolios, although Morgan Stanley’s Mr. Wolak believes more homegrown sellers may emerge from the region’s developed markets like Japan and Korea. In China and India, secondary buyers are working more directly with GPs where firms are seeking to raise new funds, but not until they have been able to make some exits from predecessor funds.

As liquidity pressures mount, some GPs are starting to steer portfolio sales toward investors that can add fresh capital into their successive funds. Although a steep decline in IPOs across Asia, the most popular exit path in the region, could create greater receptiveness to secondary deals, buyers currently must overcome widespread negative sentiment.

“There’s a stigma if you don’t meet an initial public offering or trade sale,” said NewQuest Managing Partner Darren Massara. “If you sell on a secondary basis, some GPs feel they’ve failed.”

Maturing Funds, Lack of Exits in Asia May Usher in Secondary WaveBy Sonja Cheung

Aggregate Private Equity Fundraising for Asia-Focused Funds, 2004-2013 YTD

*As of April 18, 2013. Source: Preqin

0

20

40

60

80

$100B

0

50

100

150

200

250

Aggregate capital raised (B) No. of funds

2013YTD*

201220112010200920082007200620052004

$16.0

$56.8

$34.2

$73.4

$84.4

$31.9

$47.2

$57.1

$6.8

99

143

187

243 236

172

207

249

208

32

$51.0


Prospects for private equity secondary funds continued to brighten in

2012, with many firms returning a significant amount of capital back to their limited partners and providing momentum for a number of secondary shops currently on the fundraising trail.

The gains reflect several factors bolstering the secondary market, including improved economics for the underlying general partners in secondary firms’ portfolios, stronger stock markets prompting more initial public offerings and secondary stock offerings of portfolio companies, and favorable

conditions in the credit markets supporting greater deal activity, particularly among private equity firms themselves.

One caveat to this upbeat report is that our data sample is too small to draw any definitive conclusions about the state of the secondary market, and does not include many smaller secondary funds, which typically don’t receive capital from large public pension plans.

It was a robust year for distributions from secondary funds, particularly those from vintage years around the last private

Improving Market Conditions Let Secondary Funds Pump Out the Cash By David Smagalla

Select Secondary Fund Performance Data Capital Capital Dist. in Year Name of Manager Fund/Vintage Year Fund Type Region Committed (M) Contributed (M) Ended (M)* Dist. as of (M) Dist. as of (M) Net IRR as of (%) Net IRR as of (%) lRR Change

California Public Employees’ Retirement System 9/30/12 9/30/11 9/30/12 9/20/11

Coller Capital Coller International Partners V LP/2006 LP Secondaries Global $375.0 $302.7 $49.5 $126.9 $77.5 6.8 8.7 -1.9SL Capital Partners ESP Golden Bear Europe Fund/2007 LP Secondaries Western Europe $661.9 $307.1 $28.7 $29.0 $0.3 -2.6 -4.1 1.5Coller Capital Coller International Partners IV LP/2002 LP Secondaries Global $100.0 $88.1 $21.4 $99.6 $78.2 14 15.7 -1.7Lexington Partners Lexington Capital Partners V LP/2001 LP Secondaries Global $50.0 $49.8 $3.3 $69.2 $65.9 19.8 20.6 -0.8Lexington Partners Lexington Middle Market Investors LP/2005 LP Secondaries U.S. $50.0 $46.7 $8.1 $33.5 $25.5 10.8 10.3 0.5W Capital Partners W Capital Partners LP/2003 Secondary Direct/Portfolio U.S. $25.0 $23.5 $0.0 $16.0 $16.0 -3.3 -2.4 -0.9W Capital Partners W Capital Partners II LP/2007 Secondary Direct/Portfolio U.S. $141.1 $122.9 $26.9 $89.7 $62.8 16.8 16.7 0.1

California State Teachers’ Retirement System 9/30/12 9/30/11 9/30/12 9/20/11

Fondinvest Capital Fondinvest VI/2002 LP Secondaries Global $29.6 $28.3 $1.9 $48.0 $46.1 23.8 24.7 -0.9Paul Capital Partners Paul Capital Partners VIII LP/2004 LP Secondaries U.S. $50.0 $49.3 $5.9 $42.7 $36.8 8.8 9.6 -0.8

Montana Board of Investments 9/30/12 9/30/11 9/30/12 9/20/11

Lexington Partners Lexington Middle Market Investors II LP/2008 LP Secondaries U.S. $10.0 $5.5 $0.7 $1.2 $0.5 13.8 13.3 0.4HarbourVest Partners Dover Street VII LP/2008 LP Secondaries Global $20.0 $16.3 $1.9 $3.3 $1.4 15.1 20.4 -5.3Portfolio Advisors Portfolio Advisors Secondary Fund LP/2008 Secondary Direct/Portfolio Global $15.0 $12.0 $1.9 $3.1 $1.2 20.9 28.2 -7.3Lexington Partners Lexington Capital Partners VII LP/2008 LP Secondaries Global $45.0 $18.6 $2.9 $4.3 $1.4 22.9 31.7 -8.9Adams Street Partners Adams Street Global Oppty Secondary Fund/2003 LP Secondaries Global $25.0 $19.5 $5.0 $19.2 $14.2 11.9 12.3 -0.4Industry Ventures Industry Ventures Fund IV/2005 Secondary Direct/Portfolio U.S. $10.0 $9.1 $1.6 $6.2 $4.5 6.1 4.7 1.5Lexington Partners Lexington Capital Partners VI LP/2005 LP Secondaries Global $50.0 $45.8 $4.6 $23.3 $18.7 5.3 4.7 0.6

Oregon State Treasury 9/30/12 9/30/11 9/30/12 9/30/11

Montauk TriGuard Montauk TriGuard Fund III LP/2005 LP Secondaries U.S. $50.0 $44.5 $4.6 $35.7 $31.1 6.4 6.7 -0.3Montauk TriGuard Montauk TriGuard Fund IV LP/2008 LP Secondaries U.S. $75.0 $51.0 $8.7 $23.0 $14.3 19.8 26.1 -6.3

Pennsylvania Public School Employees’ Retirement System 6/30/12 6/30/11 6/30/12 6/30/11

Landmark Partners Landmark Equity Partners XIII LP/2004 LP Secondaries U.S. $100.0 $92.1 $13.0 $54.5 $41.5 4.4 3.2 1.2Partners Group Partners Group Secondary 2008/2007 LP Secondaries Global $189.8 $169.5 $5.6 $25.2 $19.6 9.8 21.6 -11.8Credit Suisse Private Equity CS Strategic Partners IV VC LP/2008 LP Secondaries U.S. $50.0 $51.8 $8.3 $15.0 $6.7 8.9 10.5 -1.6Landmark Partners Landmark Equity Partners XIV LP/2008 LP Secondaries Global $150.0 $76.0 $15.3 $21.5 $6.1 18.1 25.1 -7.1Credit Suisse Private Equity DLJ Strategic Partners Fund LP/2001 LP Secondaries U.S. $200.0 $191.3 $13.8 $289.3 $275.5 17.1 17.3 -0.2Credit Suisse Private Equity CSFB Strategic Partners II LP/2003 LP Secondaries U.S. $300.0 $262.2 $13.2 $440.3 $427.1 34.6 35.1 -0.5Credit Suisse Private Equity CSFB Strategic Partners III-VC LP/2004 LP Secondaries U.S. $50.0 $50.8 $5.7 $33.1 $27.3 6.7 6.1 0.6Credit Suisse Private Equity CS Strategic Partners IV LP/2007 LP Secondaries U.S. $100.0 $81.2 $24.3 $37.9 $13.6 17.2 21.0 -3.8

University of Texas Investment Management Co. 11/30/12 11/30/11 11/30/12 11/30/11

Pomona Capital Pomona Capital VI LP/2004 LP Secondaries U.S. $40.0 $35.6 $4.5 $19.1 $14.6 5.7 6.5 -0.8

The pension funds released disclaimers with the data, saying that IRRs don’t accurately reflect the expected future returns of the partnership and may vary depending on how they are calculated. The pension funds also said the comparison of IRRs is difficult because the industry doesn’t have standard valuation methods. Finally, the pension funds said that the IRRs aren’t especially meaningful in the early years of a partnership, and that their IRR calculations haven’t been approved by general partners. *Calculated by Dow Jones Private Equity Analyst using the data provided by the pension funds.


equity boom, which may be a result of these vintage year funds generating more liquidity of late. Coller Capital’s vintage-2006 fund, Coller International Partners V LP, which raised $4.8 billion, for example, returned nearly $50 million to California Public Employees’ Retirement System during the 12 months ending Sept. 30, 2012, according to Calpers data. Meanwhile, another boom era fund, the vintage-2007 ESP Golden Bear Europe Fund, a €400 million Calpers mandate to SL Capital Partners intended for small- and midmarket private equity funds in Europe, was another winner for Calpers, returning $28.7 million last year.

The fund with the highest net internal rate of return in our sample was a vintage-2003 fund, CSFB Strategic Partners II LP, which raised $1.9 billion. It had a net IRR of 34.6% as of Sept. 30, 2012, according to the Pennsylvania Public School Employees’ Retirement System, which was good news for Blackstone Group, which agreed in April to acquire the secondary business of the fund’s manager, Credit Suisse Private Equity.

Select Secondary Fund Performance Data Capital Capital Dist. in Year Name of Manager Fund/Vintage Year Fund Type Region Committed (M) Contributed (M) Ended (M)* Dist. as of (M) Dist. as of (M) Net IRR as of (%) Net IRR as of (%) lRR Change

California Public Employees’ Retirement System 9/30/12 9/30/11 9/30/12 9/20/11

Coller Capital Coller International Partners V LP/2006 LP Secondaries Global $375.0 $302.7 $49.5 $126.9 $77.5 6.8 8.7 -1.9SL Capital Partners ESP Golden Bear Europe Fund/2007 LP Secondaries Western Europe $661.9 $307.1 $28.7 $29.0 $0.3 -2.6 -4.1 1.5Coller Capital Coller International Partners IV LP/2002 LP Secondaries Global $100.0 $88.1 $21.4 $99.6 $78.2 14 15.7 -1.7Lexington Partners Lexington Capital Partners V LP/2001 LP Secondaries Global $50.0 $49.8 $3.3 $69.2 $65.9 19.8 20.6 -0.8Lexington Partners Lexington Middle Market Investors LP/2005 LP Secondaries U.S. $50.0 $46.7 $8.1 $33.5 $25.5 10.8 10.3 0.5W Capital Partners W Capital Partners LP/2003 Secondary Direct/Portfolio U.S. $25.0 $23.5 $0.0 $16.0 $16.0 -3.3 -2.4 -0.9W Capital Partners W Capital Partners II LP/2007 Secondary Direct/Portfolio U.S. $141.1 $122.9 $26.9 $89.7 $62.8 16.8 16.7 0.1

California State Teachers’ Retirement System 9/30/12 9/30/11 9/30/12 9/20/11

Fondinvest Capital Fondinvest VI/2002 LP Secondaries Global $29.6 $28.3 $1.9 $48.0 $46.1 23.8 24.7 -0.9Paul Capital Partners Paul Capital Partners VIII LP/2004 LP Secondaries U.S. $50.0 $49.3 $5.9 $42.7 $36.8 8.8 9.6 -0.8

Montana Board of Investments 9/30/12 9/30/11 9/30/12 9/20/11

Lexington Partners Lexington Middle Market Investors II LP/2008 LP Secondaries U.S. $10.0 $5.5 $0.7 $1.2 $0.5 13.8 13.3 0.4HarbourVest Partners Dover Street VII LP/2008 LP Secondaries Global $20.0 $16.3 $1.9 $3.3 $1.4 15.1 20.4 -5.3Portfolio Advisors Portfolio Advisors Secondary Fund LP/2008 Secondary Direct/Portfolio Global $15.0 $12.0 $1.9 $3.1 $1.2 20.9 28.2 -7.3Lexington Partners Lexington Capital Partners VII LP/2008 LP Secondaries Global $45.0 $18.6 $2.9 $4.3 $1.4 22.9 31.7 -8.9Adams Street Partners Adams Street Global Oppty Secondary Fund/2003 LP Secondaries Global $25.0 $19.5 $5.0 $19.2 $14.2 11.9 12.3 -0.4Industry Ventures Industry Ventures Fund IV/2005 Secondary Direct/Portfolio U.S. $10.0 $9.1 $1.6 $6.2 $4.5 6.1 4.7 1.5Lexington Partners Lexington Capital Partners VI LP/2005 LP Secondaries Global $50.0 $45.8 $4.6 $23.3 $18.7 5.3 4.7 0.6

Oregon State Treasury 9/30/12 9/30/11 9/30/12 9/30/11

Montauk TriGuard Montauk TriGuard Fund III LP/2005 LP Secondaries U.S. $50.0 $44.5 $4.6 $35.7 $31.1 6.4 6.7 -0.3Montauk TriGuard Montauk TriGuard Fund IV LP/2008 LP Secondaries U.S. $75.0 $51.0 $8.7 $23.0 $14.3 19.8 26.1 -6.3

Pennsylvania Public School Employees’ Retirement System 6/30/12 6/30/11 6/30/12 6/30/11

Landmark Partners Landmark Equity Partners XIII LP/2004 LP Secondaries U.S. $100.0 $92.1 $13.0 $54.5 $41.5 4.4 3.2 1.2Partners Group Partners Group Secondary 2008/2007 LP Secondaries Global $189.8 $169.5 $5.6 $25.2 $19.6 9.8 21.6 -11.8Credit Suisse Private Equity CS Strategic Partners IV VC LP/2008 LP Secondaries U.S. $50.0 $51.8 $8.3 $15.0 $6.7 8.9 10.5 -1.6Landmark Partners Landmark Equity Partners XIV LP/2008 LP Secondaries Global $150.0 $76.0 $15.3 $21.5 $6.1 18.1 25.1 -7.1Credit Suisse Private Equity DLJ Strategic Partners Fund LP/2001 LP Secondaries U.S. $200.0 $191.3 $13.8 $289.3 $275.5 17.1 17.3 -0.2Credit Suisse Private Equity CSFB Strategic Partners II LP/2003 LP Secondaries U.S. $300.0 $262.2 $13.2 $440.3 $427.1 34.6 35.1 -0.5Credit Suisse Private Equity CSFB Strategic Partners III-VC LP/2004 LP Secondaries U.S. $50.0 $50.8 $5.7 $33.1 $27.3 6.7 6.1 0.6Credit Suisse Private Equity CS Strategic Partners IV LP/2007 LP Secondaries U.S. $100.0 $81.2 $24.3 $37.9 $13.6 17.2 21.0 -3.8

University of Texas Investment Management Co. 11/30/12 11/30/11 11/30/12 11/30/11

Pomona Capital Pomona Capital VI LP/2004 LP Secondaries U.S. $40.0 $35.6 $4.5 $19.1 $14.6 5.7 6.5 -0.8

The pension funds released disclaimers with the data, saying that IRRs don’t accurately reflect the expected future returns of the partnership and may vary depending on how they are calculated. The pension funds also said the comparison of IRRs is difficult because the industry doesn’t have standard valuation methods. Finally, the pension funds said that the IRRs aren’t especially meaningful in the early years of a partnership, and that their IRR calculations haven’t been approved by general partners. *Calculated by Dow Jones Private Equity Analyst using the data provided by the pension funds.

Performance represents end-to-end pooled mean return, net to limited partners. Source: Cambridge Associates

0.64

3.606.09

12.19

7.69

4.47

24.22

9.23

15.7415.18

6.55

11.79

6.07

13.71

0

5

10

15

20

25%

Buyout funds Venture funds

15 yr10 yr5 yr3 yr1 yrYTD 3Q12

Private Equity Performance Over Time

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Benjamin Wilson is a managing director at PEI Funds. Before joining PEI, Mr. Wilson worked in the investment banking groups of FBR & Co. and Deutsche Bank AG. Reach him at [email protected].

SPONSORED ARTICLE

With a Maturing Market, Secondary Firms Provide More Comprehensive Solutions By Benjamin Wilson of PEI Funds

The business of buying limited partnership interests has all the markings of a mature industry. It has grown into a sizable, competitive market with few opportunities for differentiation in large conventional transactions, which are often intermediated.

Last year, there was approximately $25 billion in secondary transaction volume, a 12-fold-plus increase from 2002, with purchases of limited partnership interests historically comprising some 80% to 90% of this volume. A variety of factors drove this increase, including the accelerated use of secondaries as a portfolio management tool, merger activity among asset managers, regulations affecting banks and other financial institutions, a desire to alleviate administrative burdens and general liquidity concerns.

As more buyers and sellers enter the market, transaction processes have become much more efficient. Pricing for limited partnership interests as a percent of reported net asset value also appears to be approaching an “industry standard.” Over the last three years, the average pricing of competitive transactions consistently reached 80% to 85% of funds’ net asset values, and this pricing level is not expected to change in the near term, according to Cogent Partners’ Secondary Pricing Trends & Analysis, January 2013.

As the limited partner secondaries business shows signs of maturing, another form of secondaries is receiving more attention: structured liquidity solutions for mature funds, or what are often referred to as tail-end funds. Last fall’s fund restructurings involving Willis Stein & Partners and Behrman Capital were well publicized, as was the launch of NewGlobe Capital Partners earlier this year. With several financial publications over the last 12 months saying the fund restructuring opportunity had reached $75 billion to $100 billion and involved 200 to 350 funds, there is mounting coverage on this subject. Correspondingly, there is no shortage of vernacular created by industry participants to identify these types of funds and their variations. Whether they are zombies, end-of-life, disrupted-cycle, tail-end funds or go by some other name, each situation has its own set of circumstances, requiring a solution to its specific needs.

At PEI Funds, we have been creating and implementing solutions for these situations for years and, as has been the case since our founding in 1992, we remain focused on the smaller end of the market. As an example, we recently closed our latest fund restructuring, that of “Fund H,” in August 2012. Like the fund restructuring deal we described in the 2010 edition of this publication, Fund

H was a Small Business Investment Company that needed to create liquidity for upcoming SBA payments and for follow-on funding to current portfolio companies. A 2000-vintage fund, Fund H was formed to make mezzanine investments in small and midsize companies. At the time of the transaction, the fund held a diverse portfolio of 12 underlying holdings that competed in niche industries and were performing well. Despite holding an attractive portfolio of assets, the fund had imminent liquidity needs because of the timing of payments it owed the SBA. Without a solution, Fund H risked being placed into the SBA’s liquidation arm, a black hole of value diminution.

To solve the problem for Fund H, its general partner and, in turn, the fund’s limited partners, PEI led a restructuring of the fund by creating a new class of limited partnership interests, infusing enough capital into the fund to completely pay off the SBA’s balance, making the fund 100% privately owned. The newly issued limited partnership interests are entitled to a preferred return senior to the previously funded private capital.

Other provisions of the restructuring included guaranteed minimum tax distributions to the limited partners, as needed; the allowance of capital to make follow-on investments in existing portfolio companies; an election for pre-existing limited partners to participate in the new issuance on a pro rata basis; and a new compensation structure for the general partner, including an amended management fee and carry structure. As part of the deal with Fund H, PEI also bought out one of the general partners that wanted to leave the firm.

Fund restructuring deals are now more common and, based on industry estimates, it is likely this trend will continue. Fund restructurings provide solutions requiring greater complexity than straightforward purchases of limited partnership interests because they must solve the multiple, and often disparate, objectives of fund managers and limited partners. As the secondary market further grows and adapts, PEI Funds will continue to solve complex liquidity problems for both venture capital and private equity funds.

POWERFUL TRACKINGTracking by investment goals, benefi ciary, institution and more.

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Abbott Capital Management1290 Ave. of the Americas, Ninth Floor New York, NY 10104 Phone: 212-757-2700 Fax: 212-757-0835 www.abbottcapital.com

Branch offices53 Davies St. London W1K5JH U.K. Phone: 44-20-3178-2613 Fax: 44-20-7493-3523

Key personnelCharles van Horne, Managing Director [email protected]

Mona Marquardt, Principal, Investor Relations & Client Services [email protected]

OverviewYear founded 1986

Year began making secondary purchases 1987

Total secondary assets under management $139.4 million

2012 capital invested $95.8 million

Investment criteriaInterests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds

Secondary directsDoes your firm also participate in secondary direct activities? No

Abu Dhabi Investment Authority211 Corniche Road, P.O. Box 3600 Abu Dhabi, UAE Phone: 971-2-415-0000 Fax: 971-2-415-1000 www.adia.ae

Key personnelMohammed Anwer Farooqi, Head, Secondaries & Private Debt [email protected]

Eteläesplanadi 12 Helsinki 130 Finland

Ludwig-Ganghofer-Strasse 6 Grünwald 82031 Germany

Key personnelDominique Peninon, Chairman

Agnès Nahum, Managing Partner

Philippe Poggioli, Managing Partner

Alexandre Delos, Partner Buyouts

Mikko Moilanen, Partner, Buyouts

Frédéric Evain, Partner, Buyouts

Aymeric Paul, Partner, Infrastructure

Martial Lauby, Partner, Private Debt

Cécile Croissant, Partner, Investor Relations & Communication



Professionals worldwide 14

Total secondary assets under management €850 million

Funds being investedAccess Secondary Bridge Fund Size €217 million Year closed 2012

Investment criteriaParticipation in syndicates? No

Interests sought LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Infrastructure

Industry preferencesNo industry preferences

Geographic preferencesUnited Kingdom Western Europe

Secondary directsDoes your firm also participate in secondary direct activities? Yes

Richard Chow, Portfolio Manager, Secondaries [email protected]

Richard Holden, Portfolio Manager, Credit [email protected]

Emilio Olmos, Portfolio Manager, Secondaries [email protected]



Total secondary assets under management $2,000 million

Investment criteriaMinimum investment $50 million

Participation in syndicates? Yes

Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Stakes in Private Companies Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds

Geographic preferencesUnited States United Kingdom Eastern or Central Europe Canada Australia Asia (excluding Japan) Japan Latin America


Access Capital Partners121 ave. des Champs Elysées Paris 75008 France Phone: 33-1-56-43-61-00 www.access-capital-partners.com

Branch officesIT Tower, Ave. Louise 480 Brussels 1050 Belgium

Central Court, 25 Southampton Buildings London WC2A IAL U.K.

Secondary Market Buyer Listings


Charles Denison, Senior Associate [email protected]

Eva Chongshan Huang, Senior Associate [email protected]

OverviewYear founded 2001 as an independent entity; 1972 with predecessor organizations




2011 secondary capital invested $717 million

2012 capital invested $427 million

Capital investment plans in 2013 $500 million

Transaction value of largest deal closed in 2012 $86.3 million

Funds being investedAdams Street Global Secondary Fund 5 LP Size $1,000 million Year closed 2013

Adams Street Partners 2011 Program Size $243 million* Year closed 2010



*Fund size represents the portion of these programs expected to be invested in secondaries




Geographic preferencesUnited States United Kingdom Western Europe Eastern or Central Europe Canada Australia

ACG Capital148 blvd. Haussman Paris 75008 France Phone: 33-1-53-93-51-51 Fax: 33-1-53-93-51-52 www.acg-capital.com [email protected]

Investment criteriaParticipation in syndicates? Yes

Interests soughtVenture Funds LBO Funds Mezzanine Funds U.S. Funds Non-U.S. Funds

Adams Street Partners1 North Wacker Drive, Suite 2200 Chicago, IL 60606 Phone: 312-553-7890 Fax: 312-553-7891 www.adamsstreetpartners.com [email protected]

Branch offices75 Davies St., Fourth Floor London W1K 5JN U.K. Phone: 44-20-7659-7700 Fax: 44-20-7659-7701

2500 Sand Hill Road, Suite 100 Menlo Park, CA 94025 Phone: 650-331-4860 Fax: 650-331-4861

250 N. Bridge Road 14-02 Raffles City Tower Singapore 179101 Phone: 65-6303-8730 Fax: 65-6303-8740

77 Jianguo Road, Chaoyang District Level 24, Tower 3, China Central Place Beijing 100025 China Phone: 86-10-8587-2312 Fax: 86-10-8588-0110

Key personnelJason Gull, Partner & Head, Secondary Investments [email protected]

Jeffrey Akers, Partner [email protected]

Troy Barnett, Partner [email protected]

Gregory Holden, Partner [email protected]

Pinal Nicum, Partner [email protected]

Joseph Goldrick, Principal [email protected]

Abu Dhabi Investment Authority 32Access Capital Partners 32Adams Street Partners 33AlpInvest Partners 34Apposite Capital 35ARCIS Group 35Auda Private Equity 35BEX Capital 37Capital Dynamics 38Coller Capital 38CPP Investment Board 39CS Strategic Partners 39DB Private Equity & Private Markets 40Fondinvest Capital 41Fort Washington Capital Partners Group 41Goldman Sachs Group Inc. 42Greenspring Associates 42Hamilton Lane Advisors 43HarbourVest Partners 43Idinvest Partners 45Industry Ventures 45J.P. Morgan Investment Management Inc. 46Landmark Partners 47Lexington Partners 47LGT Capital Partners 48MidCoast Capital 49Morgan Stanley Alternative Investment Partners 50Mustang Capital Partners 50Neuberger Berman Group 50Newbury Partners 51NewQuest Capital Partners 51Pantheon 54PEI Funds 56Permal Capital Management 57Portfolio Advisors 58Private Advisors 59StepStone Group 60VCFA Group 62Vintage Investment Partners 63Willowridge Partners 64

Select Buyers Also Investing in Secondary DirectsFirm name Page number


Neal Costello, Principal [email protected]

Michael Hacker, Principal [email protected]

Philip Viergutz, Principal [email protected]

Julian Rampelmann, Investment Manager [email protected]

Michael Camacho, Investment Manager [email protected]

Garrett Hall, Investment Manager [email protected]

Wiebe Wisser, Investment Manager [email protected]





2011 secondary capital invested $1,300 million

2012 capital invested $1,200 million

Capital investment plans in 2013 $1,500 million

Transaction value of largest deal closed in 2012 $250 million

Future fundraising plansAlpInvest Secondary Fund V Size $4,600 million Anticipated close date 2013


Maximum investment $500 million


Interests sought LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds

Geographic preferencesUnited States United Kingdom Western Europe Eastern or Central Europe Canada Australia Asia (excluding Japan) Japan Latin America

Alpha AssociatesTalstrasse 80 Zurich 8001 Switzerland Phone: 41-43-244-3100 www.alpha-associates.ch [email protected]

Key personnelEmanuel Eftimiu, Associate [email protected]




Total secondary assets under management $310 million








Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Non-U.S. Funds


AlpInvest Partners630 Fifth Ave., 28th Floor New York, NY 10111 Phone: 212-332-6270 Fax: 212-332-6245 www.alpinvest.com

Key personnelTjarko Hektor, Managing Partner [email protected]

Wouter Morerel, Managing Partner [email protected]

Chris Perriello, Partner [email protected]

Christophe Nicholas, Partner [email protected]

Asia (excluding Japan) Japan Latin America Middle East


Investment preferencesMinimum $5 million

Allianz Capital Partners1114 Ave. of the Americas, 31st Floor New York, NY 10036 Phone: 212-739-3400 Fax: 212-739-4400 www.acp.allianz.com [email protected]

Branch officesKöniginstrasse 19 Munich 80539 Germany Phone: 49-89-3800-19900 Fax: 49-89-3800-19436

6 Battery Road #28-01 Singapore 49909 Phone: 65-6311-8000 Fax: 65-6311-8906

Key personnelClaus Zellner, CFO & Managing Director [email protected]

Andress Goh, Managing Director & Head, Singapore [email protected]



Funds being investedAllianz AG Size $4,000 million Year closed 2003




Interests soughtLBO Funds Mezzanine Funds Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds



2011 secondary capital invested €50 million

2012 capital invested €130 million

Capital investment plans in 2013 €100 million

Investment criteriaMinimum investment €1 million

Maximum investment €150 million


Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Stakes in Private Companies U.S. Funds Non-U.S. Funds Secondary directs

Geographic preferencesUnited States United Kingdom Western Europe Eastern or Central Europe


Auda Private Equity888 Seventh Ave., 41st Floor New York, NY 10106 Phone: 212-863-2300 Fax: 212-593-2974 www.auda.com [email protected]

Branch officesAm Pilgerrain 17 Bad Homburg D-61352 Germany Phone: 49-61-7240-2801 Fax: 49-61-7240-2809

23 Berkeley Square London W1J 6HE U.K. Phone: 44-20-3043-0222 Fax: 44-20-3043-0221

1 Exchange Square, 8 Connaught Place Suite 1704, 17th Floor Central, Hong Kong, China Phone: 852-2869-2219 Fax: 852-2869-2237

Key personnelChris Lawrence, Managing Director, Secondary Investments [email protected]

Tim Brody, Managing Director, Secondary Investments [email protected]






Interests soughtStakes in private companies

Industry preferencesHealth care

Geographic preferencesUnited States United Kingdom Western Europe Eastern or Central Europe Canada Asia (excluding Japan) Middle East


ARCIS Group2 Savile Row London W1S 3PA U.K. Phone: 44-20-7494-2110 Fax: 44-20-7494-2105 www.arcisgroup.com [email protected]

Branch offices30 rue Galilée Paris 75016 France Phone: 33-1-47-23-88-62 Fax: 33-1-47-23-88-55

509 Madison Ave., 14th Floor New York, NY 10022 Phone: 212-838-5577 Fax: 212-838-8858

Key personnelHenri Isnard, Managing Partner [email protected]

Mark Burch, Managing Partner [email protected]

Romain Bouché, Partner [email protected]






Investment preferencesMinimum $5 million Maximum $1,000 million

Altius Associates20 Grosvenor Place London SW1X 7HN U.K. Phone: 44-20-7838-7640 Fax: 44-20-7838-7699 www.altius-associates.com [email protected]

Key personnelElvire Perrin, Partner & Head, Research [email protected]



Description of practiceThe firm will acquire individual fund interests or portfolios, with a focus on funds where the firm and/or clients are existing primary LPs. The firm will consider both largely funded interests and younger interests.

Investment criteriaMaximum investment $20 million

Participation in syndicates? No

Interests soughtVenture Funds LBO Funds Special Situations Funds (i.e., distressed debt) Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds

Geographic preferencesUnited States United Kingdom Western Europe Eastern or Central Europe Asia (excluding Japan) Japan

Apposite Capital1 Friday St., Bracken House London EC4M 9JA U.K. www.appositecapital.com [email protected]

Key personnelDavid Porter, Managing Partner [email protected]

Valerie Auffray, Investor Relations [email protected]


Axa Private Equity20 Place Vendôme Paris 75001 France Phone: 33-1-44-45-92-00 Fax: 33-1-44-45-93-31 www.axaprivateequity.com

Branch offices1370 Ave. of the Americas New York, NY 10019 Phone: 212-641-8604 Fax: 212-641-8616

1 Grafton St. London W1S 4FE U.K. Phone: 44-20-7154-4300 Fax: 44-20-7154-4301

An der Welle 4 Frankfurt 60322 Germany Phone: 49-69-50-50-41-500 Fax: 49-69-50-50-41-550

Via Privata Fratelli Gabba 1/A Milan 20121 Italy Phone: 39-02-5844-2401 Fax: 39-02-5844-2450

1 Temasek Ave. Unit 20-02A Millenia Tower Singapore Phone: 65-6513-3410 Fax: 65-6513-3426

Key personnelVincent Gombault, Managing Director, Funds of Funds & Private Debt [email protected]



Description of practiceThe firm provides investors with funds across the full range of private equity offerings: fund of funds; LBO mid-cap and small-cap; innovation and growth; co-investment; infrastructure and mezzanine. The secondary practice is a key part of the scope of the fund-of-funds team, which is responsible for identifying, reviewing and recommending prospective investment and divestment opportunities to the fund. The firm operates on a fully integrated global basis across North America, Europe and Asia.


Maximum investment $2,000 million


Interests soughtLBO Funds Stakes in Private Companies

Canada Australia Asia (excluding Japan) Japan Latin America Middle East


Auldbrass Partners410 Park Ave., Suite 1510 New York, NY 10022 Phone: 212-213-0243 www.auldbrasspartners.com [email protected]

Key personnelRiyadh Mohammed, Principal [email protected]

Howard Sanders, Managing Director [email protected]

Ahmad Ali, Managing Director [email protected]

Christopher Salley, Managing Director [email protected]





Description of practiceThe firm focuses on single interest transactions and smaller portfolios. The firm advises on more than $1 billion of private equity assets. The firm interacts quarterly with more than 200 managers.




Interests soughtVenture Funds LBO Funds Mezzanine Funds Real Estate Funds U.S. Funds Non-U.S. Funds Energy Funds

Geographic preferencesUnited States United Kingdom Western Europe Eastern or Central Europe Canada

Stephen Wesson, Managing Director & Head, Private Equity [email protected]

Pak-Seng Lai, Managing Director [email protected]

Britta Lindhorst, Managing Director [email protected]








Description of practiceThe firm’s dedicated secondary investments effort stems from a fully integrated global private equity platform, which includes primary fund and direct co-investment programs. The firm targets midmarket-size transactions, typically ranging from $10 million to $50 million in value. This market segment is generally less competitive and, as a result, provides greater opportunities for negotiated purchases, better pricing and enhanced returns.

Funds being investedAuda Secondary Fund II Size $215.5 million Year closed 2010

Various Funds Size $260 million (across multiple funds)










Interests soughtVenture Funds Special Situations Funds (i.e., distressed debt) Stakes in Private Companies

Industry preferencesHealth care

Geographic preferencesUnited States United Kingdom Western Europe


BlackRock Private Equity Partners55 E. 52nd St. New York, NY 10055 Phone: 212-810-5572 www.blackrock.com

Key personnelSteven Baumgarten, Investor Relations [email protected]

California Public Employees’ Retirement System400 Q St. Sacramento, CA 95811 Phone: 916-795-3400 www.calpers.ca.gov

Key personnelJanine Guillot, Chief Operating Investment Officer

California State Teachers’ Retirement System100 Waterfront Place Sacramento, CA 95605 Phone: 800-228-5453 Fax: 916-414-5040 www.calstrs.ca.gov

Key personnelChristopher J. Ailman, CIO





Interests soughtLBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) U.S. Funds Non-U.S. Funds Tail-End Funds, Fund of Funds, Secondary Funds, Credit Funds



Investment preferencesMinimum €1 million Maximum €50 million

Bio Equity Capital75 Arlington St., Suite 500 Boston, MA 02116 Phone: 857-241-3781 www.bioequitycapital.com

Key personnelNessan Bermingham, Managing Partner [email protected]



Description of practiceThe firm is a health care-focused special situations investment firm. The firm acquires investments through direct secondary transactions, providing solutions for equity and debt holders in both private and public health-care companies. Typically, these security holders are venture capital and private equity firms and their limited partners, corporations, mutual funds, hedge funds, company founders and executives. The firm evaluates and acquires investment positions in both individual companies and portfolios of companies. In addition, when security holders want to retain existing positions, but face value erosion in one or more of their investments as a result of follow-on financings in which they are not participating, the firm can preserve the value through a synthetic secondary transaction. The firm invests broadly across the health-care sector, including medical devices, specialty pharmaceuticals, biotech, diagnostics, health-care IT and services. The firm focuses on mid- to later-stage companies and portfolios.

Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds Growth funds

Geographic preferencesUnited States Western Europe Eastern or Central Europe Canada Asia (excluding Japan)


BEX Capital6 rue Poussin Paris 75016 France Phone: 33-1-45-20-89-22 Fax: 33-9-81-40-26-40 www.bexcapital.com [email protected]

Key personnelBenjamin Revillon, Managing Partner [email protected]







Transaction value of largest deal closed in 2012 €8 million

Description of practiceThe firm is an independent secondary investment firm, providing discretionary and non-discretionary managed account solutions to institutional investors willing to actively manage their secondary private equity exposure. The firm advises investors located worldwide. The firm focuses on the acquisition of mature European buyout assets and has experience in the secondary market. To date, the firm’s team members have invested in excess of €600 million in secondaries through their career.

Future fundraising plansSB Partners Secondary Fund Size €50 million Anticipated close date 2013



Branch offices950 Third Ave. New York, NY 10022 Phone: 212-644-8500 Fax: 212-644-9133

Wheelock House, 20 Pedder St. Central, Hong Kong, China Phone: 852-3626-9177

Key personnelJeremy Coller, CIO [email protected]

Tim Jones, Partner & Deputy CIO [email protected]

Francois Aguerre, Partner [email protected]

Sebastien Burdel, Partner [email protected]

Susan Flynn, Partner [email protected]

Jon Freeman, Partner [email protected]

Ed Goldstein, Partner [email protected]

Axel Hansing, Partner [email protected]

Helen Lamb, Partner [email protected]

Hiro Mizuno, Partner [email protected]

Frank Morgan, Partner & President, U.S. [email protected]

Crispin Payne, Partner [email protected]

David Platter, Partner [email protected]

Erwin Roex, Senior Adviser [email protected]

Luca Salvato, Partner [email protected]

Michael Schad, Partner [email protected]

Stephen Ziff, Partner [email protected]




Description of practiceThe firm has more than two decades of experience as an investor with a focus on providing customized solutions for sellers of private equity assets. The firm has a capacity for closing complex transactions, and an expertise in direct secondaries. The




Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Real Estate Funds U.S. Funds Non-U.S. Funds Energy Infrastructure

Geographic preferencesUnited States United Kingdom Western Europe Eastern or Central Europe Canada Australia Asia (excluding Japan) Japan Latin America Middle East


CMS Fund Advisors308 E. Lancaster Ave., Suite 300 Wynnewood, PA 19096 Phone: 610-896-2080 Fax: 610-896-3339 www.cmsco.com [email protected]

Key personnelWilliam A. Landman, CEO [email protected]


Investment criteriaInterests soughtLBO Funds Special Situations Funds (i.e., distressed debt) Real Estate Funds U.S. Funds

Coller Capital33 Cavendish Square London W1G 0TT U.K. Phone: 44-20-7631-8500 Fax: 44-20-7631-8555 www.collercapital.com [email protected]

Capital DynamicsBahnhofstrasse 22 Zug 6301 Switzerland Phone: 41-41-748-8444 Fax: 41-41-748-8440 www.capdyn.com [email protected]

Branch offices645 Madison Ave., 19th Floor New York, NY 10009 Phone: 212-798-3400 Fax: 212-798-3499

21 Sackville St. London W1S 3DN U.K. Phone: 44-20-7297-0200 Fax: 44-20-7297-0299

9 Colmore Row Birmingham B3 2BJ U.K. Phone: 44-12-1200-8800 Fax: 44-12-1200-8899

2550 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Phone: 650-388-7000 Fax: 650-388-7099

Nexxus Building, 16th Floor 41 Connaught Road Central, Hong Kong, China Phone: 852-3757-9818 Fax: 852-3757-9401

Key personnelJoseph Marks, Managing Director [email protected]

Jochen Mende, Director [email protected]

Sandro Galfetti, Director [email protected]

Ash Thakrar, VP [email protected]

Thomas Kubr, Managing Director [email protected]













Description of practiceThe firm has been an active principal participant in the secondary marketplace, having deployed more than $5 billion in five years, with the objective of deploying an additional $10 billion over the coming five years. The firm participates in the acquisition of both LP secondaries (having transferred more than 100 interests) and direct secondaries, in transactions such as Behrman Capital, Kainos Capital, and the spinout of J.P. Morgan Chase & Co. into CCMP Capital Partners.




Interests soughtLBO Funds U.S. Funds Non-U.S. Funds



Select portfolios acquiredOriginal manager Behrman Capital Year acquired 2012 Transaction price $654 million

Original manager Kainos Capital Year acquired 2013 Transaction price $606 million

CS Strategic Partners1 Madison Ave., Ninth Floor New York, NY 10010 Phone: 212-538-7680 Fax: 646-935-7444 www.credit-suisse.com

Key personnelStephen Can, Managing Director, Global Co-Head [email protected]

Interests soughtVenture Funds LBO Funds Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds


Corrum Capital Management214 N Tryon Street, Suite 1950 Charlotte, NC 28202 Phone: 855.803.3516 Fax: 704.330.7400 www.corrumcapital.com

ContactsAllyson Kaufman, Managing Director [email protected]

OverviewDescription of practiceCorrum Capital is an independent investment organization that constructs sophisticated investment solutions based on strategically defined mandates across public and private alternative asset classes. The firm has deep expertise in alternative investing, and partners with clients, consultants and advisers to design and execute an alternative investment program which complements and completes portfolios and existing resources. Corrum’s strategies are available in commingled funds, separately managed accounts and custom solutions. As of January 1, 2013, Corrum Capital had approximately $3 billion in assets under management.

CPP Investment Board1 Queen Street E. Toronto, Ontario M5C2W5 Canada Phone: 416-874-5459 www.cppib.ca

Key personnelYann Robard, VP [email protected]






firm has a large, multinational team dedicated to PE secondaries.

Funds being investedColler International Partners VI Size $5,500 million Year closed 2012


Maximum investment $1,000 million+





Commonfund Capital15 Old Danbury Road Wilton, CT 06897 Phone: 203-563-5008 www.commonfund.org

Key personnelBrijesh Jeevarathnam, Managing Director [email protected]



Professionals worldwide 20+








Description of practiceThe firm’s Secondaries Group invests in secondary opportunities globally. The core of the secondaries team has worked together in the secondaries market since 2003 and uses transactional experience to identify deal flow from financial institutions, among other sources. The scale and regional presence of Deutsche Bank is another source of proprietary deal flow, and a further information advantage is gained through the 250 GP relationships of DB Private Equity’s primary business. The team uses a value-based investment strategy coupled with rigorous and analytical asset-level due diligence to emphasize pricing discipline over deal volume, with a focus on risk mitigation and portfolio diversification.

Funds being investedDB SOF II Size $614 million Year closed 2012




Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Real Estate Funds Stakes in Private Companies U.S. Funds Non-U.S. Funds

Industry preferencesNo Industry preferences




Select institutional backersState and corporate pension plans, financial institutions, foundations, high-net-worth investors


Investment preferencesMinimum $0.1 million Maximum $2,000 million

DB Private Equity & Private Markets1 Appold St. London EC2A 2UU Phone: 44-20-7545-8000 www.dbpe.com [email protected]

Branch offices345 Park Ave. New York, NY 10154-0004

Key personnelCarlo Pirzio-Biroli, Co-Head, Private Equity & Private Markets [email protected]

Charles Smith, Co-Head, Secondaries [email protected]

Adam Graev, Director & Head, Americas [email protected]

Chi Cheung, Director & Head, Europe [email protected]

Francesco Rigamonti, Director [email protected]







Verdun Perry, Managing Director & Global Co-Head [email protected]

Peter Song, Partner [email protected]









Description of practiceThe firm focuses on acquiring interests in LBO, mezzanine, real estate and venture capital funds. The firm has an opportunistic investment mandate and will acquire secondary interests in transactions less than $1 million and greater than $1 billion. The firm has closed more than 700 secondary transactions and holds interests in more than 1,400 funds.

Funds being investedCS Strategic Partners V Size $3,100 million Year closed 2012

Future fundraising plansStrategic Partners VI Anticipated close date 2014

Investment criteriaMinimum investment $0.1 million



Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Real Estate Funds Stakes in Private Companies Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds

Industry preferencesLBO, Mezzanine, RE, VC


Asia (excluding Japan) Japan


Fort Washington Capital Partners Group303 Broadway, Suite 1200 Cincinnati, OH 45202 Phone: 513-361-7672 Fax: 513-361-7605 www.fwcapital.com

Key personnelJoe Don Cole, Director, Investor Relations [email protected]

Phil Johnson, Investment Manager [email protected]

Joe Woods, Managing Director [email protected]

Steve Baker, Managing Director [email protected]






Description of practiceThe firm focuses on special situations requiring unique or complicated structuring solutions (e.g., recapitalizations, lift-outs, loans, end-of-life, etc.) as well as traditional limited partnership purchases.

Funds being investedWSL Partners LP Size $60 million Year closed 2003

Fort Washington Private Equity Opportunities Fund II LP Size $93 million Year closed 2008




Interests soughtVenture Funds LBO Funds Mezzanine Funds

Fondinvest Capital33 rue de la Baume, Second Floor Paris 75008 France Phone: 33-1-58-36-48-00 Fax: 33-1-58-36-48-28 www.fondinvest.com [email protected]

Branch offices1 Sansome St., Suite 3500 San Francisco, CA 94104 Phone: 415-665-1853 Fax: 415-665-1853

Key personnelCharles Soulignac, Managing Partner [email protected]

Emmanuel Roubinowitz, Managing Partner, U.S. [email protected]

Catherine Lewis La Torre, Partner [email protected]








Description of practiceThrough its secondary business, the firm acquires interests in existing private equity funds, tail-end funds, and portfolios of direct investments in companies, targeting small and midmarket transactions.




Interests soughtLBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Stakes in Private Companies U.S. Funds Non-U.S. Funds

Geographic preferencesUnited States United Kingdom Western Europe Canada

DuPont Capital Management1 Righter Parkway, Suite 3200 Wilmington, DE 19803 Phone: 302-477-6000 Fax: 302-477-6010 www.dupontcapital.com

Key personnelCarmen Gigliotti, Managing Director [email protected]



Investment criteriaInterests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Real Estate Funds Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds

Equistone Partners EuropeCondor House, St. Paul’s Churchyard London EC4M 8AL U.K. Phone: 44-20-7653-5300 Fax: 44-20-7653-5301 www.equistonepe.com

Branch officesBank House, 8 Cherry St., First Floor Birmingham B2 5AL U.K. Phone: 44-12-1631-4220 Fax: 44-12-1631-1071

Centre d’affaires Paris-Trocadéro 112 ave. Kléber Paris 75116 France Phone: 33-1-56-69-43-43 Fax: 33-1-56-69-43-44

Key personnelSimon Brown, CFO [email protected]

F&C Asset ManagementExchange House, Primrose St. London EC2A 2NY U.K. Phone: 44-20-7628-8000 www.fandc.com


Rob Savage, Investment Director [email protected]

Joanna Jordan, Operations & Investor Relations Director [email protected]

Andrew French, Finance Director [email protected]






Interests sought LBO Funds U.S. Funds Non-U.S. Funds

Geographic preferencesUnited States United Kingdom Western Europe Eastern or Central Europe Canada Australia


Greenspring Associates100 Painters Mill Road, Suite 700 Baltimore, MD 21117 Phone: 410-363-2725 Fax: 410-363-9075 www.greenspringassociates.com

Key personnelJohn Avirett, Partner [email protected]

Hunter Somerville, Senior Associate [email protected]

















Greenpark Capital57-59 St James’s St. London SW1A 1LD U.K. Phone: 44-20-7647-1400 Fax: 44-20-7647-1440 www.greenparkcapital.com [email protected]

Branch officesLevel 10, Central Building, 1-3 Pedder St. Central, Hong Kong, China Phone: 852-3975-2909 Fax: 852-3985-2800

Key personnelMarleen Groen, Principal Founder & CEO [email protected]

Daniel Green, CIO [email protected]

Philippe Munch, Investment Director [email protected]

Eric Pathè, Investment Director [email protected]

Special Situations Funds (i.e., distressed debt) Stakes in Private Companies U.S. Funds Non-U.S. Funds

Geographic preferencesUnited States United Kingdom Western Europe Canada Australia

Select institutional backersWestern & Southern Financial Group


Investment preferencesMinimum $1 million Maximum $15 million

Goldman Sachs Group Inc.200 West St. New York, NY 10281 Phone: 212-902-1000 www.gs.com [email protected]

Branch officesRiver Court, 120 Fleet St. London EC4A 2BE U.K.

555 California St. San Francisco, CA 94104

Cheung Kong Center 68th Floor, 2 Queen’s Road Central, Hong Kong, China

295 Chipeta Way Salt Lake City, UT 84108

Rua Leopoldo Couto Magalhães Junior 700, 16th Floor São Paulo 04542-000 Brazil

Key personnelMichael Brandmeyer, Managing Director [email protected]

Harold Hope, Managing Director [email protected]

Christian von Schimmelman, Managing Director [email protected]

Steve Lessar, Managing Director [email protected]

Gabriel Mollerberg, Managing Director [email protected]

Suzanne Gauron, Managing Director [email protected]




HarbourVest Partners1 Financial Center, 44th Floor Boston, MA 02111 Phone: 617-348-3707 Fax: 617-350-0305 www.harbourvest.com [email protected]

Branch officesBerkeley Square House Eighth Floor, Berkeley Square London W1J 6DB U.K. Phone: 44-20-7399-9820 Fax: 44-20-7399-9840

Citibank Tower, Suite 1207 3 Garden Road Central, Hong Kong, China Phone: 852-2525-2214 Fax: 852-2525-2241

Marunouchi Building, 26th Floor, 2-4-1 Marunouchi, Chiyoda-ku Tokyo 100-6326 Japan Phone: 81-3-3284-4320 Fax: 81-3-3217-1077

Calle 113, No. 7-21 Torre A, Oficina 1101 Bogotá, Colombia Phone: 57-1-658-5848

China World Tower, Suite 5608 56th Floor, 1 Jianguomenwai Ave. Chaoyang District Beijing 100004 China Phone: 86-10-5706-8600 Fax: 86-10-5706-8601

Key personnelJeff Keay, Managing Director, Boston [email protected]

Brett Gordon, Managing Director, Boston [email protected]

John Toomey, Managing Director, Boston [email protected]

Fred Maynard, Managing Director, Boston [email protected]

Peter Wilson, Managing Director, London [email protected]

David Atterbury, Managing Director, London [email protected]

Tim Flower, Principal, Hong Kong [email protected]

Tatsuya Kubo, Managing Director, Tokyo [email protected]

2011 secondary capital invested $239.5 million




Description of practiceThe firm has been actively evaluating, investing and managing secondary investments since 2000 and has a dedicated team of investment professionals focused entirely on secondary opportunities. The firm’s secondary approach is differentiated from traditional secondary market players as a result of its primary fund business. The firm is able to utilize its relationships with private equity fund managers to identify potential secondary opportunities. Through these relationships, the firm has access to information and deal flow. The firm’s goal is to provide investors with capital appreciation by building a diversified portfolio of secondary investments. With a relatively modest fund size, the firm’s strategy includes seeking opportunities to invest in individual funds and small portfolio transactions which are proprietary or under the radar of larger secondary fund managers, limiting competition and avoiding broad auctions. It is the firm’s belief that this approach, coupled with proprietary deal flow, creates a platform for selecting better risk-adjusted opportunities.




Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Stakes in Private Companies U.S. Funds Non-U.S. Funds


Description of practiceThe firm was founded in 2000 to focus solely on venture capital investments, including early-stage funds, late-stage funds, growth equity funds and secondary fund commitments. The firm also began investing in late-stage direct and direct secondary investments alongside its underlying managers in 2000. The firm seeks out venture-only opportunities across all stages, geographies and fund life cycles.




Interests soughtVenture Funds

Industry preferencesTechnology, Healthcare



Hamilton Lane1 Presidential Blvd., Fourth Floor Bala Cynwyd, PA 19004 Phone: 610-934-2222 Fax: 610-617-9853 www.hamiltonlane.com

Branch offices825 Third Ave., 35th Floor New York, NY 10022

200 California St., Suite 400 San Francisco, CA 94111

Room 1001-2, 10th Floor St George’s Building, 2 Ice House St. Central, Hong Kong, China

8-10 Great George St. London SW1P 3AE U.K.

Key personnelThomas Kerr, Managing Director [email protected]










Henderson Global Investors201 Bishopsgate London EC2M 2AE U.K. Phone: 44-20-7818-2965 Fax: 44-20-7818-7310 www.henderson.com/home/private_capital

Branch officesJardine House, 1 Connaught Place Suites 4105-4108 Central, Hong Kong, China Phone: 852-2905-5188 Fax: 852-2905-5199

Key personnelGuy Pigache, Partner [email protected]

Funds being investedHenderson PFI Secondary Fund LP Size €485 million Year closed 2005

Henderson PFI Secondary Fund II LP Size €859 million Year closed 2007

Horsley Bridge Partners505 Montgomery St., 21st Floor San Francisco, CA 94111 Phone: 415-986-7733 Fax: 415-986-7744

Key personnelDan Reeve, Managing Director [email protected]

Geographic preferencesUnited States United Kingdom Western Europe Eastern or Central Europe Canada Australia Asia (excluding Japan) Japan Latin America Middle East Africa


Headlands Capital Management1 Ferry Building, Suite 255 San Francisco, CA 94111 Phone: 415-263-7313 www.headlandscap.com

Headway Capital Partners25 Maddox St., Second Floor London W1S 2QN U.K. Phone: 44-20-7518-8888 Fax: 44-20-7900-3160 www.headwaycap.com [email protected]

Key personnelLaura Shen Lefranc, Partner [email protected]



Description of practiceThe firm is an independent private equity secondary firm providing a full range of tailored liquidity solutions to investors seeking exits or alternatives for their private equity assets. The firm purchases both portfolios of direct investments and limited partnership positions in private equity funds. The firm specializes in small- to mid-size secondary transactions and invests globally, with a focus on Western Europe and North America.

Funds being investedHeadway Investment Partners II LP Size €1,500 million Year closed 2008



Peter Lipson, Managing Director, Bogotá [email protected]

Sally Shan, Managing Director, Beijing [email protected]









Description of practiceSince 1986, the firm has been active in the global secondary market and has leveraged its experience to provide innovative and rapid liquidity solutions. The firm’s experience extends to management spinouts and complicated transactions. As a primary, secondary and direct investor, the firm also has relationships with the GP community, providing introductions to sellers and allowing the firm to formulate offers quickly and confidentially. These relationships enable the firm to evaluate and execute secondary transactions ranging in size, geography and asset type.

Funds being investedDover Street Investment Program


Maximum investment >$1,000 million


Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Stakes in Private Companies Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds Infrastructure

Industry preferencesHarbourVest invests secondary capital across most industries.





Interests soughtVenture Funds Stakes in Private Companies Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds




Invesco Institutional1555 Peachtree St. NE, Suite 1800 Atlanta, GA 30309 Phone: 404-479-1095 www.institutional.invesco.com

Key personnelMary Frances Kelley, General Partner [email protected]

Ray Maxwell, Venture Partner [email protected]

Phillip M. Shaw, General Partner [email protected]


Investment Fund for Foundations200 Barr Harbor Drive, Suite 100 West Conshohocken, PA 19428 Phone: 610-684-8200 Fax: 610-684-8210 www.tiff.org [email protected]

Branch offices97 Mt. Auburn St. Cambridge, MA 02438 Phone: 610-684-8000

Branch offices201 N. Union St., Suite 300 Alexandria, VA 22314 Phone: 703-519-3026 Fax: 703-837-6036

Key personnelRobert May, CFO & CCO [email protected]









Description of practiceThe firm focuses its practice on investing in later-stage companies with substantial revenue and at or near profitability. By investing in high-quality later-stage companies or portfolios, the firm’s secondary funds are able to provide downside protection and achieve liquidity earlier. The firm’s secondary strategy is differentiated by a unique focus on venture capital investments in both secondary direct investments and limited partnership interests, with an emphasis on transactions from $1 million to $50 million, where competition is more limited and relationships drive investment opportunity sourcing.

Funds being investedIndustry Ventures Fund VI Size $405 million Year closed 2011

Industry Ventures Special Opportunities Fund Size $155 million Year closed 2011

Industry Ventures Partnership Holdings II Size $70 million Year closed 2012

Future fundraising plansIndustry Ventures Fund VII Size $400 million Anticipated close date Q4 2013



Funds being investedHorsley Bridge VIII Size $1,000 million Year closed 2005

Horsley Bridge International IV Size $1,000 million Year closed 2006

Investment criteriaInterests soughtVenture Funds Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds

Idinvest Partners117 ave. des Champs Elysées Paris 75008 France Phone: 33-1-58-18-56-56 www.idinvest.com

Key personnelChristophe Simon, Partner [email protected]



Professionals worldwide five




Interests soughtLBO Funds Mezzanine Funds Non-U.S. Funds



Industry Ventures750 Battery St., Seventh Floor San Francisco, CA 94111 Phone: 415-273-4201 Fax: 415-391-7262 www.industryventures.com [email protected]



Jolimont Capital133 Flinders Lane, Level 1 Melbourne, Victoria 3000 Australia Phone: 61-38-199-2700 Fax: 61-396-395-228 www.jolimontcapital.com.au

Key personnelCharles Gillies, Managing Partner [email protected]

Lex McArthur, Managing Partner [email protected]

Teresa Engelhard, Managing Partner [email protected]

Carol Sullivan, CFO [email protected]






Interests soughtVenture Funds Special Situations Funds (i.e., distressed debt) Stakes in Private Companies

Geographic preferencesUnited States Canada Australia Asia (excluding Japan) Japan


Kensington Capital Partners95 St. Clair Ave. W., Suite 905 Toronto, Ontario M4V 1N6 Canada Phone: 416-362-9000 Fax: 416-362-0939 www.kcpl.ca [email protected]

Key personnelSuganya Tharmalingam, Principal [email protected]


J.P. Morgan Investment Management Inc.270 Park Ave. New York, NY 10017

Key personnelAmanda Wilson, Portfolio Manager [email protected]

Anthony Roscigno, Portfolio Manager [email protected]





Description of practiceThe Private Equity Group draws upon the global network and resources of J.P. Morgan Chase & Co., including those of J.P. Morgan Asset Management and J.P. Morgan Investment Management. The group has an opportunistic investment strategy focused on identifying opportunities it believes will provide the highest risk-adjusted returns.

In identifying secondary opportunities, the group seeks to take advantage of potential information developed through its primary market capabilities and long-standing presence in the secondary market.

Investment criteriaInterests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Real Estate Funds Stakes in Private Companies Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds


100 Hamilton Ave., Suite 150 Palo Alto, CA 94301 Phone: 650-323-6267 Fax: 610-684-8080

Key personnelStephen Vicinelli, Managing Director & Deputy CIO [email protected]






Interests soughtVenture Funds LBO Funds Real Estate Funds Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds


Itaventures IKEVia Planeta Venere 25 Rome 144 Italy Phone: 39-06-529-0186 www.itaventure.it

Key personnelMichele Gardelli, Managing Director [email protected]



Description of practiceSecondary investments only in Italy-based assets; advisory on cross-border U.S.-Italy secondary deals.


Interests soughtVenture Funds Special Situations Funds (i.e., distressed debt) Real Estate Funds Stakes in Private Companies

Geographic preferencesUnited States Western Europe Italy


Lexington Partners660 Madison Ave., 23rd Floor New York, NY 10065 Phone: 212-754-0411 Fax: 212-754-1494 www.lexingtonpartners.com [email protected]

Branch offices111 Huntington Ave., Suite 3020 Boston, MA 02199 Phone: 617-247-7010 Fax: 617-247-7050

3000 Sand Hill Road Building 1, Suite 220 Menlo Park, CA 94025 Phone: 650-561-9600 Fax: 650-561-9696

42 Berkeley Square London W1J 5AW U.K. Phone: 44-20-7318-0888 Fax: 44-20-7318-0889

15/F York House, The Landmark 15 Queen’s Road Central Central, Hong Kong, China Phone: 852-3987-1600 Fax: 852-3987-1631

Key personnelBrent Nicklas, Managing Partner [email protected]

Duncan Chapman, Partner [email protected]

Thomas Giannetti, Partner & CFO [email protected]

Charles Grant, Partner [email protected]

Rebecca John, Partner, Investor Relations [email protected]

Tom Newby, Partner [email protected]

Marshall Parke, Partner [email protected]

Pål Ristvedt, Partner [email protected]

John Rudge, Partner [email protected]

Lee Tesconi, Partner [email protected]

Wilson Warren, Partner [email protected]

Mark Andrew, Principal [email protected]

Kirk Beaton, Principal [email protected]

Jennifer Kheng, Principal [email protected]

Victor Wu, Principal [email protected]

Scott N. Humber, Principal

Jason A. Neal, VP, Investor Relations



Total secondary assets under management $8,998.3 million

2011 secondary capital invested $7,083.2 million



Funds being investedLandmark Equity Partners XIV Size $1,997.2 million Year closed 2010

Landmark Real Estate Fund VI Size $4,718 million Year closed 2011





Industry preferencesOpportunistic

Geographic preferencesUnited States United Kingdom Western Europe Eastern or Central Europe Australia Asia (excluding Japan) Japan Latin America Middle East





Description of practiceThe firm buys secondaries – primarily to increase its exposure to existing funds in its portfolio and to existing companies in its portfolio – on attractive terms.




Geographic preferencesCanada


Landmark Partners10 Mill Pond Lane Simsbury, CT 06070 Phone: 860-651-9760 Fax: 860-651-8890 www.landmarkpartners.com

Branch offices265 Franklin St., 18th Floor Boston, MA 02110 Phone: 617-556-3910 Fax: 617-556-4266

29-30 St James’s St. London SW1A 1HB U.K. Phone: 44-20-7343-4450 Fax: 44-20-7343-4488

Key personnelFrancisco L. Borges, Chairman & Managing Partner

Timothy L. Haviland, President & Managing Partner

Chad S. Alfeld, Partner

Ian H. Charles, Partner

Scott P. Conners, Partner

James P. McConnell, Partner

Robert J. Shanfield, Partner

Paul G. Giovacchini, Principal









Liquid Realty Partners44 Montgomery St., Suite 3701 San Francisco, CA 94941 Phone: 415-875-7500 Fax: 415-875-7550 www.liquidrealty.com

Key personnelScott Landress, CEO [email protected]





Description of practiceThe firm purchases stakes in real estate funds, properties and portfolios.


Canada Australia Asia (excluding Japan) Japan Latin America

Select institutional backersMore than 240 corporate and public pension funds, sovereign wealth funds, insurance companies, financial institutions, endowments, foundations and family offices from more than 30 countries.


LGT Capital PartnersSchuetzenstrasse 6 Pfaeffikon 8808 Switzerland Phone: 41-55-415-9626 Fax: 41-55-415-9699 www.lgtcp.com

Key personnelAndre Aubert, Partner [email protected]








Description of practiceThe firm has a targeted and selective secondary strategy, focusing on diversified portfolios and midsize transactions, pursuing a balanced mix of early and mature secondaries, select direct secondaries and spin-off situations, leveraging the firm’s primary activities to price and transact with discretion.

Funds being investedCrown Global Secondaries I Size $256 million Year closed 2005

Crown Global Secondaries II Size $1,200 million Year closed 2010

Crown Global Secondaries III Size $2,000 million Year closed 2013







Transaction value of largest deal closed in 2012 $1,800 million

Description of practiceThe firm’s secondary acquisition funds acquire diversified portfolios of private equity interests through secondary market transactions. The firm screens all transactions in the secondary market from complex, multibillion-dollar portfolio acquisitions, to single interest purchases, direct and co-investment secondaries, and focuses on assets offering the most attractive risk-adjusted returns throughout the economic cycle. The firm has built a diversified global portfolio of private equity investments with meaningful participation in each of the major sectors of private equity. The firm has acquired secondary interests managed by more than 550 private equity managers.

Funds being investedLexington Capital Partners VII Size $7,000 million Year closed 2010

Lexington Middle Market Investors III Size $750 million Year closed 2013




Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Real Estate Funds Stakes in Private Companies Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds Hedge Fund Side Pockets



Asia (excluding Japan) Japan Latin America


Investment preferencesMinimum $0.01 million Maximum $7.5 million

Montauk TriGuard Management2 San Joaquin Plaza, Suite 260 Newport Beach, CA 92660 Phone: 949-219-3767 Fax: 949-219-5076 www.montauktriguard.com

Key personnelSamuel Tang, Co-Founder & Principal [email protected]

Ronn C. Cornelius, Co-Founder & Principal [email protected]

Edgar J. Pfohl, Co-Founder & Principal [email protected]

Brian M. Smith, Co-Founder & Principal [email protected]



Description of practiceThe firm is focused on the following six niches: small transactions, specialty funds, seasoned tail-ends, consortia carve-outs and strips, tertiary liquidity and fund manager liquidity.

Funds being investedMontauk TriGuard III Size $300 million Year closed 2005




Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Real Estate Funds U.S. Funds Non-U.S. Funds


Professionals worldwide two




Capital investment plans in 2013 $1.3 million


Description of practiceThe firm focuses on smaller secondary interests not usually of interest to the vast majority of buyers due to size, obscurity or unusual challenges. Managers each have 30+ years of managing direct funds and are comfortable also purchasing directs with unusual and/or complicated structures.

Funds being investedDiversified Private Equity Investors II LP Size $2.8 million Year closed 2005

Diversified Private Equity Investors IV LP Size $3.1 million Year closed 2011

Diversified Private Equity Investors LP Size $2.1 million Year closed 2003

Diversified Private Equity Investors III LP Size $2.1 million Year closed 2007

Future fundraising plansDiversified Private Equity Investors V LP Size $4 million Anticipated close date 2014

Investment criteriaMaximum investment $7.5 million




Interests soughtReal Estate Funds

Geographic preferencesUnited States United Kingdom Western Europe Canada Australia


Live Oak Capital25 Highland Park Village, #100-567 Dallas, TX 75205 Phone: 214-762-9106 Fax: 972-490-2345

Key personnelHarbert Mulherin, Managing Partner [email protected]



Description of practiceThe firm has been organized and funded by Guggenheim Partners, Sponsor Investments, Sammons Enterprises and Harbert Mulherin to invest in a diversified portfolio of interests in private equity funds. The firm targets small to midsize interests, and through its partners, the firm has the financial capacity to commit capital to any size transaction that fits their criteria.




Interests soughtVenture Funds LBO Funds U.S. Funds Non-U.S. Funds

MidCoast Capital259 Radnor-Chester Road, Suite 210 Radnor, PA 19087 Phone: 610-687-8580 Fax: 610-971-2154 www.midcoastcapital.com

Key personnelStephen Harris, Managing Principal [email protected]



Industry preferencesTelecommunications, Technology, Media & Entertainment, Energy & Natural Resources



Natixis Private Equity5-7 rue de Monttessuy Paris 75340 France Phone: 33-1-58-19-20-00 Fax: 33-1-58-19-20-20 www.natixis-pe.com

Key personnelDominique Sabassier, CEO [email protected]

OverviewYear began making secondary purchases 2003


Maximum investment €10 million+

Neuberger Berman Group605 Third Ave., 22nd Floor New York, NY 10538 Phone: 212-476-7000

Key personnelBrian Talbot, Managing Director & Head, Secondaries [email protected]

Tristram Perkins, Managing Director [email protected]

Ethan Falkove, Managing Director [email protected]

Ben Perl, Principal [email protected]




Canada Australia Asia (excluding Japan) Japan Latin America Middle East


MSD Capital645 Fifth Ave., 21st Floor New York, NY 10022 Phone: 212-303-1650 Fax: 212-303-1634 www.msdcapital.com [email protected]

Key personnelGlen R. Fuhrman, Managing Partner

John C. Phelan, Managing Partner


Mustang Capital Partners4643 S. Ulster St., Suite 700 Denver, CO 80238 Phone: 303-298-1490

Key personnelParker Brophy, Managing Director [email protected]



Professionals worldwide two

Description of practiceThe firm provides liquidity and management experience to private equity investors, general partners and corporate executives seeking to exit, rationalize and wind down their private equity or venture investments.



Interests soughtVenture Funds Special Situations Funds (i.e., distressed debt) Real Estate Funds Stakes in Private Companies Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds

Morgan Stanley Alternative Investment Partners100 Front St., Suite 400 West Conshohocken, PA 19428 Phone: 610-940-5000 www.morganstanley.com

Branch offices25 Cabot Square, Seventh Floor Canary Wharf London E14 4QA U.K. Phone: 44-20-7425-8000

Key personnelJohn Wolak, Managing Director & Head, Secondaries [email protected]

Jonathan Costello, Executive Director, Portfolio Manager [email protected]

Brian Towsen, Executive Director, Senior Portfolio Specialist [email protected]







Capital investment plans in 2013 $350 million-$450 million










Geographic preferencesUnited States United Kingdom Western Europe Eastern or Central Europe Canada Australia Asia (excluding Japan) Japan


Investment preferencesMinimum $0.25 million Maximum $250 million

NewQuest Capital Partners8 Wyndham St., 26th Floor Central, Hong Kong, China Phone: 852-3905-3600 Fax: 852-2185-7300 www.nqcap.com [email protected]

Key personnelBonnie Lo, Partner [email protected]





Description of practiceThe firm acts as a direct secondaries private equity platform focused on the Asia-Pacific region. The firm specializes in providing alternative liquidity solutions to private equity asset owners, such as financial institutions, corporations, family offices, hedge funds and private equity funds. The firm acquires listed and unlisted assets in both portfolio and single asset situations through highly tailored transactions that address the particular objectives of sellers as well as


New Jersey State Investment CouncilP.O. Box 290 Trenton, NJ 08625 Phone: 609-292-5106 Fax: 609-396-1073 www.state.nj.us/treasury/doinvest

Key personnelManeck Kotwal, Investment Officer [email protected]

Newbury Partners100 First Stamford Place Stamford, CT 06902 Phone: 203-428-3600 Fax: 203-428-3601 www.newbury-partners.com

Key personnelJustin Pollack, Managing Director [email protected]









Description of practiceThe firm pursues privately negotiated, small and midsize transactions ranging from $1 million to $50 million in the secondary market.

Funds being investedNewbury Equity Partners LP Size $702 million Year closed 2008

Newbury Equity Partners II LP Size $1,000 million Year closed 2010








Description of practiceThe firm manages more than $3.4 billion dedicated to secondary private equity investing. The principals managing the secondary investment program began investing in secondary transactions in 1991 and have completed more than $6 billion in closed transactions. The firm is focused primarily on acquiring high-quality buyout funds in privately negotiated transactions. However, the firm has purchased assets across strategies, including buyout, growth equity, distressed, special situations, mezzanine and venture capital. Geographies and vintages from all types of sellers, including pension plans, endowments, financial institutions, family offices and high-net-worth individuals. The firm evaluates transactions as large as $1 billion and will also acquire single fund interests for less than $1 million.

Future fundraising plansNB Secondary Opportunities Fund III LP Size $1,600 million Anticipated close date 2013




Interests soughtLBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Stakes in Private Companies U.S. Funds Non-U.S. Funds

Geographic preferencesUnited States United Kingdom Western Europe Canada Australia Asia (excluding Japan) Japan Latin America


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Hong Kong 15/F York House, The Landmark 15 Queen's Road Central Central, Hong Kong 852 3987 1600

Boston111 Huntington AvenueSuite 3020Boston, MA 02199617 247 7010

Menlo Park3000 Sand Hill RoadBuilding 1, Suite 220Menlo Park, CA 94025650 561 9600

London42 Berkeley SquareLondon, W1J 5AWUnited Kingdom44 20 7318 0888

New York660 Madison Avenue23rd FloorNew York, NY 10065212 754 0411

Lexington Partners helped pioneer the secondary market and we remain the leader today.

With over $20 billion in committed capital, we are familiar with most private equity

managers, as well as their underlying investments. If you have partnership portfolios, direct

investments, co-investments or other alternative assets to sell, we can move the process along

more quickly than others. Our counterparty reputation and record for completing deals is

unsurpassed, and we have people to work with you in �ve locations. To make an inquiry,

please call us or send an email to [email protected].

Lexington Partners is a leader and innovator in the global secondary market. We are well positioned to help you complete private equity sales swiftly and successfully.

LP LeaderAd DJ-PEA Spread DR021811r.pdf 1 2/18/11 11:19 AM

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Hong Kong 15/F York House, The Landmark 15 Queen's Road Central Central, Hong Kong 852 3987 1600

Boston111 Huntington AvenueSuite 3020Boston, MA 02199617 247 7010

Menlo Park3000 Sand Hill RoadBuilding 1, Suite 220Menlo Park, CA 94025650 561 9600

London42 Berkeley SquareLondon, W1J 5AWUnited Kingdom44 20 7318 0888

New York660 Madison Avenue23rd FloorNew York, NY 10065212 754 0411

Lexington Partners helped pioneer the secondary market and we remain the leader today.

With over $20 billion in committed capital, we are familiar with most private equity

managers, as well as their underlying investments. If you have partnership portfolios, direct

investments, co-investments or other alternative assets to sell, we can move the process along

more quickly than others. Our counterparty reputation and record for completing deals is

unsurpassed, and we have people to work with you in �ve locations. To make an inquiry,

please call us or send an email to [email protected].

Lexington Partners is a leader and innovator in the global secondary market. We are well positioned to help you complete private equity sales swiftly and successfully.

LP LeaderAd DJ-PEA Spread DR021811r.pdf 1 2/18/11 11:19 AM



Ontario Teachers’ Pension Plan5650 Yonge St. Toronto, Ontario M2M 4H5 Canada Phone: 416-228-5900 www.otpp.com

Branch officesLeconfield House, Curzon St. London W1J 5JA U.K. Phone: 44-30-7659-4450

Key personnelJane Rowe, Senior Vice President, Private Capital

PantheonNorfolk House, 31 St James’s Square London SW1Y 4JR U.K. Phone: 44-20-7484-6200 Fax: 44-20-7484-9101 www.pantheon.com [email protected]

Branch officesTransamerica Center 600 Montgomery St., 23rd Floor San Francisco, CA 94111 Phone: 415-249-6200 Fax: 415-249-6299

1095 Ave. of the Americas, 32nd Floor New York, NY 10036 Phone: 212-205-2000 Fax: 212-205-2099

2 Exchange Square, 8 Connaught Place Suite 3001-3, 30th Floor Central, Hong Kong, China Phone: 852-2810-8063 Fax: 852-2526-0218

Key personnelElly Livingstone, Partner & Head, Secondaries








NorgesInvestorP.O. Box 1863 Vika Oslo 0124 Norway www.norgesinvestor.no

Key personnelDylan Wolff, Partner [email protected]






Interests soughtNon-U.S. Funds


Northern Trust Alternatives50 S. Lasalle Chicago, IL 60603 Phone: 312-630-6000 www.northerntrust.com

Key personnelBrad Dorchinecz, Director, Private Equity [email protected]








Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds

the needs of the underlying portfolio companies. The firm typically steps in the shoes of existing investors to become a direct shareholder in operating companies and partners with company management teams to assist them in executing on strategic growth plans. The firm is a long-term investor, committed to creating a sustainable alternative liquidity path by working with sellers and portfolio companies in a transparent and trust-building way.

Funds being investedNewQuest Asia Fund I Size $400 million Year closed 2011




Interests soughtDirect secondary interests in companies

Industry preferencesConsumer/Retail, Healthcare, Energy, TMT, Financial Services

Geographic preferencesAsia (excluding Japan) Japan

Select institutional backersHarbourVest Partners, Paul Capital, Axiom Asia, LGT Capital Partners


Select portfolios acquiredOriginal manager Bank of America Merrill Lynch Year acquired 2011

NordeaRegeringsgatan 59 Stockholm 10571 Sweden Phone: 46-8-579-420-00 Fax: 46-8-579-425-45 www.nordea.com

Key personnelEivind Lorgen, Head, Alternatives & Manager Selection


71 Robinson Road, Level 13 Singapore 068895 Phone: 65-6671-3500 Fax: 65-6671-3501

Aurora Place, 88 Phillip St., Level 33 Sydney NSW 2000 Australia Phone: 61-2-8216-1900 Fax: 61-2-8216-1901

Key personnelStefan Näf, Partner [email protected]

Scott Higbee, Partner [email protected]

Stephan Schäli, Partner [email protected]



Description of practiceThe firm pursues a value-based investment strategy to acquire secondary investments at attractive discounts relative to their intrinsic values. The firm seeks to invest in high-quality funds and managers, based on an accurate assessment of intrinsic value, and to obtain favorable deal flow and purchase prices through an edge in sourcing, structuring and closing transactions.





Paragon PartnersLeopoldstrasse 12 Munich 80802 Germany Phone: 49-89-388-8700 Fax: 49-89-3888-7015 www.paragon-partners.de [email protected]

Key personnelEdin Hadzic, Managing Partner [email protected]

Krischan von Moeller, Managing Partner [email protected]

Nils Ludwig, Investment Director [email protected]



Funds being investedParagon Secondary Partners LP Size €50 million Year closed 2005




Interests soughtLBO Funds

Select institutional backersAlpInvest Partners, HarbourVest Partners

Partners GroupZugerstrasse 57 Baar-Zug 6341 Switzerland Phone: 41-41-784-6000 Fax: 41-41-784-6001 www.partnersgroup.com [email protected]

Branch officesThe Grace Building 1114 Ave. of the Americas, 37th Floor New York, NY 10036 Phone: 212-908-2600 Fax: 212-908-2601

150 Spear St., 18th Floor San Francisco, CA 94105 Phone: 415-537-8585 Fax: 415-537-8558

Heron Tower, 110 Bishopsgate, 14th floor London EC2N 4AY U.K. Phone: 44-20-7575-2500 Fax: 44-20-7575-2501


Description of practiceThe firm has been investing in secondary private equity transactions for 25 years and now has $6 billion in secondary assets under management. The firm has experience in completing a range of deals, including single fund secondaries, complex direct transactions and large global portfolio transactions. The firm has completed more than 300 private equity secondary transactions during its existence.

Funds being investedPantheon Global Secondary Fund IV Size $2,200 million Year closed 2010

Future fundraising plansPantheon Global Secondary Fund V





Industry preferencesAll industries considered






PCG Asset Management1200 Prospect St., Suite 200 La Jolla, CA 92037 Phone: 858-456-6000 Fax: 858-456-6018 www.pcgfunds.com [email protected]

Branch offices222 Rosewood Drive, Third Floor Danvers, MA 01923 Phone: 800-900-9181 Fax: 978-646-0344

140 Broadway, 46th Floor New York, NY 10005 Phone: 800-900-9181 Fax: 212-858-7715

30 Cecil St., #14-10A Prudential Tower Singapore 049712 Phone: 65-6232-2379 Fax: 65-6232-2300

Key personnelChristopher Bower, Founder, Chairman & CEO


PEI Funds505 Park Ave., Fourth Floor New York, NY 10022 Phone: 212-750-1228 Fax: 212-750-2685 www.peifunds.com [email protected]

Key personnelGunnar Fremuth, Managing Director [email protected]

David Parshall, Managing Director [email protected]

Chuck Stetson, Managing Director [email protected]

Ben Wilson, Managing Director [email protected]

Jeanne Liou, Controller [email protected]





140 E. 45th St., 44th Floor New York, NY 10017 Phone: 646-264-1100 Fax: 646-264-1101

57 ave. Franklin Roosevelt Paris 75008 France Phone: 33-1-53-53-06-06 Fax: 33-1-53-53-06-07

Rua Samuel Morse, 120 São Paulo 04576 Brazil Phone: 55-11-5105-1510 Fax: 55-11-5105-7255

Key personnelDavid de Weese, Partner [email protected]

Simon Guenzl, Partner [email protected]

Dan Mulderry, Partner [email protected]

Guy Rico, Partner [email protected]

Bryon Sheets, Partner [email protected]

Elaine Small, Partner [email protected]

Brian Sullivan, Partner [email protected]

Duncan Littlejohn, Managing Director, Latin America [email protected]

Lucian Wu, Managing Director & Co-Head, Asia [email protected]

Jason Sambanju, Managing Director & Co-Head, Asia [email protected]

Joshua Glaser, Director, Investor Relations [email protected]





Interests soughtVenture Funds LBO Funds Mezzanine Funds Real Estate Funds Stakes in Private Companies Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds Emerging Markets Funds

Pathway Capital Management2211 Michelson Drive, Ninth Floor Irvine, CA 92612 Phone: 949-622-1000 Fax: 949-622-1010 www.pathwaycapital.com [email protected]

Branch offices15 Bedford St. London WC2E 9HE U.K. Phone: 44-20-7438-9700 Fax: 44-20-7240-9496

The Gardens Office Park II 1300 Division Road, Suite 305 West Warwick, RI 02893 Phone: 401-589-3400 Fax: 401-541-7246

Key personnelVincent P. Dee, Director [email protected]




Interests soughtVenture Funds LBO Funds Special Situations Funds (i.e., distressed debt) U.S. Funds Non-U.S. Funds

Select institutional backersIowa Public Employees’ Retirement System, Washington State Investment Board, Los Angeles County Employees Retirement Association

Paul Capital50 California St., Suite 3000 San Francisco, CA 94111 Phone: 415-283-4300 Fax: 415-283-4301 www.paulcap.com [email protected]

Branch offices3 Garden Road, Citibank Tower Suite 3208 Central, Hong Kong, China Phone: 852-3521-2200 Fax: 852-3521-2201

22 Sackville St. London W1S 3DN U.K. Phone: 44-20-7514-0750 Fax: 44-20-7514-0751


Funds being investedPermal Private Equity Opportunities IV Size $403 million Year closed 2012

Future fundraising plansPermal Private Equity Opportunities V Size $400 million Anticipated close date Third quarter 2013




Interests soughtVenture Funds LBO Funds U.S. Funds

Geographic preferencesUnited States United Kingdom Western Europe Eastern or Central Europe Canada Asia (excluding Japan)



PineBridge Investments399 Park Ave., Fourth Floor New York, NY 10022 Phone: 646-857-8000 Fax: 646-857-8842 www.pinebridge.com glo_secondaries-marketinfo@ pinebridge.com

Key personnelSteven Costabile, Managing Director



Description of practiceThe firm has a dedicated secondaries team that provides investment advice and liquidity solutions for fund commitments and portfolio company investments. The team has executed a diverse array of private transactions, including portfolios of limited partnership interests, stand-alone LP interests, synthetic/direct secondaries and top-up vehicles. Transactions are executed either through

Key personnelCharles Froland, CEO & CIO [email protected]


Permal Capital Management800 Boylston St., Suite 1325 Boston, MA 02199 Phone: 617-587-5300 www.permalcapital.com [email protected]

Branch offices300 Third Ave. New York, NY 10013

Key personnelMichelle Cruz Peverley, Senior Associate [email protected]






Capital investment plans in 2013 $150 million-$200 million


Description of practiceThe firm provides investment advisory services for pooled funds and separate accounts. Although the firm included secondaries as part of its original primary business, it organized its first dedicated secondary fund in 2002. The firm seeks to pursue negotiated transactions and avoids auction transactions. The firm focuses on the small end of the market, believing that this segment is less efficient and, therefore, pricing is more attractive to buyers. The firm also believes there is less capital at the small end of the market and fewer buyers that are as active primary fund investors as is the firm. The firm targets fund interests that are between $1 million and $20 million in original commitment amounts, but may consider interests outside this range but which otherwise meet its criteria. The firm pursues such sellers in the hopes of finding non-competitive or limited-competitive transactions. The firm also leverages its presence as a primary investor. As the firm is an active investor in primary funds, it is in constant contact with GPs that are both fundraising and eager to develop a relationship.





Description of practiceThe firm is a specialist in small private equity secondary purchases of limited partnership interests – typically transactions less than $50 million in net asset value – in venture capital, growth equity, buyout and mezzanine funds and portfolios of direct private holdings. Historically, the firm has completed purchases of more than 280 LP interests in 130 different fund groups and 110 direct company interests.

Funds being investedPrivate Equity Investment Fund V LP Size $203 million Year closed 2010

Future fundraising plansPrivate Equity Investment Fund VI LP Size $250 million Anticipated close date 2013





Geographic preferencesUnited States


Performance Equity Management2 Pickwick Plaza, Suite 310 Greenwich, CT 06830 Phone: 203-742-2400 Fax: 203-742-2340 www.peqm.com [email protected]


Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds



Portfolio Advisors9 Old Kings Highway S. Darien, CT 06820 Phone: 203-662-3456 Fax: 203-662-0013 www.portfolioadvisorsllc.com

Branch officesSeefeldstrasse 35 Zurich 8008 Switzerland Phone: 41-44-200-3500 Fax: 41-44-200-3501

Alexandra House, 33rd Floor 18 Chater Road Central, Hong Kong, China Phone: 852-3184-9210 Fax: 852-3184-9211

Key personnelHugh Perloff, Managing Director [email protected]

Ryan Butler, Managing Director [email protected]

Patrick Gerbracht, VP [email protected]









Key personnelFran Janis, Senior Partner [email protected]

Lorraine Hliboki, Partner [email protected]

Oliver Gardey, Partner [email protected]

Greg Walters, Principal [email protected]

Douglas Kelly, Partner [email protected]

Jim Rorer, Partner [email protected]

Sebastien Bowen, Principal, Europe [email protected]

Michael Romano, VP, Investor Relations [email protected]



Description of practiceThe firm invests across the spectrum of private equity, from early-stage venture to late-stage buyout, distressed and mezzanine. It has successfully executed transactions ranging from straightforward sales of single fund interests to large and complex multiple interest transactions. The firm has built a niche as a differentiated secondary firm, focusing on inefficient opportunities where pricing is more elastic, competition is reduced and the assets are less correlated with macroeconomic events.

Funds being investedPomona Capital VII LP Size $1,300 million Year closed 2009

Pomona Asia Pacific Private Equity Fund I LP Size $137 million Year closed 2009

Pomona Secondary Co-Investment LP Size $100 million Year closed 2011




Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Stakes in Private Companies

traditional purchases or joint venture arrangements across vintage years, geographies and strategies.

Funds being investedPineBridge Secondary Partners II LP Size $719 million Year closed 2007







Pomona Capital780 Third Ave., 46th Floor New York, NY 10017 Phone: 212-593-3639 Fax: 212-593-3987 www.pomonacapital.com [email protected]

Branch offices15 Portland Place London W1B 1PT U.K. Phone: 44-20-7268-6350 Fax: 44-20-7206-2060

Unit 1310-1312, 13/F Jardine House 1 Connaught Place Central, Hong Kong, China Phone: 852-3762-8912 Fax: 852-2522-5191

83 Clarence St., Level 12 Sydney NSW 2000 Australia Phone: 61-2-9299-2900











Interests soughtLBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) U.S. Funds


Rho Fund Investors152 W. 57th St. Carnegie Hall Tower, 23rd Floor New York, NY 10019 Phone: 212-751-6677 Fax: 212-751-3613 www.rho.com [email protected]

Branch offices525 University Ave., Suite 1350 Palo Alto, CA 94301 Phone: 650-463-0300 Fax: 650-463-0311

1800 McGill Ave., Suite 840 Montreal, Quebec H3A 3J6 Canada Phone: 514-844-5605 Fax: 514-844-9004

Key personnelRobert Osterrief, Partner







Description of practiceThe firm launched its dedicated secondary investment capability in 2012 with the addition of Cuyahoga Capital Partners. The latter’s team has been investing in secondary private equity transactions since the early 2000s. The secondary investment capability pursues small, often negotiated, secondary investments, with a focus on investments below $25 million and an emphasis on investments between $5 and $15 million. The firm’s secondary investment capability targets a wide variety of private equity strategies including buyout, growth equity, venture capital, mezzanine, diversified energy and funds of funds.

Funds being investedCuyahoga Capital Partners IV LP Size $134.8 million Year closed 2012







RCP Advisors100 N. Riverside Plaza, Suite 2400 Chicago, IL 60606 Phone: 312-266-7300 Fax: 312-266-7433 www.rcpadvisors.com

Key personnelMichael Feinglass, Principal [email protected]








Private Advisors1800 Bayberry Court, Suite 300 Richmond, VA 23221 Phone: 804-289-6000 Fax: 804-289-6001 www.privateadvisors.com [email protected]

Branch offices1660 W. 2nd St., Suite 940 Cleveland, OH 44113 Phone: 216-472-4170

Key personnelMelissa Gregory, VP [email protected]









StepStone Group4350 La Jolla Village Drive, Suite 800 San Diego, CA 92122 Phone: 858-558-9700 Fax: 858-558-9701 www.stepstoneglobal.com

Branch offices505 Fifth Ave., 17th floor New York, NY 10017 Phone: 212-351-6000 Fax: 212-351-6101

1 Guanghua Road, Chaoyang District Beijing Kerry Center, N. Tower, 20th Floor Beijing 100020 China Phone: 86-10-8529-8784 Fax: 86-10-8529-8447

1 Albemarle House, Fourth Floor London W15 4H4 U.K. Phone: 44-20-7647-7550 Fax: 44-20-7647-7599

Key personnelChristable Yau, Business Development [email protected]









Description of practiceThe firm’s secondary investment practice is managed principally by four StepStone partners – Thomas A. Bradley, James B. Gamett, Mark T. Maruszewski and Michael I. McCabe – who have specialized in private equity for a combined 52 years. Since 1998, these professionals have invested more than $2.8 billion across 83 transactions in the secondary market. The firm’s secondary strategy focuses on the smaller end of the market, where the firm believes it can capture market inefficiencies to drive returns. Investors in the firm’s secondary program include U.S. and international investors and comprise public and private pension plans, corporates, endowments and foundations, family offices and high-net-worth individuals.

SCM Strategic Capital ManagementKasernenstrasse 77b Zurich 8004 Switzerland Phone: 41-43-499-4949 Fax: 41-43-499-4950 www.scmag.com [email protected]

Branch officesAon China Building, 17th Floor 29 Queen’s Road Central, Hong Kong, China Phone: 852-3978-2690 Fax: 852-3978-2695

Jerim Building, Sixth Floor, 91-1 Cheongdam-dong, Kangnam-ku Seoul 135954 South Korea Phone: 82-2-518-6550

47, ave. John F. Kennedy Luxembourg 1855 Phone: 352-2461-8345

Key personnelRalph Aerni, CIO

SL Capital Partners1 George St. Edinburgh EH2 2LL Scotland Phone: 44-131-245-0055 Fax: 44-131-245-6105 www.slcapital.com

Branch offices1 Beacon St., 34th Floor Boston, MA 02108 Phone: 617-720-7900 Fax: 617-720-7924

Key personnelPatrick Knechtli, Partner [email protected]

Graeme Gunn, Partner [email protected]






Interests soughtLBO Funds Unfunded or Largely Unfunded Interests


Interests soughtVenture Funds U.S. Funds Non-U.S. Funds Technology-focused growth and buyout funds


Robeco Private EquityCoolsingel 120 Rotterdam 3011 AG Netherlands Phone: 31-10-224-2608 www.robeco.nl

Branch offices909 Third Ave., 32nd Floor New York, NY 10022 Phone: 212-908-0124

Josefstrasse 218 Zurich 8005 Switzerland Phone: 41-44-653-1506

Key personnelMikan van Zanten, Partner [email protected]

Roland Pfeuti, Head, Switzerland [email protected]






Interests soughtVenture Funds LBO Funds U.S. Funds Non-U.S. Funds Clean-Tech Funds

San Francisco Employees’ Retirement System 30 Van Ness Ave., Suite 3000 San Francisco, CA 94102 Phone: 415-487-7000 www.sfers.org [email protected]

Key personnelArthur Wang, Managing Director, Private Markets





Interests soughtLBO Funds U.S. Funds Non-U.S. Funds


Symmetry Investment Advisors374 S. Ave. Glencoe, IL 60022 Phone: 847-835-2594 Fax: 847-835-2510 www.symmetryfunds.com

Branch offices3460 Garland St. Wheat Ridge, CO 80033 Phone: 303-759-3394 Fax: 303-756-0274

Key personnelLarry Wonnacott, Principal [email protected]

Marshall Greenwald, Principal [email protected]






Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) U.S. Funds




SunAmerica Asset Management Corp.Harborside Financial Center 3200 Plaza 5 Jersey City, NJ 07311 Phone: 201-324-6300 Fax: 201-324-6328 www.safunds.com

Susquehanna International Group401 City Ave., Suite 220 Bala Cynwyd, PA 19004 Phone: 610-617-2600 Fax: 610-747-2146 www.sig.com



Interests soughtVenture Funds LBO Funds Mezzanine Funds Real Estate Funds Unfunded or Largely Unfunded Interests U.S. Funds

SVG Advisers1 Boston Place, Suite 3875 Boston, MA 02108 Phone: 617-292-2550 Fax: 617-292-2569 www.svgadvisers.com

Key personnelMarc Bonavitacola, Partner & Head, U.S. Private Equity [email protected]



Professionals worldwide five







Industry preferencesThe firm’s secondary practice invests across a wide range of industries to avoid overconcentration in any one sector. There is no specific industry preference.

Geographic preferencesUnited States United Kingdom Western Europe Canada Australia Asia (excluding Japan) Latin America



Stripes Group70 E. 55th St., 11th Floor New York, NY 10022 Phone: 212-823-0720 Fax: 212-823-0721 www.stripesgroup.com [email protected]

Key personnelJason Santiago, VP, Business Development [email protected]






Interests soughtStakes in Private Companies


Special Situations Funds (i.e., distressed debt) Stakes in Private Companies U.S. Funds Non-U.S. Funds


Select portfolios acquiredOriginal manager Siemens AG Year acquired 2007 Original manager AEA Technologies Ltd. Year acquired 2006 Original manager Northern Foods Ltd. Year acquired 2006

VCFA Group509 Madison Ave., Suite 1400 New York, NY 10022 Phone: 212-838-5577 Fax: 212-838-7614 www.vcfa.com [email protected]

Branch offices1 Sansome St., Suite 3680 San Francisco, CA 94104 Phone: 415-296-0660 Fax: 415-296-0990

Key personnelDayton Carr, Founder [email protected]

Edward Hortick, Managing Director [email protected]

David Tom, Managing Director [email protected]

Steven Taubman, Managing Director [email protected]

Rich Capen, Managing Director [email protected]

Hans Wu, Managing Director [email protected]



Professionals worldwide six


Description of practiceThe firm has been completing secondary purchases of limited partnership interests since its inception in 1982. To date, the group has raised nine funds totaling more than $730 million dedicated to the

Triginta CapitalKreuzstrasse 34 Düsseldorf 40210 Germany Phone: 49-21-186-2890 Fax: 49-21-1862-89455 www.triginta-capital.com [email protected]

Branch officesMarkgrafenstrasse 33 Berlin 10117 Germany Phone: 49-30-6920-63040 Fax: 49-30-6920-63049

Key personnelPeter Folle, Managing Partner [email protected]



Unigestion8c Ave. de Champel, P.O. Box 387 Geneva 1211 Switzerland Phone: 41-22-704-4111 www.unigestion.com

Branch offices105 Piccadilly London W1J7NJ U.K. Phone: 44-20-7529-4150

Plaza 10, Harborside Financial Center Suite 203 Jersey City, NJ 07311 Phone: 201-714-2400

Key personnelHanspeter Bader, Managing Director [email protected]



Description of practiceThe firm invests secondary and primary capital out of blended pools, seeking mature venture or buyout portfolios of first- or second-tier managers.




Interests soughtVenture Funds LBO Funds

Telemus Capital Partners2 Towne Square, Suite 800 Southfield, MI 48076 Phone: 248-827-1800 Fax: 248-827-1808 www.telemuscapital.com

Branch offices110 Miller Ave., Suite 300 Ann Arbor, MI 48104 Phone: 734-662-1200 Fax: 734-662-0416

Key personnelGary Ran, Partner & Chairman [email protected]


Thomas Weisel Partners1 Montgomery St. San Francisco, CA 94104 Phone: 415-364-2500 Fax: 415-364-2695 www.tweisel.com [email protected]

Key personnelClifford Meijer, Managing Partner [email protected]



Description of practiceA secondary fund focused on purchasing venture- and growth-oriented assets, including limited partnership interests and direct portfolios.




Interests soughtVenture Funds Stakes in Private Companies U.S. Funds

Geographic preferencesUnited States Canada



Vintage Investment Partners12 Abba Eban Ave., 10th Floor Herzliya Pituach 46120 Israel Phone: 972-9-954-8464 www.vintage-ip.com

Key personnelAbe Finkelstein, General Partner [email protected]





Description of practiceThe firm manages $189 million through two Israel-focused secondary funds and is currently raising its third secondary fund targeting $150 million. The firm’s secondary funds acquire limited partnership interests in Israeli venture capital and non-venture funds, private equity funds, direct portfolios and single holdings of Israeli private companies. The firm will also begin making secondary purchases of European VC LP interests.

Funds being investedVintage III Size $125 million Year closed 2007

Future fundraising plansVintage VI Size $150 million Anticipated close date May 2013


Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) Stakes in Private Companies

Geographic preferencesWestern Europe Middle East Israel


Investment criteriaMinimum investment No minimum


Interests soughtVenture Funds U.S. Funds Non-U.S. Funds


Venture Investment Associates88 Main St., P.O. Box 131 Peapack, NJ 07931 Phone: 908-532-0020 Fax: 908-532-0040 www.viafunds.com

Branch offices209 Hamilton Ave. Palo Alto, CA 94301 Phone: 650-308-4842

Key personnelJason Andris, Managing Director [email protected]

Chris Douvos, Managing Director [email protected]

Stathis Andris, President [email protected]

Cliff Gilman, Managing Director [email protected]



Professionals worldwide four





Interests soughtVenture Funds LBO Funds Unfunded or Largely Unfunded Interests U.S. Funds


purchase of interests in venture capital, leveraged buyout and mezzanine funds, as well as direct interests in operating companies. The group is also involved in complex transactions and fund restructurings.

Funds being investedVCFA VP V Size $250 million Year closed 2006

VCFA PEP IV Size $250 million Year closed 2004

Future fundraising plansVCFA Secondary Fund X Size $350 million




Interests soughtVenture Funds LBO Funds Mezzanine Funds Stakes in Private Companies U.S. Funds

Geographic preferencesUnited States Canada Australia Asia (excluding Japan) Japan Latin America Middle East



VenCap InternationalKing Charles House, Park End St. Oxford OX1 1JD U.K. Phone: 44-18-6579-9300 Fax: 44-18-6579-9301 www.vencap.com

Key personnelTim Cruttenden, CEO [email protected]




Wilshire Private Markets Group1299 Ocean Ave., Suite 700 Santa Monica, CA 90401 Phone: 310-451-3051 Fax: 310-458-0520 www.wilshire.com [email protected]

Branch offices23 Austin Friars London EC2N 2QP U.K. Phone: 44-20-7920-3100 Fax: 44-20-7920-3101

Key personnelAmanda Ulczynski, VP [email protected]



Investment criteriaInterests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e., distressed debt) U.S. Funds Non-U.S. Funds


Winchester Capital GroupWinchester House, 445 Orange St. New Haven, CT 06511 Phone: 203-787-5029 Fax: 203-785-0018 www.winchestercapital.com [email protected]

Branch offices33 St James’s Square London SW1Y 4JS U.K. Phone: 44-20-7661-9372 Fax: 44-20-7661-9798

Key personnelCeasar Nicholas Anquillare, President & CEO








Description of practiceThrough the Amberbrook funds, the firm purchases secondary interests in venture capital, buyout and other private capital funds, as well as a more limited number of direct company interests. The firm focuses on smaller transactions, both individual interests as well as portfolios. The goal is to build portfolios that are well diversified by age and investment strategy.

Funds being investedAmberbrook VI LLC Size $400 million Year closed 2012







Investment preferencesMinimum $0.5 million Maximum $60 million

von Braun & Schreiber Private Equity PartnersOttostrasse 1 Munich 80333 Germany Phone: 49-89-286-952-0 Fax: 49-89-286-952-10 www.braunschreiber.com [email protected]

Key personnelEmmeram Von Braun, Managing Director






Interests soughtVenture Funds LBO Funds Special Situations Funds (i.e., distressed debt) Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds


WealthCapAm Eisbach 3 Munich 80538 Germany Phone: 49-89-678-205-500 Fax: 49-89-678-205-555-500 www.wealthcap.com

Willowridge Partners25 E. 86th St., Second Floor New York, NY 10028 Phone: 212-369-4700 Fax: 212-369-5661 www.willowridge.com

Key personnelLuisa Hunnwell, Partner [email protected]





Accretive Capital Partners777 S. Flagler Drive, Suite 800 W. West Palm Beach, FL 33401 Phone: 561-894-1146 Fax: 561-894-1151 www.accretiveexit.com

Key personnelAndrew Reilly, Managing Director [email protected]

Edwin Wang, Senior Managing Director [email protected]

Theodore Tedeschi, Managing Director & General Counsel [email protected]



Number of secondary investment professionals worldwide six

Description of secondary practiceThe firm invests exclusively in secondary direct assets. The firm purchases quality, diversified, midmarket buyout assets from general partnerships out of its vintage 2004 and earlier funds only. The firm is able to buy control, shared control or meaningful minority interests and offer flexible and creative recapitalization solutions to each portfolio in which the firm invests. As the late-in-the-fund-cycle co-investor, the firm provides quality midmarket funds with liquidity, debt reduction and recapitalizations in an aligned interest perspective.

Investment criteriaIndustry preferencesThe firm prefers to invest in quality, diversified, groups of assets in each transaction. Although the firm may entertain single company direct transactions, given the right situation, it normally prefers to invest in at least three portfolio companies.

Geographic preferencesUnited States United Kingdom Canada Latin America

Select institutional backersHarbourVest Partners

Maximilian Schroeck, Managing Partner [email protected]

Werner Dreesbach, Managing Partner [email protected]

Hans-Dieter Koch, Managing Partner [email protected]


Description of secondary practiceInternational investment firm exclusively focused on the secondary direct market.

Select portfolios acquiredOriginal manager Corporate venture assets of Infineon Technologies AG

Investment criteriaMinimum $5 million Maximum $100 million+

Industry preferencesVenture (technology, media, communications, business services, advanced materials, clean technology, life sciences); growth, and select midmarket segments

DFJ Esprit Secondaries14 Buckingham Gate London W1U 5AH U.K. Phone: 44-20-7931-8800 Fax: 44-20-7931-8866 www.dfjesprit.com

Key personnelOlav Ostin, Managing Partner [email protected]



Number of secondary investment professionals worldwide six

Description of secondary practiceAffiliated with DFJ Esprit, the firm is dedicated to providing liquidity to investors in the European venture and growth capital asset classes. The firm provides liquidity to banks, corporates, general partners, hedge funds, venture capital firms, founders and other individuals invested in illiquid equity investments by acquiring such investments through direct secondary transactions. The firm offers a flexible approach to address the particular needs of each investor,

Annex Capital Advisors126 E. 56th St., 28th Floor New York, NY 10022 Phone: 212-644-3510 Fax: 212-554-5808 www.annexcapital.com [email protected]

Key personnelAmant Dewan, Principal [email protected]


Number of secondary investment professionals worldwide eight

Description of secondary practiceThe firm has acquired secondary assets out of Dresdner Bank AG and Citigroup Inc.

Select portfolios acquiredOriginal manager Citicorp Venture Capital Year acquired 2009 Transaction price $50 million

Original manager Dresdner Bank Year acquired 2004 Transaction price $100 million

Investment criteriaMinimum $300 million Maximum $450 million


Select institutional backersColler Capital

Cipio PartnersPalais am Lenbachplatz, Ottostrasse 8 Munich 80333 Germany Phone: 49-89-5506-960 Fax: 49-89-5506-9699 www.cipiopartners.com [email protected]

Branch offices560 S. Winchester Blvd., Suite 500 San Jose, CA 95128 Phone: 408-236-7654 Fax: 408-236-7651

Key personnelTom S. Anthofer, Managing Partner [email protected]

Secondary Direct Manager Listings


recapitalize companies already in private equity ownership, investing alongside the original private equity investor, producing a partial exit for the original investor.

Institutional Venture Partners3000 Sand Hill Road Building 2, Suite 250 Menlo Park, CA 94025 Phone: 650-854-0132 Fax: 650-854-2009 www.ivp.com

Branch officesShelterpoint Business Center 591 Redwood Highway, Suite 3280 Mill Valley, CA 94941 Phone: 415-765-9393 Fax: 415-434-1903

Key personnelGina Bauman, VP, Marketing [email protected]



Number of secondary investment professionals worldwide 14

Description of secondary practiceThe firm specializes in venture growth investments, industry rollups, founder liquidity transactions and select public market investments. The firm does not purchase portfolios.


Investment criteriaIndustry preferencesInformation Technology


Lake Street Capital388 Market St., Suite 1300 San Francisco, CA 94111 Phone: 415-240-4148 www.lakestreetcapital.com

Key personnelGretchen Knoell, General Partner [email protected]



Number of secondary investment professionals worldwide three

Nancy Haar, General Partner [email protected]



Description of secondary practiceThe firm originates direct secondary investments in one company or very small portfolio situations of less than 10 companies. The firm targets companies with between $2 million and $200 million in revenue, which may or may not be operating profitably. The firm strives to acquire through secondary investments and appropriate primary investments an ownership position of at least 15% in each of its targeted investments.

Funds being investedEndeavor Opportunity Partners LP Size $20 million Year closed 2004

Endeavor Opportunity Partners II LP Size $100 million Year closed 2008

Investment criteriaMinimum $0.5 million Maximum $25 million

Industry preferencesOpportunistic around information, energy and environmental technology, and other sectors with technology content. Avoids medical and biotechnology, or other areas in which team has limited experience.

Geographic preferencesUnited States Canada

Hermes Private EquityLloyds Chambers, 1 Portsoken St. London E1 8HZ U.K. Phone: 44-20-7702-0888 www.hermes.co.uk

Key personnelSaker Nusseibeh, CEO & Head, Investment


Description of secondary practiceThe firm originates and leads midmarket buyouts and later-stage development capital deals in the U.K. In particular, secondary buyouts and recapitalizations are of great interest to the firm. The firm is prepared to buy companies from other private equity firms in secondary buyout transactions. Moreover, the firm is also prepared to

ranging from single investment acquisitions through to entire portfolio acquisitions. In particular, the firm is willing to consider structured solutions to meet investor concerns beyond liquidity. The firm has been active in this market since 2004 and, together with the DFJ Esprit team, has made numerous portfolio and individual asset acquisitions with total capital commitments aggregating to £475 million. The firm works closely with the primary investment team of DFJ Esprit in assessing company business models and valuations to maximize the knowledge and expertise available in each situation. The two teams may co-invest in single investment opportunities that meet their respective investment focus.

Total secondary assets under management £475 million

Select portfolios acquiredOriginal manager WestLB AG Year acquired 2004

Original manager Siemens AG Year acquired 2005

Original manager Cazenove & Co. Year acquired 2006 Transaction price £80 million

Original manager Prelude Year acquired 2006 Transaction price £50 million

Original manager 3i Group Year acquired 2009 Transaction price £170 million

Industry preferencesHigh growth segments of software, digital media, telecommunications, medical technology, clean technology and business services sectors.


Select institutional backersColler Capital, Greenpark Capital, HarbourVest Partners, J.P. Morgan Chase & Co., LGT Group, Partners Group and StepStone Group

Endeavor Capital Management101 Birch Hill Road Weston, CT 06883 Phone: 203-341-7788 Fax: 203-341-7799 www.endeavorcap.com [email protected]

Key personnelAnthony Buffa, Managing General Partner [email protected]


Select institutional backersState and municipal retirement systems, multibillion-dollar asset management organ-izations, foundations, trusts and entrepreneurs

Morning Street Capital130 W. 42nd St., 11th Floor New York, NY 10036 Phone: 646-918-5267 Fax: 646-918-5290 www.morningstreet.com [email protected]

Key personnelWilliam Sanford, CFO [email protected]





Investment criteriaMinimum $20 million Maximum $1,000 million

Industry preferencesAll, with the exception of biotechnology


Nova Capital ManagementCayzer House, 30 Buckingham Gate First Floor London SW1E 6NN U.K. Phone: 44-20-7901-1760 Fax: 44-20-7901-1761 www.nova-cap.com [email protected]

Branch officesThe John Hancock Center, Suite 3100 875 N. Michigan Ave. Chicago, IL 60611 Phone: 312-373-3895 Fax: 312-373-3894

Key personnelDavid Williamson, Managing Partner [email protected]

Tom Leader, Investment Partner [email protected]

Dennis Powers, Operating Partner [email protected]

Description of secondary practiceOver the last decade, the firm has developed and provided institutional-quality alternative liquidity programs for companies and shareholders in the venture capital ecosystem, partnering with the technology companies worldwide to design investment structures that foster long-term growth and shareholder patience. Investments include: Facebook Inc., Twitter Inc., Zappos.com Inc., Chegg Inc., Lookout Inc., Tellme Networks Inc., RigNet Inc., Good Technology Corp. and Tumblr Inc.





Select portfolios acquiredOriginal manager Dell Inc.

Original manager Oppenheimer & Co.

Original manager Goldman Sachs Group Inc.

Original manager SAIC

Original manager Alliance

Funds being investedMillennium Technology Value Partners II LP Size $284 million Year closed 2010

Millennium Technology Value Partners LP Size $130 million Year closed 2006

Millennium Technology Value Partners Master Size $50 million Year closed 2012

Investment criteriaMinimum $0.1 million Maximum $150 million

Industry preferencesAll technology and growth sectors.


Description of secondary practiceThe firm focuses on direct secondaries in late-stage/expansion-stage technology, health-care, business and financial services companies.

Investment criteriaGeographic preferencesUnited States

Select institutional backersPantheon and Pomona Capital

LLM Capital Partners265 Franklin St., 20th Floor Boston, MA 02110 Phone: 617-330-7755 Fax: 617-330-7759 www.llmcapital.com

Key personnelFrederick Moseley, Managing Director [email protected]


Investment criteriaGeographic preferencesUnited States

Millennium Technology Value Partners32 Ave. of the Americas, 17th Floor New York, NY 10013 Phone: 646-521-7800 Fax: 646-521-7878 www.mtvlp.com [email protected]

Key personnelSam Schwerin, Managing Partner [email protected]

Dan Burstein, Managing Partner [email protected]

Max Chee, Partner [email protected]

Dan Borok, Partner [email protected]

Joe Kao, VP [email protected]

Jon Glass, CFO [email protected]



Number of secondary investment professionals worldwide nine


Original manager 3i Group Year acquired 2006

Original manager Boston Scientific Corp.

Original manager Moore Capital Management

Original manager Amerindo Investment Advisors Inc.

Original manager CDIB Capital International Corp.

Original manager SoftBank

Original manager Bowman Capital

Funds being investedSaints Capital VI Size $300 million Year closed 2008


Industry preferencesIndustrial, technology, health care, energy and business services

Geographic preferencesUnited States United Kingdom Western Europe Canada Australia Asia (excluding Japan) Middle East

Select institutional backersHarbourVest Partners, CDP, Adams Street Partners and Government of Singapore Investment Corp.

smac partnersOttobrunner Strasse 41 Unterhaching/Munich Bavaria 82008 Germany Phone: 49-895-506-880 Fax: 49-895-506-885-0 www.smacpartners.com [email protected]

Key personnelDietrich Ulmer, Managing Partner [email protected]







Industry preferencesGeneral manufacturing/industrial, food and beverage, consumer goods and value-added distribution


Saints Capital475 Sansome, 1850 San Francisco, CA 94111 Phone: 415-395-2892 www.saintscapital.com [email protected]

Branch offices23 Berkeley Square London, W1J6HE U.K. Phone: 44-20-7993-6852

Key personnelKenneth Sawyer, Managing Director [email protected]




Description of secondary practiceThe firm is a direct secondary fund focusing exclusively on acquiring stakes in private companies, both buyout and venture capital assets. The firm acquires assets directly and in partnership with existing general partners.





Select portfolios acquiredOriginal manager Star Ventures Year acquired 2012

Original manager Oxford Bioscience Partners Year acquired 2011

Original manager Rustic Canyon Year acquired 2008

Original manager Safeguard Scientifics Year acquired 2008 Transaction price $100 million


Investment criteriaGeographic preferencesUnited States United Kingdom Western Europe Canada Asia (excluding Japan)

Protostar Partners13 W. 54th St., Fourth Floor New York, NY 10019 Phone: 646-273-5200 Fax: 646-273-5210 www.protostarpartners.com

Key personnelJoseph Haviv, Managing Member [email protected]

Helen Woo, Principal [email protected]




Description of secondary practiceThe firm is a midmarket leveraged buyout firm that acquires portfolios of direct leveraged buyout investments, targeting transactions requiring up to $1 billion in equity. Primary targets for this investment strategy include: 1) financial sponsors seeking liquidity in older funds or looking for an efficient sale of multiple companies in a single transaction; 2) large corporations looking to shed a collection of noncore assets; and 3) institutional investors (e.g., lenders, hedge funds, pension funds, etc.) desiring to sell direct company holdings.





Select portfolios acquiredOriginal manager CIT Group Year acquired 2004

Original manager Blue Point Capital Year acquired 2008


investments in the energy, ICT and industrial sectors. The funds will also consider investments directly in selected smaller growth-stage companies.

Total secondary assets under management SEK2,400 million

2011 secondary capital invested SEK170 million

2012 secondary capital invested SEK360 million

Capital investment plans in 2013 SEK500 million

Select portfolios acquiredOriginal manager Nordic Venture Partners Year acquired 2013 Transaction price SEK273 million

Original manager Capilon AB Year acquired 2012 Transaction price SEK147 million

Original manager Eqvitec Technology Fund II Year acquired 2010 Transaction price SEK209 million

Original manager SAAB Ventures Year acquired 2008 Transaction price SEK48 million

Original manager Skandia Liv Year acquired 2005 Transaction price SEK367 million

Funds being investedVerdane Capital V Size SEK1,000 million Year closed 2005

Verdane Capital VI Size SEK1,000 million Year closed 2007

Verdane Capital VII Size SEK1,500 million Year closed 2009

Investment criteriaMinimum SEK20 million Maximum SEK3,000 million

Industry preferencesEnergy, ICT and Industry

Geographic preferencesWestern Europe Eastern or Central Europe Nordics

Select institutional backersThird Swedish National Pension Fund (AP3), Argentum, Bonheur/Ganger Rolf, Dahlia Partners, Finnish Industry Investment, The Freedom of Expression Foundation, Gjensidige Insurance, Hafslund, KLP Insurance, Landmark Equity Partners, LGT Capital Partners, Natixis, Realdania, Storebrand Livsforsikring and Unionen

Original manager Financial institution Year acquired 2007 Transaction price $3 million

Funds being investedStratim Capital I Size $20 million Year closed 2006

Stratim Capital II Size $35 million Year closed 2010

SCIII Parallel Fund Size $20 million Year closed 2013


Industry preferencesTechnology, media, online retail, consumer services and business services

Geographic preferencesUnited States Western Europe Canada Israel

Select institutional backersPomona Capital, Pantheon, TWP, Lexington Partners, Credit Suisse First Boston and Headway Capital Partners

Verdane CapitalBirger Jarlsgatan 32B Stockholm SE-11429 Sweden Phone: 46-84-074-200 Fax: 46-84-074-210 www.verdanecapital.com [email protected]

Key personnelBjorn Beckman, Analyst [email protected]

Addie Patterson, Associate, Investor Relations [email protected]




Description of secondary practiceThe firm is a Nordic independent manager of secondary direct funds. Since 2003, the firm has organized four secondary direct funds & co-investment pools, and the funds it advises have more than €500 million of committed capital. The funds’ main focus is buying Nordic portfolios of direct


Investment criteriaGeographic preferencesUnited Kingdom Western Europe Eastern or Central Europe Asia (excluding Japan) Japan

Stratim Capital333 Bush St., Suite 2250 San Francisco, CA 94104 Phone: 415-674-5800 www.stratimcapital.com [email protected]

Key personnelCraig Such, Partner [email protected]

Zach Abrams, Managing Partner [email protected]



Number of secondary investment professionals worldwide four

Description of secondary practiceThe firm seeks to earn exceptional risk-adjusted returns through secondary acquisitions of growth equity and late-stage venture investments from existing shareholders and founders. The firm acquires secondary direct purchases of equity investments in technology, media, online retail, consumer services and business services. It will acquire investments in single company transactions or grouped portfolios. The firm targets $2 million to $10 million per transaction, in minority positions representing less than 25% of the target company’s shares outstanding. It targets companies with at least $25 million in revenue.





Select portfolios acquiredOriginal manager Strategic investor Year acquired 2004 Transaction price $25 million


Kyle Morgan, VP [email protected]

John Lambrech, CFO [email protected]




Description of secondary practiceThe firm provides liquidity to private equity shareholders. Since 2001, the firm has provided secondary market liquidity to private equity firms, mezzanine lenders, venture capital firms, financial institutions, corporations and company founders for illiquid, minority equity positions in private companies. The firm provides an exit alternative to private equity investors seeking to generate liquidity for a variety of reasons, including to increase distributions to limited partners, to reallocate resources, and to eliminate follow-on capital requirements for portfolio companies. The firm generally provides liquidity of $5 million to $50 million for each investment. It has completed more than 70 portfolio transactions, and has made investments in more than 100 companies.





Funds being investedW Capital Partners III LP Year closed 2013

W Capital Partners II LP Size $700 million Year closed 2007

W Capital Partners LP Size $250 million Year closed 2004



Select institutional backersGoldman Sachs Asset Management, Landmark Partners, HarbourVest Partners, CV Starr and GIC Special Investments

Vorndran Mannheims Capital AdvisorsGraf-Adolf-Strasse 18 Dusseldorf 40212 Germany Phone: 49-211-862-869-10 Fax: 49-211-862-869-77 www.vmcap.de [email protected]

Key personnelDr. Helmut Vorndran, CEO & Managing Partner [email protected]


Description of secondary practiceThe firm’s investment focus has been placed on technology-oriented growth companies. The firm strives for majority holdings and buys both shares from shareholders prepared to sell (secondary) and shares as part of capital increases (primary) in the form of injections of capital into the companies. Both investments in individual companies as well as the acquisition of several companies from a private equity funds or the acquisition of private equity fund investments are investigated.

W Capital Partners1 E. 52nd St. New York, NY 10022 Phone: 212-561-5240 Fax: 212-561-5241 www.wcapgroup.com

Key personnelDavid Wachter, Managing Director [email protected]

Steve Wertheimer, Managing Director [email protected]

Bob Migliorino, Managing Director [email protected]

Alison Killilea, Managing Director [email protected]

Katie Stitch, Principal [email protected]

Blake Heston, Principal [email protected]

Simon Harris, VP [email protected]

Vision Capital54 Jermyn St. London SW1Y 6LX U.K. Phone: 44-20-7389-6410 Fax: 44-20-7389-6411 www.visioncapital.com

Key personnelJulia van Tuyll, Manager, Investor Relations [email protected]




Description of secondary practiceThe firm’s focus is on buying groups of businesses at a time. Not a pure secondaries player, the firm buys from banks, companies and other PE firms. The firm’s established focus on operational experience can unlock value as the businesses it buys have often been unable to thrive under current ownership.

Select portfolios acquiredOriginal manager Terra Firma Capital Partners/Pension Insurance Corp. Year acquired 2007 Transaction price £250 million

Original manager Northern Foods Year acquired 2007 Transaction price £160 million

Original manager Bridgepoint Year acquired 2006

Funds being investedVision Capital Partners VII LP Size €680 million Year closed 2009

Investment criteriaMinimum $100 million Maximum $1,000 million

Industry preferencesConsumer, industrials, financial services & property, energy and business services

Geographic preferencesUnited States United Kingdom Western Europe Eastern or Central Europe Canada Asia (excluding Japan) Japan


Accretive Capital Advisors777 S. Flagler Drive, Suite 800 W. West Palm Beach, FL 33401 Phone: 646-862-6472 Fax: 646-862-6439 www.accretiveexit.com

Key personnelAndrew Reilly, Managing Director [email protected]

Edwin Wang, Senior Managing Director [email protected]

Theodore Tedeschi, Managing Director & General Counsel [email protected]

Year founded 2009

Number of professionals worldwide six

Services providedThe firm provides private equity consulting services to institutional clients in need of a partner with experience in navigating the secondary landscape. The firm has an understanding of buyers’ appetites and can help maximize value through direct or structured transactions to help meet the special liquidity needs of the client.

Types of clients representedBanks/Financial Institutions Endowments/Foundations

Average size of assets managed by clients$1 billion+

Average size of secondary deals represented$100 million to $499 million $500 million to $999 million

Almeida CapitalZetland House, 5-25 Scrutton St. London EC2A 4HJ U.K. Phone: 44-20-7749-1277 Fax: 44-20-7845-7599 www.almeidacapital.co.uk [email protected]

Key personnelRichard Sachar, Managing Director [email protected]

Year founded 2000

strategy, investor relations matters and programs. In addition, the firm provides secondary market intermediary services to both limited partners and general partners, overseeing the transfer of stakes in private equity funds and underlying portfolio companies. The firm works with a broad investor base in Europe, including insurance companies, pension funds, banks, family offices and other financial institutions.

Description of practiceThe firm provides secondary market intermediary services to both limited partners and general partners, overseeing the transfer of stakes in private equity funds and underlying portfolio companies. The firm specializes in secondary transactions in the €10 million-€250 million range and provides focused, discrete and highly tailored services. The firm operates globally and has worked with sellers and buyers across the entire spectrum, including buyout, mezzanine and venture funds as well as private equity real estate funds. It has successfully executed more than 25 transactions in excess of €2 billion.

Types of clients representedBanks/Financial Institutions Family Offices

Average size of assets managed by clients$10 million to $99 million $100 million to $499 million $500 million to $999 million


Azla Advisors845 Third Ave., Sixth Floor New York, NY 10022 Phone: 646-217-0645 Fax: 646-217-0646 www.azla-advisors.com [email protected]

Key personnelDavid Waxman, Managing Director [email protected]

Year founded 2006

Number of professionals worldwide nine

Services providedThe firm advises buyers and sellers on the purchase and sale of secondary interests in private equity and venture capital funds and underlying portfolios.

Types of clients representedBanks/Financial Institutions Endowments/Foundations Family Offices Public Pension Funds Wealthy Individuals

Average size of assets managed by clients$100 million to $499 million $500 million to $999 million $1 billion+

Average size of secondary deals representedUnder $10 million $10 million to $99 million $100 million to $499 million

AXON Partners Bahnhofplatz, P.O.Box 4640 Zug 6304 Switzerland Phone: 41-41-729-0700 www.axonpartners.biz

Branch offices111 Buckingham Palace Road, Third Floor London, SW1W 0SR U.K. Phone: 44-20-7340-8729 Fax: 44-20-7340-8501

Key personnelMagdalena Nowak, Head, Project Management & Investor Relations [email protected]

Dominik Meyer, Managing Partner [email protected]

Andrew Kellett, Managing Partner [email protected]

Simon Wigg, Partner [email protected]

Year founded 2003

Number of professionals worldwide four

Services providedThe firm is an independent manager-owned service provider, offering placement services in Europe for private equity and real estate funds. The firm provides general partners with comprehensive fund advisory and placement services; it also advises and supports general partners on GP

Intermediary Firm Listings


Camelot Group International45 Rockefeller Plaza, Suite 2000 New York, NY 10111 Phone: 212-332-7598 Fax: 212-937-3350 www.thecamelotgroup.com [email protected]

Branch officesRue du Rhone 14, Fourth Floor Geneva 1204 Switzerland Phone: 41-22-819-1829 Fax: 41-22-819-1900

Otemachi First Square 1-5-1, East Tower, Fourth Floor Tokyo 1000004 Japan Phone: 81-3-5219-1423 Fax: 81-6-7635-2844

1 International Finance Center, Suite 8 20th Floor, 1 Harbour View St. Central, Hong Kong, China Phone: 852-2824-8609 Fax: 852-2166-8999

Services providedThe firm is an investment and advisory firm that provides independent advice to institutions, corporations, partnerships, governments and individuals in the alternative asset and private equity industries. The firm’s core services consist of acquisitions and divestitures of limited partner interests and corporate assets in the alternative asset and private equity markets. The firm’s core services consist of acquisitions and divestitures of limited partner interests, general partner and limited partner dispute resolution, capital-raising activities, corporate debt transactions, and financial and strategic advice.


Average size of assets managed by clients$10 million to $99 million $100 million to $499 million $500 million to $999 million

Average size of secondary deals represented$10 million to $99 million $100 million to $499 million $500 million to $999 million $1 billion+

Breslin AGGsteigstrasse 21 Erlenbach 8703 Switzerland Phone: 41-44-386-4020 Fax: 41-44-386-4022 www.breslin.ch

Key personnelDavid Karabelnik, CEO [email protected]

Year founded 1996

Number of professionals worldwide 12

Services providedThe firm provides the global auctioning of interests in private equity funds and companies. Full transaction services include placement, negotiating, bids, due diligence, agreements, legal and closing. For secondaries: no retainers, only success transaction fees.

Description of practiceThe firm provides exit management services for investments in companies, funds and portfolios of private equity assets as well as early-stage secondaries. In recent years, the firm has executed close transactions for global corporates, banks and institutional investors, as well as high-net-worth individual investors who were looking to exit their investments in private companies or funds. For its clients, the firm has built and refined tools to successfully accomplish transaction management in full discretion and confidentiality. The firm is also active in the provision of services relating to the validation and adaptation of portfolios to market needs, deal structuring, auctioning of assets to strategic as well as financial buyers, negotiation of terms, legal support and execution, and the coordination of all aspects of a client’s transaction.

Types of clients representedBanks/Financial Institutions Endowments/Foundations Family Offices Public Pension Funds Wealthy Individuals Corporates Venture Funds Private Equity Groups

Average size of assets managed by clients$10 million to $99 million $100 million to $499 million $500 million to $999 million $1 billion+


Services provided1) The firm represents divesting private equity institutional investors in managing the marketing processes for divestments of limited partner interests and direct investments on the secondary market to enable sellers to optimize pricing with the strictest confidentiality. The firm typically focuses on non-flow name stakes.

2) General partner-led transactions, where the firm works with GP management teams to spin out of current institutions, divesting assets and holdings of current investors, and securing commitments of new LPs for new vehicles.

3) The firm represents funds of funds and secondary funds in divesting LP interests or direct investments in order to take some money off the table or to optimize internal rates of return.

4) The firm works with secondary buyers in identifying and assembling customized transactions.

Description of practiceThe firm offers a proprietary valuation methodology focused on discovering and demonstrating the hidden value in underlying assets that optimize pricing. The firm takes on a limited number of assignments concurrently, assuring its clients’ senior management hands-on execution. Azla Advisors looks to employ innovative and creative transaction structures to bridge gaps between potential buyers and sellers. Azla strives to develop trust-based relationships with the secondary buying community, which drives them to focus on its transactions and to use its valuations as the basis for pricing.

Types of clients representedBanks/Financial Institutions Endowments/Foundations Family Offices Public Pension Funds Secondary Funds Funds of Funds GP-led Transactions


Average size of secondary deals represented$10 million to $99 million $100 million to $499 million $500 million to $999 million


Types of clients representedBanks/Financial Institutions Endowments/Foundations Family Offices Public Pension Funds


Average size of secondary deals representedUnder $10 million $10 million to $99 million $100 million to $499 million $500 million to $999 million

Cogent Partners2101 Cedar Springs Road, Suite 1200 Dallas, TX 75201 Phone: 214-871-5400 Fax: 214-871-5401 www.cogent-partners.com

Branch offices599 Lexington Ave., Suite 3810 New York, NY 10022 Phone: 646-274-4950 Fax: 646-274-4951

6-8 Tokenhouse Yard, Sixth Floor London EC2R 7AS U.K. Phone: 44-20-7260-1830 Fax: 44-20-7260-1831

1 Market St., Spear Tower, 36th Floor San Francisco, CA 94105 Phone: 415-293-8044 Fax: 415-293-8045

8 Century Ave., 36th Floor 2 IFC, Suite 3636-3637 Shanghai 200120 China Phone: 86-21-6062-6128 Fax: 86-21-6062-6399

Key personnelStephen Sloan, Managing Partner [email protected]

Todd Miller, Managing Director [email protected]

Brian Mooney, Managing Director [email protected]

Brenlen Jinkens, Managing Director [email protected]

Bill Murphy, Managing Director [email protected]

Bernhard Engelien, Managing Director [email protected]

Jonathan Jameson, Managing Director [email protected]

Colin McGrady, Managing Director [email protected]

Andy Nick, Director [email protected]

Types of clients representedBanks/Financial Institutions Endowments/Foundations Family Offices Public Pension Funds Insurance Companies

Average size of assets managed by clients$500 million to $999 million $1 billion+

Average size of secondary deals represented$100 million to $499 million $500 million to $999 million $1 billion+

Capstone Partners1 Galleria Tower, 13355 Noel Road Suite 1050 Dallas, TX 75240 Phone: 972-980-5800 www.csplp.com [email protected]

Branch officesGrand-rue 19 Nyon 1260 Switzerland Phone: 41-22-365-4500

34 Nassim Road 258419 Singapore Phone: 65-8398-3708

Key personnelTripp Brower, Partner [email protected]

David Chamberlain, Partner [email protected]

Alexandre Schmitz, Partner [email protected]

Year founded 2001


Services providedThe firm is a placement agent dedicated to raising capital for a selected group of general partners. Each year, the firm works with a variety of fund types sized at between $250 million and $2 billion. The firm aims to maintain between eight to 10 engagements per year, with a broad representation of non-competing private equity strategies. In addition, the firm also provides secondary market liquidity solutions with a focus on the general partner-side advisory.

Description of practiceThe firm began its secondary market intermediary activities in 2001, offering secondary market liquidity solutions to its clients. The firm represents both single fund interests and entire portfolios, of which the majority tends to be complete sale transactions. The firm represents globally all types of funds and investors.

Campbell Lutyens 3 Burlington Gardens London W1S 3EP U.K. Phone: 44-20-7439-7191 Fax: 44-20-7432-3749 www.campbell-lutyens.com

Branch offices1270 Ave. of the Americas, 29th Floor New York, NY 10020 Phone: 212-223-8448 Fax: 212-214-0558

1 Connaught Place Suite 819, Jardine House Central, Hong Kong, China Phone: 852-2358-9200 Fax: 852-2358-9299

Key personnelAndrew Sealey, Managing Partner & CEO [email protected]

Thomas Liaudet, Partner [email protected]

Immanuel Rubin, Principal [email protected]

Ben Pearce, Senior Vice President [email protected]

Rishi Chhabria, Vice President [email protected]

David Perrin, Vice President [email protected]

Year founded 1988


Services providedThe firm provides advice on the sale of portfolios of private equity, infrastructure, real estate and private debt fund interests. The firm also provides advice on the sale of portfolios of direct investments in private equity, infrastructure and private debt. The firm provides advice on fund restructurings, refinancings and tail-end solutions, as well as advice on stapled primary secondary transactions. It also acts as a global placement agent for raising private equity and infrastructure funds.

Description of practiceThe firm established its specialist secondary and advisory practice in 2000 and completed more than $6.5 billion of transactions in 2012. The firm advises institutional investors and banks on the sale or restructuring of portfolios of fund or direct interests in private equity, infrastructure, real estate and private debt. In addition, the firm advises GPs on the restructuring or refinancing of funds, the sale of tail-end portfolios, and on stapled primary secondary transactions and spinouts.


Description of practiceThe firm provides tailored private equity, mezzanine, infrastructure, hedge fund and real estate secondary advisory services. The firm focuses on sales/financings of both fund positions and direct asset portfolios.




Fimeris67 Grosvenor St. London W1K 3JN U.K. Phone: 44-20-7183-6532 www.fimeris.com [email protected]

Branch offices1515 Broadway, 12th Floor New York, NY 10036 Phone: 212-520-0058

10 rue du Mont Thabor Paris 75001 France Phone: 33-1-77-37-07-65

Key personnelFrancois-Marius Garcin, Managing Director [email protected]

Ian Schuler, Managing Director [email protected]

Christophe Tymen, Managing Director [email protected]

Brett Nelson, Managing Director [email protected]

Rimsky Vidal, Managing Director [email protected]

Amit Sanghvi, Senior Associate [email protected]

Philip Barjami, Analyst [email protected]

Joelle Pantalacci, Manager [email protected]

Year founded 2007


Description of practiceThe firm is a private equity corporate finance boutique focused on providing placement, secondaries and advisory services to limited partners and general partners. The firm will offer services to buyers and sellers of secondary interests in private equity, venture capital and alternative asset portfolios. This includes strategic guidance on exiting fund interests; valuing portfolios; portfolio restructuring; managing secondary auctions for sellers; and purchasing unfunded commitments for buyers. The firm maintains a database of European LP interests in acquiring secondary positions in alternative assets. The firm also offers a broad range of procedures for secondary market transactions and helps with the sale of both single fund interests as well as portfolio interests. The firm’s main focus is working with European clients but is open to providing its services to clients from other regions of the world, such as Asia and Americas. The firm operates a varied fee structure, depending on the complexities of each deal.


Average size of assets managed by clientsUnder $10 million $10 million to $99 million $100 million to $499 million


Credit Suisse Private Fund Group1 Madison Ave. New York, NY 10010 Phone: 212-325-2000 www.credit-suisse.com/us/private_equity/en/private_fund_group.jsp

Key personnelMike Custar, Managing Director [email protected]

Year founded 1994


Services providedThe firm is a global private equity fundraising and secondary advisory group. Services include primary fundraising mandates, fundraising advisory services and secondary advisory services.

Year founded 2001


Services providedThe firm is a private equity-focused investment bank that specializes in secondary market transactions and private equity research engagements for institutional investors. The firm’s research group offers a range of private equity monitoring, due diligence and valuation services.

Description of practiceThe cornerstone of the firm’s secondary practice is sell-side advisory services, which includes evaluating clients’ private equity portfolios as well as marketing, negotiating, structuring and closing the sale of private equity assets. Services also include restructuring private equity vehicles/funds, the arrangement of financing and buy-side advisory. The firm also provides primary due diligence and investment screening as well as quarterly portfolio and fund monitoring services.

Types of clients representedBanks/Financial Institutions Endowments/Foundations Family Offices Public Pension Funds Wealthy Individuals Corporations Asset Managers Private Pension Funds


Average size of secondary deals representedUnder $10 million $10 million to $99 million $100 million to $499 million $500 million to $999 million $1 billion+

Continental Capital PartnersCCP House, 8 Wilfred St. London SW1E 6PL U.K. Phone: 44-20-7630-2014 www.ccpltd.net

Key personnelRoger Luscombe, Managing Partner [email protected]

Year founded 1997


Services providedThe firm provides corporate finance advice, capital raising for private equity, and portfolio solutions.


155 N. Wacker Drive, Suite 4550 Chicago, IL 60606 Phone: 312-846-5000 Fax: 312-846-5001

600 Montgomery St., 33rd Floor San Francisco, CA 94111 Phone: 415-216-4100 Fax: 415-216-4101

Key personnelChristopher Kirsten, Managing Director, New York [email protected]

Dave Brown, Managing Director, New York [email protected]

Walter Stackler, Managing Director, New York [email protected]

Bill Thompson, Managing Director, San Francisco [email protected]

Fiona Balch, Principal, London [email protected]

Simon Lam, Principal, Hong Kong [email protected]

Mike Taylor, Principal, New York [email protected]

Zaid Abdul-Aleem, Principal, Chicago [email protected]

Matthew DeNatale, Principal, San Francisco [email protected]

Sally Box, Vice President, Sydney [email protected]

Meghan Berry, Associate, New York [email protected]

Year founded 2008


Services providedThe firm’s practice provides comprehensive buy- and sell-side advisory services, and its professionals oversee and coordinate all phases of secondary transaction processes. The team advises on the acquisition and disposition of single positions as well as entire portfolios, which may include fund interests and/or direct stakes in companies. Team members are also involved with capital raising mandates and sponsor advisory services.

Description of practiceThe firm’s secondary advisory practice is represented by members of the firm’s private capital advisory, real estate capital advisory, and mergers and acquisitions and restructuring groups, which work together to deliver multidisciplinary execution skills to each secondary advisory assignment. The practice leverages private capital and real estate capital advisory’s

Go4Venture Advisers48 Charles St. London W1J 5EN U.K. Phone: 44-20-7529-5400 Fax: 44-20-7529-5401 www.go4venture.com [email protected]

Key personnelJean-Michel Deligny, Managing Director [email protected]

Year founded 2001


Services providedThe firm provides corporate finance advisory services focused on TMT, Internet, medical technology, clean technology and other innovative sectors.

Description of practiceThe firm focuses on direct secondary investments and the placing of existing shareholders’ shares (with or without new cash invested in the business). The firm advises general partners on the sale of stakes into existing portfolio companies, and advises secondaries funds on the value of individual stakes or company portfolios.

Types of clients representedBanks/Financial Institutions VC & PE Funds

Average size of assets managed by clients$100 million to $499 million

Average size of secondary deals represented$10 million to $99 million

Greenhill & Co.300 Park Ave. New York, NY 10022 Phone: 212-389-1500 Fax: 212-389-1700 www.greenhill.com greenhillprivatecapitaladvisory@ greenhill.com

Branch officesLansdowne House, 57 Berkeley Square London W1J 6ER U.K. Phone: 44-20-7198-7400 Fax: 44-20-7198-7500

L19, 2 International Finance Centre 8 Finance St. Central, Hong Kong, China Phone: 852-2251-1645

Level 34, The Chifley Tower 2 Chifley Square Sydney NSW 2000 Australia Phone: 61-2-9229-1410 Fax: 61-2-9231-3793

Services providedThe group provides private equity advisory services to limited partners and general partners worldwide. The firm creates tailored solutions for investors and fund managers through its holistic approach to the asset class. Proprietary systems and industry intelligence are leveraged across four business units: Fimeris Financial Services, including fund placement and secondary market advisory; Fidequity Analytics, which develops customized data products and market research; Clipperton Fidequity, a venture capital-focused investment banking boutique; and Fidequity Executive, which provides executive search and due diligence services. In the U.S., the firm is exclusively dedicated to fund placement and secondary market advisory through Fimeris Inc.

Description of practiceThe firm focuses on all aspects of the secondary market for limited partner interests and is a founding shareholder of Secondcap Ltd. The firm also focuses on secondary direct transactions and fund restructuring work.

Types of clients representedBanks/Financial Institutions Endowments/Foundations Family OfficesWealthy Individuals Sovereign Wealth Funds Corporates



GlobalFinanceMöhlstrasse 10 Munich 81675 Germany Phone: 49-89-689-06-33 Fax: 49-89-6890-6359 www.globalfinance.de [email protected]

Key personnelClaudia Blümhuber, Managing Director [email protected]

Matthias Stanzel, Managing Director [email protected]

Year founded 1999

Services providedThe firm is an active market participant, facilitating the sale and purchase of existing interests in private equity funds.


Average size of secondary deals representedUnder $10 million $10 million to $99 million

Houlihan Lokey245 Park Ave., 20th Floor New York, NY 10167 Phone: 212-497-4100 Fax: 212-661-3070 www.hl.com

Branch offices10250 Constellation Blvd., Fifth Floor Los Angeles, CA 90067 Phone: 310-553-8871 Fax: 310-553-2173

83 Pall Mall London SW1Y5ES U.K. Phone: 44-20-7839-3355 Fax: 44-20-7839-5566

123 N. Wacker Drive, Fourth Floor Chicago, IL 60606 Phone: 312-456-4700 Fax: 312-346-0951

200 Crescent Court, Suite 1900 Dallas, TX 75201 Phone: 214-220-8470 Fax: 214-220-3808

Citigroup Center, 1 Sansome St. San Francisco, CA 94104 Phone: 415-974-5888 Fax: 415-974-5969

Key personnelJeffrey Hammer, Managing Director [email protected]

Paul Sanabria, Managing Director [email protected]

Jeffrey Bollerman, Senior Vice President [email protected]

Year founded 1972

Number of professionals worldwide 800+

Services providedThe firm is an international investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring and valuation. The firm serves corporations, institutions and governments through offices in the U.S., Europe and Asia.

Description of practiceThe firm’s secondary advisory group acts as a liquidity solution provider on behalf of clients. The firm advises a variety of entities on the sale and/or financing of hard-to-value and hard-to-sell private equity and private debt instruments. The firm’s experience includes instruments as broad as performing and nonperforming corporate, asset-backed and real estate loans; minority equity positions and



Harken Capital101 Federal St., 19th Floor Boston, MA 02110 Phone: 617-342-7333 www.harkencapital.com

Branch offices2229 Lombard St., Suite 1 San Francisco, CA 94123 Phone: 415-774-6467

Key personnelNick Hatch, Director & Head, Secondaries [email protected]

Don Nelson, Managing Director [email protected]

Fred Malloy, Managing Director [email protected]

Scott Holley, Director [email protected]

Year founded 2006


Services providedThe firm provides secondary advisory and fund placement services.

Description of practiceThe firm offers customized solutions to institutional investors seeking access to opportunities in the private equity secondary market. The firm’s network of buyers and sellers consists of hundreds of limited partners including: secondary funds, consultants, funds of funds, pensions, endowments, banks, insurance companies and family offices. The firm prefers to work with institutional investors seeking flexible engagements while extending their network beyond the traditional secondary funds.



institutional investor and sponsor relationships, as well as advisory’s industry and valuation expertise and sell-side and buy-side execution capabilities.

Types of clients representedBanks/Financial Institutions Endowments/Foundations Family Offices Public Pension Funds Wealthy Individuals Corporate Pensions



Griffin Financial Group607 Washington St. Reading, PA 19603 Phone: 610-478-2105 www.go2griffin.com Branch offices 340 Main St. Madison, NJ 07940 Phone: 973-377-4477

Key personnelPaul Delaney, Senior Managing Director [email protected]

Year founded 2001


Services providedThe firm provides private equity fund placement, secondary advisory, co-investment advisory, mergers and acquisitions (including sell-side and buy-side advisory), capital raising and financial restructuring services.

Description of practiceThe firm works with limited partners, corporate investors and general partners seeking private equity portfolio solutions through confidential, directly negotiated transactions. The firm’s focus is on both limited partnership interests, as well as direct stakes in portfolio companies for firms that might be seeking liquidity, a rebalancing of their portfolio or to achieve other strategic objectives.

Types of clients representedBanks/Financial Institutions Endowments/Foundations Family Offices Public Pension Funds Fund of Funds


Types of clients representedBanks/Financial Institutions Endowments/Foundations Family Offices Public Pension Funds Wealthy Individuals Sovereign Wealth Funds



Melville Capital88 Froehlich Farm Blvd., Suite 206 Woodbury, NY 11797 Phone: 212-380-4277 Fax: 212-600-9002 www.melvillecapital.com

Key personnelRobert Stark, President [email protected]

Doug Himmel, Managing Director [email protected]

Year founded 2004


Services providedThe firm’s secondary market group includes three specific areas of expertise, encompassing life assets, structured products and intellectual property.

Life assets/longevity group: The firm’s significant experience in both the secondary and tertiary life settlement markets, as well as its knowledge of premium financing structures, enables it to handle all aspects of advisory and brokerage relating to this niche asset class. The firm’s analytical, marketing and iterative bid procedure methodologies continue to yield outsized returns or recoveries for sellers of life asset portfolios or individual policies.

Structured products group: Advisory engagements have included traditional structured settlements, annuities, royalties and alternative assets such as cellphone tower and billboard leases, and other niche structured products.

Intellectual property group: Advisory services are provided in regard to valuation, monetization, litigation and licensing of various intellectual property assets.

Description of practiceThe firm’s secondary markets group advises clients on the sale of generally illiquid structured financial products.


Lazard Private Fund Advisory Group30 Rockefeller Plaza, 60th Floor New York, NY 10020 Phone: 212-632-6000 www.lazard.com

Branch offices50 Stratton St., London W1J 8LL U.K. Phone: 44-20-7187-2000

190 S. LaSalle St., 31st Floor Chicago, IL 60603 Phone: 312-407-6600

Key personnelHolcombe Green, Managing Director, New York [email protected]

Pablo de la Infiesta, Director, London [email protected]

Ryan Binette, VP, New York [email protected]

Johanna Lottmann, VP, London [email protected]

Year founded 2003

Number of professionals worldwide 30+

Services providedThe group delivers global solutions to private fund managers and institutional investors in private equity, real estate, real assets, hedge fund and other alternative investment strategies in two complementary lines of business: fund placement and secondary private market advisory. The group’s dedicated secondary advisory team provides independent and strategic advice to institutional investors on the management of their alternative investment programs, and is an adviser to institutional investors seeking liquidity solutions.

Description of practiceThe firm provides a wide range of secondary advisory services, including fund and portfolio analysis and advice on the sale of single fund interests; on the sale of portfolios of fund interests and of direct investments; and on the sale or restructuring of management companies. The secondary advisory team has relationships with a selection of global institutions and active investors in private equity, real estate, real assets and hedge funds on a primary and secondary basis.

co-investments; private equity LP interests; structured finance securities; leasing books; life settlements and other exotic assets.

Types of clients representedBanks/Financial Institutions Endowments/Foundations Family Offices Public Pension Funds Wealthy Individuals Insurance Companies Listed Vehicles Private Equity Hedge Fund Managers


Average size of secondary deals represented$100 million to $499 million $500 million to $999 million $1 billion+

ICAP CorporatesHarborside Financial Center 1100 Plaza Five Jersey City, NJ 07311 Phone: 212-341-9973 www.icap.com

Key personnelBradley Critchell, Managing Director [email protected]

Year founded 2010


Description of practiceThe firm’s Secondary Markets Group exclusively represents sellers of illiquid assets, chiefly, though not exclusively, private equity limited partnership interests. The group provides a full suite of valuation, advisory and transaction execution services for its clients.


Average size of assets managed by clientsUnder $10 million $10 million to $99 million $100 million to $499 million $500 million to $999 million $1 billion+


qualified purchasers holding private equity assets in excess of $2.3 trillion.

NYPPEX Brokerage is a private equity secondary intermediary for single interest transactions with a minimum size of $100,000, up to $10 million.

NYPPEX Transfer Administration arranges liquidity for investors, administers transfer programs and, upon request, processes pending transfers, provides reports and raises capital. When natural liquidity is insufficient (and in other special situations), the firm will attempt to arrange liquidity through its affiliates.

NYPPEX Market Data provides secondary market closing prices on more than 24,500 private funds and companies headquartered in 111 countries, representing more than $8.2 trillion in capital commitments. Client services include the ability to generate confidential portfolio rebalancing scenario reports and internally evaluate risk/return optimization strategies without engaging intermediaries.

NYPPEX Closing Prices are available for subscription only by qualified purchasers for private fund data (accredited investors for private company data) that execute a non-disclosure agreement. Closing prices are updated at 4 p.m. EST each Friday and derived from actual secondary transactions, customer bids and estimated bids from the firm.




Palomar Capital AdvisorsObere Zäune 10 Zurich 8001 Switzerland Phone: 41-43-222-5888 Fax: 41-43-222-5899 www.plmr.com [email protected]

Key personnelMarkus Kroll, Founding Partner [email protected]

George Tintor, Founding Partner [email protected]

Year founded 2003


Services providedPrivate equity secondary sell-side advisory, private equity secondary buy-side advisory, private equity secondary valuation services, mergers & acquisitions buy-side and sell-side advisory and private placement capital raising advisory.

Description of practiceThe firm provides limited partners with both sell-side and buy-side transaction advisory services for alternative assets on the secondary market. The firm also provides valuation services of fund holdings. The firm brings bulge-bracket investment banking qualifications, strong relationships with fund managers, portfolio due diligence capabilities and significant transaction execution experience to the secondary market.




NYPPEX800 Westchester Ave., Suite 349 Rye Brook, NY 10573 Phone: 914-305-2800 Fax: 914-305-2803 www.nyppex.com [email protected]

Key personnelLaurence Allen, CEO [email protected]

Dexter Blake III, Managing Director [email protected]

Year founded 1998


Services providedThe firm’s services include block trading, advisory, brokerage, transfer administration, market data and principal investments.

Description of practiceThe firm’s Block Trading aims to help self-directed investors and consultants achieve superior transaction speed and price execution with minimal market impact.

NYPPEX Advisory provides independent, unbiased evaluations of rebalancing alternatives to achieve optimal risk-adjusted returns. The firm has access to liquidity worldwide through relationships with

Recent engagements include assets with consistent and inconsistent payment streams, intellectual property and distressed assets on a stand-alone basis as well as those involved in bankruptcies or restructurings. The firm’s team of professionals is exclusively focused on providing liquidity solutions to institutional investors in niche portfolio assets and those owned by, or assigned to, creditors. The firm’s principals have extensive knowledge related to assets encumbered by bankruptcies and understand the nuances of the court process end to end. When engaged as a broker, the firm operates as fiduciary of the seller, delivering full transparency throughout an engagement, and employs a bid process designed to drive high execution from vetted counterparties.

Types of clients representedBanks/Financial Institutions Endowments/Foundations Family Offices Public Pension Funds Wealthy Individuals Trustees



MHT Secondary Advisors2000 McKinney Ave., Suite 1200 Dallas, TX 75201 Phone: 214-661-1290 Fax: 214-954-9995 www.mhtsa.com

Branch offices1 Boston Place, 36th Floor Boston, MA 02108 Phone: 617-854-7536 Fax: 617-854-7539

Key personnelJames Lee, Principal [email protected]

Shawn Terry, Managing Director [email protected]

Mike McGill, Managing Director [email protected]

Mark Young, Managing Director [email protected]

Year founded 2001


Services providedThe firm provides primary placement and strategic secondary advice for private equity, real estate and infrastructure funds.

Description of practiceThe firm is focused on providing strategic advice on complex secondary transactions such as stapled secondaries or fund restructurings, combining its experience in secondaries and fund placement.


River Street Capital39 Broadway, Suite 3300 New York, NY 10006 Phone: 212-588-0300 www.riverstreetcap.com [email protected]

Key personnelHelge Petermann, Managing Director [email protected]

Jake Stuiver, Managing Director [email protected]

Year founded 2011

Number of professionals worldwide three

Services providedThe firm is a boutique adviser focused on the secondary market for private funds. The firm advises on a wide range of transactions, ranging from large portfolios to single fund interests and fund restructurings.

Description of practiceThe firm has experience in identifying not only traditional secondary buyers, but also strategic investors that have criteria beyond price. In addition, the firm offers experience and expertise in helping to structure solutions that address the specific requirements of buyers and sellers in order to successfully close transactions. The firm also has expertise across a range of private equity investments, including buyout funds, venture capital funds, mezzanine funds, funds of funds and secondary funds, while also covering the broader real estate, infrastructure and hedge fund sectors. The firm has advised on transactions ranging from $130 million to $10 million of total exposure.


Services providedThe firm is a global alternative asset advisory firm with four complementary lines of business: secondary advisory, private equity, hedge fund and real estate fundraising. The firm has 10 offices globally and is a fully owned subsidiary of Blackstone Group.

Description of practiceThe firm’s secondary advisory practice delivers solutions to limited partners seeking portfolio liquidity, unfunded commitment relief and access to secondary investment opportunities as well as to general partners seeking secondary capital solutions. The practice is fully integrated with the broader Park Hill Group and Blackstone, leveraging a global network of relationships to deliver results across multiple asset classes. The secondary advisory team has experience coordinating negotiated sales, broad auctions and complex structured transactions. The team assists clients on all aspects of secondary transactions including end-to-end process management, buyer identification and segmentation, structuring, valuation, due diligence coordination, counterparty negotiation and closing.




Probitas Partners425 California St., Suite 2300 San Francisco, CA 94104 Phone: 415 402-0700 Fax: 415 402-0052 www.probitaspartners.com [email protected]

Key personnelCraig Marmer, Managing Director [email protected]

Year founded 2001


Services providedThe firm brings experience, advice and liquidity solutions to investors that wish to dispose of interests in private equity.



Average size of secondary deals representedUnder $10 million $10 million to $99 million

Park Hill Group345 Park Ave., 15th Floor New York, NY 10154 Phone: 212-583-5799 Fax: 212-583-5639 www.parkhillgroup.com [email protected]

Branch offices200 W. Madison St., Suite 3800 Chicago, IL 60606 Phone: 312-705-3070 Fax: 312-705-3079

40 Berkeley Square, Ground Floor London W1J 5AL U.K. Phone: 44-20-7451-4000 Fax: 44-20-7451-4091

Dubai International Financial Center (DIFC), Gate Village, Building 6 Levels 5 & 6, Sheikh Zayed Road Dubai UAE Phone: 971-4-422-3000 Fax: 971-4-422-3010

2 International Finance Center 8 Finance St., Suite 901, Ninth Floor Central, Hong Kong, China Phone: 85-2-3656-8603 Fax: 85-2-3651-7611

Midtown Tower, 9-7-1 Akasaka Minato-ku, 22nd Floor Tokyo 107-6222 Japan Phone: 81-3-4577-8400 Fax: 81-3-4577-8481

Key personnelLarry Thuet, Senior Managing Director [email protected]

Year founded 2005



Key personnelJeremy Smith, Chief Strategy Officer [email protected]

Year founded 2004


Services providedEmbedded secondary liquidity environment.

Description of practiceThe firm offers a customized and general partner-controlled secondary liquidity environment, embedded in a fund’s structure, in order to provide limited partners a liquidity option while preserving the GP’s traditional investment model and objectives.

Types of clients representedBanks/Financial Institutions Endowments/Foundations Family Offices Public Pension Funds Wealthy Individuals Sovereign Wealth Funds Regional & Community Banks Hedge Funds Private Equity Funds Mutual Funds

Description of practiceThe firm provides liquidity solutions in the secondary private funds market. The firm facilitates the transfer of single limited partner interests in funds from as small as £0.5 million, to large portfolios of more than £1 billion.

Types of clients representedBanks/Financial Institutions Endowments/Foundations Family Offices Public Pension Funds Wealthy Individuals Fund of Funds Secondary Specialists Sovereign Wealth Funds

Average size of assets managed by clients$1 billion+


SecondMarket636 Ave. of the Americas New York, NY 10011 Phone: 212-668-5920 Fax: 212-483-1045 www.secondmarket.com [email protected]



Secondcap16 St. Martin Le Grand, Suite 5.01-5.04 London EC1A 4EN U.K. Phone: 44-20-7397-8580 www.secondcap.com [email protected]

Key personnelFrancois Gamblin, CEO [email protected]

Fahim Chaudhry, Principal [email protected]

Year founded 2009

Number of professionals worldwide eight

Services providedThe firm provides liquidity solutions in the secondary private funds market.

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UBS Investment Bank299 Park Ave. New York, NY 10171 Phone: 212-821-5333 Fax: 212-821-8430 www.ubs.com

Branch offices1 Finsbury Ave. London EC2M 2PP U.K. Phone: 44-20-7568-2506 Fax: 44-20-7336-2506

Key personnelNigel Dawn, Managing Director [email protected]

Philip Tsai, Managing Director [email protected]

Nicolas Lanel, Managing Director [email protected]

Gerald Cooper, Managing Director [email protected]

Year founded 2004


Services providedThe firm’s private funds group advises owners of private equity, real estate and hedge fund portfolios on their liquidity options. The firm executes transactions involving both limited partnership interests and direct equity interests.

Description of practiceThe firm’s private funds group has a team of professionals focused exclusively on private equity, real estate and hedge fund secondary market transactions. The firm is an adviser to holders of private equity, including public and corporate pension plans, endowments, foundations, family offices and global financial institutions. The firm has experience executing both straight sale and structured transactions, including secondary/primary stapled transactions.




Dubai International Financial Center (DIFC), The Gate, Level 15 Dubai P.O. Box 506681 UAE Phone: 971-4-401-9525

Key personnelMathieu Dréan, Managing Partner [email protected]

Anna Chambers, Partner [email protected]

Tina Sodhi, Partner [email protected]

David Markson, Principal [email protected]

Salim Belkaid, Principal [email protected]

Diana Gatcan, Associate [email protected]

Year founded 1992


Services providedThe firm is a global specialist agent offering dedicated fundraising and secondary advisory services to private equity fund managers and fund investors worldwide.

Description of practiceThe firm has experience with fundraising and secondary transactions. The firm is an exclusive sell-side adviser on secondary transactions, supported by an execution team, and provides tailored solutions to investors worldwide from straight fund interest sales to structured and direct portfolio transactions.

Types of clients representedBanks/Financial Institutions Endowments/Foundations Family Offices Public Pension Funds Fund of Funds Secondary Funds





Somerset CapitalKent House London W1W 8AJ U.K. Phone: 44-20-7871-1510 www.som-cap.com [email protected]

Key personnelJim Miller, Managing Director [email protected]

Marie Soong, Associate [email protected]

Year founded 1999

Number of professionals worldwide six

Services providedThe firm provides services for private market fund placement, direct transactions and merchant banking, and secondary transactions.

Description of practiceThe firm works on a confidential basis for family office investors in order to dispose of private market assets on the secondary market.

Types of clients representedEndowments/Foundations Family Offices Wealthy Individuals



Triago1, blvd. de la Madeleine Paris 75001 France Phone: 33-1-47-03-01-10 Fax: 33-1-47-03-06-99 www.triago.com [email protected]

Branch offices499 Park Ave., 20th Floor New York, NY 10022 Phone: 212-593-4994 Fax: 212-593-0180


Abbey National Treasury London 44-870-607-6000

AEGON USA Investment Management LLC Louisville, Ky. 502-560-2825

AFA Stockholm 46-8-696-40-00

Alameda County Employees’ Retirement Association Oakland, Calif. 510-628-3000

AlpInvest Partners Amsterdam 31-205-407-575

American Family Insurance Group Madison, Wis. 608-249-2111

American Trading & Production Corp. Baltimore 410-347-7150

AP Fonden 3 Stockholm 46-8-555-17-100

APG Group Heerlen, Netherlands 31-45-579-92-22

Arizona State Retirement System Phoenix 602-240-2000

Auda International New York 212-863-2300

Axa Equitable Life Insurance Co. New York 212-554-1234

BAE Systems Pensions London 44-20-7654-2500

Barclays Bank PLC London 44-207-116-1000

Boston Retirement System Boston 617-635-4500

C.V. Starr & Co. New York 212-230-5050

Caisse de dépôt et placement du Québec Montreal 514-842-3261

California Public Employees’ Retirement System Sacramento, Calif. 916-795-3829

California State Teachers’ Retirement System Sacramento, Calif. 916-229-3541

Canada Pension Plan Investment Board Toronto 416-868-4075

Charles A. Dana Foundation New York 212-223-4040

China Investment Corp. Beijing 86-10-8409-6277

Citi Capital Advisors New York 212-816-8984

Coller Capital London 44-207-631-8500

Columbia University New York 212-854-1754

Compagnia di San Paolo Torino, Italy 39-11-5596-911

Connecticut Retirement Plans & Trust Funds Hartford, Conn. 860-702-3126

Contra Costa County Employees’ Retirement Association Concord, Calif. 925-646-5741

Cranbrook Educational Community Bloomfield Hills, Mich. 248-645-3000

DeA Capital Milan 39-02-624-99-51

Denver Public Schools Retirement System Denver 303-398-7699

DNB Livsforsikring ASA Bergen, Norway 47-55-17-80-90

DuPont Pension Fund Wilmington, Del. 302-477-6000

Employees’ Retirement System of Rhode Island Providence, R.I. 401-222-2203

Employees Retirement System of Texas Austin, Texas 512-867-7711

F&C Investments London 44-207-628-8000

Finnish Industry Investment Ltd. Helsinki 358-9-6803-680

Fire & Police Pension Association of Colorado Greenwood Village, Colo. 303-770-3772

Firemen’s Annuity & Benefit Fund Chicago Chicago 312-726-5823

Flintshire County Council Pension Plan Flintshire, U.K. 44-135-275-2121

Florida State Board of Administration Tallahassee, Fla. 850-488-4406

Fondinvest Capital Paris 33-1-58-36-48-00

Fresno County Employees’ Retirement Fresno, Calif. 559-457-0681

Gjensidige Forsikring ASA Lysaker, Norway 47-22-96-8000

LP Name Location Phone

Appendix A

Investors That Have Backed Secondary Funds


Golden LEAF Foundation Inc. Rocky Mount, N.C. 252-442-7474

Government of Singapore Investment Corp. Singapore 65-6889-8888

Greater Manchester Pension Fund Ashton under Lyne, U.K. 44-161-342-2880

Groupama SA Paris 33-1-53-93-51-51

Hafslund Pension Fund ASA Oslo 47-92-08-70-07

Hamilton Lane Bala Cynwyd, Pa. 610-934-2222

Hannover Rueckversicherung AG Hannover, Germany 49-5-115-60-40

HarbourVest Partners Boston 617-348-3707

Hartford Municipal Employees’ Retirement Fund Hartford, Conn. 860-757-9100

Haverford College Haverford, Pa. 610-896-1223

Health Care Foundation of Greater Kansas Kansas City, Mo. 816-241-7006

Houston Firefighters’ Relief & Retirement Houston 281-372-5100

Illinois Municipal Retirement Fund Oak Brook, Ill. 630-368-1010

Illinois Student Assistance Commission Deerfield, Ill. 847-831-8500

Ilmarinen Mutual Pension Insurance Co. Helsinki 358-1-0284-11

Indiana Public Retirement System Indianapolis 317-233-4162

Indiana State Teachers’ Retirement Fund Indianapolis 317-232-3860

Indiana University Foundation Indianapolis 812-855-8311

Industriens Pensionsforsikring A/S Copenhagen 45-33-66-80-80

International Finance Corp. Washington, D.C. 202-473-6456

Invesco Private Capital New York 212-278-9000

John S. & James L. Knight Foundation Miami 305-908-2600

KLP Forsikring Oslo 47-22-03-35-00

Korea Teachers Pension Fund Seoul N/A

Kuwait Financial Centre Sharq, Kuwait 965-22248000

Lexington Partners New York 212-754-0411

Liberty Mutual Group Boston 617-357-9500

London Pensions Fund Authority London 44-207-369-6100

Los Angeles City Employees’ Retirement System Los Angeles 800-779-8328

Los Angeles County Employees Retirement Association Pasadena, Calif. 626-564-6132

Los Angeles Fire & Police Pensions Los Angeles 213-978-4464

Lothian Pension Fund Edinburgh 44-131-469-3862

Lutheran Church-Missouri Synod St. Louis 314-965-9000

Maryland State Retirement & Pension System Baltimore 410-625-5555

Massachusetts Pension Reserves Investment Management Board Boston 617-946-8401

MetLife Inc. New York 212-578-2211

Michelin North America Inc. Greenville, S.C. 864-458-6399

Minnesota State Board of Investment Saint Paul, Minn. 651-296-3328

MIT Investment Management Co. Cambridge, Mass. 617-253-4900

Montana Board of Investments Helena, Mont. 406-444-0001

Municipal Employees’ Fund of Chicago Chicago 312-236-4700

Mutual of Omaha Insurance Co. Omaha, Neb. 402-351-2508

Natixis Private Equity SA Paris 33-1-58-19-20-00

Nebraska Investment Council Lincoln, Neb. 402-471-2043

New Jersey State Investment Council Trenton, N.J. 609-292-5106

New Mexico Educational Retirement Board Santa Fe, N.M. 505-827-8030

New Mexico State Investment Council Santa Fe, N.M. 505-476-9500

New York City Comptroller New York 212-669-3916

New York State Common Retirement Fund Albany, N.Y. 518-474-4003

New York State Teachers’ Retirement System Albany, N.Y. 518-447-2900



Nordea Bank AB Stockholm 46-8-614-70-00

Oak Hill Capital Management Menlo Park, Calif. 650-234-0500

Ohio Carpenters Health & Welfare Fund Niles, Ohio 330-652-3475

Ohio Police & Fire Pension Fund Columbus, Ohio 614-228-2975

Ohio State University Columbus, Ohio 614-292-6048

Oklahoma Police Pension & Retirement System Oklahoma City 405-840-3555

Ontario Municipal Employees Retirement System Toronto 416-369-2400

Oregon Public Employees Retirement System Salem, Ore. 503-378-3730

Oregon State Treasury Salem, Ore. 503-378-4000

Overseas Asset Management (Cayman) Ltd. George Town, Grand Cayman 345-745-8787

Pacific Corporate Group La Jolla, Calif. 858-456-6000

Paris Orleans (Rothschild) Paris 33-1-53-77-65-10

Paul Capital Partners San Francisco 415-283-4300

Pennsylvania Public School Employees’ Retirement System Harrisburg, Pa. 717-787-8540

PenSam Farum, Denmark 45-44-39-39-39

Perennius Capital Partners SGR Milan 39-02-8883691

Phoenix Cos. Hartford, Conn. 860-403-5594

Public Employee Retirement System of Idaho Boise, Idaho 208-334-3365

Public Employees Retirement Association of New Mexico Albuquerque, N.M. 505-883-4503

Public School & Education Employee Retirement Systems of Missouri Jefferson City, Mo. 573-634-5290

Qwest Communications Inc. Denver 303-992-1400

Regents of the University of California Oakland, Calif. 510-987-9220

Salient Partners LP Houston 713-993-4675

San Bernardino County Employees’ Retirement Association San Bernardino, Calif. 909-885-7980

San Diego County Employees Retirement Association San Diego 619-515-6800

San Francisco Employees’ Retirement System San Francisco 415-487-7000

Santa Barbara County Employees’ Retirement System Santa Barbara, Calif. 805-568-2940

School Employees Retirement System of Ohio Columbus, Ohio 614-222-5853

South Carolina Public Employee Benefit Authority Columbia, S.C. 803-737-6800

State of Wisconsin Investment Board Madison, Wis. 608-266-2381

State Teachers Retirement System of Ohio Columbus, Ohio 614-227-4090

State Universities Retirement System of Illinois Champaign, Ill. 217-378-8800

Strathclyde Pension Fund Glasgow 44-845-213-0202

Suffolk County Council Pension Fund Ipswich, U.K. 44-845-606-6067

SunAmerica Ventures Los Angeles 310-772-6000

TIAA-CREF Individual & Institutional Services LLC New York 212-490-9000

United Technologies Corp. Hartford, Conn. 860-728-7000

Universities Superannuation Scheme Ltd. Liverpool, U.K. 44-151-227-4711

University of Pittsburgh Pittsburgh 412-624-6620

University of Puget Sound Tacoma, Wash. 253-879-3224

University of Texas Investment Management Co. Austin, Texas 512-225-1600

University of Toronto Asset Management Corp. Toronto 416-673-8400

University of Vermont Burlington, Vt. 802-656-2214

University of Washington Seattle 206-685-1822

Van Leer Group Foundation Amstelveen, Netherlands 31-20-645-32-31

Veritas Pension Insurance Turku, Finland 358-10-55-010

Virginia Retirement System Richmond, Va. 888-827-3847

Wesleyan University Endowment Middletown, Conn. 860-685-2488

West Midlands Pension Fund Wolverhampton, U.K. 44-300-111-1665

YMCA Retirement Fund New York 800-738-9622



Appendix B

Secondary Buyer Rankings by Assets Under Management Total Assets Rank/Firm Name Location Phone Under Mgmt. (M)

1 Lexington Partners New York 212-754-0411 $18,700 2 Goldman Sachs Group Inc.* New York 212-902-1000 $16,000 3 HarbourVest Partners* Boston 617-348-3707 $13,000 4 CS Strategic Partners New York 212-538-7680 $11,800 5 CPP Investment Board Toronto 416-874-5459 $10,000 6 Landmark Partners* Simsbury, Conn. 860-651-9760 $8,998 7 AlpInvest Partners* Amsterdam 212-332-6270 $8,000 8 Pantheon* London 44-20-7484-6200 $6,000 9 LGT Capital Partners* Pfaeffikon, Switzerland 41-55-415-9626 $5,100 10 Adams Street Partners* Chicago 312-553-7890 $4,500 11 Neuberger Berman Group* New York 212-476-7000 $3,400 12 J.P. Morgan Investment Management Inc.* New York 212-648-2313 $3,000 13 Morgan Stanley Alternative Investment Partners* West Conshohocken, Pa. 610-940-5000 $2,200 14 Liquid Realty Partners1 San Francisco 415-875-7500 $2,100 15 Abu Dhabi Investment Authority Abu Dhabi, UAE 971-2-415-0000 $2,000 Portfolio Advisors* Darien, Conn. 203-662-3456 $2,000 17 Newbury Partners* Stamford, Conn. 203-428-3600 $1,700 18 W Capital Partners New York 212-561-5240 $1,600 19 Hamilton Lane* Bala Cynwyd, Pa. 610-934-2222 $1,500 20 Saints Capital San Francisco 415-395-2892 $1,400 21 DB Private Equity & Private Markets* London 44-20-7545-8000 $1,350 22 Auda Private Equity* New York 212-863-2300 $1,200 StepStone Group San Diego. 858-558-9700 $1,200 24 Industry Ventures San Francisco 415-273-4201 $1,100 Millennium Technology Value Partners New York 646-521-7800 $1,100 26 Access Capital Partners* Paris 33-1-56-43-61-00 $1,093 2

Fondinvest Capital* Paris 33-1-58-36-48-00 $1,093 3

28 Institutional Venture Partners Menlo Park, Calif. 650-854-0132 $1,000 Protostar Partners New York 646-273-5200 $1,000 30 Willowridge Partners New York 212-369-4700 $910 31 DFJ Esprit Secondaries London 44-20-7931-8800 $753 4

32 SVG Advisers* Boston 617-292-2550 $750 33 PEI Funds New York 212-750-1228 $684 34 Arcis Group London 44-20-7494-2110 $643 5

35 Capital Dynamics* Zug, Switzerland 41-41-748-8444 $500 RCP Advisors* Chicago 312-266-7300 $500 37 NewQuest Capital Partners Hong Kong 852-3905-3600 $400 38 Verdane Capital Stockholm 46-84-074-200 $354 6

39 Alpha Associates* Zurich 41-43-244-3100 $310 40 Commonfund Capital* Wilton, Conn. 203-563-5008 $250 41 Private Advisors* Richmond, Va. 804-289-6000 $220 42 Fort Washington Capital Partners Group* Cincinnati 513-361-7672 $200 43 Vintage Investment Partners* Herzliya Pituach, Israel 972-9-954-8464 $189 44 Auldbrass Partners New York 212-213-0243 $150 45 Abbott Capital Management* New York 212-757-2700 $139 46 Northern Trust Alternatives* Chicago 312-630-6000 $125 47 Stratim Capital San Francisco 415-674-5800 $100 48 Greenspring Associates* Baltimore 410-363-2725 $96 49 smac partners Unterhaching, Germany 49-895-506-880 $90 7

50 BEX Capital Paris 33-1-45-20-89-22 $64 8

51 Morning Street Capital New York 646-918-5267 $32 52 MidCoast Capital Radnor, Pa. 610-687-8580 $10 The ranking is based on self-reporting by firms. Assets include only capital invested or available for secondary purchases. *Firm also manages funds-of-funds. (1) Liquid Realty Partners acquires secondary interests in real estate funds only. (2) Converted from €850 million using 2012 average annual exchange rate. (3) Converted from €850 million using 2012 average annual exchange rate. (4) Converted from £475 million using 2012 average annual exchange rate. (5) Converted from €500 million using 2012 average annual exchange rate. (6) Converted from SEK2.4 billion using 2012 average annual exchange rate. (7) Converted from €70 million using 2012 average annual exchange rate. (8) Converted from €50 million using 2012 average annual exchange rate.


2012 Secondary Rank/Firm Name Location Phone Capital Invested (M)

1 Landmark Partners* Simsbury, Conn. 860-651-9760 $7,684

2 Lexington Partners New York 212-754-0411 $3,100

3 CS Strategic Partners* New York 212-538-7680 $2,200

4 CPP Investment Board Toronto 416-874-5459 $1,600

5 AlpInvest Partners* Amsterdam 212-332-6270 $1,200

6 Pantheon* London 44-20-7484-6200 $1,100

7 HarbourVest Partners* Boston 617-348-3707 $1,000

8 Neuberger Berman Group* New York 212-476-7000 $500

9 LGT Capital Partners* Pfaeffikon, Switzerland 41-55-415-9626 $452

10 Adams Street Partners* Chicago 312-553-7890 $427

11 Morgan Stanley Alternative Investment Partners* West Conshohocken, Pa. 610-940-5000 $350

12 Portfolio Advisors* Darien, Conn. 203-662-3456 $300

Protostar Partners New York 646-273-5200 $300

14 Newbury Partners Stamford, Conn. 203-428-3600 $250

15 StepStone Group San Diego 858-558-9700 $248

16 Hamilton Lane* Bala Cynwyd, Pa. 610-934-2222 $200

W Capital Partners New York 212-561-5240 $200

18 Industry Ventures San Francisco 415-273-4201 $198

19 Arcis Group London 44-20-7494-2110 $167 1

20 Fondinvest Capital* Paris 33-1-58-36-48-00 $154 2

Millennium Technology Value Partners New York 646-521-7800 $154

22 DB Private Equity & Private Markets* London 44-20-7545-8000 $150

23 Permal Capital Management* Boston 617-587-5300 $114

24 Saints Capital San Francisco 415-395-2892 $100

25 Abbott Capital Management* New York 212-757-2700 $96

26 smac partners Unterhaching, Germany 49-895-506-880 $90 3

27 Willowridge Partners New York 212-369-4700 $82

28 Auda Private Equity* New York 212-863-2300 $80

29 RCP Advisors* Chicago 312-266-7300 $75

30 Capital Dynamics* Zug, Switzerland 41-41-748-8444 $60

31 Verdane Capital Stockholm 46-84-074-200 $53 4

32 Alpha Associates* Zurich 41-43-244-3100 $50

33 PEI Funds New York 212-750-1228 $47

34 Stratim Capital San Francisco 415-674-5800 $30

35 Greenspring Associates* Baltimore 410-363-2725 $20

36 Private Advisors* Richmond, Va. 804-289-6000 $18.4

37 BEX Capital Paris 33-1-45-20-89-22 $13 5

38 MidCoast Capital Radnor, Pa. 610-687-8580 $0.5 The ranking is based on self-reporting by firms. Assets include only capital invested or available for secondary purchases. *Firm also manages funds-of-funds. (1) Converted from €130 million using 2012 average annual exchange rate. (2) Converted from €120 million using 2012 average annual exchange rate. (3) Converted from €70 million using 2012 average annual exchange rate.(4) Converted from SEK360 million using 2012 average annual exchange rate. (5) Converted from €10 million using 2012 average annual exchange rate.

Appendix C

Secondary Buyer Rankings by 2012 Capital Invested

87GUIDE TO THE SECONDARY MARKET | |

Corrum Capital Management 39

CPP Investment Board 39

Credit Suisse Private Fund Group 74

CS Strategic Partners 39

DDB Private Equity & Private Markets 40

DFJ Esprit Secondaries 65

DuPont Capital Management 41

EEndeavor Capital Management 66

Equistone Partners Europe 41

FF&C Asset Management 41

Fimeris 74

Fondinvest Capital 41

Fort Washington Capital Partners Group 41

GGlobalFinance 75

Go4Venture Advisers 75

Goldman Sachs Group Inc. 42

Greenhill & Co. 75

Greenpark Capital 42

Greenspring Associates 42

Griffin Financial Group 76

HHamilton Lane 43

HarbourVest Partners 43

Harken Capital 76

Headlands Capital Management 44

Headway Capital Partners 44

Henderson Global Investors 44

Hermes Private Equity 66

Horsley Bridge Partners 44

Houlihan Lokey 76

IICAP Corporates 77

Idinvest Partners 45

AAbbott Capital Management 32

Abu Dhabi Investment Authority 32

Access Capital Partners 32

Accretive Capital Advisors 71

Accretive Capital Partners 65

ACG Capital 33

Adams Street Partners 33

Allianz Capital Partners 34

Almeida Capital 71

Alpha Associates 34

AlpInvest Partners 34

Altius Associates 35

Annex Capital Advisors 65

Apposite Capital 35

ARCIS Group 35

Auda Private Equity 35

Auldbrass Partners 36

Axa Private Equity 36

AXON Partners 71

Azla Advisors 71

BBEX Capital 37

Bio Equity Capital 37

BlackRock Private Equity Partners 37

Breslin AG 72

CCalifornia Public Employees’ Retirement System 37

California State Teachers’ Retirement System 37

Camelot Group International 72

Campbell Lutyens 73

Capital Dynamics 38

Capstone Partners 73

Cipio Partners 65

CMS Fund Advisors 38

Cogent Partners 73

Coller Capital 38

Commonfund Capital 39

Continental Capital Partners 74

Company Index


Industry Ventures 45

Institutional Venture Partners 66

Invesco Institutional 45

Investment Fund for Foundations 45

Itaventures IKE 46

JJ.P. Morgan Investment Management Inc. 46

Jolimont Capital 46

KKensington Capital Partners 46

LLake Street Capital 66

Landmark Partners 47

Lazard Private Fund Advisory Group 77

Lexington Partners 47

LGT Capital Partners 48

Liquid Realty Partners 48

Live Oak Capital 49

LLM Capital Partners 67

MMelville Capital 77

MHT Secondary Advisors 78

MidCoast Capital 49

Millennium Technology Value Partners 67

Montauk TriGuard Management 49

Morgan Stanley Alternative Investment Partners 50

Morning Street Capital 67

MSD Capital 50

Mustang Capital Partners 50

NNatixis Private Equity 50

Neuberger Berman Group 50

New Jersey State Investment Council 51

Newbury Partners 51

NewQuest Capital Partners 51

Nordea 54

NorgesInvestor 54

Northern Trust Alternatives 54

Nova Capital Management 67

NYPPEX 78

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TTelemus Capital Partners 62

Thomas Weisel Partners 62

Triago 81

Triginta Capital 62

UUBS Investment Bank 81

Unigestion 62

VVCFA Group 62

VenCap International 63

Venture Investment Associates 63

Verdane Capital 69

Vintage Investment Partners 63

Vision Capital 70

von Braun & Schreiber Private Equity Partners 64

Vorndran Mannheims Capital Advisors 70

WW Capital Partners 70

WealthCap 64

Willowridge Partners 64

Wilshire Private Markets Group 64

Winchester Capital Group 64

O

Ontario Teachers’ Pension Plan 54

PPalomar Capital Advisors 78

Pantheon 54

Paragon Partners 55

Park Hill Group 79

Partners Group 55

Pathway Capital Management 56

Paul Capital 56

PCG Asset Management 56

PEI Funds 56

Performance Equity Management 57

Permal Capital Management 57

PineBridge Investments 57

Pomona Capital 58

Portfolio Advisors 58

Private Advisors 59

Probitas Partners 79

Protostar Partners 68

RRCP Advisors 59

Rho Fund Investors 59

River Street Capital 79

Robeco Private Equity 60

SSaints Capital 68

San Francisco Employees’ Retirement System 60

SCM Strategic Capital Management 60

Secondcap 80

SecondMarket 80

SL Capital Partners 60

smac partners 68

Somerset Capital 81

StepStone Group 60

Stratim Capital 69

Stripes Group 61

SunAmerica Asset Management Corp. 61

Susquehanna International Group 61

SVG Advisers 61

Symmetry Investment Advisors 61


AAbdul-Aleem, Zaid - Greenhill & Co. 75

Abrams, Zach - Stratim Capital 69

Aerni, Ralph - SCM Strategic Capital Management 60

Aguerre, Francois - Coller Capital 38

Ailman, Christopher J. - California State Teachers’ Retirement System 37

Akers, Jeffrey - Adams Street Partners 33

Alfeld, Chad S. - Landmark Partners 47

Ali, Ahmad - Auldbrass Partners 36

Allen, Laurence - NYPPEX 78

Andrew, Mark - Lexington Partners 47

Andris, Jason - Venture Investment Associates 63

Andris, Stathis - Venture Investment Associates 63

Anquillare, Ceasar Nicholas - Winchester Capital Group 64

Anthofer, Tom S. - Cipio Partners 65

Atterbury, David - HarbourVest Partners 43

Aubert, Andre - LGT Capital Partners 48

Auffray, Valerie - Apposite Capital 35

Avirett, John - Greenspring Associates 42

BBader, Hanspeter - Unigestion 62

Baker, Steve - Fort Washington Capital Partners Group 41

Balch, Fiona - Greenhill & Co. 75

Barjami, Philip - Fimeris 74

Barnett, Troy - Adams Street Partners 33

Bauman, Gina - Institutional Venture Partners 66

Baumgarten, Steven - BlackRock Private Equity Partners 37

Beaton, Kirk - Lexington Partners 47

Beckman, Bjorn - Verdane Capital 69

Belkaid, Salim - Triago 81

Bermingham, Nessan - Bio Equity Capital 37

Berry, Meghan - Greenhill & Co. 75

Binette, Ryan - Lazard Private Fund Advisory Group 77

Blake III, Dexter - NYPPEX 78

Blümhuber, Claudia - GlobalFinance 75

Bollerman, Jeffrey - Houlihan Lokey 76

Bonavitacola, Marc - SVG Advisers 61

Borges, Francisco L. - Landmark Partners 47

Borok, Dan - Millennium Technology Value Partners 67

Bouché, Romain - ARCIS Group 35

Bowen, Sebastien - Pomona Capital 58

Bower, Christopher - PCG Asset Management 56

Box, Sally - Greenhill & Co. 75

Brandmeyer, Michael - Goldman Sachs Group Inc. 42

Brody, Tim - Auda Private Equity 35

Brophy, Parker - Mustang Capital Partners 50

Brower, Tripp - Capstone Partners 73

Brown, Dave - Greenhill & Co. 75

Brown, Simon - Equistone Partners Europe 41

Buffa, Anthony - Endeavor Capital Management 66

Burch, Mark - ARCIS Group 35

Burdel, Sebastien - Coller Capital 38

Burstein, Dan - Millennium Technology Value Partners 67

Butler, Ryan - Portfolio Advisors 58

CCamacho, Michael - AlpInvest Partners 34

Can, Stephen - CS Strategic Partners 39

Capen, Rich - VCFA Group 62

Carr, Dayton - VCFA Group 62

Chamberlain, David - Capstone Partners 73

Chambers, Anna - Triago 81

Chapman, Duncan - Lexington Partners 47

Charles, Ian H. - Landmark Partners 47

Chaudhry, Fahim - Secondcap 80

Chee, Max - Millennium Technology Value Partners 67

Cheung, Chi - DB Private Equity & Private Markets 40

Chhabria, Rishi - Campbell Lutyens 73

Chow, Richard - Abu Dhabi Investment Authority 32

Cole, Joe Don - Fort Washington Capital Partners Group 41

Coller, Jeremy - Coller Capital 38

Conners, Scott P. - Landmark Partners 47

Cooper, Gerald - UBS Investment Bank 81

Cornelius, Ronn C. - Montauk TriGuard Management 49

Costabile, Steven - PineBridge Investments 57

Costello, Jonathan - Morgan Stanley Alternative Investment Partners 50

Costello, Neal - AlpInvest Partners 34

Critchell, Bradley - ICAP Corporates 77

Croissant, Cécile - Access Capital Partners 32

Cruttenden, Tim - VenCap International 63

Cruz Peverley, Michelle - Permal Capital Management 57

Custar, Mike - Credit Suisse Private Fund Group 74

Contact Index


DDawn, Nigel - UBS Investment Bank 81

de la Infiesta, Pablo - Lazard Private Fund Advisory Group 77

de Weese, David - Paul Capital 56

Dee, Vincent P. - Pathway Capital Management 56

Delaney, Paul - Griffin Financial Group 76

Deligny, Jean-Michel - Go4Venture Advisers 75

Delos, Alexandre - Access Capital Partners 32

DeNatale, Matthew - Greenhill & Co. 75

Denison, Charles - Adams Street Partners 33

Dewan, Amant - Annex Capital Advisors 65

Dorchinecz, Brad - Northern Trust Alternatives 54

Douvos, Chris - Venture Investment Associates 63

Dréan, Mathieu - Triago 81

Dreesbach, Werner - Cipio Partners 65

EEftimiu, Emanuel - Alpha Associates 34

Engelhard, Teresa - Jolimont Capital 46

Engelien, Bernhard - Cogent Partners 73

Evain, Frédéric - Access Capital Partners 32

FFalkove, Ethan - Neuberger Berman Group 50

Farooqi, Mohammed Anwer - Abu Dhabi Investment Authority 32

Feinglass, Michael - RCP Advisors 59

Finkelstein, Abe - Vintage Investment Partners 63

Flower, Tim - HarbourVest Partners 43

Flynn, Susan - Coller Capital 38

Folle, Peter - Triginta Capital 62

Freeman, Jon - Coller Capital 38

Fremuth, Gunnar - PEI Funds 56

French, Andrew - Greenpark Capital 42

Froland, Charles - Performance Equity Management 57

Fuhrman, Glen R. - MSD Capital 50

GGalfetti, Sandro - Capital Dynamics 38

Gamblin, Francois - Secondcap 80

Garcin, Francois-Marius - Fimeris 74

Gardelli, Michele - Itaventures IKE 46

Gardey, Oliver - Pomona Capital 58

Gatcan, Diana - Triago 81

Gauron, Suzanne - Goldman Sachs Group Inc. 42

Gerbracht, Patrick - Portfolio Advisors 58

Giannetti, Thomas - Lexington Partners 47

Gigliotti, Carmen - DuPont Capital Management 41

Gillies, Charles - Jolimont Capital 46

Gilman, Cliff - Venture Investment Associates 63

Giovacchini, Paul G. - Landmark Partners 47

Glaser, Joshua - Paul Capital 56

Glass, Jon - Millennium Technology Value Partners 67

Goh, Andress - Allianz Capital Partners 34

Goldrick, Joseph - Adams Street Partners 33

Goldstein, Ed - Coller Capital 38

Gombault, Vincent - Axa Private Equity 36

Gordon, Brett - HarbourVest Partners 43

Graev, Adam - DB Private Equity & Private Markets 40

Grant, Charles - Lexington Partners 47

Green, Daniel - Greenpark Capital 42

Green, Holcombe - Lazard Private Fund Advisory Group 77

Greenwald, Marshall - Symmetry Investment Advisors 61

Gregory, Melissa - Private Advisors 59

Groen, Marleen - Greenpark Capital 42

Guenzl, Simon - Paul Capital 56

Guillot, Janine - California Public Employees’ Retirement System 37

Gull, Jason - Adams Street Partners 33

Gunn, Graeme - SL Capital Partners 60

HHaar, Nancy - Endeavor Capital Management 66

Hacker, Michael - AlpInvest Partners 34

Hadzic, Edin - Paragon Partners 55

Hall, Garrett - AlpInvest Partners 34

Hammer, Jeffrey - Houlihan Lokey 76

Hansing, Axel - Coller Capital 38

Harris, Simon - W Capital Partners 70

Harris, Stephen - MidCoast Capital 49

Hatch, Nick - Harken Capital 76

Haviland, Timothy L. - Landmark Partners 47

Haviv, Joseph - Protostar Partners 68

Hektor, Tjarko - AlpInvest Partners 34

Heston, Blake - W Capital Partners 70

Higbee, Scott - Partners Group 55

Himmel, Doug - Melville Capital 77

Hliboki, Lorraine - Pomona Capital 58

Holden, Gregory - Adams Street Partners 33

Holden, Richard - Abu Dhabi Investment Authority 32

Holley, Scott - Harken Capital 76

Hope, Harold - Goldman Sachs Group Inc. 42

Hortick, Edward - VCFA Group 62

Huang, Eva Chongshan - Adams Street Partners 33

Humber, Scott N. - Landmark Partners 47

Hunnwell, Luisa - Willowridge Partners 64


Liaudet, Thomas - Campbell Lutyens 73

Lindhorst, Britta - Auda Private Equity 35

Liou, Jeanne - PEI Funds 56

Lipson, Peter - HarbourVest Partners 43

Littlejohn, Duncan - Paul Capital 56

Livingstone, Elly - Pantheon 54

Lo, Bonnie - NewQuest Capital Partners 51

Lorgen, Eivind - Nordea 54

Lottmann, Johanna - Lazard Private Fund Advisory Group 77

Ludwig, Nils - Paragon Partners 55

Luscombe, Roger - Continental Capital Partners 74

MMalloy, Fred - Harken Capital 76

Marks, Joseph - Capital Dynamics 38

Markson, David - Triago 81

Marmer, Craig - Probitas Partners 79

Marquardt, Mona - Abbott Capital Management 32

Maxwell, Ray - Invesco Institutional 45

May, Robert - Industry Ventures 45

Maynard, Fred - HarbourVest Partners 43

McArthur, Lex - Jolimont Capital 46

McConnell, James P. - Landmark Partners 47

McDonald, Fergus - F&C Asset Management 41

McGill, Mike - MHT Secondary Advisors 78

McGrady, Colin - Cogent Partners 73

Meijer, Clifford - Thomas Weisel Partners 62

Mende, Jochen - Capital Dynamics 38

Meyer, Dominik - AXON Partners 71

Migliorino, Bob - W Capital Partners 70

Miller, Jim - Somerset Capital 81

Miller, Todd - Cogent Partners 73

Mizuno, Hiro - Coller Capital 38

Mohammed, Riyadh - Auldbrass Partners 36

Moilanen, Mikko - Access Capital Partners 32

Mollerberg, Gabriel - Goldman Sachs Group Inc. 42

Mooney, Brian - Cogent Partners 73

Morerel, Wouter - AlpInvest Partners 34

Morgan, Frank - Coller Capital 38

Morgan, Kyle - W Capital Partners 70

Moseley, Frederick - LLM Capital Partners 67

Mulderry, Dan - Paul Capital 56

Mulherin, Harbert - Live Oak Capital 49

Munch, Philippe - Greenpark Capital 42

Murphy, Bill - Cogent Partners 73

IIsnard, Henri - ARCIS Group 35

JJameson, Jonathan - Cogent Partners 73

Janis, Fran - Pomona Capital 58

Jeevarathnam, Brijesh - Commonfund Capital 39

Jinkens, Brenlen - Cogent Partners 73

John, Rebecca - Lexington Partners 47

Johnson, Phil - Fort Washington Capital Partners Group 41

Jones, Tim - Coller Capital 38

Jordan, Joanna - Greenpark Capital 42

KKao, Joe - Millennium Technology Value Partners 67

Karabelnik, David - Breslin AG 72

Kaufman, Allyson - Corrum Capital Management 39

Keay, Jeff - HarbourVest Partners 43

Kellett, Andrew - AXON Partners 71

Kelley, Mary Frances - Invesco Institutional 45

Kelly, Douglas - Pomona Capital 58

Kerr, Thomas - Hamilton Lane 43

Kheng, Jennifer - Lexington Partners 47

Killilea, Alison - W Capital Partners 70

Kirsten, Christopher - Greenhill & Co. 75

Knechtli, Patrick - SL Capital Partners 60

Knoell, Gretchen - Lake Street Capital 66

Koch, Hans-Dieter - Cipio Partners 65

Kotwal, Maneck - New Jersey State Investment Council 51

Kroll, Markus - Palomar Capital Advisors 78

Kubo, Tatsuya - HarbourVest Partners 43

Kubr, Thomas - Capital Dynamics 38

LLai, Pak-Seng - Auda Private Equity 35

Lam, Simon - Greenhill & Co. 75

Lamb, Helen - Coller Capital 38

Lambrech, John - W Capital Partners 70

Landman, William A. - CMS Fund Advisors 38

Landress, Scott - Liquid Realty Partners 48

Lanel, Nicolas - UBS Investment Bank 81

Lauby, Martial - Access Capital Partners 32

Lawrence, Chris - Auda Private Equity 35

Leader, Tom - Nova Capital Management 67

Lee, James - MHT Secondary Advisors 78

Lessar, Steve - Goldman Sachs Group Inc. 42

Lewis La Torre, Catherine - Fondinvest Capital 41


RRampelmann, Julian - AlpInvest Partners 34

Ran, Gary - Telemus Capital Partners 62

Reeve, Dan - Horsley Bridge Partners 44

Reilly, Andrew - Accretive Capital Advisors 71

Reilly, Andrew - Accretive Capital Partners 65

Revillon, Benjamin - BEX Capital 37

Rico, Guy - Paul Capital 56

Rigamonti, Francesco - DB Private Equity & Private Markets 40

Ristvedt, Pål - Lexington Partners 47

Robard, Yann - CPP Investment Board 39

Roex, Erwin - Coller Capital 38

Romano, Michael - Pomona Capital 58

Rorer, Jim - Pomona Capital 58

Roscigno, Anthony - J.P. Morgan Investment Management Inc. 46

Roubinowitz, Emmanuel - Fondinvest Capital 41

Rowe, Jane - Ontario Teachers’ Pension Plan 54

Rubin, Immanuel - Campbell Lutyens 73

Rudge, John - Lexington Partners 47

SSabassier, Dominique - Natixis Private Equity 50

Sachar, Richard - Almeida Capital 71

Salley, Christopher - Auldbrass Partners 36

Salvato, Luca - Coller Capital 38

Sambanju, Jason - Paul Capital 56

Sanabria, Paul - Houlihan Lokey 76

Sanders, Howard - Auldbrass Partners 36

Sanford, William - Morning Street Capital 67

Sanghvi, Amit - Fimeris 74

Santiago, Jason - Stripes Group 61

Savage, Rob - Greenpark Capital 42

Sawyer, Kenneth - Saints Capital 68

Schad, Michael - Coller Capital 38

Schäli, Stephan - Partners Group 55

Schmitz, Alexandre - Capstone Partners 73

Schroeck, Maximilian - Cipio Partners 65

Schuler, Ian - Fimeris 74

Schwerin, Sam - Millennium Technology Value Partners 67

Sealey, Andrew - Campbell Lutyens 73

Shan, Sally - HarbourVest Partners 43

Shanfield, Robert J. - Landmark Partners 47

Shaw, Phillip M. - Invesco Institutional 45

Sheets, Bryon - Paul Capital 56

Shen Lefranc, Laura - Headway Capital Partners 44

Simon, Christophe - Idinvest Partners 45

Sloan, Stephen - Cogent Partners 73

NNäf, Stefan - Partners Group 55

Nahum, Agnès - Access Capital Partners 32

Neal, Jason A. - Landmark Partners 47

Nelson, Brett - Fimeris 74

Nelson, Don - Harken Capital 76

Newby, Tom - Lexington Partners 47

Nicholas, Christophe - AlpInvest Partners 34

Nick, Andy - Cogent Partners 73

Nicklas, Brent - Lexington Partners 47

Nicum, Pinal - Adams Street Partners 33

Nowak, Magdalena - AXON Partners 71

Nusseibeh, Saker - Hermes Private Equity 66

OOlmos, Emilio - Abu Dhabi Investment Authority 32

Osterrief, Robert - Rho Fund Investors 59

Ostin, Olav - DFJ Esprit Secondaries 65

PPantalacci, Joelle - Fimeris 74

Parke, Marshall - Lexington Partners 47

Parshall, David - PEI Funds 56

Pathè, Eric - Greenpark Capital 42

Patterson, Addie - Verdane Capital 69

Paul, Aymeric - Access Capital Partners 32

Payne, Crispin - Coller Capital 38

Pearce, Ben - Campbell Lutyens 73

Peninon, Dominique - Access Capital Partners 32

Perkins, Tristram - Neuberger Berman Group 50

Perl, Ben - Neuberger Berman Group 50

Perloff, Hugh - Portfolio Advisors 58

Perriello, Chris - AlpInvest Partners 34

Perrin, David - Campbell Lutyens 73

Perrin, Elvire - Altius Associates 35

Perry, Verdun - CS Strategic Partners 39

Petermann, Helge - River Street Capital 79

Pfeuti, Roland - Robeco Private Equity 60

Pfohl, Edgar J. - Montauk TriGuard Management 49

Phelan, John C. - MSD Capital 50

Pigache, Guy - Henderson Global Investors 44

Pirzio-Biroli, Carlo - DB Private Equity & Private Markets 40

Platter, David - Coller Capital 38

Poggioli, Philippe - Access Capital Partners 32

Pollack, Justin - Newbury Partners 51

Porter, David - Apposite Capital 35

Powers, Dennis - Nova Capital Management 67


van Tuyll, Julia - Vision Capital 70

van Zanten, Mikan - Robeco Private Equity 60

Vicinelli, Stephen - Investment Fund for Foundations 45

Vidal, Rimsky - Fimeris 74

Viergutz, Philip - AlpInvest Partners 34

Von Braun, Emmeram - von Braun & Schreiber Private Equity Partners 64

von Moeller, Krischan - Paragon Partners 55

von Schimmelman, Christian - Goldman Sachs Group Inc. 42

Vorndran, Dr. Helmut - Vorndran Mannheims Capital Advisors 70

WWachter, David - W Capital Partners 70

Walters, Greg - Pomona Capital 58

Wang, Arthur - San Francisco Employees’ Retirement System 60

Wang, Edwin - Accretive Capital Partners 65

Wang, Edwin - Accretive Capital Advisors 71

Warren, Wilson - Lexington Partners 47

Waxman, David - Azla Advisors 71

Wertheimer, Steve - W Capital Partners 70

Wesson, Stephen - Auda Private Equity 35

Wigg, Simon - AXON Partners 71

Williamson, David - Nova Capital Management 67

Wilson, Amanda - J.P. Morgan Investment Management Inc. 46

Wilson, Ben - PEI Funds 56

Wilson, Peter - HarbourVest Partners 43

Wisser, Wiebe - AlpInvest Partners 34

Wolak, John - Morgan Stanley Alternative Investment Partners 50

Wolff, Dylan - NorgesInvestor 54

Wonnacott, Larry - Symmetry Investment Advisors 61

Woo, Helen - Protostar Partners 68

Woods, Joe - Fort Washington Capital Partners Group 41

Wu, Hans - VCFA Group 62

Wu, Lucian - Paul Capital 56

Wu, Victor - Lexington Partners 47

YYau, Christable - StepStone Group 60

Young, Mark - MHT Secondary Advisors 78

ZZellner, Claus - Allianz Capital Partners 34

Small, Elaine - Paul Capital 56

Smith, Brian M. - Montauk TriGuard Management 49

Smith, Charles - DB Private Equity & Private Markets 40

Smith, Jeremy - SecondMarket 80

Sodhi, Tina - Triago 81

Somerville, Hunter - Greenspring Associates 42

Song, Peter - CS Strategic Partners 39

Soong, Marie - Somerset Capital 81

Soulignac, Charles - Fondinvest Capital 41

Stackler, Walter - Greenhill & Co. 75

Stanzel, Matthias - GlobalFinance 75

Stark, Robert - Melville Capital 77

Stetson, Chuck - PEI Funds 56

Stitch, Katie - W Capital Partners 70

Stuiver, Jake - River Street Capital 79

Such, Craig - Stratim Capital 69

Sullivan, Brian - Paul Capital 56

Sullivan, Carol - Jolimont Capital 46

TTalbot, Brian - Neuberger Berman Group 50

Tang, Samuel - Montauk TriGuard Management 49

Taubman, Steven - VCFA Group 62

Taylor, Mike - Greenhill & Co. 75

Tedeschi, Theodore - Accretive Capital Advisors 71

Tedeschi, Theodore - Accretive Capital Partners 65

Terry, Shawn - MHT Secondary Advisors 78

Tesconi, Lee - Lexington Partners 47

Thakrar, Ash - Capital Dynamics 38

Tharmalingam, Suganya - Kensington Capital Partners 46

Thompson, Bill - Greenhill & Co. 75

Thuet, Larry - Park Hill Group 79

Tintor, George - Palomar Capital Advisors 78

Tom, David - VCFA Group 62

Toomey, John - HarbourVest Partners 43

Towsen, Brian - Morgan Stanley Alternative Investment Partners 50

Tsai, Philip - UBS Investment Bank 81

Tymen, Christophe - Fimeris 74

UUlczynski, Amanda - Wilshire Private Markets Group 64

Ulmer, Dietrich - smac partners 68

Vvan Horne, Charles - Abbott Capital Management 32


Australia

New South WalesSydneyGreenhill & Co. 75

Partners Group 55

Pomona Capital 58

VictoriaMelbourneJolimont Capital 46

Belgium

BrusselsAccess Capital Partners 32

Brazil

São PauloGoldman Sachs Group Inc. 42

Paul Capital 56

Canada

OntarioTorontoCPP Investment Board 39

Kensington Capital Partners 46


QuebecMontrealRho Fund Investors 59

China

BeijingAdams Street Partners 33


StepStone Group 60

Hong KongAuda Private Equity 35


Campbell Lutyens 73

Capital Dynamics 38

Germany

Unterhachingsmac partners 68

Bad HomburgAuda Private Equity 35

BerlinTriginta Capital 62

DüsseldorfTriginta Capital 62

Vorndran Mannheims Capital Advisors 70

FrankfurtAxa Private Equity 36

Grünwald Access Capital Partners 32

MunichAllianz Capital Partners 34

Cipio Partners 65

GlobalFinance 75

Paragon Partners 55

von Braun & Schreiber Private Equity Partners 64

WealthCap 64

Israel

HerzliyaVintage Investment Partners 63

Italy

MilanAxa Private Equity 36

RomeItaventures IKE 46

Japan

TokyoCamelot Group International 72


Park Hill Group 79

Coller Capital 38


Greenhill & Co. 75


Hamilton Lane 43




NewQuest Capital Partners 51

Pantheon 54

Park Hill Group 79

Paul Capital 56

Pomona Capital 58



ShanghaiCogent Partners 73

Colombia

BogotáHarbourVest Partners 43

Finland

HelsinkiAccess Capital Partners 32

France

ParisAccess Capital Partners 32

ACG Capital 33

ARCIS Group 35


BEX Capital 37


Fimeris 74


Idinvest Partners 45

Natixis Private Equity 50

Paul Capital 56

Triago 81

Location Index


Hermes Private Equity 66

Houlihan Lokey 76







Pantheon 54

Park Hill Group 79

Partners Group 55

Pathway Capital Management 56

Paul Capital 56

Pomona Capital 58

Saints Capital 68

Secondcap 80

Somerset Capital 81

StepStone Group 60

UBS Investment Bank 81

Unigestion 62

Vision Capital 70

Wilshire Private Markets Group 64

Winchester Capital Group 64

OxfordVenCap International 63

United States

CaliforniaIrvinePathway Capital Management 56

La JollaPCG Asset Management 56

Los AngelesHoulihan Lokey 76

Menlo ParkAdams Street Partners 33

Capital Dynamics 38

Institutional Venture Partners 66


Mill ValleyInstitutional Venture Partners 66

Newport BeachMontauk TriGuard Management 49




United Arab Emirates

Abu DhabiAbu Dhabi Investment Authority 32

DubaiPark Hill Group 79

Triago 81

United Kingdom

BirminghamCapital Dynamics 38


EdinburghSL Capital Partners 60

LondonAbbott Capital Management 32

Access Capital Partners 32

Adams Street Partners 33

Almeida Capital 71

Altius Associates 35

Apposite Capital 35

ARCIS Group 35



AXON Partners 71

Campbell Lutyens 73

Capital Dynamics 38

Cogent Partners 73

Coller Capital 38

Continental Capital Partners 74

DB Private Equity & Private Markets 40

DFJ Esprit Secondaries 65


F&C Asset Management 41

Fimeris 74

Go4Venture Advisers 75


Greenhill & Co. 75


Hamilton Lane 43


Headway Capital Partners 44


Luxembourg

LuxembourgSCM Strategic Capital Management 60

Netherlands

RotterdamRobeco Private Equity 60

Norway

Oslo

NorgesInvestor 54

SingaporeAdams Street Partners 33



Capstone Partners 73

Partners Group 55


South Korea

SeoulSCM Strategic Capital Management 60

Sweden

StockholmNordea 54

Verdane Capital 69

Switzerland

Baar-ZugPartners Group 55

ErlenbachBreslin AG 72

GenevaCamelot Group International 72

Unigestion 62

NyonCapstone Partners 73

PfaeffikonLGT Capital Partners 48

ZugAXON Partners 71

Capital Dynamics 38

ZurichAlpha Associates 34

Palomar Capital Advisors 78


LLM Capital Partners 67



SL Capital Partners 60

SVG Advisers 61

CambridgeInvestment Fund for Foundations 45

DanversPCG Asset Management 56

MichiganAnn ArborTelemus Capital Partners 62

SouthfieldTelemus Capital Partners 62

New JerseyJersey CityICAP Corporates 77

SunAmerica Asset Management Corp. 61

Unigestion 62

MadisonGriffin Financial Group 76

PeapackVenture Investment Associates 63

TrentonNew Jersey State Investment Council 51

New YorkNew York CityAbbott Capital Management 32


AlpInvest Partners 34

Annex Capital Advisors 65

ARCIS Group 35


Auldbrass Partners 36


Azla Advisors 71

BlackRock Private Equity Partners 37


Campbell Lutyens 73

Capital Dynamics 38

Cogent Partners 73

Coller Capital 38

Credit Suisse Private Fund Group 74

CS Strategic Partners 39

DB Private Equity & Private Markets 40

GreenwichPerformance Equity Management 57

New HavenWinchester Capital Group 64

SimsburyLandmark Partners 47

StamfordNewbury Partners 51

WestonEndeavor Capital Management 66

WiltonCommonfund Capital 39

DelawareWilmingtonDuPont Capital Management 41

FloridaWest Palm BeachAccretive Capital Partners 65

Accretive Capital Advisors 71

GeorgiaAtlantaInvesco Institutional 45

IllinoisChicagoAdams Street Partners 33

Greenhill & Co. 75

Houlihan Lokey 76


Northern Trust Alternatives 54


Park Hill Group 79

RCP Advisors 59

GlencoeSymmetry Investment Advisors 61

MarylandBaltimore Greenspring Associates 42

MassachusettsBoston

Bio Equity Capital 37


Harken Capital 76



Palo AltoInvestment Fund for Foundations 45


Venture Investment Associates 63

SacramentoCalifornia Public Employees’ Retirement System 37

California State Teachers’ Retirement System 37

San DiegoStepStone Group 60

San FranciscoCogent Partners 73



Greenhill & Co. 75

Hamilton Lane 43

Harken Capital 76

Headlands Capital Management 44

Horsley Bridge Partners 44

Houlihan Lokey 76

Industry Ventures 45

Lake Street Capital 66

Liquid Realty Partners 48

Pantheon 54

Partners Group 55

Paul Capital 56

Probitas Partners 79

Saints Capital 68

San Francisco Employees’ Retirement System 60

Stratim Capital 69

Thomas Weisel Partners 62

VCFA Group 62

Santa MonicaWilshire Private Markets Group 64

San JoseCipio Partners 65

ColoradoDenverMustang Capital Partners 50

Wheat RidgeSymmetry Investment Advisors 61

ConnecticutDarienPortfolio Advisors 58


ReadingGriffin Financial Group 76

West ConshohockenInvestment Fund for Foundations 45


WynnewoodCMS Fund Advisors 38

Rhode IslandWest WarwickPathway Capital Management 56

TexasDallasCapstone Partners 73

Cogent Partners 73

Houlihan Lokey 76

Live Oak Capital 49


UtahSalt Lake CityGoldman Sachs Group Inc. 42

VirginiaAlexandriaIndustry Ventures 45

RichmondPrivate Advisors 59

StepStone Group 60

Stripes Group 61

Triago 81

UBS Investment Bank 81

VCFA Group 62

W Capital Partners 70

Willowridge Partners 64

Rye BrookNYPPEX 78

WoodburyMelville Capital 77

North CarolinaCharlotteCorrum Capital Management 39

OhioCincinnatiFort Washington Capital Partners Group 41

ClevelandPrivate Advisors 59

PennsylvaniaBala CynwydHamilton Lane 43

Susquehanna International Group 61

RadnorMidCoast Capital 49

Fimeris 74


Greenhill & Co. 75

Hamilton Lane 43

Houlihan Lokey 76

J.P. Morgan Investment Management Inc. 46



Millennium Technology Value Partners 67

Morning Street Capital Inc. 67

MSD Capital 50

Neuberger Berman Group 50

Pantheon 54

Park Hill Group 79

Partners Group 55

Paul Capital 56


PEI Funds 56


PineBridge Investments 57

Pomona Capital 58

Protostar Partners 68


River Street Capital 79


SecondMarket 80


Abbott Capital Management, 32 • • • • • • •Abu Dhabi Investment Authority, 32 • • • • • • • •

Access Capital Partners, 32 • • • •ACG Capital, 33 • • • • •

Adams Street Partners, 33 • • • • • • • •

Allianz Capital Partners, 34 • • • • •

Alpha Associates, 34 • • • • •

AlpInvest Partners, 34 • • • • • •

Altius Associates, 35 • • • • • •

Apposite Capital, 35 •

ARCIS Group, 35 • • • • • • • •Auda Private Equity, 35 • • • • • • • •

Auldbrass Partners, 36 • • • • • • •Axa Private Equity, 36 • • • • • •BEX Capital, 37 • • • • • •Bio Equity Capital, 37 • • •

Capital Dynamics, 38 • • • • • • • •CMS Fund Advisors, 38 • • • •

Coller Capital, 38 • • • • • • • •

Commonfund Capital, 39 • • • • •

CPP Investment Board, 39 • • •

CS Strategic Partners, 39 • • • • • • • • •

DB Private Equity & Private Markets, 40 • • • • • • • •

DuPont Capital Management, 41 • • • • • • • •

Fondinvest Capital, 41 • • • • • •

Fort Washington Capital Partners Group, 41 • • • • • • •

Goldman Sachs Group Inc., 42 • • • • • • • • •

Greenpark Capital, 42 • • •

Greenspring Associates, 42 •

Hamilton Lane, 43 • • • • • • •

HarbourVest Partners, 43 • • • • • • • • •Headway Capital Partners, 44 • • • • • • •

Horsley Bridge Partners, 44 • • • •

Idinvest Partners, 45 • • •

Industry Ventures, 45 • • • • •

Investment Fund for Foundations, 45 • • • • • •

Itaventures IKE, 46 • • • •

J.P. Morgan Investment Management Inc., 46 • • • • • • • • •

Jolimont Capital, 46 • • •

Kensington Capital Partners, 46 • • • • • • •

Landmark Partners, 47 • • • • • • • • •

Lexington Partners, 47 • • • • • • • • • •

Secondary Market Buyer

Interests Sought Index Special Real Stakes Unfunded Venture LBO Mezz. situations estate in private or largely U.S. Non-U.S. Company name, page number funds funds funds funds funds cos. unfunded funds funds Other

continued on next page >


LGT Capital Partners, 48 • • • • • • • • •

Liquid Realty Partners, 48 •

Live Oak Capital, 49 • • • •

MidCoast Capital, 49 • • • • • • • •

Montauk TriGuard Management, 49 • • • • • • •

Morgan Stanley Alternative Investment Partners, 50 • • • • • • • • •

Mustang Capital Partners, 50 • • • • • • •

Neuberger Berman Group, 50 • • • • • •

Newbury Partners, 51 • • • • • • • •

NewQuest Capital Partners, 51 •NorgesInvestor, 54 •

Northern Trust Alternatives, 54 • • • • • • •

Pantheon, 54 • • • • • • • •

Paragon Partners, 55 •

Partners Group, 55 • • • • • • • • •

Pathway Capital Management, 56 • • • • •

Paul Capital, 56 • • • • • • • • •PEI Funds, 56 • • • • • • •

Permal Capital Management, 57 • • •

PineBridge Investments, 57 • • • • • • • •

Pomona Capital, 58 • • • • • • • •

Portfolio Advisors, 58 • • • • • • • • •

Private Advisors, 59 • • • • • • •

RCP Advisors, 59 • • • •

Rho Fund Investors, 59 • • • •Robeco Private Equity, 60 • • • • •SL Capital Partners, 60 • •

StepStone Group, 60 • • • • • • •

Stripes Group, 61 •

Susquehanna International Group, 61 • • • • • •

SVG Advisers, 61 • • •

Symmetry Investment Advisors, 61 • • • • •

Thomas Weisel Partners, 62 • • •

Unigestion, 62 • • • • • •

VCFA Group, 62 • • • • •

VenCap International, 63 • • •

Venture Investment Associates, 63 • • • •

Vintage Investment Partners, 63 • • • • •

von Braun & Schreiber Private Equity Partners, 64 • • • • • •

Willowridge Partners, 64 • • • • • • • •

Wilshire Private Markets Group, 64 • • • • • •

Special Real Stakes Unfunded Venture LBO Mezz. situations estate in private or largely U.S. Non-U.S. Company name, page number funds funds funds funds funds cos. unfunded funds funds Other

Secondary Market Buyer

Interests Sought Index


Abu Dhabi Investment Authority, 32 • • • • • • • •

Access Capital Partners, 32 • •

Accretive Capital Partners, 65 • • • •

Adams Street Partners, 33 • • • • • • • • • •

AlpInvest Partners, 34 • • • • • • • • •

Altius Associates, 35 • • • • • •

Annex Capital Advisors, 65 •

Apposite Capital, 35 • • • • • • •

ARCIS Group, 35 • • • •

Auda Private Equity, 35 • • • • • • • • • •

Auldbrass Partners, 36 • • • • •

Axa Private Equity, 36 • • • • •

BEX Capital, 37 • • •

Bio Equity Capital, 37 • • •

Capital Dynamics, 38 • • • • • • • • • •

Coller Capital, 38 • • • • • • • • • •

CPP Investment Board, 39 • • • • • • • • •

CS Strategic Partners, 39 • • • • • • • • • •

DB Private Equity & Private Markets, 40 • • • • • • • • • •

DFJ Esprit Secondaries, 65 • •

Endeavor Capital Management, 66 • •

Fondinvest Capital, 41 • • • • • •

Fort Washington Capital Partners Group, 41 • • • • •

Goldman Sachs Group Inc., 42 • • • • • • • • • •

Greenpark Capital, 42 • • • • • •

Greenspring Associates, 42 • • •

Hamilton Lane, 43 • • • • • • • • • •

HarbourVest Partners, 43 • • • • • • • • • • •Headway Capital Partners, 44 • • • • • • • • • •

Idinvest Partners, 45 • •

Industry Ventures, 45 • • • • • • • • • •

Institutional Venture Partners, 66 •

Itaventures IKE, 46 • • •J.P. Morgan Investment Management Inc., 46 • • • • • • • • • •

Jolimont Capital, 46 • • • • •

Kensington Capital Partners, 46 •

Lake Street Capital, 66 •

Landmark Partners, 47 • • • • • • • • •

Lexington Partners, 47 • • • • • • • • •

LGT Capital Partners, 48 • • • • • • • • • •

Liquid Realty Partners, 48 • • • • •

LLM Capital Partners, 67 •

West. Central & Asia (exc. Latin Middle Company name, page number U.S. U.K. Europe East. EU Canada Australia Japan) Japan America East Other

Secondary Market Buyer & Direct Manager

Geographic Preference Index

continued on next page >


MidCoast Capital, 49 • • • • • • •

Millennium Technology Value Partners, 67 • • • • • • • • • •

Morgan Stanley Alternative Investment Partners, 50 • • • • • • • • • •

Morning Street Capital, 67 • • • •

Mustang Capital Partners, 50 • • • • • • • • •

Neuberger Berman Group, 50 • • • • • • • •

Newbury Partners, 51 • • • • • • • •

NewQuest Capital Partners, 51 • •

Nova Capital Management, 67 • • • • •

Pantheon, 54 • • • • • • • • • •

Partners Group, 55 • • • • • • • • • •

PEI Funds, 56 •

Permal Capital Management, 57 • • • • • •

PineBridge Investments, 57 • • • • • • • • • •

Pomona Capital, 58 • • • • • • • • • •

Portfolio Advisors, 58 • • • • • • • • • •

Private Advisors, 59 • • • •

Protostar Partners, 68 •

Saints Capital, 68 • • • • • • •

smac partners, 68 • • • • •

StepStone Group, 60 • • • • • • •

Stratim Capital, 69 • • • •Stripes Group, 61 •

Thomas Weisel Partners, 62 • •

VCFA Group, 62 • • • • • • •

Verdane Capital, 69 • • •Vintage Investment Partners, 63 • • •Vision Capital, 70 • • • • • • •

W Capital Partners, 70 • • • •

Willowridge Partners, 64 • • • • • • • • • •

West. Central & Asia (exc. Latin Middle Company name, page number U.S. U.K. Europe East. EU Canada Australia Japan) Japan America East Other

Secondary Market Buyer & Direct Manager

Geographic Preference Index


Banks/Financial Endowments/ Family Public Wealthy Company name, page number Institutions Foundations Offices Pension Funds Individuals Other

Accretive Capital Advisors, 71 • •

Almeida Capital, 71 • • • • •

AXON Partners, 71 • •

Azla Advisors, 71 • • • • •Breslin AG, 72 • • • • • •Camelot Group International, 72 • • • • •

Campbell Lutyens, 73 • • • • •Capstone Partners, 73 • • • •

Cogent Partners, 73 • • • • • •Continental Capital Partners, 74 • • • • •

Credit Suisse Private Fund Group, 74 • • • • •

Fimeris, 74 • • • • •Go4Venture Advisers, 75 • •Greenhill & Co., 75 • • • • • •Griffin Financial Group, 76 • • • • •Harken Capital, 76 • • • • •

Houlihan Lokey, 76 • • • • • •ICAP Corporates, 77 • • • • • •Lazard Private Fund Advisory Group, 77 • • • • • •Melville Capital, 77 • • • • • •MHT Secondary Advisors, 78 • • • • •

NYPPEX, 78 • • • • •

Palomar Capital Advisors, 78 • • • • •

Park Hill Group, 79 • • • • •

Probitas Partners, 79 • • • •

River Street Capital, 79 • • • •

Secondcap, 80 • • • • • •SecondMarket, 80 • • • • • •Somerset Capital, 81 • • •

Triago, 81 • • • • •UBS Investment Bank, 81 • • • • • •

Secondary Market Intermediary

Index by Types of Clients Represented


Secondary Market Intermediary

Index by Average Size of Secondary Deals Represented Under $10M to $100M to $500M to Company name, page number $10M $99M $499M $999M $1B+

Accretive Capital Advisors, 71 • •

Almeida Capital, 71 • • •

AXON Partners, 71 • •

Azla Advisors, 71 • • •

Breslin AG, 72 • • •

Camelot Group International, 72 • • • •Campbell Lutyens, 73 • • •Capstone Partners, 73 • • • •

Cogent Partners, 73 • • • • •Continental Capital Partners, 74 • • •

Credit Suisse Private Fund Group, 74 • • • •Fimeris, 74 • • • •

Go4Venture Advisers, 75 •

Greenhill & Co., 75 • • • •Griffin Financial Group, 76 • • •

Harken Capital, 76 • •

Houlihan Lokey, 76 • • •ICAP Corporates, 77 • • • • •Lazard Private Fund Advisory Group, 77 • • • •Melville Capital, 77 • • • •

MHT Secondary Advisors, 78 •

NYPPEX, 78 •

Palomar Capital Advisors, 78 • •

Park Hill Group, 79 • • • • •River Street Capital, 79 •

Secondcap, 80 •

SecondMarket, 80 • •

Somerset Capital, 81 • • •

Triago, 81 • • • •

UBS Investment Bank, 81 • • • •

n Capital Raising: Teams have raised over $121 billion of equity across 142 private funds

n Secondary Advisory: Over $4 billion closed since 2010

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GUIDE TO THE SECONDARY MARKET - Dow Jones & Company