Current Mandates
We are a dedicated partner to our clients during the fundraising process and selectively work with a few fund managers each year to connect them with leading institutional investors.
US & European Private Equity Secondaries Fund VI
ASSET CLASS
Private Equity and Venture Capital
SIZE
$1 Billion
CLOSES
Q3/Q4 2023 (1st Close)
SUMMARY
Fund VI is a middle-market secondary program focussed on the US and Europe, with minimal leverage and consistent returns over several prior funds. Current market conditions (2020-2024), including volatile public equities and interest rates, amongst other macro-variables, should benefit this 8-year shorter-duration fund. Fund V currently has a 26% (net IRR) and 1.46x (net TVPI).
FUND MANAGER
Global asset manager with $150 Billion in AUM, and a private equity program that has deployed several Billion, across >110 deals, over two decades. Unlike most secondary managers, this team has stayed away from leverage and stayed close to the tradtitional approach to investing in secondaries. Their LPs continue to be leading insurances, pensions and endowments.
US and OECD Healthcare and Education Private Equity Fund II
ASSET CLASS
Private Equity and Venture Capital
SIZE
$500 Million
CLOSES
Q3 2023 (2nd Close)
SUMMARY
The manager and the Fund II is backed by one of the most successful investors globally, and will make mostly follow-on investments in Fund I companies. The investments will be growth investments in the healthcare and education sectors. Fund II is targetting >25% net IRR.
FUND MANAGER
One of the strongest emerging manager teams that we have seen in recent years, they bring together excellence in both private investing and operations, along with sector expertise in health and eduction. The leadership has achieved an IRR of 42% and MoM of 5.3x, historically.
US & European Private Equity Prefered Commitments Fund of Funds II
ASSET CLASS
Private Equity and Venture Capital
SIZE
> $500 Million
CLOSES
Q3/Q4 2023 (1st Close)
SUMMARY
Fund II makes anchor investments in best-in-class first-time institutional-quality private equity funds, receiving favorable economics including reduced management fees, reduced carried interest, and free co-investments. Thereby, eliminating any incremental fees that are associated with Fund of Funds, while offering diverification and the alpha associated with first-time funds. Fund I (v. 2020) is currently at a net 33% IRR.
FUND MANAGER
Global asset manager with $150 Billion in AUM, and a private equity program that has deployed several Billion, across >110 deals, over two decades. A few prestigious large institutional LPs in the US and Europe have used this program as their emerging manager program in private equity.
US Tech Growth PE and Venture “Hybrid” Fund VII (Fund of Funds and Directs)
ASSET CLASS
Private Equity and Venture Capital
SIZE
$250 Million
CLOSES
Q3/Q4 2023 (Final Close)
SUMMARY
A diversified U.S. venture and growth strategy that includes meaningful positions in difficult-to-access venture funds and co-investments in late stage companies. A unique fee structure makes the fund more compelling versus investing in direct VC funds , as well as Fund of Funds. Fund V currently has a net IRR of ~37%.
FUND MANAGER
A distinguished female-led U.S. venture fund of fund and direct investments manager, with over $1 Billion in AUM, and an important small-cap public equity market heritage. Several insurance companies, pensions, and family offices use this manager to achieve a diversified, hard to access venture capital allocation.
US LMM Strategic Credit Income Fund IV focused on 1st lien senior secured loans.
ASSET CLASS
Private Credit
SIZE
$750 Million
CLOSES
Q3 2023 (Final Close)
SUMMARY
The GP focuses on businesses that are not owned by larger private equity firms, where the market is more inefficient and business owners are willing to pay for active, value-added model. The fund offers capital protection with 1st lien, senior secured loans, low company leverage averaging 3.5x Total Debt / EBITDA, comprehensive lender protective maintenance covenants. The current yield target is 12%+ annual cash yields (distributed quarterly).
FUND MANAGER
Team has been making secondary and primary credit investments for over 25 years. 40+ person team including former senior leadership from Credit Suisse, Citigroup, BMO and SBIC program. The GP currently has ~$2 Billion in AUM, exclusively focused on the U.S. Lower Middle-Market.
U.S. Lower Middle-Market Secondary Fund II focused on credit and some structured equit
ASSET CLASS
Private Credit
SIZE
$500 Million
CLOSES
Q3 2023 (Final Close)
SUMMARY
Acquire LP interests and direct company positions, often at discounted valuations, from motivated sellers seeking early liquidity in the U.S. LMM credit and some structured equity investments with yield, downside protection and equity upside. Fund I currently has a 16.7% net IRR.
FUND MANAGER
Team has been making secondary and primary credit investments for over 25 years. 40+ person team including former senior leadership from Credit Suisse, Citigroup, BMO and SBIC program. The GP currently has ~$2 Billion in AUM, exclusively focused on the U.S. Lower Middle-Market.
North American Infrastructure Credit Fund II
ASSET CLASS
Private Credit - Infrastructure
SIZE
$500 Million
CLOSES
Q4 2023 (Final Close)
SUMMARY
The fund focusses on infrastructure credit opportunities in the middle market with a focus on power & renewables, digital & telecom, social, transport and other sustainable sectors. The target returns are 9%, and the fund is currently performing with a gross IRR of approx. 14% and a cash yield of approx. 7%.
FUND MANAGER
The manager currently has over AUM in excess of $200 Billion across its strategies, and the infrastructure credit team has over 100 years of cummulative experience in the sector.
European Growth/Venture Debt Fund IV
ASSET CLASS
Private Credit
SIZE
€300 Million
CLOSES
Q1 2024 (Final Close)
SUMMARY
Fund IV is a growth debt fund, financing late-stage technology companies, across Western Europe. The target unleveraged gross IRR for Fund III is 18-20% (14-16% net IRR) composed of a gross cash yield of 11% per annum on senior secured loans, further enhanced with return on the warrants and equity participation rights.
FUND MANAGER
The only minority-women led team in private debt and venture capital in Europe, this stable and experienced team that has the right combination of competencies and 2 funds with >40 loans and a prior history of 267 transactions representing €665 Million over 140+ companies across 12 European jurisdictions. 2/3rd of the senior team are women with 7 nationalities and 12 languages.
Diversified North American Liquid Commercial Real Estate Credit
ASSET CLASS
Real Estate Private Credit
SIZE
$2.5 Billion
CLOSES
Evergreen
SUMMARY
First lien mortgages targeting 65% LTV, with short durations, adjunct collateral and personal guarantees. The fund provides monthly distributions and liquidity redemptions. We continue to raise capital for this strategy from insuance companies, wealth managers/RIAs, family offices, and endowments and foundations. Given that the fund is liquid, the LPs usually come in with a smaller ticket and then grow their commitment, over time.
FUND MANAGER
The GP is one of the largest non-bank commercial/industrial real estate lenders in North America and manages a portfolio of over $2.5 Billion. There is a 20-year track record with an annualized 9.2% returns.
US Diversified Real Estate Value-Add Fund IV
ASSET CLASS
Real Estate Private Equity
SIZE
$750 Million
CLOSES
Q3 2024 (2nd Close)
SUMMARY
Middle market value-add and thematic strategy, with a focus on multi-tenant industrial real estate and a potential for diversification and enhanced non-core risk-adjusted returns within real estate allocation.
FUND MANAGER
The fund manager is a vertically inegrated platform with a 33 year history. The team has invested across multiple cycles and is experienced in managing real estate through downturns and distressed situations. They have managed over $12 Billion, and have delivered a consisent performance, historically.
US Middle Market Real Estate Secondaries Fund VIIIb
ASSET CLASS
Real Estate Private Equity
SIZE
$500 Million
CLOSES
Q1 2024 (Final Close))
SUMMARY
This is the 9th such fund by this middle market real estate specialist focussed on both LP-led and GP-led secondaries. The current market conditions, including volatile public equities, real estate and high interest rates, benefit this fund manager and it is targetting a net IRR of ~15% and net MOIC of ~1.4x.
FUND MANAGER
The fund manager has approximately $50 Billion in AUM and allocates ~$4 Billion to private markets each year. On the real estate side they have invested over $2.5Billion, in 200+ deals and work with 100+ real estate fund managers.
US Co-GP Real Estate Private Equity Fund IV
ASSET CLASS
Real Estate Private Equity
SIZE
$225 Million
CLOSES
Q4 2023 (Final Close)
SUMMARY
This is one of most unique, but proven real estate private equity strategies, and this GP is one of the very few with a track record. By leveraging expertise and sourcing relationships, this manager gains access to the sponsors' share of the equity capital within institutional real estate projects. The manager then generates performance differential or alpha by getting a percentage in the GP promote, with the same risk as the institutional investors in the deal. Fund III currently has a net IRR of 42%.
FUND MANAGER
The fund manager specializes in investing alongside best-in-class real estate sponsors and institutional investors in commercial real estate deals across North America and Europe. They have achieved very high returns to date and have LPs, including RIAs, wealth managers, family offices and fund of funds.
Australian Sustainable Real Assets (Renewables) Fund
ASSET CLASS
Infrastructure Private Equity
SIZE
$750 Million
CLOSES
Q3 2023 (1st Close)
SUMMARY
Australia's only pure play clean energy infrastructure fund. ‘Platforms and portfolios’ approach designed to gain captive options over a diversified portfolio of renewable assets, developments and technologies. The fund will invest across generation, energy storage, waste to energy, transmission, and hydrogen in the late stages of development.
FUND MANAGER
Ex-Macquarie team (spun out of principal investment group) with AUM of >$1BN. Track record of 23% IRR across A$2 Billion invested in the sustainble infrastructure space. The GP currently manages capital on behalf of large global institutions such as Goldman Sachs and Blackrock.
Latin American Toll Roads Fund and SMAs
ASSET CLASS
Infrastructure Private Equity
SIZE
$800 Million
CLOSES
Funds, Co-Invests, and SMAs Available
SUMMARY
The fund will be broken into two platforms Pacific (Colombia, Peru, Chile, Mexico) and a Brazilian only platform (LPs have the option to allocate to one or both depending on geographic preference). Targeting medium-sized, brownfield toll roads to build highly attractive LatAM regional platforms, offering an attractive cash yield (4-8% p.a.) and net returns of ~15% to LPs.
FUND MANAGER
This spin-off team is led by the ex-CEO and chairman of OHL Concesiones, previously the largest toll roads operator in LatAM, and later IFM. The team has executed and managed more than 33 transport concessions with an investment value of $10 Billion and (net) returns of 18% IRR and 4.5x MOIC.
Recent Final Closes
U.S. Middle-Market Real Estate Secondaries Fund VIII
SIZE
$300 Million
FINAL CLOSE
Q2 2023
European Growth/Venture Debt Fund III
SIZE
€165 Million
FINAL CLOSE
Q2 2023
Energy Transition Metals and Minerals Private Equity Fund I
SIZE
$100 Million
FINAL CLOSE
Q2 2023
US Tech Venture Fund of Funds II
SIZE
$100 Million
FINAL CLOSE
Q2 2022
US Tech Growth Private Equity Fund III
SIZE
$150 Million
FINAL CLOSE
Q3 2021
US Diversified Real Estate Value-Add Fund III
SIZE
$500 Million
FINAL CLOSE
Q1 2021
U.S. Hybrid Fund of Fundand Growth-stageCo-Investments V
SIZE
$130 Million
FINAL CLOSE
Q4 2019
*Final close achieved above target
European PE Fund III
SIZE
Eur 175 Million
FINAL CLOSE
Q1 2018
*Final close achieved above target
North American Clean Energy Infrastructure Credit
SIZE
$500 Million
FINAL CLOSE
N/A
India Consumer-Focused Venture Fund II
SIZE
$125 Million
FINAL CLOSE
Q3 2020
*Final close achieved above target
U.S. VC Fund of Fund
SIZE
$100 Million
FINAL CLOSE
Q2 2020
European Structured Credit Fund IV
SIZE
Eur 246 Million
FINAL CLOSE
Q4 2020 (First Close)
*largest fund to-date for the GP
Institutional Investor Demand
Per recent conversations with our LP relationships about their current investment targets, we are interested in speaking with managers that have funds focused on the investment strategies listed below:
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Secondaries
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Distressed Debt
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Venture Capital
Investment Inquiries
For institutional investors interested in learning more about our current mandates, please reach out to our team:
Allan Majotra
Managing Partner
In addition, we encourage you to sign up for our mailing list to receive periodic updates on current mandates and notifications for new investment opportunities when they become available.