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GUIDE TO THE SECONDARYMARKET2014 Edition

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2014 Edition

Editorial Laura Kreutzer, David Smagalla, Hillary Canada, Yuliya Chernova, Sonja Cheung, Alec Macfarlane, Michael Wursthorn

Research Victoria Camporeale Bradley, Sean Curran

Advertising Joseph Koskuba, James Lindquist

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GUIDE TO THE SECONDARYMARKET

GUIDE TO THE SECONDARY MARKET | | 3

Table of ContentsI. Introduction

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

Large Portfolio Sales Put Secondary Market Back on Track 6 By Michael Wursthorn

Secondary Market Timeline 16 Fundraising and Deal Volume, 2001-2013

Secondary Market Posts Big Year in 2013, but Exactly How Big? 18 By Laura Kreutzer and Michael Wursthorn

Strong Pricing Drives Some Buyers Further Out on the Risk Spectrum 20 By Laura Kreutzer

Fund Recaps Gather Steam Despite Challenges 25 By Michael Wursthorn

More LPs Seek Secondary Deals, but Can They Fly Solo? 28 By Hillary Canada

Secondary Buyers Bet Slow Growth in Asia Will Drive More Deals 30 By Sonja Cheung

The Rise and Fall of Paul Capital 31 By Alec Macfarlane

Nasdaq Takes Aim at Secondaries Market 33 By Yuliya Chernova

Secondaries Reap Rewards of Boom Era Deals 34 By David Smagalla

II. Sponsored ArticlesGP-Led Fund Restructurings and Recapitalizations: A Growing Market Solution 36 By Brian Mooney of Cogent Partners

Discount to Net Asset Value: A Key Factor to Producing High Returns? 37 By Charles Soulignac of Fondinvest Capital

2014 Secondary Market Valuation Trends and Outlook Highlights for Private Funds and Companies World-Wide 39 NYPPEX Holdings LLC

III. Firm ListingsSecondary Market Buyer Listings 40

Secondary Direct Manager Listings 63

Intermediary Firm Listings 67

IV. AppendixesA. Investors That Have Backed Secondary Funds 75

B. Secondary Market Buyer: Interests Sought 78

C. Secondary Market Buyer & Direct Manager: Geographic Preferences 80

D. Secondary Market Direct Manager: Industry Preferences 82

E. Secondary Market Intermediary: Types of Clients Represented 83

F. Secondary Market Intermediary: Average Size of Deals Represented 84

V. IndexesCompany Name 85

Contact Name 88

| | GUIDE TO THE SECONDARY MARKET4

Preface

When we published this report back in 2007, the secondary market was coming of age as more institutional investors turned to secondary deals as a

portfolio management tool, finally shedding the stigma that had often been attached to such sales.

At that time, pricing for secondary deals had reached aggressive levels, in some cases exceeding 100% of a portfolio’s net asset value. Meanwhile, third-party debt also had made its way into the secondary market, raising questions about the level of risk secondary firms had assumed. Finally, stapled secondary deals, in which the buyer provides fresh capital for a new fund as part of the deal, also had become a more common component of transaction structures.

Fast forward to 2014 and the secondary market has more than doubled in size since those days, both in transaction volume and in annual fundraising. Yet many of the issues that characterized the market back in 2007 appear to have resurfaced, according to our latest survey of secondary buyers. Once again, pricing has approached, if not exceeded, the net asset value for certain assets, prompting the highest percentage of buyers calling this a seller’s market since 2007. At the same time, third-party debt and stapled secondary transactions have re-emerged more commonly in deal structures.

In this edition of the Dow Jones Guide to the Secondary Market, we examine how secondary buyers are positioning themselves in today’s competitive market and where they see the greatest potential for deal flow growth. We also look at the growing trend of fund recapitalizations and the complexities associated with such deals.

Of course, you’ll also find the usual array of profiles of buyers and intermediaries, along with the fundraising, performance and deal volume statistics that have always characterized these guides.

We hope you find this guide useful and, as always, welcome your feedback on how we can improve future editions.

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

Pfaeffikon, New York, Dublin, London, Dubai, Beijing, Hong Kong, Tokyo www.lgtcp.com, [email protected]

Leading the way in secondary investing

LGT Capital Partners is a leading private equity fund of funds manager and secondary specialist with

over USD 22 billion in commitments and is acquiring private equity interests actively and discretely.

LGT Capital Partners provides portfolio management and liquidity solutions

since 1997 and leads secondary investments in:

� Buyout and Venture Capital partnerships

� European, US and Asian assets

� Special situations (unfunded positions, direct secondaries)

For further information please contact André Aubert ([email protected])

or Sascha Gruber ([email protected])

Secondaries House of the Year 2012

LGT Capital Partners

Secondaries House of the Year 2012

LGT Capital Partners

Pfaeffikon | New York | Dublin | London | Dubai | Beijing | Hong Kong | Tokyo [email protected] | www.lgtcp.com

LGT Capital PartnersSecondaries House of the Year 2013


Strong pricing has also helped encourage limited partners to clean up their portfolios. More investors have at least put feelers out on fund portfolios to see whether buyers will pay close, or even above, net asset value for the portfolios on offer.

“Why not look to sell a portfolio if you can get close to NAV?” Mr. Jones said.

For example, Boston-based fund-of-funds manager HarbourVest Partners may sell two separate private equity portfolios, one valued at roughly $400 million and another at around $100 million, according to people familiar with the deal. The firm hopes to take advantage of the generous pricing conditions in the market, those people said, adding that it’s an “opportunistic” process.

Volcker Clock Ticks DownRegulatory pressure also continues to fuel deal flow after U.S. lawmakers finalized guidance on the Volcker rule, which limits the percentage of riskier assets, such as private equity and hedge funds, that financial institutions can carry on their balance sheets.

Survey participants said regulatory changes drove an average of 29% of their deal flow as U.S. and foreign banks divest private equity fund investments ahead of the Volcker rule’s deadline of July 21, 2015. Some banks may seek extensions to the deadline to give them additional time to come into compliance.

By MICHAEL WURSTHORN

After a sluggish start to 2013, the secondary market has

regained lost ground as a surge in big portfolio sales and a smattering of fund restructurings have put 2014 on pace to be one of the industry’s strongest years yet.

“The first half of last year was slow. But this year started off very strong,” said Tim Jones, chief executive of secondary firm Coller Capital. “There’s two drivers behind it: Pricing has reached [net asset value] for sellers – so why not bring a book to market? – and there’s a strong desire for investors to reshape, rationalize and restructure their fund books.”

Strong stock market performance as well as a steady flow of distributions from private equity portfolios, regulatory pressure and an ongoing desire among investors to reduce the number of general partner relationships in their portfolios have all helped bring more portfolios to market.

Many buyers remain confident the good times will continue at least through the rest of this year, according to the results of the latest Dow Jones survey of secondary buyers. About two-thirds of secondary buyers surveyed said they expect 2014 to be a record year for volume, an increase from last year, when just over half of respondents expected 2013 to finish on a strong note. The survey reflected responses from 58 secondary buyers, including many of the industry’s largest players.

As in the 2013 survey, portfolio management remains the biggest driver of deal volume, according to the survey. Portfolio management needs accounted for about 40% of secondary deals among respondents to this year’s survey, making it the biggest motivator of deal volume.

Large Portfolio Sales Put Secondary Market Back on Track

What Percentage of Secondary Deals You Do Is Due to:

Source: Guide to the Secondary Market, 2014 edition

0

10

20

30

40%

MedianMean

OtherGPrecapitalizations

(or fundrestructurings)

Their use as a portfolio

managementtool

Regulatorychanges

Economicconcerns of

inexperiencedinvestors/distressed

22%

29%

40%

24%

20%

25%

40%

18%

9% 9%

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


No

Yes

20132014

47%

34%

53%66%

There isn’t an exact measure of the size of the fund recap market, but industry participants estimate it could grow to as much as $40 billion in total volume.

“A lot of the restructurings have been working today because of the attractive pricing environment,” said one secondary intermediary. “There’s been a rush of supply to the market and a lot more talk of these types of deals today than last year or before.”

“Banks seem to be getting more serious now that the rules are more formalized,” said Rudy Scarpa, partner on the secondary team at Pantheon. “That said, it just takes time for banks to make the decision to sell.”

Although a number of financial institutions have divested of large portfolios since 2010, some secondary professionals estimate that anywhere between $60 billion and $85 billion worth of assets remain on bank balance sheets.

HSBC Holdings PLC, Wells Fargo & Co., Goldman Sachs Group Inc., Citigroup Inc. and J.P. Morgan Chase & Co. are only a few of the larger banks that continue to hold private equity assets that could find their way onto the secondary market over the next couple of years.

Fund restructurings and recapitalizations account for a growing force behind deal volume, according to our survey. This year, secondary respondents said restructurings represented an average of 24% of their deal flow, and that number may grow as GPs and LPs become more comfortable with the structure.

The fund recap structure allows aging or ailing funds to raise new capital and offers an exit opportunity to investors looking to cash out. However, the complexity associated with these deals make them tough to pull off, given that the terms and pricing must satisfy the fund’s GP, its LPs and the secondary buyer (see page 25 for an in-depth analysis on fund restructurings).

Percentage of Funds Going to Large/Small Deals


0

20

40

60

80%

Prior FundCurrent Fund

Stakes with NAVsless than $15M

Stakes with NAVslarger than $15M

50% 50% 50%

73%

Median %


transaction said. Earlier this year, Lexington Partners acquired a roughly $1 billion portfolio of U.S. and European private equity funds from Ireland’s National Pensions Reserve Fund, said two other people with knowledge of the situation.

Deal flow even above $500 million has been robust. The Teachers’ Retirement System of the State of Illinois and the Florida State Board of Administration both clinched deals to sell fund portfolios worth as much as $500 million each to Pantheon and the secondary arm of Goldman Sachs Asset Management, respectively, said several people with knowledge of those specific transactions.

Big Portfolios Back in VogueAlthough secondary buyers in last year’s survey said they were busy with smaller deals, during the second half of 2013, the focus shifted as more large portfolios hit the market, pushing deal volume for the year to record levels.

Secondary buyers in our survey said they expect to invest a median of 50% of their current funds in portfolios with more than $15 million in NAV and 50% in ones with less than $15 million. This is a shift from last year’s survey, in which respondents said they invested a median of 73% of their prior funds in fund stakes with net asset values of less than $15 million.

Ardian, which spun out of French insurer AXA SA in 2013, has already put more than $2 billion to work into deals so far this year, including the firm’s purchase of $1.3 billion in fund stakes from General Electric Co.’s GE Capital in April, according to Benoît Verbrugghe, a managing partner and head of Ardian’s New York office. The firm has plenty of capital to buy large portfolios after raising a total of $9 billion for a new series of secondary offerings earlier this year.

“The market is filled with big deals,” said Mr. Verbrugghe. “We just did two transactions above $1 billion. That is typically the trend of the transactions we’ve been finding in the market.”

Besides the GE Capital portfolio, Ardian is poised to close a deal with Temasek Holdings Pte., Singapore’s state-owned investment company, to buy roughly $1 billion in fund stakes, a person with knowledge of the

None

1% to 10%

11% to 20%

21% to 30%

31% to 40%

41% to 50%

More than 50%20132014

What Percentage of Secondary Assets Purchased in 2013 Fell Outside of Traditional Private Equity or Venture Capital?

Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2014 edition

8%

59% 62%16%

9%

23%

9% 4%6% 4%


Select Secondary Funds in the Market or Recently Closed

Fund Name Investing Firm Name Fund Type Fund RegionTarget

(M)Total Amt.

Closed (M)

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

Adams Street Global Secondary Fund V LP*

Adams Street Partners LP Secondaries U.S. $750.0 $1,000.0

Adveq Secondaries II LP* Adveq Management Secondary Direct/Portfolio Global $150.0 $175.0

Akkadian Ventures Annex II LP* Akkadian Ventures Secondary Direct/Portfolio U.S. $5.4 $6.4

Akkadian Ventures III LP Akkadian Ventures Secondary Direct/Portfolio U.S. $35.0 $5.9

AlpInvest Secondaries Fund V LP* AlpInvest Partners. LP Secondaries Global $500.0 $750.0

Altamar Secondary Opportunities VII FCR*

Altamar Private Equity LP Secondaries Global N/A $150.0

Ant No. 2 Greater China Secondary Fund

Ant Capital Partners LP Secondaries Asia/Pacific $150.0 N/A

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

Auda Secondary Fund III LP* Auda International LP Secondaries U.S. $300.0 $332.3

Avendus India Opportunities Fund III Avendus PE Investment Advisors Private Ltd.

Secondary Direct/Portfolio Asia/Pacific $0.2 N/A

Ardian Secondary Fund VI LP Ardian LP Secondaries Global $5,500.0 $6,000.0

Azini 3* Azini Capital Secondary Direct/Portfolio U.S. N/A $100.0

Blackstone Strategic Partners Fund VI LP Blackstone Group LP Secondaries Global $3,500.0 $1,500.0

Capital Dynamics Global Secondaries Fund IV LP

Capital Dynamics LP Secondaries Global $500.0 N/A

Committed Advisors Secondary Fund II Committed Advisors Secondary Direct/Portfolio Western Europe $544.3 $408.2

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

Cubera VI LP Cubera Private Equity Secondary Direct/Portfolio Global N/A N/A

DB Secondary Opportunities Fund II LP* Deutsche Bank Private Equity LP Secondaries Global $500.0 $614.0

DB Secondary Opportunities Fund III LP Deutsche Bank Private Equity LP Secondaries Global $1,000.0 N/A

Delta-v Capital 2011 LP* Delta-v Capital Secondary Direct/Portfolio U.S. $35.0 $35.0

Delta-v Capital Access Fund LP* Delta-v Capital Secondary Direct/Portfolio U.S. $35.0 $35.0

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

Dover Street VIII LP* HarbourVest Partners LP Secondaries U.S. $3,000.0 $3,591.0

Fort Washington Private Equity Opportunities Fund III LP

Fort Washington Capital Partners Group

LP Secondaries U.S. $150.0 N/A

Global Market Fonds Secondary V RWB PrivateCapital Emissionshaus

LP Secondaries Global N/A N/A

Greenspring Secondaries Fund I LP Greenspring Associates LP Secondaries $100.0 N/A

GS Vintage Fund VI LP Goldman Sachs Private Equity Group

LP Secondaries Global $4,000.0 $2,270.0

Hamilton Lane Secondary Fund III LP* Hamilton Lane LP Secondaries Global $650.0 $900.0

Headlands Capital Secondary Fund LP* Headlands Capital Management

Secondary Direct/Portfolio Global $100.0 $62.6

Headway Investment Partners III LP* Headway Capital Partners LP Secondaries Western Europe $333.6 $129.0

Hollyport Secondary Opportunities IV* Hollyport Capital Secondary Direct/Portfolio Western Europe N/A $118.6

Idinvest Secondary Fund II* Idinvest Partners LP Secondaries Western Europe $258.8 $329.9

Industry Ventures Partnership Holdings III LP

Industry Ventures LP Secondaries U.S. $100.0 $78.9

*Fund held final closing.

continued on page 12>


Europe came in a close second, with 56% of buyers predicting increased deal volume out of the region this year.

Coller Capital’s Mr. Jones said Europe’s secondary market is driven by banks and financial institutions falling in line with regulatory changes. “The restructuring in Europe will continue,” he said, adding that Asia will see a number of portfolio sales play out.

Many buyers also see increased deal flow coming out of Brazil and Latin America, as well as from Australia and New Zealand.

“Latin America has been interesting because there have been funds created there going back to the late ’90s and the early part of the 2000s and managers that have been around for a while,” said John Wolak, managing director at Morgan Stanley Alternative Investment Partners. “There have [also] been fewer interested buyers in Latin America. We probably have done more in Latin America than in Asia over the last four years.”

More large transactions are in the pipeline. Allstate Corp., for one, tabled first-round bids for a roughly $650 million portfolio of fund stakes in March after successfully attracting interest from secondary investors such as Pantheon and LGT Capital Partners, among others, people familiar with the deal said. And HSBC Holdings PLC is in the midst of disposing €2 billion worth of fund stakes, said people with knowledge of the matter.

“We’ve seen larger portfolio deals make a comeback,” said Patrick Knechtli, partner and head of SL Capital Partners’ secondary program. “We didn’t see that at all in the first half of last year, and when we did, it was usually in North America and Volcker [rule-] related.”

In addition to large deals, secondary buyers continue to see a diversification in deal flow with a higher percentage of assets that fall outside of traditional buyout and venture capital funds. Among this year’s survey respondents, 31% of buyers invested 10% or more of their funds into such nontraditional investments, up from 16% of survey respondents investing more than 10% of their portfolios into such assets last year.

Looking AbroadAlthough secondary buyers continue to devote the largest percentage of their portfolios to U.S. deals, non-U.S. deals account for a modest but growing percentage of their holdings. This year’s survey respondents expect to invest a median of 35% of their current funds into non-U.S. deals, compared with 30% of their prior funds.

For the first time in this survey, we asked respondents to share their expectations on how deal volume will trend this year in specific regions outside of North America. Asia, excluding Japan, got the biggest vote of confidence, with 58% of buyers surveyed predicting an increase in deal volume over the course of this year, although that increase would come off of comparatively low levels. Continental

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


0

15

30

45

60

75%

Prior FundCurrent Fund

Non-U.S. DealsU.S. Deals

68%

75%

35%30%

Median %

“Latin America has been interesting because there have been funds created there going back to the late ’90s and the early part of the 2000s and managers that have been around for a while... There have [also] been fewer interested buyers in Latin America. We probably have done more in Latin America than in Asia over the last four years.”

John Wolak, managing director at Morgan Stanley Alternative Investment Partners


Fund Name Investing Firm Name Fund Type Fund RegionTarget

(M)Total Amt.

Closed (M)

Industry Ventures Secondary VII LP* Industry Ventures Secondary Direct/Portfolio U.S. $400.0 $425.0

Industry Ventures Special Opportunities Fund II LP*

Industry Ventures Secondary Direct/Portfolio U.S. $200.0 $200.0

J.P. Morgan Secondary Private Equity Investors II LP

J.P. Morgan Asset Management

LP Secondaries U.S. N/A $259.2

Landmark Equity Partners XV LP Landmark Partners LP Secondaries Western Europe $2,500.0 $1,414.9

Lexington Capital Partners VIII LP Lexington Partners LP Secondaries Global $8,000.0 $5,500.0

Lexington Emerging Partners LP* Lexington Partners LP Secondaries Global N/A $150.0

Lexington Middle Market Investors III LP

Lexington Partners LP Secondaries U.S. $750.0 $450.0

Montana Capital Partners I Montana Capital Partners LP Secondaries Western Europe N/A $105.6

Montauk TriGuard Fund VI LP Montauk TriGuard LP Secondaries U.S. $400.0 $500.0

Morgan Stanley Global Secondary Opportunities Fund II LP*

Morgan Stanley Alternative Investment Partners

LP Secondaries Global $600.0 $777.0

NB Secondary Opportunities Fund III LP*

NB Alternatives Advisers LP Secondaries Global $1,600.0 $2,000.0

Newbury Equity Partners III LP* Newbury Partners LP Secondaries Global $1,000.0 $1,100.0

NewQuest Asia Fund II LP NewQuest Capital Advisors (HK)

Secondary Direct/Portfolio Asia/Pacific N/A $215.0

Nordea Private Equity II Nordic Secondaries KB

Nordea Bank AB LP Secondaries Western Europe $50.0 N/A

Northern Trust Private Equity Secondary Opportunities Fund*

Northern Trust Alternatives LP Secondaries U.S. N/A $105.0

Northleaf Secondary Partners* Northleaf Capital Partners LP Secondaries Global $200.0 $250.0

PineBridge Secondary Partners III LP PineBridge Investments Secondary Direct/Portfolio Global $500.0 $130.0

Pomona Capital VIII LP* Pomona Capital LP Secondaries Global $1,300.0 $1,140.0

POMP II LP* Permal Capital Management LP Secondaries U.S. $100.0 $100.0

Portfolio Advisors Secondary Fund II LP*

Portfolio Advisors LP Secondaries U.S. $1,000.0 $910.0

RCP Secondary Fund II LP* RCP Advisors Secondary Direct/Portfolio U.S. $300.0 $425.0

Rosetta Capital IV LP* Rosetta Capital Secondary Direct/Portfolio Western Europe $39.9 $38.6

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

SB Partners Secondary Fund BEX Capital LP Secondaries Western Europe $41.3 N/A

SightLine Healthcare Opportunity Fund II LP*

Sightline Partners Secondary Direct/Portfolio U.S. $100.0 $107.4

Smac Partners Fund III smac | partners Secondary Direct/Portfolio Global $18.9 $12.6

Sobera Capital Fund II* Sobera Capital Secondary Direct/Portfolio Western Europe N/A $4.8

StepStone Secondary Opportunities Fund II LP*

StepStone Group LP Secondaries U.S. $350.0 $460.0

Stratim III/SCIII Parallel Fund Stratim Capital Secondary Direct/Portfolio U.S. N/A $20.0

Unigestion Secondary Opportunity III Unigestion LP Secondaries Global $340.2 N/A

Verdane Capital VIII* Verdane Capital Advisors Secondary Direct/Portfolio Western Europe N/A $272.1

Vintage VI* Vintage Ventures Mgmt. LP Secondaries Middle East $150.0 $161.0

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

*Fund held final closing. Sources: Dow Jones LP Source and Guide to the Secondary Market, 2014 edition

Select Secondary Funds in the Market or Recently Closed continued from page 10


Buying Power Heats UpRegardless of where deals originate, secondary buyers should have plenty of capital to purchase portfolios when they do hit the market, thanks to continued investor appetite for their funds.

As this publication was going to press, Ardian announced it had raised $9 billion for its latest secondary platform, including a $6 billion fund and $3 billion in co-investment rights. Lexington Partners, meanwhile, has collected $5.5 billion for Lexington Capital Partners VIII LP, more than halfway to the fund’s $10 billion hard cap. And Coller Capital may begin marketing its next large secondary fund as early as year-end, a person with knowledge of the situation said.

In addition to these larger funds, several firms continue to pitch midsize secondary offerings, including Landmark Partners, Capital Dynamics and RCP Advisors.

Amid all of the competition for capital, 10% of firms in our survey indicated that fundraising was “very easy,” up from 4% of respondents that said the same the previous year. At the other end of the spectrum, 38% of firms surveyed said that fundraising was “somewhat difficult,” up from 35% of firms in previous year’s survey. Much like in buyout and venture capital fundraising, the market for secondary fundraising continues to bifurcate between the “haves” and “have-nots.”

The amount of time managers took to raise their latest funds, however, appears to be shortening. About 43% of buyers surveyed said they closed their last fund in less than a year, followed by another 19% that said it took a year and 33% that said fundraising took one to two years. That’s a shift from the 2013 survey, when only 30% of respondents raised a fund in less than a year, 30% took one year, and 35%, the largest group of respondents, said it took one to two years to close a secondary fund.

In 2014, How Do You Expect Secondary Deal Volume to Trend in the Following Regions?

*Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2014 edition

0

100%

Stay the sameDecreaseIncrease

AfricaMiddle East*Latin America(Ex. Brazil)

BrazilAustralia/New Zealand

Asia (Ex. Japan)

Japan*EasternEurope/Russia

ContinentalEurope

UnitedKingdom

40%56%

25% 33%

58%

42%48%

26%37%39%

8%

4%

8%8%

4%

4%4%

4%

9%4%

52%40%

67% 58%

38%

54%48%

70%55%57%


investing more of that excess cash into strategies such as secondary funds or deals and in co-investments, which tend to get invested more quickly than would primary funds.

One pension fund executive said he moved to recommend a commitment to Lexington’s secondary fund earlier this year to broaden his private equity diversification and avoid plugging his additional cash into more “plain vanilla” buyout pools.

The Year AheadAlthough many buyers said they expect deal volume to finish on a strong note, if public stocks pull back, it would likely drag down secondary pricing, potentially putting a damper on deal flow.

However, many secondary buyers bet the likelihood of that happening is slim. “Overall, the momentum in the stock market has been positive,” said SL Capital’s Mr. Knechtli. “With pricing quite hot, [buyers] are hunting around for deal flow.” n

–Laura Kreutzer contributed to this article.

Ardian’s Mr. Verbrugghe said the secondary market’s fundraising momentum may stem in part from the different purposes secondary funds can serve in investor portfolios.

“For investors that already have private equity, [secondaries] are a complement,” said Mr. Verbrugghe. “And [for] those [that were] not very active in the market in 2006 to 2008, secondaries are a good way for them to fill the gap.”

Right now, many limited partners are flush with cash, thanks to strong distributions from private equity firms overall. Many of those investors, particularly public pension funds, are

“Overall, the momentum in the stock market has been positive... With pricing quite hot, [buyers] are hunting around for deal flow.”

Patrick Knechtli, partner and head of SL Capital Partners’ secondary program

Select Secondary Deals, 2013-2014 Portfolio/ Institutional Seller Stake Size (M) Portfolio Description Buyers (if known)

Financial Institutions Allstate Investment $500 to $700 Fifty fund stakes, including buyout, real estate, Pending Management energy and mezzanine Citigroup Inc. approx. $1,000 Commitments to Citi Venture Capital International AnticipatedHSBC Holdings PLC €2,000 Fund portfolio PendingGE Capital $1,300 Fund portfolio, largely buyout funds ArdianWells Fargo & Co. $650 Commitments to funds managed AlpInvest Partners, HarbourVest Partners, by Pamlico Capital Lexington Partners, Partners Group

Pension Funds and Others Florida State Board N/A Fund portfolio largely of legacy assets Goldman Sachs Group Inc. of Administration and tail-end stakesHarbourVest Partners approx. $500 Firm is floating two separate portfolios, one of about Pending to $550 $400M in size and another of roughly $100M to $150MNational Pension $1,000 Fund portfolio of non-Irish funds Lexington Partners Reserves Fund (Ireland)Teachers’ Retirement System $500 Fund portfolio, includes stakes in large buyout funds Pantheon of the State of Illinois Temasek Holdings Pte. $1,000 Fund portfolio, largely of buyout fund stakes ArdianSources: Dow Jones Private Equity Analyst, Dow Jones Private Equity News

2 years

1-2 years

1 year

0-1 year

20132014

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


35%43%

30%33%

19% 30%

5% 5%

Very dif�cult

Somewhat dif�cult

Fairly easy

Very easy

20132014

Raising Your Last Fund Was:


52% 61%

38% 35%

10% 4%

Ardian is a premium independent private investment company with assets of US$47bn managed or advised.

Since 1996, we invest in a way that responsibly creates enduring value, superior returns and shared outcomes for investors, partners, portfolio companies and their employees. With 10 offices in Beijing, Frankfurt, Jersey, London, Milan, Luxembourg, New York, Paris, Singapore and Zurich, we can thus help create growth and prosperity in economies across the world.

www.ardian-investment.com


Secondary Market Timeline 2001-2013

2001 2002 2003 2004 2005 2006 20 07 2008 2009 2010 2011Sources: Lexington Partners, Dow Jones Private Equity AnalystTotals rounded up to nearest million. *Includes only dedicated secondary funds.

2012

$2278 $1961

$6675$6977 $6735

$7920

$11430

$13709

$18241

$2$131

$354

$1403$733

$2355

$1935

$2654

$574

($9172)

($16363)

($13365)

($10275)

($7468)

($8380)

($7029)

($2092)($2280)

$5125

$951

$3133$4204

$4590

$9585

$6310

$8095

$10326

$2224

$2912

$5289$4175

$2019

$8262

$2664

($10759)$2989

($13315)

$7655

($13965)

($17847)

($6609)

($8380)($8422)

($3863)

($7349)

$4869

$5327

($11345)

2013

$8598

$2687

($20928)

($24781)

$23170

$1611

$13232

($18100)

$6018

($25950)

$1135

$24815

$11029

$12282

($23311) ($23345)

$16697

$6648

$12345

$5033

($17378)

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.


Secondary Market Timeline 2001-2013

2001 2002 2003 2004 2005 2006 20 07 2008 2009 2010 2011Sources: Lexington Partners, Dow Jones Private Equity AnalystTotals rounded up to nearest million. *Includes only dedicated secondary funds.

2012

$2278 $1961

$6675$6977 $6735

$7920

$11430

$13709

$18241

$2$131

$354

$1403$733

$2355

$1935

$2654

$574

($9172)

($16363)

($13365)

($10275)

($7468)

($8380)

($7029)

($2092)($2280)

$5125

$951

$3133$4204

$4590

$9585

$6310

$8095

$10326

$2224

$2912

$5289$4175

$2019

$8262

$2664

($10759)$2989

($13315)

$7655

($13965)

($17847)

($6609)

($8380)($8422)

($3863)

($7349)

$4869

$5327

($11345)

2013

$8598

$2687

($20928)

($24781)

$23170

$1611

$13232

($18100)

$6018

($25950)

$1135

$24815

$11029

$12282

($23311) ($23345)

$16697

$6648

$12345

$5033

($17378)

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.

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.

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.

2013Regulators release the final draft of the Volcker rule, spawning a fresh wave of portfolio sales from banks.


By LAURA KREUTZER and MICHAEL WURSTHORN

Intermediaries and secondary buyers agree that the secondary

market enjoyed a robust year for deal volume in 2013, but they cannot seem to agree on exactly how robust it is.

Secondary intermediary Setter Capital reported earlier this year that 2013 deal volume hit a whopping $36 billion across private equity, real estate, hedge, infrastructure and timber funds. Private equity fund purchases alone accounted for $23.1 billion of that volume, while secondary directs added another $4.8 billion, according to Setter’s survey. The firm’s estimate set off a debate among secondary market participants about the different methodologies used to measure deal volume.

Accurately pinpointing secondary volume isn’t easy because many deals aren’t disclosed or widely reported, while many nontraditional players in the space typically keep transactions close to their vests. Still, annual surveys conducted by intermediaries such as Cogent Partners have long been viewed as the industry’s best estimates.

As the number of these intermediaries has proliferated, however, the volume of secondary market data has also expanded, from statistics on transaction volume, pricing to even available dry powder.

The range between estimates by Setter and other intermed iaries illustrates how widely measurements can differ and the importance of the methodologies used to calculate those measurements. Cogent Partners, for example, pegged 2013 deal volume at $27.5 billion, while NYPPEX Holdings LLC estimates that volume hit $24.5 billion, including private equity and hedge funds. Meanwhile, Triago said total deal volume reached $22 billion, a decrease from $26 billion in 2012.

One aspect of the market that can complicate efforts to measure deal volume is the large number of smaller deals, including those involving just one fund interest, which are harder to track, given that they are less likely than a portfolio of multiple funds to be inter mediated by a third party.

Setter decided to conduct its own survey of buyers in early 2013 when the firm noticed that the deal volume it was seeing didn’t seem to match industry estimates at the time, said co-founder Peter McGrath. “We wondered, ‘Are we by chance really 30% of the market, or is the market bigger than what is being reported?’” said Mr. McGrath. “We saw a huge disconnect and thought the most logical approach was to go to the end buyers and ask them.”

For its part, Setter culled its volume estimate from a survey of 115 firms active in the secondary market. The 70 secondary buyers that responded to the survey reported $23.7 billion in purchases for 2013. Setter then relied on a statistical analysis and its own industry knowledge to apply that investment pace to buyers of a similar size among the 45 that didn’t respond to get to the $36 billion estimate. Setter said a proportional volume of the market consisted of small and medium-size buyers, which made up 47% of the total volume.

Triago relied on data from the transactions that it advised on and estimates that 2013 saw more than 1,000 deals. Cogent, meanwhile, based its estimate on a combination of surveys of secondary buyers, the transaction volume the firm advised on in 2013 and its insight into transactions that were completed in the market, according to a report the firm issued earlier this year.

As the intermediary industry continues to grow and the range of data expands, understanding how firms get to their estimates will no doubt become all the more important.

“The standard has been raised permanently,” said Mr. McGrath, although he added that as more firms turn to buyer surveys to collect their data, industry estimates “will probably converge around a very tight band.” n

Secondary Market Posts Big Year in 2013, but Exactly How Big?

Select 2013 Secondary Volume Estimates

*Please note that Lexington Partners is not an intermediary but a buyer of secondary interests.Sources: Cogent Partners, Lexington Partners, NYPPEX Holdings LLC, Setter Capital, Triago

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

$40,000M

LexingtonPartners*

Triago SetterCapital

NYPPEX LLCCogentPartners

$27,500$24,500

$36,000

$22,000 $23,345

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By LAURA KREUTZER

During the latter part of 2013 and the beginning of 2014,

secondary deal volume came roaring back as more large portfolios finally hit the market.

An abundance of capital chasing deals is driving up pricing for certain assets, however, raising concerns that the market may get overheated.

“People recognize that it is a good time to be a seller,” said Todd Miller, managing director at Cogent Partners. “We’re seeing assets sell at [net asset value] that we would not have thought would sell at [net asset value].”

Ebullient stock market performance, an abundance of cheap credit and 21 consecutive quarters of positive private equity performance have given buyers more confidence to bid up for portfolios and bridge the pricing gap with would-be sellers. At the same time, buyers have more capital than ever to fund transactions, thanks to several robust years of secondary fundraising. In 2013

alone, secondary firms raised a total of $17.3 billion, according to Dow Jones LP Source, a data provider owned by Dow Jones & Co. Through May 5, 2014, secondary firms already had raised a total of $14 billion, putting the industry on track to surpass last year, according to Dow Jones LP Source.

As a result, the balance of supply and demand has clearly tilted toward sellers. Among secondary buyers in the latest Dow Jones survey, 83% characterized the current environment as a seller’s market, the highest percentage of respondents pegging the market that way since 2007.

Some buyers said strong pricing has helped bring sellers back to the table and that without it the industry would not have generated record deal volume over the past two years.

“We’ve had more total deal volume and more variety of deal flow than we’ve ever had,” said Brent Nicklas, chief executive of New York-based Lexington Partners, who estimates that total deal volume could reach $30 billion in 2014. “Part of that is related to pricing perception. You’re not going to have large volume and large discounts at the same time.”

Strong Pricing Drives Some Buyers Further Out on the Risk Spectrum


Gull, global head of secondary investments at Adams Street Partners. “What’s for sale are the second- and third-tier names. You’re doing a bunch of work and a lot of it is guesswork on early-stage venture companies that tend to have poor quality syndicates around them.”

Buyout stakes reached an average high price of 92% of NAV during the second half of 2013, the first time that average high pricing surpassed 90% of NAV since 2007, according to a pricing report by Cogent Partners. Venture capital funds, by contrast, commanded average high pricing of 80% of NAV during the second half, according to Cogent, although the firm noted that it’s the first time in six years that venture funds have hit that average high pricing level.

That said, more secondary firms that do buy venture interests are paying more than they did a year ago to get them. Among our survey respondents, 37% indicated they paid more for venture interests this year than they did a year ago, compared with 12% in last year’s survey. By contrast, 56% of survey respondents paid more for buyout interests, compared with 38% in last year’s survey.

Pricing for venture stakes may be benefitting from improvements in the performance of underlying venture portfolios because of stronger markets for initial public offerings and more capital available from later-stage investors. This year, through March 31, U.S. venture funds generated an average net return of nearly 14% to limited partners, according to Cambridge Associates.

Overall high pricing may weigh on returns for the latest wave of secondary funds. However, perhaps more noteworthy, 22% of this year’s survey respondents have lower return expectations for their current funds than they did for prior funds, an increase from last year’s survey.

“The people who are pricing at these values believe that good times are still ahead of us and that is why they are pricing where they are,” said Mr. Gordon of HarbourVest. “However, it also still feels like they’re underwriting to lower returns.”

However, plenty of buyers in the survey also expressed concern that pricing has gotten overheated. Among survey respondents, 69% of buyers said pricing is too high, up from 45% of buyers in last year’s survey and 32% of buyers in our 2012 survey.

Executives at several secondary firms say pricing may be less efficient for the very largest or the very smallest size portfolios. Small, niche interests in single fund stakes are less likely to attract the attention of many buyers, while only about eight to ten firms have enough capital to underwrite portfolios of $1 billion or more without heavily syndicating the deal to other firms, these buyers said.

“It only takes one person to overbid in a situation and ruin it for the rest of us,” said Brett Gordon, managing director at HarbourVest Partners. “But it’s not like the smaller or even medium-size deals, where 20 to 30 or 50 people have money to do a deal.”

Given that there are fewer distressed sellers in the market, sellers are perfectly willing to walk away from a deal if the bids they receive don’t meet a certain desired price threshold. Among the survey respondents, 88% have seen a seller walk away from a deal, up slightly from 86% of respondents to a similar survey last year. “Even the regulatory pressure that has been placed on financial institutions to essentially rid themselves of these assets is not forcing them to sell in the way that buyers thought they would be forced to sell,” said Tom Bradley, partner at StepStone Group. “It’s been a long, slow unwind.”

Buyout portfolios continue to command better pricing than their venture capital peers, as they have for the past several years. Around 11% of buyers in our survey this year paid an amount equal to underlying net asset value for secondary deals involving buyout portfolios, while none of the buyers surveyed paid net asset value or above for venture capital interests.

“The better quality venture names that have done really well over the past few years are not for sale,” said Jason

How Would You Classify the Current Market?


0

100%

A seller’s marketA buyer’s market

2007201220132014

17%

47%

68%

8%

83%

53%

32%

92%

Secondary Transactions Are Priced:


8%0

100%

On average, about rightToo lowToo high

201220132014*

29%

69%

3%

4%

55%

45%32%

64%


Several intermediaries said they see firms employing some form of leverage in a quarter to one-third of the deals that they see. Among firms in our survey, 6% had used leverage in a deal, compared to none of the firms in last year’s survey.

Ardian, for example, employed leverage in the acquisition of a $1.3 billion portfolio of more than 300 funds from GE Capital, according to a report in LBO Wire, a daily private equity newsletter also published by Dow Jones & Co.

But leverage use among secondary buyers may be much broader than our survey indicates when factoring in leverage usage at the fund level. Intermediaries and buyers alike say the use of credit lines at the fund level is as prevalent, if not more prevalent, than debt at the deal level.

Lexington Partners, for example, secured a $1.025 billion line of credit for its newest large secondary fund from a consortium of banks that included Bank of America Corp., Wells Fargo & Co., Lloyds Bank PLC and Citi Private Bank, which acted as administrative agent for the credit facility with a $375 million contribution. The firm is seeking as much as $10 billion for Lexington Capital Partners VIII LP and at press time had raised a little more than half of that amount.

The three-year revolving credit facility will be subject to a one-year extension and is to be used for acquisitions, letters of credit and general fund purposes.

Meanwhile, Strategic Partners Fund Solutions can borrow an amount of up to 35% of the total size of its newest fund, a term the firm’s team also included in prior funds it raised before Blackstone Group bought Strategic Partners from Credit Suisse Group. The firm is targeting $3.5 billion for the fund and at press time had already closed on $1.5 billion of that amount.

Leverage at the fund level gives managers more flexibility to finance deals outside a fund’s balance sheet, partly so that later investors don’t benefit from early deals at the expense of investors that signed on earlier in the fund’s life. At the same time, it can boost early returns in a fund, particularly if early investments out of the fund are already producing distributions.

That said, the average return that buyers in our survey project for their latest funds remained consistent with last year’s survey at 19%, while the median expected return increased slightly to 19% from 18%.

Debt Makes a ComebackIn the quest to enhance returns or increase bids for deals, more buyers have turned to the debt markets in the past 12 months.

Although the use of third-party debt among secondary buyers fell out of favor immediately following the financial crisis of 2008, more firms are levering both individual deals and their funds amid an environment in which credit is cheap and private equity cash flow remains strong.

“Debt has been around for a long time, and it’s been around for secondary buyers who want to use it,” said Mr. Gordon of HarbourVest. ‘What’s different today is that more people are willing to use it and people are willing to use it at a higher level.”

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


0

20

40

60

80

100%

NoYes

2013*2014*20132014*

56%

38% 37%

12%

45%

63% 63%

89%

LBO VC

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


NoYes

20132014

14%12%

86%88%

In the Past Year, on Average, Did You Pay Below, Equal or Above NAV for Deals?


Above

Equal

Below

LBOVC

11%

100%89%


“It really depends on how quickly the distributions from the portfolio are going to come, because if you believe they will come quickly, you’re more likely to use leverage at the fund level,” said Nigel Dawn, head of the global private capital advisory business at Evercore. “If you think the distributions will be longer dated, then you’re more likely to use the leverage on a transactional basis.”

That said, some buyers caution that leverage adds more risk to a portfolio, given that it is often layered on top of portfolio companies that may already carry their share of debt.

“If your portfolio doesn’t perform as expected, the leverage will magnify your underperformance, but that may take several years to show up,” said John Wolak, managing director and head of Morgan Stanley Alternative Investment Partners. “I think the market will need to start to differentiate between the risks that different firms are taking.”

GPs Take the Reins Heightened competition for deals and a more challenging fundraising environment have prompted general partners to take a more active role in determining who ends up buying their funds.

In many cases, before a secondary buyer and seller can close a transaction, they must receive consent from the general partner to transfer ownership of the fund stake

0

5

10

15

20%

Median (%)Mean (%)

Net IRR Expected From Future Funds


17%8%

19% 19%

Is This IRR Higher, Lower or the Same as That of Past Funds, on Average?

Same

Lower

Higher

�

22%

74%

4%


to provide fresh capital for a new fund or new investments as part of their purchase of older fund portfolios. In this year’s survey, 21% of buyers had backed at least one stapled secondary deal, compared with only 12% of the same group of buyers that backed such deals in 2012.

Last year, U.K. midmarket firm Baird Capital sold stakes in the firm’s debut fund to Morgan Stanley Alternative Investment Partners and J.P. Morgan Asset Management, while also raising additional primary capital for Baird Capital Partners Europe Fund II LP, the firm’s new fund, according to Private Equity News, a U.K. trade publication of Dow Jones & Co.

But stapled transactions can also add an extra layer of risk to a deal, given that it’s much harder to ascertain how well the general partner will invest capital in the future than it is to assess the potential of deals the GP has already done. It’s a risk some secondary buyers may be willing to take if it helps them win deals.

“Many of these staples are more of a beauty contest than a competitive pricing situation,” said Mr. Gull of Adams Street. “Buyers compete with each other over the amount of blind pool capital and terms of the deal given to the GP. The competition tends to be on a basis other than price, and the landscape is rife with minefields. The advantage to the buyer is the ability to write a sizable check. The disadvantages are that there is usually a reason the GP needs a staple, and the alignment of incentives is usually not right.” n

3

2

1

0

In 2012In 2013*

How Many Stapled Secondaries Did You Do?


8%

78% 88%

13%

4% 4%4%

Do You Use Debt to Finance Your Secondary Deals?


NoYes

20132014

100%94%

6%

Jason Gull, global head of secondary investments, Adams Street Partners

“MANY OF THESE STAPLES

ARE MORE OF A BEAUTY

CONTEST THAN A COMPETITIVE

PRICING SITUATION.”

being traded. Buyers and intermediaries alike say that as more limited partners reduce the number of private equity firms in their portfolios, general partners increasingly want a say in who buys the stakes in their funds.

“Their interest is in making sure that the buyer of their LP stake is a high-quality limited partner who can potentially follow on in future funds,” said Mr. Wolak of Morgan Stanley Alternative Investment Partners.

The resurgence of GP influence can also be seen in the rise of stapled secondary deals, in which buyers agree


By MICHAEL WURSTHORN

Secondary buyers continue to back fund recap-

italization deals, supplying general partners with much-needed fresh capital. But despite a growing number of deals hitting the market, recaps remain tough to pull off.

Although it may be an extreme example, the ongoing process around Perseus LLC illustrates some of the challenges that can plague a recap deal. The Bethesda, Md.-based firm hired secondary advisory shop Cogent Partners earlier this year to consult on a fresh process after a prior attempt to restructure its funds fell through, said people with knowledge of the situation.

Perseus is one of a growing number of private equity firms seeking to buy time with a fund recapitalization. Others that have closed such deals or are currently seeking them include U.S. firms J.W. Childs Associates and Aurora Resurgence and European firms GMT Communications Partners and Magnum Capital Industrial Partners.

Many secondary buyers say that fund recapitalizations represent the next frontier in a rapidly maturing secondary

market. Even though it’s tough to measure the potential size of the nascent recapitalization market, industry participants estimate it could grow to between $25 billion and $40 billion in total volume.

Secondary buyers surveyed by Private Equity Analyst said an average of 24% of their deals are driven by fund recapitalizations, the third most popular driver behind regulatory changes, at 29%, and portfolio management, which accounted for 40% of transactions. Last year, fund recapitalizations were still a newer part of the secondary market and buyers weren’t asked about the deal type.

Despite the growth in activity, the number of firms seeking fund recaps outnumbers those actually managing to close such deals, underscoring the challenges that continue to trouble firms and investors.

Fund recaps are more complex than more typical secondary sales, partly because additional parties get involved in the discussions. General partners, in most cases, agree to reset the fund’s economics, such as management fees, while limited partners must decide whether to exit the fund through a sale to a new investor or roll their interests into a new vehicle at a predetermined valuation.

Fund Recaps Gather Steam Despite Challenges


to a trust whose sole beneficiary is his wife, Geryl Pearl, according to Perseus’ registered investment adviser filing with the Securities and Exchange Commission.

For its part, Perseus is suing the estate for claims related to Mr. Pearl’s “commitment to invest alongside the investors in the Perseus funds,” and those related to his obligations to repay carried interest distributions that were made to him with the understanding they would be repaid, according to the registered investment adviser filing.

Perseus indicated in the filing that if TD Bank were to prevail in its claim against Mr. Pearl’s estate, the firm would be obligated to cover any liabilities to the extent they aren’t covered by Mr. Pearl’s estate, Mrs. Pearl, an insurance trust formed after Mr. Pearl’s death or any of the other defendants.

Mrs. Pearl’s attorney, Robert Cary of Williams & Connolly LLP, didn’t respond to a request for comment but has said in court papers that “Mr. Pearl’s creation and funding of the Perseus Trust was not a fraudulent conveyance.”

The legal wrangling adds to the challenges Perseus faces, which include poor performance. As of June 30, 2013, Perseus Partners VII LP, a $602.5 million fund raised in 2006, generated a net internal rate of return of -22.4%, according to the New Mexico Educational Retirement Board, an investor.

Perseus initially sought to recapitalize five of its funds with NewGlobe Capital Partners, a secondary firm partly backed by Hamilton Lane, but the steep discounts proposed by the firm – more than 60% to the portfolio’s underlying net asset value – angered investors.

Pricing wasn’t the only impediment. Another investor in Perseus said he objected to the lack of a broad auction process, which may have maximized value for limited partners. The investor said he was told that such a process would have been too “complicated” due to the ongoing litigation and a number of crossfund investments. In addition, no formal adviser was attached to the deal,

Additionally, some transactions, including the one Perseus proposed, involve replacing the GP altogether.

“There are so many moving parts in all of these deals with the various parties involved,” said Patrick Knechtli, partner and head of SL Capital Partners’ secondary program. “The difficulty in all of this is getting consensus across all those people about a fair price and about the role and ongoing incentives for the manager.”

Pricing proved to be a primary stumbling block to the Perseus deal, along with certain aspects of the deal’s proposed structure, according to several people with knowledge of the situation and documents viewed by Private Equity Analyst.

The Perseus SagaPerseus’ struggles emerged after the May 2012 death of founder Frank Pearl from lung cancer. Founded in 1995, the firm raised $1.6 billion in capital across seven funds and backed a number of brand names such as sneaker maker Converse Inc. and men’s clothing business Haggar Corp., as well as several life science companies.

Mr. Pearl’s estate is embroiled in lawsuits, both with banks, including Toronto Dominion Bank, and with Perseus itself over Mr. Pearl’s move to transfer assets prior to his death

Select Fund Recapitalization Deals, 2012-2014Firm Name Fund Name Original Size (M) Year Secondary Backers (if known)Argan Capital N/A €425 2014 Committed Advisers, Northern Trust Corp.Aurora Resurgence Fund Aurora Resurgence Fund LP $725 2013 AlpInvest PartnersBehrman Capital Behrman Capital Fund III LP $1,200 2012 Canada Pension Plan Investment Board, Goldman Sachs Group Inc.Ferrer Freeman & Co. FFC Partners III LP $415 2013 Morgan Stanley Alternative Investment PartnersHM Capital Partners/ HM Capital 2006 Sector $830 2013 Canada Pension Plan Investment Board Kainos Capital Performance Fund LPHM Capital Partners/ HM Capital 2006 Sector $830 2013 Landmark Partners Tailwater Capital Performance Fund LP J.W. Childs & Associates J.W. Childs Equity Partners III LP $1,750 2014 Canada Pension Plan Investment BoardMagnum Capital Magnum Capital LP €866 Pending N/A Industrial PartnersPareto Project Finance Pareto Worldwide Shipping AS $274 2013 Morgan Stanley Alternative Investment PartnersWillis Stein & Co. Willis Stein & Partners III LP $1,800 2012 Vision Capital, Landmark Partners, Pinebridge InvestmentsSources: Dow Jones Private Equity Analyst, Dow Jones Private Equity News

“There are so many moving parts in all of these deals with the various parties involved.... The difficulty in all of this is getting consensus across all those people about a fair price and about the role and ongoing incentives for the manager.”

Patrick Knechtli, partner and head of the secondary program at SL Capital Partners


“The GP isn’t quite ready to raise the next fund,” he said. “That GP is looking to buy some time [and] further build out their track record through realizations of the existing portfolio while continuing to make new investments.”

In September, AlpInvest agreed to buy an anchor stake held by the California Public Employees’ Retirement System in a 2007 fund managed by Aurora Resurgence, the distressed investment unit of Aurora Capital Group, according to two people with knowledge of the deal. As part of the deal, existing investors in Aurora Resurgence Fund LP were given the option to sell their stakes or to roll them over into a new fund, added one of the people.

The Aurora Resurgence deal differed from Perseus’ in that the GP required fresh capital and additional time to prove its strategy following changes in leadership, rather than needing to enact a complete GP replacement.

Even so, others say secondary buyers are likely to continue pursuing trickier restructurings as investors seek ways to resolve situations with ailing general partners. Industry estimates peg the amount of capital managed by struggling GPs, or so-called “zombie funds,” to be about $100 billion of the $1.5 trillion managed by private equity firms.

“The [fund restructuring] market is bigger than I anticipated,” said Mr. Hektor. “Thinking about it longer term, I expect it could account for a quarter of the broader secondary market [volume].” n

presenting a problem for LPs unsure as to whether Perseus and NewGlobe were valuing the assets correctly, said several people with knowledge of the matter.

Perseus appears to have learned from its mistakes. In February, the firm hired Cogent Partners to advise on a second attempt, people with knowledge of the matter said. Dallas-based Cogent was sounding out potential buyers early on, people said, adding that a deal still may not get done due to the transaction’s complicated nature.

With an adviser, Perseus may stand a better chance at joining firms like J.W. Childs in completing an acquisition.

Without commenting directly on the Perseus transaction, Tjarko Hektor, managing director of AlpInvest Partners’ secondary program, said an adviser in these situations can help parties wade through conflicts of interest and valuations. “As a general partner, given that they are, to some extent, conflicted, having an adviser assist you in the process might be very useful to ensure all the potential conflicts are managed correctly,” Mr. Hektor said.

Canary in a Coal MineAlthough Perseus’ fund recap struggles may be extreme, they raise questions about the fate awaiting firms and the companies they back if they fail to strike a deal.

For Perseus, failure to reach a deal would result in a lack of capital that could threaten the firm’s continuing operations. The person close to the firm said that with management fees continuing to drop, Perseus has been forced to cut its staff, leaving a smaller team to manage the remaining portfolio. Moreover, Perseus will have little to no fresh capital to invest in the growth of the portfolio companies remaining in its funds, given that the firm has not raised a fund since 2006.

J.W. Childs faced a potential capital crunch as the firm hadn’t raised a fund since 2002, when it gathered $1.75 billion for a third pool. In 2010, it raised $125 million for a special-purpose acquisition company to do a single deal and to prove that it could still pursue its strategy.

J.W. Childs had been in talks with potential secondary buyers before agreeing to a transaction in April led by the Canada Pension Plan Investment Board. The investment board put up $596 million, including a $119 million commitment to a new fund, roughly a quarter of the fund’s $450 million goal. CPPIB is one of the most active fund recap participants. The firm has backed a number of other deals, including the recapitalization of an HM Capital vehicle, as well as the firm’s food and consumer products team spinout, Kainos Capital.

Meanwhile, AlpInvest’s Mr. Hektor said his firm focuses on GPs unlikely to raise a new fund soon and with portfolios having a little room left to grow. Mr. Hektor describes those opportunities as midlife situations, often occurring in first or second funds around the halfway point of their duration.


By HILLARY CANADA

As the secondary market heads toward a fourth

year of record volume, secondary firms are finding themselves battling for deal share not only with each other but with institutional investors as well.

Limited partners are tapping into the secondary market for myriad reasons: increasing exposure to favored managers, backfilling portfolios with vintages they may have missed during the economic downturn or, in some cases, using such acquisitions as a launching pad for building a private equity portfolio.

Although only a small sliver of the LP universe likely will execute on such deals, the presence of those LPs in the market could fuel an escalating arms race among secondary buyers.

Nearly 70% of respondents to Dow Jones’s 2014 secondary survey said they are seeing competition from new sources for deals, up from 52% of firms that responded to a similar survey in 2013. Although fund-of-funds managers raising dedicated secondary pools may have driven some of that competition, recently more buyers point to competition from sovereign wealth funds and pension systems.

“I’m not saying they’re being successful buying, but they’re putting pressure on the Lexingtons and Ardians of the world,” said Todd Miller, managing director at secondary intermediary Cogent Partners.

In the past 12 to 18 months, the California Public Employees’ Retirement System, Canada Pension Plan

Investment Board, Los Angeles County Employees Retirement Association and Teachers’ Retirement System of the State of Illinois were among the institutional investors that have stepped up their secondary investment pace or that have indicated they planned to do so.

Even though they may account for a small proportion of those transacting, LPs made up a disproportionately large percentage of the value of such transactions, said Thomas Liaudet of secondary advisory firm Campbell Lutyens. On a dollar basis, in 2013, institutional investors, including pension funds, insurance companies and sovereign wealth funds, accounted for nearly 50% of the capital put to work in secondary deals. In 2012, it was slightly less than 40%.

The numbers vary year over year, said Mr. Liaudet, and the transactions are largely centered around single stakes, but what is clear is that the portion of capital coming from limited partners in the secondary industry is up from a decade ago, when 80% of the value of deals was funded by dedicated secondary firms.

Some LPs, such as China’s State Administration of Foreign Exchange, have opted to partner with established secondary buyers to underwrite such transactions. SAFE partnered with Lexington Partners to buy a $2 billion portfolio of private equity stakes from General Motors Co. in 2012.

The majority of LPs are unlikely to purchase interests on the secondary market, but data provider Preqin Ltd. reports roughly 15% of both public and private pension funds and insurance companies could possibly transact in the market.

However, limitations on staffing and other resources have largely steered institutional investors to deals involving traditional fund portfolios, said HarbourVest Partners Managing Director Brett Gordon.

“As big as these guys are, they’re not going to spin a team out of a financial institution, as they don’t have the in-house expertise,” said Mr. Gordon. “That means the traditional limited partnership market is going to continue to stay inflated from a pricing perspective.”

Secondary buyers say a lack of staffing and data resources to source and evaluate portfolios restricts many typical LPs to all but the most straightforward of transactions. For public pensions, there also may be an added layer of legal restrictions that prohibit them from acting on such deals.

The chief investment officer of one large public pension fund said the few deals his organization has done came primarily from the so-called “right of first refusal.” Such

More LPs Seek Secondary Deals, but Can They Fly Solo?


Capital, the food- and beverage-focused buyout firm formed in part by former team members of HM Capital.

Mr. Robard said the portfolio currently consists of about 60% traditional secondary transactions and 40% direct secondaries, but it is moving toward an even split.

Most industry executives anticipate limited partners will restrict their involvement in the industry to striking one-off, opportunistic single-stake deals rather than making a concerted effort to build out a secondary team such as CPPIB or the Abu Dhabi Investment Authority, which hired former Paul Capital Executive Richard Chow and Emilio Olmos, former director of secondary advisory at UBS AG.

“At the end of the day, it’s about access to information,” said Mr. Liaudet of Campbell Lutyens. “Having the right staff and qualifications, and retaining them, is challenging.” n


deals emerge when another LP from a fund in which the pension is invested opts to sell down its stake and must give other investors in the vehicle a first crack.

However, some LPs may struggle with deals that involve more than one or two fund stakes. “For a $300 million [single-fund] interest, there may be a number of bids. But to buy a $700 million portfolio from a financial institution is a lot more complicated,” said Wilson Warren, a partner at New York-based Lexington Partners. “You don’t have to get far down the list of ‘to-dos’ for the buyer universe to thin out pretty quickly.”

Limited partners keen to build more complex portfolios can employ the expertise of advisers to help evaluate a portfolio of stakes and fill in any information gaps. That type of back-and-forth process may prove cumbersome and time consuming, however, two things that don’t bode well in secondary transactions, where time is often of the essence and competition from many well-capitalized buyers is rife.

One standout among institutional investors in the secondary market is the Canada Pension Plan Investment Board, according to executives at several secondary firms. The investment board’s 12-person staff and its mandate to deploy as much as $10 billion across secondary deals over the next five years allow it to compete with some of the largest secondary firms. The investment board also isn’t encumbered by a more typical secondary fund structure that requires firms to allocate resources to fundraising.

“If you look at the economics of the business models of these large LPs, CPPIB is able to hire good people and a lot of what they do institutionally is direct investing,” said a secondary executive at one fund-of-funds manager. “Yann Robard [a vice president who heads secondaries operations at CPPIB] is a valid competitor. I don’t see him as a nontraditional buyer. He’s got an ability to do the diligence and structure the price necessary to be a sophisticated buyer.”

Since its inception in 2007, the CPPIB secondary team led by Mr. Robard has deployed $6 billion buying portfolios and through what it calls “direct secondaries.”

Through that direct secondary component, the pension fund has been pioneering what it calls “portfolio liquidity solutions,” but which are also known as general partner restructurings or recapitalizations. CPPIB has underwritten several of these transactions, including a 2012 refinancing of a fund portfolio managed by Behrman Capital. Most recently, the investment board dedicated $477 million to give limited partners the chance to cash out of J.W. Child Associates’ 2002-vintage fund and committed a further $119 million to the Boston buyout firm’s next fund.

In addition to the portfolio liquidity solutions, the direct secondary portion of CPPIB’s secondary portfolio finances the formation of new teams from older firms as they set up independent entities. In 2013, the board bought stakes in older funds raised by HM Capital and also provided an anchor commitment to a debut fund raised by Kainos

Do You See Competition From New Sources for Deals?

Source: Guide to the Secondary Market, 2014 Edition

No

Yes

20132014

48%

31%

52%

69%

Select Institutional Investors Building Direct Secondary Programs

Abu Dhabi Investment Authority

California Public Employees’ Retirement System

Canada Pension Plan Investment Board

China Investment Corp.

GIC Special Investments Pte.

Los Angeles County Employees Retirement Association

Teachers’ Retirement System of the State of Illinois

QIC Ltd.

Virginia Retirement System


By SONJA CHEUNG

The Asian secondary market recently has unearthed richer pickings for global

buyers after years of lackluster deal flow. These days, some of the world’s biggest secondary specialists are preparing to allocate more capital to Asia.

Global firms like Partners Group, Pantheon and HarbourVest Partners are bullish that Asia’s secondary deal volume will rise after a few challenging years in the primary market. Asian private equity has struggled as assets mature and general partners contend with both a difficult exit environment and a challenging fundraising market. These forces, combined with softening economic growth, all stand to drive more secondary deals.

Data on secondary deal flow in Asia is scant, given that the market is still in its infancy. However, one secondary specialist said $4 billion to $4.5 billion worth of Asian assets traded last year. The specialist forecasts up to a 50% rise in assets hitting the market this year.

Potential deal volume stands to grow as more funds raised during boom years mature. Between 2004 and 2007, Asian private equity funds attracted some $180 billion in capital, according to data provider Preqin Ltd.

Although Japan and Australia historically drove deals in Asia, industry experts now say they expect to see more fund interests or assets from India and China. “We have noted an increase in limited partners’ interests for sale in pockets of Asian growth markets. As more time passes and as portfolios age, investors look for liquidity,” said Alex Wilmerding, a principal with Pantheon, which has $6 billion in secondary assets under management.

He declined to say how much Pantheon allocates to Asian secondaries, but international firms typically dedicate 10% to 20% of their global allocation to Asia.

In February 2013, for example, Asia Growth Capital Advisors, HarbourVest and Axiom Asia Private Capital bought a portfolio of Asian private equity investments from Credit Suisse Group. At that time, in a statement released by Asia Growth Capital, HarbourVest Principal Tim Flower said that “we see a significant opportunity to acquire, restructure and support existing private equity portfolios in India and Southeast Asia.”

Pantheon’s Mr. Wilmerding says he believes there will be an increase in fund recapitalizations and spinouts, particularly from India, and, to “some degree,” China.

Fund recaps allow secondary buyers to acquire all or some of an LP’s interest, while still backing the existing fund management team. In a spinout scenario, a secondary sponsor purchases a subset of assets from a fund and brings with it the team that has been managing those assets, or as in a second strategy commonly referred to as a “GP for hire,” a secondary buyer can acquire a pool of assets and bring in a new team to manage it.

Such scenarios are becoming more common because LPs backing China and India funds seek to sell off their interests as GPs targeting deals in those countries – typically small to midsize ones – sit on maturing portfolio companies that can’t be offloaded due to fewer initial public offerings.

In addition, slower than expected economic growth in both these countries has hindered portfolio companies’ expansion, which ultimately dents general partners’ ability to achieve higher returns. “Headline slowdown in China is creating [buying] opportunities,” said Adam Howarth, Partners Group’s co-head of private equity secondaries. Mr. Howarth confirmed the Swiss firm will increase its exposure to Asian secondaries but declined to say by how much. Asia accounts for 10% of Partners’ current global portfolio.

Still, a few secondary buyers say they are approaching growth markets in Asia, particularly India, with caution. “There’s an enormous amount of private equity assets stranded in India, but the quality is very spotty,” said John Wolak, a managing director with Morgan Stanley Alternative Investment Partners. “A lot of money was raised going back five to 10 years, and it’s not clear when these companies will be sold. You’d have to be looking at pretty substantial discounts to compensate for a myriad of risks and a comparatively longer holding period.” n


Secondary Buyers Bet Slow Growth in Asia Will Drive More Deals


By ALEC MACFARLANE

In 1998, Paul Capital, a San Francisco firm that had carved out a reputable niche for

itself as a pioneer in the market for buying secondhand private equity interests, struck a deal with the fledgling private equity arm of French insurer AXA SA to source deals in the U.S. and Europe.

The partnership was a coup for AXA, which had just launched its private equity fund-of-funds business and wanted to learn how it could make money from the complex yet lucrative secondary market. The relationship ended in 2004. But 10 years later, just as AXA has raised $9 billion for a series of secondary funds, Paul Capital is preparing for a closure of a different kind.

In March, the firm told its investors it was winding down its portfolio and closing all but one of its offices following the collapse of a planned sale process, which the firm launched last year after it struggled toward a $2 billion target for its 10th fund. Paul Capital declined to comment for this article.

Paul Capital’s descent from mentor to a casualty of the postcrisis era appears to be as much a tale of the evolution of the secondary market as it is about the firm itself.

“Fundraisings for secondary firms are a microcosm of what’s happening in the broader private equity industry in general,” said Adam Turtle, a partner at private equity advisory firm Rede Partners. “If you look at the number of funds raised from 2012 to 2013, you see an increase in amounts overall raised and a decrease in the number of managers that received that capital. Investors have money, but the winners get more of it.”

Founded in 1991 by long-time venture capitalist Philip Paul, Paul Capital expanded to become one of the market’s most respected investors, with close to $7 billion in assets. It gained a reputation for its appetite for some of the more complex deals that the secondary market had to offer, such as spinouts and fund restructurings.

The years from 2006 until the economic downturn were a boom time for such deals, providing firms like Paul Capital with many opportunities. However, industry figures said the true growth of the secondary market that occurred between the downturn and the second half of 2012 was attributable to the rise in more typical sales of buyout fund portfolios, a market in which Paul Capital was never particularly active.

One adviser said the market in recent years had divided into larger players capable of writing billion-dollar checks for fund portfolios and smaller, more nimble players capable of doing niche transactions. According to the adviser, Paul Capital was in the middle and struggled to differentiate itself from competitors.

Decision-making processes for new investments at Paul Capital were based on the consensus of a large number of people, said two former employees. By contrast, firms with fewer decision makers can often move more quickly on investments.

Paul Capital also suffered from some problematic deals. These included the 2008 take-private of Macquarie Capital Alliance Group, the buyout arm of Macquarie Group. Yellow pages group European Directories SA, one of MCAG’s biggest investments, was taken over by lenders in 2010 after struggling to compete with search engines. In 2008, Paul Capital also backed Russian buyout firm Marshall Capital Partners alongside AXA Private Equity, now known as Ardian. It was reported later that AXA had complained to Russian authorities about founder Konstantin Malofeev’s handling of the investment. Russian firm Aton later bought out the pair’s investment, after which they reportedly withdrew their complaints. A spokeswoman for Aton confirmed the purchase but declined to comment further. A spokesman for Ardian declined to comment. Marshall did not respond to a request for comment.

Both of these deals were made through Paul Capital’s ninth fund, which was generating a net cash multiple of 1.2-times cost and a net internal rate of return of 5% as of the third quarter of 2013, according to the San Diego County Employees Retirement Association, an investor. This puts it in the bottom quartile for secondary funds of its vintage, according to data provider Preqin Ltd.

One fund manager said a secondary fund was supposed to minimize the J-curve – the name given to the tendency for buyout funds to deliver negative returns in their first few years before generating gains – and provide solid returns of between 1.5- and 1.7-times cost and internal rates of return of between 15% and 20%.

“If it doesn’t do that, then why are you investing with a secondary fund?” he added. “You might as well invest in a fund of funds or in fund managers directly yourself.” n

–With additional reporting by Michael Wursthorn

The Rise and Fall of Paul Capital

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By YULIYA CHERNOVA

The market for secondary shares of private companies has seen a lot of ups

and downs. As it appears to be stabilizing now, a new entrant, Nasdaq Private Market, hopes to facilitate more transactions.

A joint venture between Nasdaq OMX Group Inc. and privately held SharesPost, Nasdaq Private Market opened for business in March with the goal of helping growth-stage companies find either primary investors or secondary buyers for the shares owned by early investors and employees.

Registered broker-dealers that bring in buyers can access the Nasdaq marketplace and interact with companies that might have shares for sale.

“It is early days yet, and while we cannot change the world in seven days, we are very encouraged by the robust pipeline of quality companies engaged with us, and we are very close to launching our very first liquidity program, truly an historic event,” said Bob Greifeld, chief executive of Nasdaq OMX, during an April 24 conference call with analysts.

A Nasdaq spokesman declined to say how many companies have listed on NPM. One startup that announced it is listing its shares for purchase via NPM is social-mobile photo sharing company mobli Media Inc., based in Tel Aviv. So far, five broker-dealers have registered on the NPM website.

Brokers do not pay Nasdaq to register. However, Nasdaq takes part of the total commission brokers receive from transactions that result from deals listed on the marketplace. Nasdaq Private Market also charges companies fees for the services they partake in, such as when Nasdaq manages a liquidity program for a company.

Nasdaq’s offering comes at a time when several other ventures are trying to create new ways of connecting secondary buyers and sellers of stock. One example is marketplace platform EquityZen, which buys the rights to the value of stock options owned by employees. When a company goes public or is sold, an employee cashes in her stock options and passes the cash to the secondary buyer. Another recent entrant, Equidate Inc., also acquires the rights to the value of stock options held by employees.

Nasdaq Private Market is an iteration on the models attempted by companies like SharesPost and SecondMarket Holdings Inc. a few years ago.

These companies created popular online trading platforms that catered to individual buyers and sellers of secondary shares. Activity peaked in the months leading to the initial public offering of Facebook Inc., when many former employees found ready buyers for their shares on these online exchanges.

But after the company’s IPO, which disappointed some late buyers, secondary sales on online exchanges cooled down. Many companies realized that the Facebook experiment wasn’t optimal and sought to exercise greater control over how, when and where their shares could exchange hands.

Those moves restricted the open activity, and forced SecondMarket and SharesPost to adjust. SecondMarket started helping companies that wanted to host organized resales of secondary shares. Such liquidity programs often allow both employees that have stock options as well as early-stage venture investors to sell some of their shares in bulk. Institutional investors often serve as the buyers in such transactions. Nasdaq Private Market is also planning to facilitate such liquidity programs.

Unlike the old SharesPost, Nasdaq Private Market gives companies full control over what information is made available about them and their offerings. That’s a key point for companies, which prefer control over how their shares are traded and who gets information about them, after the prior version of the SharesPost online exchange revealed at times more information than they would have liked. Another difference between SharesPost’s prior version and NPM is that SharesPost acted as the only broker-dealer facilitating transactions. NPM is a broader market, where various broker-dealers are invited to take part.

Mr. Greifeld said during the call that the driver behind the launch of the market was Nasdaq’s mission to “be a partner and advocate for our customers, and particularly, the innovative companies who need access to capital to grow their franchises.” n

Nasdaq Takes Aim at Secondaries MarketNPM’s Menu

Services offered by Nasdaq Private Market include:

Private Placements Connecting with investors online, enabling them

to close financings quickly

Structured Liquidity ProgramsHolding block sales of employee and other

shares to select buyers

Investor ConnectionsFinding institutional buyers

Cap Table ManagementKeeping records of shareholders and stock transactions

Stock Plan AdministrationManaging stock grants and stock exercises,

as well as regulatory reporting

Transaction ProcessingArchiving documents, using tools like e-signature

and others for closing transactions


By DAVID SMAGALLA

Like much of the private equity market, secondary funds continued to return significant amounts of cash to

investors in 2013, according to a sample of performance data from several large public pension funds.

Secondary pools raised during the private equity boom of the last decade dominated the list of firms returning the most money to investors, largely attributable to ongoing public market strength driving a wave of exits.

In addition, funds raised during the boom years – especially in 2007 – likely were able to capitalize on

opportunities emerging from the financial crisis that followed and now may be reaping the rewards.

As always, one caveat to this 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 fund managers.

Coller Capital, which spent the last few years picking up portfolios from banks divesting their private equity assets, topped our sample of firms returning money to its limited partners. Coller International Partners V LP,

Secondaries Reap Rewards of Boom Era Deals

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 9/30/13 9/30/12 9/30/13 9/30/12

Coller Capital Coller International Partners III LP/1999 LP Secondaries Global $100.0 $100.9 $1.0 $143.3 $142.3 13.90 13.90 0.00Coller Capital Coller International Partners V LP/2006 LP Secondaries Global $375.0 $309.2 $22.3 $149.2 $126.9 7.50 6.80 0.70Lexington Partners Lexington Capital Partners II LP/1998 LP Secondaries U.S. $150.0 $148.3 $2.9 $192.1 $189.2 8.20 8.20 0.00Lexington Partners Lexington Capital Partners III LP/1999 LP Secondaries U.S. $100.0 $98.6 $1.6 $119.3 $117.7 8.70 8.70 0.00Lexington Partners Lexington Capital Partners IV LP/2000 LP Secondaries Global $100.0 $98.1 $2.2 $167.4 $165.2 19.20 19.20 0.00Lexington Partners Lexington Middle Market Investors LP/2005 LP Secondaries U.S. $50.0 $49.0 $9.7 $43.2 $33.5 11.20 10.80 0.40W Capital Partners W Capital Partners LP/2003 Secondary Direct/Portfolio U.S. $25.0 $25.5 $0.7 $16.7 $16.0 -4.60 -3.30 -1.30W Capital Partners W Capital Partners II LP/2007 Secondary Direct/Portfolio U.S. $141.1 $125.7 $17.4 $107.1 $89.7 14.40 16.8 -2.40

California State Teachers’ Retirement System 9/30/13 9/30/12 9/30/13 9/30/12

Paul Capital Paul Capital Partners VIII LP/2004 LP Secondaries U.S. $50.0 $49.3 $4.3 $47.0 $42.7 8.68 8.83 -0.15Fondinvest Capital Fondinvest VI/2002 LP Secondaries Global $29.6 $28.3 $1.5 $49.5 $48.0 23.77 23.83 -0.06Coller Capital Coller International Partners VI LP/2011 LP Secondaries Global $100.0 $24.3 $0.3 $0.8 $0.5 37.16 63.37 -26.21

Montana Board of Investments 6/30/13 6/30/12 6/30/13 6/30/12

Adams Street Partners Adams Street Global Oppty Secondary Fund/2003 LP Secondaries Global $25.0 $19.9 $3.9 $21.6 $17.7 11.25 11.82 -0.57Lexington Partners Lexington Capital Partners V LP/2001 LP Secondaries Global $50.0 $47.0 $3.7 $72.2 $68.5 18.45 18.88 -0.43Lexington Partners Lexington Capital Partners VI LP/2005 LP Secondaries Global $50.0 $46.0 $8.7 $29.2 $20.5 6.02 5.11 0.91Lexington Partners Lexington Middle Market Investors II LP/2008 LP Secondaries U.S. $10.0 $6.7 $1.4 $2.5 $1.1 14.27 15.11 -0.84HarbourVest Partners Dover Street VII LP/2008 LP Secondaries Global $20.0 $17.2 $2.1 $5.4 $3.3 12.82 15.55 -2.73Lexington Partners Lexington Capital Partners VII LP/2008 LP Secondaries Global $45.0 $26.6 $5.4 $8.6 $3.2 19.93 23.07 -3.14Industry Ventures Industry Ventures Fund IV/2005 Secondary Direct/Portfolio U.S. $10.0 $9.2 $2.1 $7.7 $5.6 4.54 6.76 -2.22Portfolio Advisors Portfolio Advisors Secondary Fund LP/2008 Secondary Direct/Portfolio Global $15.0 $11.7 $2.3 $4.5 $2.2 18.25 23.35 -5.10

New Jersey State Investment Council 12/31/13 12/31/12 12/31/13 12/31/12

Partners Group Partners Group Secondary 2006 LP/2006 LP Secondaries Global $52.7 $53.0 $6.4 $40.9 $34.6 N/A N/A N/ANeuberger Berman NB Secondary Opportunities Fund II LP/2007 LP Secondaries U.S. $100.0 $89.3 $18.4 $65.2 $46.9 N/A N/A N/APartners Group Partners Group Secondary 2008 LP/2007 LP Secondaries Global $72.2 $67.5 $16.1 $33.0 $16.9 N/A N/A N/A

Oregon State Treasury 9/30/13 9/30/12 9/30/13 9/30/12

Coller Capital Coller International Partners IV LP/2002 LP Secondaries Global $50.0 $44.5 $1.9 $52.1 $50.2 13.30 14.10 -0.80Montauk TriGuard Montauk TriGuard Fund III LP/2005 LP Secondaries U.S. $50.0 $45.5 $4.1 $39.8 $35.7 5.80 6.40 -0.60Montauk TriGuard Montauk TriGuard Fund IV LP/2008 LP Secondaries U.S. $75.0 $57.8 $10.0 $33.0 $23.0 16.70 19.80 -3.10Montauk TriGuard Montauk TriGuard Fund V LP/2011 LP Secondaries U.S. $75.0 $23.3 $4.6 $5.2 $0.6 N/A N/A N/A

University of Texas Investment Management Co. 8/31/13 8/31/12 8/31/13 8/31/12

Pomona Capital Pomona Capital V LP/2000 LP Secondaries U.S. $25.0 $24.8 $0.8 $31.5 $30.7 12.60 13.00 -0.40Pomona Capital Pomona Capital VI LP/2004 LP Secondaries U.S. $40.0 $35.6 $4.0 $22.7 $18.7 5.50 5.90 -0.40

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.


which closed in 2007 at $4.8 billion, returned $22.3 million to the California Public Employees’ Retirement System for the year ended Sept. 30, 2013, according to a private equity performance report.

Another Coller fund, Coller International Partners VI LP, which closed on $5.5 billion in 2012, returned $0.3 million to the California State Teachers’ Retirement System in the year ended Sept. 30, 2013, registering a 37.16% internal rate of return, a drop from a 63.37% IRR the year before, according to Calstrs data. Meanwhile, Portfolio Advisors Secondary Fund LP, which closed on $1.1 billion in late 2009, returned $2.3 million to the Montana Board of Investments in the year ending June 30, 2013, and tallied a net IRR of 18.25%, a 5.10 percentage point decline from a 23.35% IRR the year before. These two funds illustrate how early distributions can bolster a secondary fund’s IRR early in its life, but often these pools see an IRR decline over time. n

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 9/30/13 9/30/12 9/30/13 9/30/12

Coller Capital Coller International Partners III LP/1999 LP Secondaries Global $100.0 $100.9 $1.0 $143.3 $142.3 13.90 13.90 0.00Coller Capital Coller International Partners V LP/2006 LP Secondaries Global $375.0 $309.2 $22.3 $149.2 $126.9 7.50 6.80 0.70Lexington Partners Lexington Capital Partners II LP/1998 LP Secondaries U.S. $150.0 $148.3 $2.9 $192.1 $189.2 8.20 8.20 0.00Lexington Partners Lexington Capital Partners III LP/1999 LP Secondaries U.S. $100.0 $98.6 $1.6 $119.3 $117.7 8.70 8.70 0.00Lexington Partners Lexington Capital Partners IV LP/2000 LP Secondaries Global $100.0 $98.1 $2.2 $167.4 $165.2 19.20 19.20 0.00Lexington Partners Lexington Middle Market Investors LP/2005 LP Secondaries U.S. $50.0 $49.0 $9.7 $43.2 $33.5 11.20 10.80 0.40W Capital Partners W Capital Partners LP/2003 Secondary Direct/Portfolio U.S. $25.0 $25.5 $0.7 $16.7 $16.0 -4.60 -3.30 -1.30W Capital Partners W Capital Partners II LP/2007 Secondary Direct/Portfolio U.S. $141.1 $125.7 $17.4 $107.1 $89.7 14.40 16.8 -2.40

California State Teachers’ Retirement System 9/30/13 9/30/12 9/30/13 9/30/12

Paul Capital Paul Capital Partners VIII LP/2004 LP Secondaries U.S. $50.0 $49.3 $4.3 $47.0 $42.7 8.68 8.83 -0.15Fondinvest Capital Fondinvest VI/2002 LP Secondaries Global $29.6 $28.3 $1.5 $49.5 $48.0 23.77 23.83 -0.06Coller Capital Coller International Partners VI LP/2011 LP Secondaries Global $100.0 $24.3 $0.3 $0.8 $0.5 37.16 63.37 -26.21

Montana Board of Investments 6/30/13 6/30/12 6/30/13 6/30/12

Adams Street Partners Adams Street Global Oppty Secondary Fund/2003 LP Secondaries Global $25.0 $19.9 $3.9 $21.6 $17.7 11.25 11.82 -0.57Lexington Partners Lexington Capital Partners V LP/2001 LP Secondaries Global $50.0 $47.0 $3.7 $72.2 $68.5 18.45 18.88 -0.43Lexington Partners Lexington Capital Partners VI LP/2005 LP Secondaries Global $50.0 $46.0 $8.7 $29.2 $20.5 6.02 5.11 0.91Lexington Partners Lexington Middle Market Investors II LP/2008 LP Secondaries U.S. $10.0 $6.7 $1.4 $2.5 $1.1 14.27 15.11 -0.84HarbourVest Partners Dover Street VII LP/2008 LP Secondaries Global $20.0 $17.2 $2.1 $5.4 $3.3 12.82 15.55 -2.73Lexington Partners Lexington Capital Partners VII LP/2008 LP Secondaries Global $45.0 $26.6 $5.4 $8.6 $3.2 19.93 23.07 -3.14Industry Ventures Industry Ventures Fund IV/2005 Secondary Direct/Portfolio U.S. $10.0 $9.2 $2.1 $7.7 $5.6 4.54 6.76 -2.22Portfolio Advisors Portfolio Advisors Secondary Fund LP/2008 Secondary Direct/Portfolio Global $15.0 $11.7 $2.3 $4.5 $2.2 18.25 23.35 -5.10

New Jersey State Investment Council 12/31/13 12/31/12 12/31/13 12/31/12

Partners Group Partners Group Secondary 2006 LP/2006 LP Secondaries Global $52.7 $53.0 $6.4 $40.9 $34.6 N/A N/A N/ANeuberger Berman NB Secondary Opportunities Fund II LP/2007 LP Secondaries U.S. $100.0 $89.3 $18.4 $65.2 $46.9 N/A N/A N/APartners Group Partners Group Secondary 2008 LP/2007 LP Secondaries Global $72.2 $67.5 $16.1 $33.0 $16.9 N/A N/A N/A

Oregon State Treasury 9/30/13 9/30/12 9/30/13 9/30/12

Coller Capital Coller International Partners IV LP/2002 LP Secondaries Global $50.0 $44.5 $1.9 $52.1 $50.2 13.30 14.10 -0.80Montauk TriGuard Montauk TriGuard Fund III LP/2005 LP Secondaries U.S. $50.0 $45.5 $4.1 $39.8 $35.7 5.80 6.40 -0.60Montauk TriGuard Montauk TriGuard Fund IV LP/2008 LP Secondaries U.S. $75.0 $57.8 $10.0 $33.0 $23.0 16.70 19.80 -3.10Montauk TriGuard Montauk TriGuard Fund V LP/2011 LP Secondaries U.S. $75.0 $23.3 $4.6 $5.2 $0.6 N/A N/A N/A

University of Texas Investment Management Co. 8/31/13 8/31/12 8/31/13 8/31/12

Pomona Capital Pomona Capital V LP/2000 LP Secondaries U.S. $25.0 $24.8 $0.8 $31.5 $30.7 12.60 13.00 -0.40Pomona Capital Pomona Capital VI LP/2004 LP Secondaries U.S. $40.0 $35.6 $4.0 $22.7 $18.7 5.50 5.90 -0.40

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.

Private Equity Performance Over Time

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

6.465.73

13.9515.09

7.51

26.14

14.7316.34

18.66

11.38 11.9814.21

0

5

10

15

20

25

30%

S&P 500SecondaryFunds

U.S. Venture Funds

U.S. Buyout and Growth Equity Funds

15-year10-year5-year3-year1-yearYTD3Q13

5.25

19.79

16.27

19.34

10.02

5.337.57

3.47

6.76

12.9411.45

8.43

11.6812.278.58

14.38

36 | | GUIDE TO THE SECONDARY MARKET

Brian Mooney is a founder and managing director of Cogent Partners and has over 14 years of secondary market experience. Mr. Mooney focuses on advising fund managers and large institutional investors on fund and portfolio restructuring transactions. Prior to Cogent, Mr. Mooney was part of the investment team at the

Crossroads Group (now part of NB Private Equity Partners/Neuberger Berman), where he focused on secondary acquisitions as well as primary and equity co-investments.

SPONSORED ARTICLE

GP-Led Fund Restructurings and Recapitalizations: A Growing Market SolutionBy Brian Mooney of Cogent Partners

General partner-led fund restructuring and recapitalization transactions have become an increasingly prominent part of the overall secondary market and institutional investor landscape. A series of successful deals, including those for Behrman Capital, Willis Stein & Partners and HM Capital Partners, demonstrates that while each situation has unique attributes, if structured properly, these transactions can provide important benefits to existing limited partners and general partners and represent attractive investment opportunities for new investors.

Win-Win-Win Situation RequiredSuccessful GP-led transactions must provide demonstrable value to all parties involved, including:

Existing Limited Partners GP-led transactions, designed correctly, provide existing LPs with a set of options that otherwise would not exist or would exist at less attractive terms. In particular, GP-led transactions can provide liquidity to existing LPs at a price meaningfully higher than what is offered by the regular secondary market. These transactions facilitate greater transparency for new investors, realign GP/LP interests and reduce overall fund- and GP-level uncertainty. For existing LPs that choose to maintain their investment post-transaction, they do so with a GP that has better future prospects resulting from the new structure.

General Partners For general partners, these transactions provide an opportunity to achieve a range of potential objectives, including a longer time horizon in which to maximize value, reset incentives, a new roster of LP relationships and, in certain circumstances, fresh capital.

New Investors For new investors, GP-led transactions offer a differentiated way to deploy capital, compared with typical secondary investment opportunities. They enable new investors to invest with full GP-alignment and with greater asset transparency.

Key Drivers for Successful TransactionsIn achieving the required win-win-win outcome, the key elements of a successful GP-led transaction include:

Clear Rationale GP-led transactions are often complex, time consuming and resource intensive. The rationale for a transaction must be clear and easily articulated to garner interest from potential new investors and support from existing LPs. Typical rationales for GP-led transactions that are most easily supportable include multiyear fund life extension needs and/or additional capital requirements to maximize value.

Thoughtful Upfront Evaluation of Options No two fund- or GP-specific situations are identical. As a result, there are a broad range of issues GPs must consider before embarking on a potential deal. The optimal structure and strategy can only be identified through a deep understanding of potential market pricing, process options, likely LP support and potential counterparties.

Structuring a successful deal requires a full understanding of the universe of investors looking to participate in GP-led transactions. Although dedicated secondary buyers are very active in these transactions and can play an important role, an increasing number of traditional primary investors continue to enter the market as well.

Optionality for Existing Limited Partners The objectives, needs and investment horizons among LPs vary dramatically. Understanding the motivations of a fund’s existing LP base and its desire for liquidity is generally the most critical component of a successful fund restructuring or recapitalization. As such, GP-led transactions should be tailored to provide existing LPs with an option set ranging from full and final liquidity to maintaining an ongoing investment. With the proper set of options for existing LPs, these transactions are much more likely to be viewed favorably and supported by existing LPs.

Conflict Management Although these transactions should provide a benefit to all parties involved, typically the GP is in a conflicted position, given the potential for reset incentives, fund term extensions and/or raising fresh capital. Increasingly, LPs are demanding the involvement of an experienced adviser to help evaluate all viable options and to validate pricing via a competitive process.

Growing Market SectorThere have been over $7.5 billion in GP-led transactions during the past two years and we expect both the number of transactions and the deal volume in this part of the secondary market to grow substantially.

As this segment of the secondary market grows and as more GP-led transactions are completed successfully, the fund- or GP-specific issues addressed and the creative solutions employed will continue to expand and evolve.

Although the form and structure of these transactions may change, ultimately they will continue to represent a viable option for many GPs focused on providing a win-win-win solution for all parties involved.


Charles Soulignac is the founder and managing partner of Fondinvest Capital. He started the firm’s secondaries business in 1994. Prior to this, he spent five years managing investments in private equity funds and direct equity investments for CDC Participations. He also has previous experience in industry

(Potain), consulting (Maynard) and finance (Bred). Reach him at [email protected].

SPONSORED ARTICLE

Discount to Net Asset Value: A Key Factor to Producing High Returns?By Charles Soulignac of Fondinvest Capital

Over the past two years, secondary pricing for private equity funds has trended upward, reflecting improving market conditions and more competitive deal processes, particularly for larger transactions. Although buyout funds received an average price of 84% of their net asset value in 2012, deals are being done at an average price of 92% of NAV, according to Cogent Partners’ Secondary Market Trends & Outlook, January 2014.

For investors, the opportunity to purchase assets at a discount to NAV constitutes one of the main benefits of buying fund interests on the secondary market as it mathematically offers additional value creation. But now that discounts have narrowed, can invest-ors still expect high returns from their secondary investments?

Deeper discounts to NAV do not necessarily offer higher returns

To assess whether performance is related to the amount of discount to NAV, we have conducted an extensive analysis of about 90 secondary investments completed by Fondinvest Capital since 1994 (i.e., later-stage fund interests that are realized/almost realized). Although this sample only includes data from Fondinvest, we believe it provides a good indication of secondary player activity across different market cycles.

Through the application of statistical regression techniques, we can see that a positive correlation exists between discounts to NAV and fund performance (i.e., the two variables move in the same direction). This correlation, however, is considered a weak one and not certain enough to be useful for making predictions. This weakness of this correlation is reflected by the dispersion of performance obtained for the same level of discount.

A minimum discount level is required to outperform the market

Even if a strong correlation between the two variables cannot be demonstrated, there’s no doubt a minimum level of discount

to NAV is necessary if investors want to obtain strong returns. In the table below, we illustrate how performance can vary depending on the average level of discount applied to our sample of funds.

Discounts are attractive, but in-depth analysis is required for successful secondary investments

The pricing and discounting of a transaction result from a careful analysis of the underlying assets in terms of exit timing and expected investment gains, taking into account the performance expected by investors in the secondary funds. But we at Fondinvest Capital believe that, in addition to the discount, other issues need to be assessed, including:

– the quality of the general partner, its ability to consistently deliver top-quartile returns and its determination to generate liquidity for investors

– the quality of the underlying portfolio companies and their upside potential for sustaining the expected level of performance

– the valuation policy of the general partner (either aggressive or conservative)

– the actual reasons motivating the disposal

Investors should also keep in mind that a discount to NAV is an instantaneous indicator (i.e., calculated at the time of the acquisition), and adjusted according to the maturity of the fund and the amount of risk taken. Therefore, funds with low levels of funded commitments or with riskier investment strategies (like venture capital) should generally be traded at larger discounts.

All these elements indicate that determining secondary performance is not just a matter of discounts but also require long-term expertise in the private equity sector.

How Discounts to NAV Affect PerformanceAvg. Disc. to NAV -10% -5% 0% 5% 10% 15% 20% 25% 30%Avg. Total Value Paid In 1.30x 1.36x 1.41x 1.48x 1.55x 1.62x 1.70x 1.80x 1.90xAvg. IRR 8.9% 10.7% 12.6% 14.8% 17.2% 20.1% 23.4% 27.3% 31.8%Note: A negative discount corresponds to a premium to NAV. Source: Fondinvest Capital

Global Discount vs. IRR

Sample size: 91 later-stage fund interests acquired between 1994 and 2007 by Fondinvest II, Fondinvest IV and Fondinvest VI. Data as of 9/30/13. Source: Fondinvest Capital.

(Correlation coef�cient: 0.23)

IRR

Discount

-20% 0 20% 60% 80% 100%

-50%

0%

50%

100%

150%

200%

40%

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SPONSORED ARTICLE

2014 Secondary Market Valuation Trends and Outlook Highlights for Private Funds and Companies World-WideNYPPEX Holdings LLC

NYPPEX Holdings LLC estimates that in 2013, secondary transaction volume* in private equity, real estate and hedge funds world-wide (together known as private funds) declined approximately 7.2% to $24.5 billion.

This was due primarily to a lack of supply as many limited partners elected to delay sales because net cash distributions (i.e., distributions minus capital calls) remained strong and financial organizations were waiting a second year for the final Volcker rule.

Buyout funds comprised the largest segment of secondary volume in private funds world-wide, at approximately 46%, followed by real estate funds at 16% and funds of funds at 9%.

For secondary transactions in private funds executed at NYPPEX during 2013, the average capital called percentage declined to 87.7%, while the average vintage year was 2001 and the average offer period (i.e., the period from the launch date to the date of the buyer’s letter of intent) was 17.7 days.

For 2014, NYPPEX projects secondary transaction volume in private funds world-wide will increase by approximately 34% to $32.8 billion. We predict one driver of transaction volume will be a greater supply of secondary assets from financial organizations, which have until July 2015 to divest private equity and hedge funds as required under the Volcker rule, as well as from private fund restructurings, spinouts and fund divestitures and from institutions that delayed sales in 2013.

We predict transaction volume will also be driven by investors’ desire to deploy approximately $41 billion in estimated liquidity (i.e., dry powder at secondary funds and allocations available at limited partners for secondary investments).

NYPPEX estimates that secondary transaction volume in private companies during 2013 increased approximately 51% to $12.4 billion world-wide, driven by private equity firms’ exits and institutions increasing their target allocations for secondary direct investments in search of higher returns.

NYPPEX estimates that private companies with headquarters in North America comprised the largest percentage of secondary direct volume, at approximately 45%, followed by Western Europe at 28% and the Asia-Pacific region at 15%. We believe Western European volume should have been higher in 2013; however, European company valuations were low and sellers were reluctant to part with their holdings.

We estimate that the technology sector comprised the largest percentage of secondary volume in private

companies world-wide, at approximately 24%, followed by energy and natural resources at 18% and consumer non-cyclicals at 15%.

For 2014, NYPPEX projects that secondary transaction volume in private companies world-wide will increase approximately 56% to $19.3 billion, driven by private equity firm exits and institutions that will increase their target allocations to secondary direct investments in search of higher returns.

NYPPEX estimates that in 2013, tail-end funds – which NYPPEX defines as those private equity funds either nine years of age or older or having 30% or less remaining unrealized value as a percentage of commitments – made up approximately 26%, or $6.46 billion, of total secondary transaction volume in private funds world-wide, compared with 14% in 2012.

The primary driver of this trend is a more disciplined approach to managing costs and improving operational efficiencies by both limited partners and general partners.

Although $6.46 billion in tail-end fund secondary volume in 2013 may be considered significant, NYPPEX estimates that it represented less than 1% of the approximate $1.6 trillion in total unrealized value of tail-end funds world-wide.

In 2014, NYPPEX projects tail-end fund secondary volume could approach a 2% turnover rate, or $32 billion (i.e., 2% times $1.6 trillion), which supports our view that secondary transaction volume may significantly increase in the coming years.

NYPPEX has specialized in advising on tail-end fund divestitures since 2003. Our experience is that secondary buyers categorize and price tail-end funds as either having positive, flat or declining distributions and/or net asset values.

Optimal price executions in tail-end funds are generally a function of insightful due diligence with underlying general partners to identify hidden value, providing scenario return analytics to prospective buyers lacking time to model portfolios and a proactive marketing approach with established relationships worldwide.

*Secondary volume in private funds is defined as exposure, or gross cash proceeds plus uncalled commitment amounts transferred.

Contributing authors from NYPPEX Holdings were Laurence G. Allen, Reenu Bhatia, Dexter B. Blake III, Justin Y. Ding, Kyle R. Ekstrom, Stephen J. LaPerla, Dan Z. Maymin and Michael A.B. Orr.


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 W1K 5JH U.K.

Key personnelMartha Cassidy, Director [email protected]

Meredith Rerisi, Managing Director [email protected]

OverviewTotal secondary assets under management $100 million-$150 million

2012 secondary capital invested $75.4 million

2013 secondary capital invested $0

Capital investment plans in 2014 $100 million-$150 million

Transaction value of largest deal closed in 2013 N/A

Investment criteriaMinimum investment $1 million

Maximum investment $100 million

Participation in syndicates? Yes

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

Aberdeen SVG Private Equity1735 Market St., 32nd Floor Philadelphia, PA 19103 Phone: 215-405-5628 www.aberdeensvg.com

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

Central Court, 25 Southampton Buildings London WC2A IAL U.K. Phone: 44-20-3178-8694

Eteläesplanadi 12 Helsinki 130 Finland Phone: 358-9-6877-0700 Fax: 358-9-6877-0799

Ludwig-Ganghofer-Strasse 6 Grünwald 82031 Germany Phone: 49-89-6938-6228 Fax: 49-89-6938-6228-9

One Royal Plaza, Royal Ave. St Peter Port, Guernsey GY1 2HL Channel Islands Phone: 44-14-8171-3843

Key personnelDominique Peninon, Chairman

Agnès Nahum, Managing Partner

Philippe Poggioli, Managing Partner

Alexandre Delos, Partner, Buyouts

Mikko Moilanen, Partner & Managing Director, Access Finland

Frédéric Evain, Partner, Buyouts

Aymeric Paul, Partner, Infrastructure

Martial Lauby, Partner, Private Debt

Cécile Croissant, Partner, Investor Relations & Communication

Investment criteriaParticipation in syndicates? No

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 personnelEdwin Wang, Senior Managing Director [email protected]


Maximum investment $200 million+


OverviewTotal secondary assets under management $650 million





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]

Richard Chow, Portfolio Manager, Secondaries [email protected]

Richard Holden, Portfolio Manager, Credit [email protected]

Emilio Olmos, Portfolio Manager, Secondaries [email protected]



Access Capital Partners121 ave. des Champs Elysées Paris 75008 France Phone: 33-1-56-43-61-00 Fax: 33-1-56-43-61-01 www.access-capital-partners.com

Branch officesIT Tower, Ave. Louise 480 Brussels 1050 Belgium Phone: 32-2-290-87-20 Fax: 32-2-290-87-21

Secondary Market Buyer Listings


Capital investment plans in 2014 $500 million

Transaction value of largest deal closed in 2013 $50 million

Funds being investedAdams Street Global Secondary Fund V Size $1,000 million Year Closed 2013

Adams Street Partners 2012 Global Fund Program Size $213 million Year closed 2012

Adams Street Partners 2013 Global Fund Program Size $146 million* Year closed 2013

Adams Street Partners 2014 Global Fund Program Size $150 million** Year closed 2014**

*Fund size represents the portion of these programs reported to be invested in secondaries. **Estimated.

Jeffrey Akers, Partner [email protected]

Troy Barnett, Partner [email protected]

Gregory Holden, Partner [email protected]

Pinal Nicum, Partner [email protected]

Joseph Goldrick, Principal jgoldrick@adamsstreetpartners

Charlie Denison, Senior Associate [email protected]

Eva Huang, Senior Associate [email protected]

OverviewTotal secondary assets under management $4,500 million

2012 secondary capital invested $428 million


Industry preferencesThe firm prefers to invest in 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.

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

Select institutional backersHarbourVest Partners

ACG Capital49 Ave. d’Iéna Paris 75116 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

Adams Street PartnersOne North Wacker Drive, Suite 2200 Chicago, IL 60606 Phone: 312-553-7890 Fax: 312-553-7891 www.adamsstreetpartners.com

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 North Bridge Road #14-02 Raffles City Tower Singapore 179101 Singapore Phone: 65-6303-8730 Fax: 65-6303-8740

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

1-7-2 Otemachi, Chiyoda-Ku Level 27, Tokyo Sankei Building Tokyo 100-0004 Japan Phone: 81-3-3242-3242 Fax: 81-3-3242-3246

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

Accretive Capital Partners 40

Adams Street Partners 41

AlpInvest Partners 42

Apposite Capital 42

ARCIS Group 43

Ardian 43

Auda Private Equity 43

BEX Capital 44

Coller Capital 45

Committed Advisors 45

Commonfund Capital 45

CPP Investment Board 45

DB Private Equity 46

Fondinvest Capital 46

Fort Washington Capital Partners Group 47

Goldman Sachs Group Inc. 47

Greenspring Associates 47

Hamilton Lane Advisors 47

HarbourVest Partners 48

Idinvest Partners 49

IKE Capital Group 49

Industry Ventures 49

J.P. Morgan Asset Management 50

Landmark Partners 50

Lexington Partners 52

LGT Capital Partners 52

MidCoast Capital 53Morgan Stanley Alternative Investment Partners 53

Mustang Capital Partners 54

Neuberger Berman 54

Newbury Partners 54

NorgesInvestor 55

Northern Trust 55

Northleaf Capital Partners 55

Pantheon 56

Partners Group 56

PEI Funds 57

Permal Capital Management 57

Pomona Capital 57

Portfolio Advisors 58

Sobera Capital 59

StepStone Group 59

Top Tier Capital Partners 60

VCFA Group 61

Vintage Investment Partners 61

Willowridge Partners 62

Select Buyers Also Investing in Secondary Directs






Investment preferences

Minimum $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]

Branch offices6641 W. Broad St., Suite 402 Richmond, VA 23230 Phone: 804-282-9000 Fax: 804-282-6767

#37-06/10, Ocean Financial Centre Singapore 49315 Singapore Phone: 65-6232-2980 Fax: 65-6232-2888

Key personnelElvire Perrin, Partner & Executive Director [email protected]

Investment criteriaMaximum investment $20 million

Participation in syndicates? No

Apposite CapitalOne Friday St., Bracken House London EC4M 9JA U.K. Phone: 44-20-7090-6190 www.appositecapital.com [email protected]

Key personnelValerie Auffray, Investor Relations [email protected]

David Porter, Managing Partner [email protected]



Investment criteriaMinimum investment $0.5 million




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 Director [email protected]

Wouter Moerel, Managing Director [email protected]

Christophe Nicolas, Managing Director [email protected]

Chris Perriello, Managing Director [email protected]

Michael Hacker, Managing Director [email protected]

Philip Viergutz, Principal [email protected]

Michael Camacho, Principal [email protected]

Garrett Hall, Investment Manager [email protected]

Julian Rampelmann, Investment Manager [email protected]

Weibe Visser, Investment Manager [email protected]

Nicole Ying Su, Investment Manager [email protected]


2012 secondary capital invested $1,200 million


Capital investment plans in 2014 $1,200 million-$1,500 million

Transaction value of largest deal closed in 2013 €900 million





Minimum $5 million

Allianz Capital Partners Theresienstrasse 6-8 Munich 80333 Germany Phone: 49-89-3800-7010 Fax: 49-89-3800-19436 www.allianzcapitalpartners.com [email protected]

Branch offices1633 Broadway New York, NY 10105 Phone: 212-938-0630

12 Marina View 14-01 Singapore 18961 Singapore Phone: 65-6395-8602

Key personnelAndress Goh, Investment Manager [email protected]




Alpha AssociatesTalstrasse 1 Zurich 8001 Switzerland Phone: 41-43-244-3100 Fax: 41-43-244-3101 www.alpha-associates.ch [email protected]

Key personnelEmanuel Eftimiu, Investor Relations [email protected]






AXA Early Secondary Fund V Size $700 million (target size) Year closed 2014

AXA Early Secondary Fund IV Size €546 million Year closed 2007

Future fundraising plansASF VI Size $5,500 million Anticipated close date 2014


Maximum investment $2,000 million


Industry preferencesGeneralist



Minimum $5 million


AssetMetrixOttostrasse 1 Munich 80333 Germany Phone: 49-89-543-2880-0 www.asset-metrix.com [email protected]

Key personnelMoritz Haarmann, Analyst [email protected]

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 61352 Germany Phone: 49-61-724-028-01 Fax: 49-61-724-028-09

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

One Exchange Square, Suite 1704, 17th Floor Hong Kong, China Phone: 852-2869-2219 Fax: 852-2869-2237

Investment criteriaMinimum investment €1 million

Maximum investment €100 million



Ardian20 Place Vendome Paris 75001 France Phone: 33-1-44-45-92-00 www.ardian-investment.com clientservicingaxaprivateequity@ ardian-investment.com

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

One Grafton St., Fifth Floor London W1S 4FE U.K. Phone: 44-20-7154-4300

An der Welle 4 Frankfurt 60322 Germany Phone: 49-69-505-041-500

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

China World Tower, One Jian Guo Men Wai Ave., Unit 20-22, Level 47 Beijing, China Phone: 86-10-6580-9000

Key personnelEdouard Boscher, Head of Investor Relations [email protected]

Michael Bane, Head of U.S. Investor Relations [email protected]




Capital investment plans in 2014 $3,000 million

Funds being investedASF VI Size $5,500 million (target size) Year closed 2014

AXA Secondary Fund V Size $5,085 million Year closed 2011

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 75116 France Phone: 33-1-47-23-88-62 Fax: 33-1-47-23-88-55

509 Madison Ave., Suite 1400 New York, NY 10022 Phone: 212-838-5577 Fax: 212-838-8858

Key personnelHenri Isnard, Managing Director [email protected]

Mark Burch, Managing Director [email protected]

Romain Bouché, Partner [email protected]

OverviewTotal secondary assets under management €500 million

2012 secondary capital invested €130 million


Capital investment plans in 2014 N/A


Funds being investedFund I Size €56 million Year closed 1994

Fund II Size €91 million Year closed 1999

Fund III Size €175 million Year closed 2004

Fund IV Size €354 million Year closed 2008

Future fundraising plansFund V Size €350 million Anticipated close date N/A


BlackRock Private Equity Partners40 E. 52nd St., Second Floor New York, NY 10022 Phone: 212-810-5300 www.blackrock.com

Key personnelSteven Baumgarten, Director, Investor Relations [email protected]

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

Key personnelWylie A. Tollette, 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

Capital Dynamics645 Madison Ave., 19th Floor New York, NY 10022 Phone: 212-798-3400 Fax: 212-798-3499 www.capdyn.com [email protected]

Branch offices21 Sackville St., First Floor London W1S 3DN U.K. Phone: 44-20-7297-0200 Fax: 44-20-7297-0299

Key personnelSandro Galfetti, Director, Secondaries [email protected]

Yumi Kim, Associate

OverviewTotal secondary assets under management $501.6 million

2012 secondary capital invested $0-$50 million

BEX Capital22 rue de la Paix Paris 75002 France Phone: 33-1-43-12-98-53 www.bexcapital.com [email protected]

Key personnelBenjamin Revillon, Managing Partner [email protected]

Mathieu Bonnet, Investment Manager [email protected]


Capital investment plans in 2014 €20 million-€30 million

Funds being investedSB Partners Secondary Fund Size €30 million-€50 million Year closed 2014

Investment criteriaMinimum investment €0.5 million





Minimum €0.5 million

Maximum €30 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]




Industry preferencesHealth care

Key personnelChris Lawrence, Managing Director [email protected]

Tim Brody, Managing Director [email protected]

Marissa Rocker, Associate [email protected]







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

Branch offices224 S. Michigan, Suite 425 Chicago, IL 60604 Phone: 312-361-3520

Key personnelRiyadh Mohammed, Principal [email protected]

Howard Sanders, Managing Director [email protected]

Ahmad Ali, Managing Director [email protected]

Christopher Salley, Managing Director [email protected]





Commonfund Capital15 Old Danbury Road Wilton, CT 06897 Phone: 203-563-5116 Fax: 203-563-5416 www.commonfund.org

Branch officesOne Northumberland Ave. First Floor, Trafalgar Square London WC2N 5BW U.K.

17/F Ping An International Financial Tower B, No. 3 Xin Yuan South Road, Chaoyang District Beijing, China

Key personnelGreg Jansen, Managing Director [email protected]

Cari Lodge, Managing Director [email protected]



Commonwealth of PA, Public School Employees’ Retirement System5 North 5th St., Fourth Floor Harrisburg, PA 17101 Phone: 717-787-8540 Fax: 717-772-3860 www.psers.state.pa.us

Key personnelCharles Spiller, Managing Director [email protected]

CPP Investment Board1 Queen St. E., Suite 2500 Toronto, ON M5C 2W5 Canada Phone: 866-557-9510 www.cppib.com

Key personnelYann Robard, Vice President, Head of Secondaries & Co-Investments [email protected]





Maximum investment $1,000 million+



Committed Advisors9 rue Daru Paris 75008 France Phone: 33-1-72-28-35-30 www.committedadvisors.com [email protected]

Branch offices201 Sussex St. Darling Park Tower Two, Level 21 Sydney, NSW 2000 Australia Phone: 61-29-191-2690

Key personnelDaniel Benin, Managing Partner [email protected]

Barthelemy de Beaupuy, Managing Partner [email protected]

JB Stock, Partner [email protected]

Guillaume Valdant, Partner [email protected]




Investment criteriaMinimum investment $0





Minimum $0

Maximum $100 million

2013 secondary capital invested $51 million-$100 million







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]

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

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

Two International Finance Centre Level 19, Central Hong Kong, China Phone: 852-2251-1594

Key personnelJeremy Coller, Executive Chairman


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


F&C Investment Business Ltd.80 George St. Edinburgh EH2 3BU U.K. Phone: 44-20-7628-8000 www.fandc.com/privateequity [email protected]

Key personnelRichard Nairn, Director, Private Equity Funds [email protected]




Capital investment plans in 2014 €30 million






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 officesOne 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]





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




Industry preferencesNo


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

Key personnelCarmen Gigliotti, Managing Director, Private Markets Group [email protected]

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, Eight 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]


Maximum investment N/A




Minimum $250 million

Maximum N/A

Cubera Private EquitySveavägen 17, 12th Floor Stockholm 11157 Sweden Phone: 46-8-411-9033 www.cubera.se

Key personnelTill Gutzen, Partner [email protected]



DB Private EquityPinners Hall, 105/108 Old Broad St. London EC2N 1EN U.K. Phone: 44-20-7545-8000 www.dbpe.com [email protected]

Branch offices345 Park Ave. New York, NY 10154

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

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

Adam Graev, Managing Director, Head of Americas [email protected]

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

Francesco Rigamonti, Director [email protected]


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

Key personnelHunter Somerville, Senior Associate [email protected]






Minimum $1 million

Maximum $75 million

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

Branch offices610 Fifth Ave., Suite 401 New York, NY 10020 Phone: 212-752-7667 Fax: 212-752-7865

200 California St., Suite 400 San Francisco, CA 94111 Phone: 415-365-1056 Fax: 415-365-1057

St George’s Building, Two Ice House St. Room 1001-2, 10th Floor Hong Kong, China Phone: 852-3987-7191 Fax: 852-3987-7198

8-10 Great George St. London SW1P 3AE U.K. Phone: 44-20-7340-0100 Fax: 44-20-7340-0135

Key personnelTom Kerr, Managing Director [email protected]

Erik Hirsch, Chief Investment Officer [email protected]

Dennis Scharf, Principal [email protected]

Keith Brittain, Principal [email protected]

Mitesh Pabari, Vice President [email protected]

Fort Washington Private Equity Opportunities Fund III LP Size $150 million Year closed 2014





Select institutional backersWestern & Southern Financial Group

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

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

295 Chipeta Way Salt Lake City, UT 84108

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

Key personnelHarold Hope, Managing Director [email protected]

Michael Brandmeyer, Managing Director [email protected]









Future fundraising plansFondinvest X Size €400 million Anticipated close date Q3 2014





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]

Paul Cohn, Managing Director [email protected]

Joe Woods, Managing Director [email protected]

Steve Baker, Managing Director [email protected]



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



Headlands Capital ManagementOne 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, Cofounder & Partner [email protected]




Helmsman Capital23 Hunter St., Suite 503 Sydney, NSW 2000 Australia Phone: 61-292-397-8120 Fax: 61-292-398-199 www.helmsman.com.au

Key personnelIan Johnson, 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, One Connaught Place, Suites 4105-4108 Hong Kong, China Phone: 852-2905-5188 Fax: 852-2905-5199

Key personnelGuy Pigache, Partner [email protected]

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

Carrera Seven, #113-43 Oficina 904, Edificio Samsung Bogotá, Colombia Phone: 57-1-552-1400

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

Key personnelJeff Keay, Managing Director [email protected]

Brett Gordon, Managing Director [email protected]

John Toomey, Managing Director [email protected]

Fred Maynard, Managing Director [email protected]

Peter Wilson, Managing Director [email protected]

David Atterbury, Managing Director [email protected]

Tim Flower, Managing Director [email protected]

Tatsuya Kubo, Managing Director [email protected]

Sally Shan, Managing Director [email protected]






Funds being investedDover Street Investment Program


Maximum investment $1,000 million+


Industry preferencesHarbourVest invests secondary capital across most industries.






Funds being investedHamilton Lane Secondary Fund I Size $359.6 million Year Closed 2007

Hamilton Lane Secondary Fund II Size $590.7 million Year Closed 2009

Hamilton Lane Secondary Fund III Size $909 million Year Closed 2012






Minimum $5 million


HarbourVest PartnersOne Financial Center, 44th Floor Boston, MA 02111 Phone: 617-348-3528 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 Three Garden Road, Central Hong Kong, China Phone: 852-2525-2214 Fax: 852-2525-2241






Industry Ventures30 Hotaling Place, Third Floor San Francisco, CA 94111 Phone: 415-273-4201 www.industryventures.com [email protected]

Branch offices204 South Union St. Alexandria, VA 22314

Key personnelLena McNulty, Investor Relations [email protected]


Funds being investedIndustry Ventures Fund V Size $266 million Year closed 2008

Industry Ventures Fund VI Size $404 million Year closed 2011

Industry Ventures Partnership Holdings II Size $54 million Year closed 2011

Industry Ventures Secondary VII Size $425 million Year closed 2013

Future fundraising plansIndustry Ventures Partnership Holdings III LP Size $125 million Anticipated close date Q2 2014




Minimum €5 million


IKE Capital Group245 Park Ave. New York, NY 10167 www.icapitalgroup.us [email protected]

Branch officesVia Pianeta Venere 25 Rome 144 Italy

Key personnelMichele Gardelli, Managing Director



Industriens Pensionsforsikring A/SNoerre Farimagsgade 3 Copenhagen 1364 Denmark Phone: 45-33-66-80-80 Fax: 45-33-66-80-90 www.industrienspension.dk

Key personnelSoren Thinggaard Hansen, Head of Private Equity [email protected]

Kasper Struve, Director, Private Investments [email protected]

Christian Broenden, Director, Private Investments [email protected]






Horsley Bridge Partners505 Montgomery St., 21st Floor San Francisco, CA 94111 Phone: 415-986-7733 Fax: 415-986-7744 www.horsleybridge.com [email protected]

Key personnelFred Berkowitz, Managing Director [email protected]

Idinvest Partners117 ave. des Champs Elysèes, Fifth Floor Paris 75008 France Phone: 33-1-51-85-656 www.idinvest.com

Key personnelChristophe Simon, Partner [email protected]

Edoardo Fracchia, Associate [email protected]






Funds being investedIdinvest Secondary Fund II Size €250 million Year closed 2013

We manage several mandates of €100 million each on behalf of institutional investors with interest for secondary transactions.

Future fundraising plansIdinvest Secondary Fund III Size €500 million Anticipated close date 2015




Industry preferencesOpportunistic


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

Key personnelSuganya Tharmalingam, Principal [email protected]

Investment criteriaMaximum investment $20 million


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

681 Fifth Ave. New York, NY 10022 Phone: 212-858-9760

52 Jermyn St. London SW1A 6LX U.K. Phone: 44-20-7343-4450 Fax: 44-20-7343-4488

Key personnelChad S. Alfeld, Partner

Francisco 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

Barry M. Miller, Partner

Scott N. Humber, Principal

Barry E. Griffiths, Principal

Key personnelJarrod Fong, Managing Director [email protected]

Amanda Wilson, Portfolio Manager [email protected]

Tyler Jayroe, Portfolio Manager [email protected]

Anthony Roscigno, Portfolio Manager [email protected]

Dana Haimoff, Portfolio Manager [email protected]

Thomas McComb, Portfolio Manager [email protected]

Boris Bong, Portfolio Manager [email protected]






Minimum $5 million


Jolimont Capital133 Flinders Lane, Level One Melbourne, Victoria 3000 Australia Phone: 61-38-199-2700 Fax: 61-39-639-5228 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]




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

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]




J.P. Morgan Asset Management270 Park Ave., 25th Floor New York, NY 10017 Phone: 212-648-2279 Fax: 212-648-2323 www.jpmorgan.com

Branch offices20 Finsbury St., Sixth Floor London EC2Y 9AQ U.K. Phone: 44-20-7742-3754

Eight Connaught Road, 19th Floor, Central Hong Kong, China Phone: 852-2800-2157

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Innovative Directions in Alternative Investing

New York Boston Menlo Park London Hong Kong 212 754 0411 | 617 247 7010 | 650 561 9600 | 44 20 7318 0888 | 852 3987 1600

www.lexingtonpartners.com

Lexington Partners is a leader in the global secondary market. Since

1990, we have completed over 340 secondary transactions, acquiring

more than 2,200 interests managed by over 580 sponsors with a total

value in excess of $27 billion. For over 20 years, we have excelled at

providing customized solutions to banks, �nancial institutions, pension

funds, endowments, family of�ces and other �duciaries seeking to

restructure their private equity and alternative investment portfolios.

Our unparalleled global sponsor relationships, capital resources, and

reputation as a reliable counterparty are widely recognized, and we

have skilled professionals to work with you in �ve locations. To make an

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

When Rebalancing is your First Priority, Make Lexington your Secondary Priority.

LP RebalanceAd HFA & PEA DR020614.pdf 1 2/6/14 5:47 PM






LGT Capital PartnersSchuetzenstrasse 6 Pfaeffikon 8808 Switzerland Phone: 41-55-415-9600 Fax: 41-55-415-9699 www.lgtcp.com

Branch officesEight Connaught Place, Suite 4203 Two Exchange Square, Central Hong Kong, China Phone: 852-2522-2900 Fax: 852-2522-8002

DIFC, The Gate Building (West) Level Two, P.O. Box 506793 Dubai, UAE Phone: 971-4-436-7175 Fax: 971-4-436-7180

1133 Ave. of the Americas New York, NY 10036 Phone: 212-336-0650 Fax: 212-336-0699

2-7-2 Fujimi, Chiyoda-ku 17th Floor, Stage Building Tokyo 102-0071 Japan Phone: 81-3-6272-6442 Fax: 81-3-6272-6447

35 Dover St. London W1S 4NQ U.K. Phone: 44-20-7529-0960 Fax: 44-20-7529-0979

Key personnelIvan Vercoutere, Managing Partner [email protected]

Andre Aubert, Partner [email protected]

Sascha Gruber, Partner [email protected]

Doug Coulter, 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]

Victor Wu, Partner [email protected]

Mark Andrew, Principal [email protected]

Anthony Garton, Principal, Investor Relations [email protected]

Jennifer Kheng, Principal [email protected]

José Sosa del Valle, Principal [email protected]




Transaction value of largest deal closed in 2013 $1,000 million

Funds being investedLexington Capital Partners VIII Size $8,000 million (target size) Year closed 2014

Lexington Middle Market Investors III Size $1,000 million Year closed 2014

Lexington Emerging Partners Size $150 million Year closed 2013

OverviewTotal secondary assets under management $10,521.1 million


2013 secondary capital invested $8,772.6 million

Funds being investedLandmark Real Estate Fund VI Size $718 million Year Closed 2011






Minimum $25 million


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 One, Suite 220 Menlo Park, CA 94025 Phone: 650-561-9600 Fax: 650-561-9696

50 Berkeley St. London W1J 8HA U.K. Phone: 44-20-7318-0888 Fax: 44-20-7318-0889

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

Key personnelBrent Nicklas, Managing Partner [email protected]

Kirk Beaton, Partner [email protected]





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

Key personnelBrian Towsen, Executive Director [email protected]

Nicole Wiley, Vice President [email protected]





Funds being investedGlobal Secondaries Opportunities Fund II Size $777 million Year closed 2013

PMF VI Size Currently raising Year closed Currently raising

Separately Managed Accounts Size Various Year closed Various






Minimum $10 million


Overview2012 secondary capital invested $0.3 million


Capital investment plans in 2014 $1.1 million

Transaction value of largest deal closed in 2013 $0.15 million

Funds being investedDiversified Private Equity Investors IV Size $3.2 million Year closed 2012

Diversified Private Equity Investors II Size $2.9 million Year closed 2007

Future fundraising plansDiversified Private Equity Investors V Size $5 million Anticipated close date 2015






Minimum $0.025 million

Maximum $5 million

Montauk TriGuard Management8001 Irvine Center Drive, Suite 880 Irvine, CA 92618 Phone: 949-398-0000 Fax: 949-398-0001 www.montauktriguard.com

Key personnelSamuel Tang, Cofounder & Managing Partner [email protected]

Ronn C. Cornelius, Cofounder & Managing Partner [email protected]

Edgar J. Pfohl, Cofounder & Principal [email protected]

Brian M. Smith, Cofounder & Principal [email protected]




Capital investment plans in 2014 $500 million-$1,000 million

Funds being investedCGS III Size $2,000 million Year closed 2013




Industry preferencesAll



Minimum $5 million


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]




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]


New Jersey State Investment Council50 West State Street, Ninth Floor Trenton, NJ 08608 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, Second Floor Stamford, CT 06902 Phone: 203-428-3600 Fax: 203-428-3601 www.newbury-partners.com

Key personnelChris Jaroch, Managing Director [email protected]






Funds being investedNewbury Equity Partners Size $702 million Year closed 2007

Newbury Equity Partners II Size $1,024 million Year closed 2010

Newbury Equity Partners III Size $1,100 million Year closed 2013




Industry preferences Any



Minimum $1 million


Neuberger Berman605 Third Ave., 22nd Floor New York, NY 10538 Phone: 212-476-8800 www.nb.com

Key personnelBrian Talbot, Managing Director [email protected]

Tristram Perkins, Managing Director [email protected]

Ethan Falkove, Managing Director [email protected]

Ben Perl, Principal [email protected]




Capital investment plans in 2014 $400 million-$800 million


Funds being investedNB Secondary Opportunities Fund III LP Size $2,000 million Year closed 2013

NB Secondary Opportunities Fund II LP Size $1,700 million Year closed 2008

NB Secondary Opportunities Fund LP Size $800 million Year closed 2005






Minimum $5 million


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, Cofounder & Managing Partner

John C. Phelan, Cofounder & Managing Partner

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

Key personnelParker Brophy, Managing Director [email protected]







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]


Maximum investment €10 million+


Northleaf Capital Partners79 Wellington St. W., Sixth Floor, Box 120 Toronto, ON M2P 1P1 Canada Phone: 416-477-6701 Fax: 416-304-0195 www.northleafcapital.com [email protected]

Branch offices14 Waterloo Place, Fourth Floor London SW1Y 4AR U.K. Phone: 44-20-7321-5750 Fax: 44-20-7930-7171

3000 Sand Hill Road Building 1 - Suite 230 Menlo Park, CA 94025 Phone: 650-234-9810 Fax: 650-234-9859

Key personnelPhillippa Perkins, Vice President [email protected]

Matthieu Ducharme, Vice President [email protected]

Serge Koniski, Senior Associate [email protected]

Michael Flood, Managing Director [email protected]

Daniel Dupont, Managing Director [email protected]

Matthew Sparks, Senior Associate [email protected]

Lance Mu, Senior Associate [email protected]


Funds being investedNorthleaf Secondary Partners Size $250 million Year Closed 2013

Northleaf Global Private Equity Investors V Size $148 million Year Closed 2010

Northleaf Global Private Equity Investors VI Size $275 million To Date Year Closed Currently Raising

Northleaf Global Private Equity Investors V and Northleaf Global Private Equity Investors VI have an allocation to secondaries but also invest in primary funds and co-investments. Northleaf also has a number of custom mandates which have allocations to secondary investments.

Investment criteriaMinimum investment NOK1 million

Maximum investment NOK20 million


Industry preferencesAll industries


Northern Trust181 West Madison St., 14th Floor Chicago, IL 60603 Phone: 312-557-0805 Fax: 312-542-2061 www.northerntrust.com/alternativeinvestments

Key personnelAdam Freda, Vice President [email protected]






Funds being investedPrivate Equity Secondary Opportunities Fund Size $105 million Year closed 2013






Minimum $1 million

Maximum $20 million

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

Key personnelBonnie Lo, Partner [email protected]




Industry preferencesConsumer/retail, health care, energy, TMT, financial services

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

NordeaRegeringsgatan 59, Third Floor Stockholm 10571 Sweden Phone: 46-8-579-423-16 Fax: 46-8-579-425-45 www.nordea.com

Key personnelEivind Lorgen, Head, Alternatives & Manager Selection

NorgesInvestorP.O. Box 1863 Vika Oslo 124 Norway Phone: 47-2-201-9335 www.norgesinvestor.com

Key personnelDylan Wolff, Partner [email protected]

OverviewTotal secondary assets under management NOK200 million

2012 secondary capital invested NOK50 million

2013 secondary capital invested NOK50 million

Capital investment plans in 2014 NOK50 million

Transaction value of largest deal closed in 2013 NOK10 million


Funds being investedPartners Group Secondary 2004 Size €430 million Year Closed 2004

Partners Group Secondary 2006 Size €1,000 million Year Closed 2006







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

Branch offices1300 Division Road, Suite 305 West Warwick, RI 02893 Phone: 401-589-3400 Fax: 401-541-7246

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

Two Exchange Square, Eight Connaught Place, Level Eight Hong Kong, China Phone: 852-3798-2580

Key personnelGeorge Sands, Senior Vice President

Pete Veravanich, Director







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, Cofounder & Managing Partner [email protected]

Krischan von Moeller, Cofounder & Managing Partner [email protected]

Nils Ludwig, Investment Director




Select institutional backersAlpinvest Partners, HarbourVest Partners

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

Key personnelAlexander von Wolffradt, Public Relations [email protected]

Overview2012 secondary capital invested $1,000 million







Ontario Teachers’ Pension Plan5650 Yonge St., Third Floor Toronto, ON M2M 4H5 Canada Phone: 416-228-5900 Fax: 416-730-5349 www.otpp.com [email protected]

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 offices1095 Ave. of the Americas, 32nd Floor New York, NY 10036 Phone: 212-205-2000 Fax: 212-205-2099

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

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

Key personnelElly Livingstone, Partner & Head of Secondaries [email protected]






Minimum $50 million

Maximum $1 million

PineBridge Investments399 Park Ave., Fourth Floor New York, NY 10022 Phone: 646-857-8000 Fax: 646-857-8842 www.pinebridge.com [email protected]

Key personnelSteven Costabile, Managing Director




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

Entertainment Building, 30 Queen’s Road Central, Suite 28A, 28th Floor Hong Kong, China Phone: 852-3628-3629 Fax: 852-2522-5191

83 Clarence St., Level 12 Sydney, NSW 2000 Australia Phone: 61-29-299-2900

Key personnelFran Janis, Senior Partner [email protected]

Lorraine Hliboki, Partner [email protected]

Oliver Gardey, Partner [email protected]

Douglas Kelly, Partner [email protected]

Jim Rorer, Partner [email protected]

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

Key personnelCharles Froland, CEO & CIO [email protected]

Permal Capital Management800 Boylston St., Suite 1325 Boston, MA 02199 Phone: 617-587-5300 Fax: 617-587-5301 www.permalcapital.com

Branch offices900 Third Ave., 26th Floor New York, NY 10022 Phone: 212-418-6500 Fax: 212-418-6510

Key personnelMike D’Agostino, Managing Director [email protected]

Michelle Cruz Peverley, Senior Associate [email protected]






Funds being investedPermal Private Equity Opportunities IV (PPEO IV) Size $403 million Year Closed 2012

Future fundraising plansPPEO V Size $350 million Anticipated close date 2015




Paul Capital575 Market St., Suite 2500 San Francisco, CA 94105 Phone: 415-283-4300 Fax: 415-283-4301 www.paulcap.com [email protected]

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]

Edward Muradian, Controller [email protected]


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 2014






Overview2012 secondary capital invested $75 million




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, QC H3A 3J6 Canada Phone: 514-844-5605 Fax: 514-844-9004

Key personnelRobert Osterrieth, Partner




Robeco Private EquityCoolsingel 120 Rotterdam 3011 AG Netherlands Phone: 31-10-224-2608 Fax: 31-10-411-5282 www.robeco.nl [email protected]

Branch offices909 Third Ave., 32nd Floor New York, NY 10022 Phone: 212-908-9500 Fax: 212-908-9672

Josefstrasse 218 Zurich 8005 Switzerland Phone: 41-44-653-1010 Fax: 41-44-653-1080

Key personnelMikan van Zanten, Managing Director, Luxembourg [email protected]

Roland Pfeuti, Senior Investment Director [email protected]

Portfolio Advisors Real Estate Fund V LP Size $300 million Year closed 2014

Portfolio Advisors Asia Fund IV LP Size $200 million Year closed 2014

Portfolio Advisors Credit Strategies Fund LP Size $250 million Year closed 2014






Minimum $1 million


Private Advisors901 E. Byrd St., Suite 1400 Richmond, VA 23219 Phone: 804-289-6000 Fax: 804-289-6001 www.privateadvisors.com

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

Key personnelMelissa Gregory Garrett, VP [email protected]

Overview2012 secondary capital invested $18.4 million




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

Key personnelMichael Feinglass, Principal, Sourcing [email protected]

John Stephens, Managing Director [email protected]

Vivian Flynn, Managing Director, Investor Relations [email protected]

Funds being investedPomona Capital VIII LP Size $1,700 million Year Closed 2014





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

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

Key personnelHugh Perloff, Managing Director [email protected]






Funds being investedPortfolio Advisors Secondary Fund II LP Size $910 million Year closed 2013


Sobera Capital Fund II Size €3.5 million Year closed 2013

Future fundraising plansSobera Capital Fund III Size €100 million Anticipated close date Q1 2015




Industry preferencesICT, life sciences, applied technologies



Minimum €0.5 million


Select institutional backersUnigestion, Headway Capital, Dahlia

StepStone Group505 Fifth Ave., 17th Floor New York, NY 10017 Phone: 212-351-6100 Fax: 212-351-6101 www.stepstoneglobal.com

Branch offices4350 La Jolla Village Drive, Suite 800 San Diego, CA 92122 Phone: 858-558-9700 Fax: 858-558-9701

57-59 St James’s St. London SW1A 1LD U.K. Phone: 44-20-7647-7550 Fax: 44-20-7647-7599

Beijing Kerry Centre, One Guang Hua Road, North Tower, 20th Floor Suite 2005-2007 Beijing 100020 China Phone: 86-10-8529-8784 Fax: 86-10-8529-8447

Key personnelTom Bradley, Partner [email protected]

Mark Maruszewski, Partner [email protected]

Mike McCabe, Partner [email protected]

Graeme Gunn, Partner [email protected]

Stewart Hay, Partner [email protected]









Sobera CapitalMarkgrafenstrasse 33 Berlin 10117 Germany Phone: 49-30-577-088-370 Fax: 49-30-577-088-379 www.sobera-capital.com [email protected]

Key personnelJohannes Rabini, Managing Partner [email protected]

Stefan Beil, Managing Partner [email protected]






Funds being investedBerlin Capital Fund Size €15 million Year closed 2007

Sobera Capital Fund I Size €4 million Year closed 2012




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

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

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

Jerim Building, 91-1 Cheongdam-dong Kangnam-ku, 6th Floor Seoul 135954 South Korea Phone: 82-2-518-6550

2, Place Dargent Luxembourg 1413 Luxembourg Phone: 352-2461-8345

Key personnelRalph Aerni, CIO

SL Capital PartnersOne George St. Edinburgh EH2 2LL U.K. Phone: 44-13-1245-0055 Fax: 44-13-1245-6105 www.slcapital.com

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

Key personnelPatrick Knechtli, Partner [email protected]



Telemus Capital PartnersTwo 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, Chairman & Partner [email protected]

Top Tier Capital Partners600 Montgomery St., Suite 480 San Francisco, CA 94111 Phone: 415-835-7500 Fax: 415-835-7501 www.ttcp.com [email protected]

Key personnelDan Townsend, Managing Director [email protected]

Garth Timoll, Principal [email protected]

David York, CEO & Managing Director [email protected]









Industry preferencesTechnology (75%), health care (15%), clean technology (10%)




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

Key personnelTimothy Pettee, CIO

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


Symmetry Investment Advisors Inc.374 South Ave. Glencoe, IL 60022 Phone: 847-835-2594 Fax: 847-835-2510 www.symmetryfunds.com [email protected]

Branch offices143 Jasie Ln Santa Rosa, CA 95409 Phone: 707-541-6960

Key personnelLarry Wonnacott, Principal [email protected]












Funds being investedStepStone Secondary Opportunities Fund II Size $460 million Year closed 2013

StepStone Separately Managed Accounts Size $584 million Year closed 2012-2013

StepStone International Investors IV Size €180 million Year closed 2013

Future fundraising plansStepStone Secondary Opportunities Fund III Anticipated close date 2015




Industry preferencesAll



Minimum $1 million


Stripes Group 402 W. 13th St., 11th Floor New York, NY 10014 Phone: 212-823-0720 Fax: 212-823-0721 www.stripesgroup.com [email protected]

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


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]

Investment criteriaMinimum investment No minimum


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

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, Founder & President [email protected]

Cliff Gilman, Managing Director [email protected]




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

Key personnelAbe Finkelstein, General Partner [email protected]


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

Branch officesOne 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]


Funds being investedVCFA Venture Partners V LP Size $250 million Year closed 2006

VCFA Private Equity Partners IV LP Size $250 million Year closed 2004

VCFA Secondary Fund X LP Size $350 million




Industry preferencesNo specific industry focus.



Minimum $5 million



Travelers Cos.485 Lexington Ave. New York, NY 10017 Phone: 917-778-6844 www.travelers.com

Key personnelDaniel Yin, Managing Director [email protected]

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 [email protected]

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 & CFA [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]

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

Willowridge Partners122 E. 42nd St., 37th Floor New York, NY 10017 Phone: 212-369-4700 Fax: 212-369-5661 www.willowridge.com

Key personnelLuisa Hunnewell, Manager [email protected]






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






Minimum $0.3 million

Maximum $40 million

Funds being investedVintage VI Size $161 million Year closed 2013

Future fundraising plansVintage VII Size $100 million Anticipated close date 2014



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




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


Annex Capital Group599 Lexington Ave., 18th Floor New York, NY 10022 Phone: 212-644-3510 Fax: 212-554-5808 www.annexcapital.com [email protected]

Key personnelAmant Dewan, Principal [email protected]

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


Select institutional backersColler Capital

Banque Pictet & Cie SARoute des Acacias 60 Geneva 1211 Switzerland Phone: 41-58-323-2323 www.pictet.com

Cipio PartnersPalais am Lenbachplatz, Ottostrasse 8 Munich 80333 Germany Phone: 49-89-550-6960 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

Select institutional backersColler Capital, Greenpark Capital, HarbourVest Partners, J.P. Morgan Chase & Co., LGT Capital Partners, Partners Group and StepStone Group

Hermes GPE Lloyds Chambers, One Portsoken St. London E1 8HZ U.K. Phone: 44-20-7680-3880 www.hermesgpe.com [email protected]

Key personnelPeter Gale, Head of Private Equity & Chief Investment Officer

Institutional Venture Partners3000 Sand Hill Road Building Two, Suite 250 Menlo Park, CA 94025 Phone: 650-854-0132 Fax: 650-854-2009 www.ivp.com

Branch offices607 Front St. San Francisco, CA 94111 Phone: 415-432-4660 Fax: 415-432-4679

Key personnelGina Bauman, Vice President, Marketing [email protected]

Lake Street Capital388 Market St., Suite 1300 San Francisco, CA 94111 Phone: 415-291-0500 www.lakestreetcapital.com [email protected]

Key personnelGretchen Knoell, General Partner [email protected]

Select institutional backersPantheon, Pomona Capital

Key personnelTom S. Anthofer, Managing Partner [email protected]

Maximilian Schroeck, Managing Partner [email protected]

Werner Dreesbach, Managing Partner [email protected]

Hans-Dieter Koch, Managing Partner & Director [email protected]

Select portfolios acquiredOriginal manager Corporate venture assets of Infineon Technologies AG


Maximum $100 million+

DFJ Esprit Secondaries14 Buckingham Gate London SW1E 6LB U.K. Phone: 44-20-7931-8800 Fax: 44-20-7931-8866 www.dfjesprit.com

Key personnelOlav Ostin, Managing Partner [email protected]

Select portfolios acquiredOriginal manager WestLB AG Year acquired 2004

Original manager Siemens AG Year acquired 2005

Original manager Cazenove Year acquired 2006 Transaction price £80 million

Original manager Prelude Year acquired 2006 Transaction price £50 million

Original manager 3i Group (unspecified) Year acquired 2009 Transaction price £170 million

Secondary Direct Manager Listings




Select portfolios acquiredOriginal manager Dell Inc.

Original manager Oppenheimer & Co.

Original manager SAIC

Original manager Alliance

Fund being investedMillennium Technology Value Partners II Size $284 million Year closed 2010

Millennium Technology Value Partners LP Size $130 million Year closed 2006

Millennium Technology Value Partners (co-invest) Size $50 million Year closed 2012

Investment criteriaMinimum $0.1 million


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]

Dan Borok, Partner [email protected]

Max Chee, Partner [email protected]

Jon Glass, Chief Financial Officer [email protected]



LLM Capital Partners265 Franklin St., 20th Floor Boston, MA 02110 Phone: 617-330-7755 Fax: 617-330-7759 www.llmcapital.com

Key personnelSamuel Kenna, Principal [email protected]

MCA Funds5910 Mineral Point Road Madison, WI 53705 www.cunamutual.com

Key personnelAllen Cantrell, President [email protected]

Zak Doehla, Director, Investments [email protected]

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Stratim Capital333 Bush St., Suite 2250 San Francisco, CA 94104 Phone: 408-676-7824 www.stratimcapital.com [email protected]

Key personnelCraig Such, Partner [email protected]

Zachary Abrams, Managing Partner [email protected]



Verdane Capital AdvisorsVika Atrium/Munkedamsveien 45F Oslo 250 Norway Phone: 47-24-13-70-00 Fax: 47-24-13-70-01 www.verdanecapital.com [email protected]

Branch officesBirger Jarlsgatan 32 B Stockholm 114 28 Sweden Phone: 46-84-074-200 Fax: 46-84-074-210

Rikhardinkatu 4 B Helsinki 130 Finland Phone: 358-96-980-334

Key personnelFrida Einarson, Director, Investor Relations [email protected]




Select portfolios acquiredOriginal manager eEquity Year acquired 2013

Original manager Nordic Venture Partners Fund I Year acquired 2013

Original manager Capilon Year acquired 2012

Original manager BMI Year acquired 2011



Rosetta Capital35 New Broad St. London EC2M 1NH U.K. Phone: 44-20-7194-8080 www.rosettacapital.com

Key personnelJonathan Hepple, Partner [email protected]

Saints Capital2020 Union St. San Francisco, CA 94123 Phone: 415-773-2080 www.saintscapital.com [email protected]

Branch offices23 Berkeley Square London W1J 6HE U.K. Phone: 44-20-7993-6852





smac partnersOttobrunner Strasse 41Unterhaching Munich 82008 Germany Phone: 49-89-550-6880 Fax: 49-89-5506-8850 www.smacpartners.com [email protected]

Key personnelDietrich Ulmer, Managing Partner & Cofounder [email protected]

Overview2012 secondary capital invested €70 million

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 offices71 South Wacker Drive, Suite 1735 Chicago, IL 60606 Phone: 312-754-0610 Fax: 312-754-0690

Key personnelDavid Williamson, Managing Partner [email protected]

Tom Leader, Investment Partner [email protected]

Dennis Powers, Operating Partner [email protected]

Novirian Capital275 Battery St., 16th Floor San Francisco, CA 94111 Phone: 415-233-7000 www.novirian.com [email protected]

Protostar Partners LLC13 West 54 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]




Select portfolios acquiredOriginal manager CIT Group Year acquired 2004 Transaction price Undisclosed

Original manager Blue Point Capital Year acquired 2008 Transaction price Undisclosed


Katie Stitch, Principal [email protected]

Blake Heston, Principal [email protected]

Simon Harris, Vice President [email protected]

Kyle Morgan, Vice President [email protected]

John Lambrech, Chief Financial Officer [email protected]





Fund being investedW Capital Partners III LP Size $750 million Year closed 2013

W Capital Partners II LP Size $700 million Year closed 2008





Select institutional backersGoldman Sachs Asset Management, Landmark Partners, HarbourVest Partners, CV Starr & Co., GIC Special Investments

Vorndran Mannheims Capital AdvisorsGraf-Adolf-Strasse 18 Düsseldorf 40212 Germany Phone: 49-21-186-286-910 Fax: 49-21-186-286-977 www.vmcap.de [email protected]

Key personnelHelmut Vorndran, CEO & Managing Partner [email protected]

W Capital PartnersOne 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]

Steven Wertheimer, Managing Director [email protected]

Robert Migliorino, Managing Director [email protected]

Alison Killilea, Managing Director [email protected]

Todd Miller, Managing Director [email protected]

Original manager Eqvitec Technology Fund II & III Year acquired 2010/11

Fund being investedVerdane Capital VIII Size €200 million Year closed 2013

Verdane Capital VII Size €150 million Year closed 2009

Verdane Capital VI Size €100 million Year closed 2007

Investment criteriaMinimum €5 million


Vision Capital54 Jermyn St. London SW1Y 6LX U.K. Phone: 44-20-7389-6410 Fax: 44-20-7389-6411 www.visioncapital.com [email protected]

Key personnelJulia van Tuyll, Manager, Investor Relations [email protected]

Select portfolios acquiredOriginal manager Terra Firma Capital Partners/Pension Insurance Corp. Year acquired 2007 Transaction price £250 million

Original manager Northern Foods Ltd. Year acquired 2007 Transaction price £160 million

Original manager Bridgepoint Year acquired 2006


Accretive Capital Advisors777 S. Flagler Drive, Suite 800 W. West Palm Beach, FL 33401 Phone: 561-894-1146 Fax: 561-894-1151 www.accretiveexit.com

Key personnelEdwin Wang, Senior Managing Director [email protected]

Types of clients representedBanks/Financial Institutions Family Offices Endowments/Foundations

Average size of assets managed by clients$10 million to $99 million $100 million to $499 million $500 million to $999 million $1 billion+

Average size of secondary deals represented$10 million to $99 million $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]

Types of clients representedWealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds

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

Types of clients representedBanks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Fund of Funds, Secondary Funds, GPs



Breslin AGStauffacherstrasse 45 Zurich 8004 Switzerland Phone: 41-44-386-4020 Fax: 41-44-386-4022 www.breslin.ch

Branch officesAm Pfarrhof 11 Frankfurt 63477 Germany

Key personnelDavid Karabelnik, CEO [email protected]

Types of clients representedWealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Large Corporates

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+

Average size of secondary deals representedUnder $10 million $10 million to $99 million $100 million to $499 million $500 million to $999 million

AXON PartnersBahnhofplatz P.O. Box 4640 Zug 6300 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

Key personnelDominik Meyer, Managing Partner [email protected]

Magdalena Nowak, Head of Project Management & Investor Relations [email protected]

Andrew Kellett, Managing Partner [email protected]

Simon Wigg, Partner [email protected]




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]

Intermediary Firm Listings



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

One Market St., 38th Floor San Francisco, CA 94105 Phone: 415-293-8044 Fax: 415-293-8045

6-8 Tokenhouse Yard, Sixth Floor London EC2R 7AS U.K. Phone: 44-20-7260-1830 Fax: 44-20-7260-1831

Eight Century Ave., 36F Two 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]

Chris Bonfield, Director [email protected]

Key personnelAndrew Sealey, Managing Partner & CEO [email protected]

Thomas Liaudet, Partner [email protected]

Chris Davidsson, Partner [email protected]

Conrad Yan, Partner [email protected]

Immanuel Rubin, Principal [email protected]

Types of clients representedBanks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds


Average size of secondary deals represented$100 million to $499 million $500 million to $999 million $1 billion+

Capstone PartnersOne Galleria Tower 13355 Noel Road, Suite 1050 Dallas, TX 75240 Phone: 972-980-5800 www.csplp.com [email protected]

Branch officesRue Juste-Olivier 9 Nyon 1260 Switzerland Phone: 41-22-365-4500

#11-11 F.E.S. Centre, 545 Orchard Road Singapore 238882 Singapore Phone: 65-6737-3823

Key personnelSteve Standbridge, Partner, North America [email protected]

David Chamberlain, Partner, Europe [email protected]

Alexandre Schmitz, Partner, Asia [email protected]



Camelot Group International45 Rockefeller Plaza, Suite 2000 New York, NY 10111 Phone: 212-257-4100 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

One International Finance Center Suite Eight, 20th Floor One Harbour View St., Central Hong Kong, China Phone: 852-2824-8609 Fax: 852-2166-8999


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+

Campbell LutyensThree 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

Jardine House One Connaught Place, Suite 819 Hong Kong, China Phone: 852-2358-9200 Fax: 852-2358-9299


GlobalFinanceMöhlstrasse 10 Munich 81675 Germany Phone: 49-89-689-06-33 Fax: 49-89-6890-6359 www.globalfinance.de [email protected]

Key personnelClaudia Blümhuber, Co-founder & Managing Director [email protected]

Matthias Stanzel, Co-founder & CEO [email protected]

Go4Venture Advisers48 Charles St., Berkeley Square 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]

Types of clients representedBanks/Financial Institutions Venture Capital and Private Equity 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

Level 34, The Chifley Tower Two Chifley Square Sydney, NSW 2000 Australia Phone: 61-29-229-1410 Fax: 61-29-231-3793

155 N. Wacker Drive, Suite 4550 Chicago, IL 60606 Phone: 312-846-5000 Fax: 312-846-5001

Jonathan Abecassis, Vice President [email protected]


Average size of assets managed by clients$1 billion+


Evercore - Private Capital Advisory55 E. 52nd St. New York, NY 10055 Phone: 212-849-3555 www.evercore.com

Branch offices15 Stanhope Gate London W1K 1LN U.K. Phone: 44-20-7268-2424

Key personnelNigel Dawn, Senior Managing Director [email protected]

Nicolas Lanel, Managing Director [email protected]

Types of clients representedBanks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Diversified Asset Managers, Corporate Pension Plans, Sovereign Wealth Funds, Conglomerates, Private Equity and Hedge Fund Managers



Fimeris Inc.Three Columbus Circle, 15th Floor New York, NY 10019 Phone: 212-520-0058 www.fimeris.com

Key personnelIan Schuler, Co-CEO [email protected]

Types of clients representedWealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds 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 Partners CCP House, Eight Wilfred St. London SW1E 6PL U.K. Phone: 44-20-7630-0909 Fax: 44-20-7630-2012 www.ccpltd.net

Key personnelRoger Luscombe, Managing Partner [email protected]


Average size of assets managed by clientsUnder $10 million $500 million to $999 million $1 billion+

Average size of secondary deals representedUnder $10 million $10 million to $99 million

Credit Suisse GroupOne Madison Ave. New York, NY 10010 Phone: 212-538-6457 Fax: 917-256-5007 www.credit-suisse.com

Key personnelMike Custar, Managing Director [email protected]

Shawn Schestag, Director [email protected]

Mark McDonald, Director [email protected]


Houlihan Lokey10250 Constellation Blvd., Fifth Floor Los Angeles, CA 90067 Phone: 310-553-8871 Fax: 310-553-2173 www.hl.com

Branch offices245 Park Ave., 20th Floor New York, NY 10167 Phone: 212-497-4100 Fax: 212-661-3070

Key personnelJeffrey Hammer, Managing Director, Co-Head of Illiquid Financial Assets [email protected]

Paul Sanabria, Managing Director, Co-Head of Illiquid Financial Assets [email protected]



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+

ICAP CorporatesHarborside Financial Center 1100 Plaza Five Jersey City, NJ 07311 Phone: 212-732-6900 www.icap.com [email protected]

Types of clients representedWealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Sovereign Wealth Funds





Harken Capital101 Federal St., 19th Floor Boston, MA 02110 Phone: 617-342-7333 www.harkencapital.com

Branch offices2229 Lombard St., Suite 102 San Francisco, CA 94123 Phone: 415-774-6467

Key personnelNick Hatch, Head of Secondaries [email protected]

Don Nelson, Managing Director [email protected]

Fred Malloy, Managing Director [email protected]

Scott Holley, Director [email protected]




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]

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]

Sally Box, Principal, Sydney [email protected]

Types of clients representedWealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Corporate Pensions



Griffin Financial Group607 Washington St. Reading, PA 19603 Phone: 610-478-2105 www.griffinfingroup.com

Branch offices485 Madison Ave., 20th Floor New York, NY 10022 Phone: 646-254-6397

Key personnelPaul Delaney, Senior Managing Director [email protected]

Mitchell Fenimore, Senior Vice President [email protected]





NYPPEX Holdings LLC800 Westchester Ave., Suite 349-N Rye Brook, NY 10573 Phone: 914-305-2800 Fax: 914-305-2803 www.nyppex.com [email protected]

Key personnelLaurence Allen, Managing Member [email protected]

Murat Bolat, Managing Director [email protected]

Craig Blitz, Managing Director [email protected]

Donald Byrne, Managing Director [email protected]

Dexter Blake, Managing Director [email protected]

Stephen LaPerla, Managing Director [email protected]

Michael Orr, Managing Director [email protected]

Robert Zimmel, Director [email protected]

Sonya Still, Director [email protected]

Types of clients representedBanks/Insurance Companies Private Equity Firms Asset Managers Sovereign Wealth Funds Public Pensions Private Pensions Asset Managers Family Offices Endowments/Foundations



Melville Capital50 Gerard St., Suite 1240 Huntington, NY 11743 Phone: 212-380-4277 Fax: 212-600-9002 www.melvillesp.com

Branch offices127 Broadway, Suite 202 Los Angeles, CA 90401

Key personnelRobert Stark, President [email protected]

Doug Himmel, Managing Director [email protected]




MHT Secondary Advisors2000 McKinney Ave., Suite 1200 Dallas, TX 75201 Phone: 214-661-1290 Fax: 214-954-9995 www.mhtsa.com

Branch officesOne 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]


Lazard Ltd.30 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 South LaSalle St., 31st Floor Chicago, IL 60603 Phone: 312-407-6600

One Raffles Place, #11-01, Tower One Singapore 48616 Singapore Phone: 65-6534-2011

Key personnelHolcombe Green, Managing Director [email protected]

William Riddle, Managing Director [email protected]

Pablo de la Infiesta, Director [email protected]

Johanna Lottmann, Vice President [email protected]

Ryan Binette, Vice President [email protected]

Abhijit Mitra, Vice President [email protected]

Nicholas Miles, Vice President [email protected]

Types of clients representedWealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Sovereign Wealth Funds




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 West Madison St., Suite 3800 Chicago, IL 60606 Phone: 312-705-3070 Fax: 312-705-3079

40 Berkeley Square London W1J 5AL U.K. Phone: 44-20-7451-4000 Fax: 44-20-7451-4091

101 California St., Suite 2880 San Francisco, CA 94111 Phone: 415-276-5900 Fax: 415-276-5919

Two International Finance Centre Eight Finance St., Central Suite 901, Ninth Floor Hong Kong, China Phone: 852-3656-8609 Fax: 852-3651-7611

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, Founder & Board Director [email protected]




Paladin Market AdvisorsSeven Dey St., Suite 1503 New York, NY 10007 Phone: 646-400-0999

Key personnelKevin Monroe, Managing Director [email protected]

Types of clients representedWealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds General Partners

Average size of assets managed by clients$10 million to $99 million $100 million to $499 million $500 million to $999 million


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SecondMarket Inc.636 Ave. of the Americas New York, NY 10011 Phone: 212-668-5920 Fax: 212-483-1045 www.secondmarket.com [email protected]

Branch offices225 Bush St. 12th Floor San Francisco, CA 94104 Phone: 415-800-0396

Key personnelBill Siegel, VP, Platform Operations

Types of clients representedWealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Sovereign Wealth Funds, Regional and Community Banks, Hedge Funds, Private Equity Funds, Mutual Funds


Average size of secondary deals represented$10 million to $99 million $100 million to $499 million

Setter Capital Inc.77 Bloor St. W., Suite 1901 Toronto, ON M5S 1M2 Canada Phone: 416-964-9555 Fax: 416-964-0699 www.settercapital.com

Key personnelPeter McGrath, Managing Director [email protected]

Robert McGrath, Managing Director [email protected]

Simren Desai, Vice President [email protected]

Gurdeep Gill, Vice President [email protected]

Philip Leishman, Senior Associate [email protected]


River Street Capital39 Broadway, Suite 3300 New York, NY 10006 Phone: 212-588-0300 www.riverstreetcap.com

Key personnelHelge Petermann, Managing Director [email protected]




SecondcapCavendish Court, Fourth Floor 11-15 Wigmore St. London W1U 1PF U.K. Phone: 44-20-3096-2740 www.secondcap.com [email protected]

Branch officesPiazza Diaz, 5 Milan 20123 Italy Phone: 39-02-78-21-38

Key personnelFrancois Gamblin, CEO [email protected]

Anthony Marquié, Managing Director [email protected]

Pierre Henri Carles, Director [email protected]

James Hilton, Analyst [email protected]

Suneel Sheoran, Analyst [email protected]

Types of clients representedWealthy Individuals Banks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Secondary Specialists Fund of Funds, General Partners


Gate Village, Building Six P.O. Box 506741, Dubai International Financial Centre, Sheikh Zayed Road Levels Five & Six Dubai, UAE Phone: 971-4-422-3000 Fax: 971-4-422-3010

Key personnelLarry Thuet, Senior Managing Director




Probitas Partners425 California St., Suite 2300 San Francisco, CA 94104 Phone: 415-402-0700 Fax: 415-402-0052 www.probitaspartners.com [email protected]

Branch offices1120 Ave. of the Americas, Suite 1802 New York, NY 10036 Phone: 212-403-3662

Egyptian House,170-173 Piccadilly Fourth Floor London W1J 9EJ U.K. Phone: 44-20-7845-5400 Fax: 44-20-7240-3339

Nexxus Building, 41 Connaught Road Level 15/F Hong Kong, China Phone: 852-2533-3678

Key personnelCraig Marmer, Managing Director

Types of clients representedBanks/Financial Institutions Endowments/Foundations Funds of Funds, General Partners




UBS Investment Bank299 Park Ave. New York, NY 10171 Phone: 212-821-6108 Fax: 212-882-8433 www.ubs.com/privatefundsgroup

Branch officesOne Finsbury Ave. London EC2M 2PP U.K. Phone: 44-20-7568-2506

Key personnelPhilip Tsai, Global Head of Secondary Market Advisory [email protected]

Gerald Cooper, Managing Director [email protected]

Jarrett Vitulli, Managing Director [email protected]

Rodney Reid, Head of EMEA Secondary Market Advisory [email protected]

Steve Westerback, Executive Director [email protected]


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 +


TriagoOne boulevard 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

Dubai International Financial Center The Gate, Level 15 Dubai P.O. Box 506681 UAE Phone: 971-4-401-9525

Key personnelMathieu Dréan, Managing Partner [email protected]

Victor Quiroga, Founding Partner [email protected]

Nicolas de Nazelle, Managing Partner [email protected]

Tina Sodhi, Partner [email protected]

David Markson, Principal [email protected]

Salim Belkaid, Principal [email protected]

Types of clients representedBanks/Financial Institutions Family Offices Endowments/Foundations Public Pension Funds Funds of Funds, Secondary Funds




Average size of secondary deals represented$100 million to $499 million $500 million to $999 million

Somerset CapitalFlat Four, 73 S. End Road London NW3 2RJ U.K. Phone: 44-20-7871-1510 www.som-cap.com [email protected]

Key personnelJim Miller, Managing Director

Marie Soong, Associate


Average size of assets managed by clients$500 million to $999 million $1 billion+


Stanwich AdvisorsOne Dock St., Suite 600 Stamford, CT 06901 Phone: 203-406-1099 www.stanwichadvisors.com

Key personnelBradley Critchell, Managing Director [email protected]





Appendix A

Investors That Have Backed Secondary FundsLP Name Location PhoneAbbey National Treasury Services PLC London 44-87-0607-6000Aberdeen SVG Chelmsford, U.K. 44-12-6844-8222Abu Dhabi Investment Authority Abu Dhabi 971-2-415-0000AEGON USA Investment Management LLC Baltimore 502-560-2825AFA Försäkring Stockholm 46-8-696-40-00Alameda County Employees’ Retirement Association Oakland, Calif. 510-628-3000AlpInvest Partners Amsterdam 31-205-407-575American Family Insurance Group Madison, Wis. 608-249-2111American Trading and Production Corp. Baltimore 410-347-7150AP Fonden 3 Stockholm 46-8-555-17-100APG Group Heerlen, Netherlands 31-45-579-92-22Argentum Fondsinvesteringer AS Bergen, Norway 47-55-54-70-00Arizona State Retirement System Phoenix 602-240-2000Auda International New York 212-863-2300AXA Equitable Life Insurance Co. New York 212-554-1234BAE Systems Pensions London 44-20-7654-2500Barclays Bank PLC London 44-20-7116-1000Boston Retirement System Boston 617-635-4500Buckinghamshire Pension Fund Aylesbury, U.K. 44-84-5370-8090C.V. Starr & Co. New York 212-230-5050Caisse de dépôt et placement du Québec Montreal 514-842-3261California Public Employees’ Retirement System Sacramento, Calif. 916-795-3829California State Teachers’ Retirement System Sacramento, Calif. 916-229-3541Canada Pension Plan Investment Board Toronto 416-868-4075Charles A. Dana Foundation New York 212-223-4040China Investment Corp. Beijing 86-10-8409-6277Citi Capital Advisors Ltd. New York 212-559-0338Coller Capital London 44-20-7631-8500Columbia University New York 212-854-1754Compagnia Di San Paolo Torino, Italy 39-11-5596-911Connecticut Retirement Plans and Trust Funds Hartford, Conn. 860-702-3126Contra Costa County Employees’ Retirement Association Concord, Calif. 925-646-5741Cranbrook Educational Community Bloomfield Hills, Mich. 248-645-3000Danske Private Equity Copenhagen 45-33-44-63-00DeA Capital Milan 39-02-624-99-51Department for Business, Innovation and Skills London 44-20-7215-5000DNB Livsforsikring ASA Bergen, Norway 47-55-17-80-90DuPont Pension Fund Wilmington, Del. 302-477-6000Employees’ Retirement System of Rhode Island Providence, R.I. 401-222-2203Employees Retirement System of Texas Austin, Texas 512-867-7711F&C Investments London 44-20-7628-8000Finnish Industry Investment Ltd. Helsinki 358-9-6803-680Fire & Police Pension Association of Colorado Greenwood Village, Colo. 303-770-3772Firemen’s Annuity & Benefit Fund Chicago Chicago 312-726-5823Flintshire County Council Pension Plan Mold, U.K. 44-135-270-2761Florida State Board of Administration Tallahassee, Fla. 850-488-4406Fondinvest Capital Paris 33-1-58-36-48-00Fresno County Employees’ Retirement Association Fresno, Calif. 559-457-0681Friends Provident Foundation York, U.K. 44-19-0462-9675GIC Private Ltd. Singapore 65-6889-8888Gjensidige Forsikring ASA Lysaker, Norway 47-22-96-8000


Golden LEAF Foundation Inc. Rocky Mount, N.C. 252-442-7474Greater Manchester Pension Fund Ashton-under-Lyne, U.K. 44-16-1342-2880Groupama SA Paris 33-1-53-93-51-51Hafslund Pension Fund ASA Oslo, Norway 47-92-08-70-07Hamilton Lane Advisors Bala Cynwyd, Pa. 610-934-2222Hannover Rückversicherung AG Hannover, Germany 49-5-115-60-40HarbourVest Partners Boston 617-348-3707Hartford Municipal Employees’ Retirement Fund Hartford, Conn. 860-757-9100Haverford College Haverford, Pa. 610-896-1223Health Care Foundation of Greater Kansas Kansas City, Mo. 816-241-7006Houston Firefighters’ Relief & Retirement Fund Houston 281-372-5100Illinois Municipal Retirement Fund Oak Brook, Ill. 630-368-1010Illinois Student Assistance Commission Deerfield, Ill. 847-831-8500Ilmarinen Mutual Pension Insurance Co. Helsinki 358-1-0284-11Indiana Public Retirement System Indianapolis 317-233-4162Indiana State Teachers’ Retirement Fund Indianapolis 317-232-3860Indiana University Foundation Bloomington, Ind. 812-855-8311Industriens Pensionsforsikring A/S Copenhagen 45-33-66-80-80International Finance Corp. Washington 202-473-3800Invesco Private Capital New York 212-278-9000John S. and James L. Knight Foundation Miami 305-908-2600Kentucky Retirement Systems Frankfort, Ky. 502-696-8800Kentucky Teachers’ Retirement System Frankfort, Ky. 502-848-8500KLP Forsikring Oslo 47-22-03-35-00Korea Development Bank Seoul 82-27-87-69-34Korea Finance Corp. Seoul 82-1-644-4100Korea Teachers Pension Seoul N/AKuwait Financial Centre Sharq, Kuwait 965-2-224-8000Lexington Partners New York 212-754-0411LGT Capital Partners Pfaeffikon, Switzerland 41-5-54-15-96-00Liberty Mutual Insurance Boston 617-357-9500London Pensions Fund Authority London 44-20-7369-6118Los Angeles City Employees’ Retirement System Los Angeles 800-779-8328Los Angeles County Employees Retirement Association Pasadena, Calif. 626-564-6132Los Angeles Fire & Police Pensions Los Angeles 213-978-4464Lothian Pension Fund Edinburgh 44-13-1529-4638Louisiana State Employees’ Retirement System Baton Rouge, La. 225-922-0600Lutheran Church-Missouri Synod St. Louis 314-965-9000Mandatum Life Helsinki 358-10-515-225Maryland State Retirement and Pension System Baltimore 410-625-5555Massachusetts Institute of Technology Investment Management Co. Cambridge, Mass. 617-253-4900Massachusetts Pension Reserves Investment Management Board Boston 617-946-8401Merced County Employees Retirement Association Merced, Calif. 209-725-3636MetLife Inc. New York 212-578-2211Michelin North America Inc. Greenville, S.C. 864-458-6399Minnesota State Board of Investment Saint Paul, Minn. 651-296-3328Montana Board of Investments Helena, Mont. 406-444-0001Municipal Employees’ Fund of Chicago Chicago 312-236-4700Mutual of Omaha Insurance Co. Omaha, Neb. 402-351-2508Natixis Private Equity Paris 33-1-58-19-20-00Nebraska Investment Council Lincoln, Neb. 402-471-2043New Jersey State Investment Council Trenton, N.J. 609-292-5106New Mexico Educational Retirement Board Santa Fe, N.M. 505-827-8030New Mexico State Investment Council Santa Fe, N.M. 505-476-9500New York City Comptroller New York 212-669-3916New York State Common Retirement Fund Albany, N.Y. 518-474-4003New York State Teachers’ Retirement System Albany, N.Y. 518-447-2900

LP Name Location Phone


Nottinghamshire County Pension Fund Nottingham, U.K. 44-11-5977-2727Oak Hill Capital Management Menlo Park, Calif. 650-234-0500Ohio Police & Fire Pension Fund Columbus, Ohio 614-228-2975Ohio State University Columbus, Ohio 614-292-6048Oklahoma Police Pension & Retirement System Oklahoma City 405-840-3555Ontario Municipal Employees’ Retirement System Toronto 416-369-2400Oregon Public Employees Retirement Fund Salem, Ore. 503-378-3730Oregon State Treasury Salem, Ore. 503-378-4000Overseas Asset Management (Cayman) Ltd. George Town, Grand Cayman, U.K. 345-745-8787Pacific Corporate Group La Jolla, Calif. 858-456-6000Paris Orleans SA Paris 33-1-53-77-65-10Partners Group Baar-Zug, Switzerland 41-41-784-60-00Pennsylvania Public School Employees’ Retirement System Harrisburg, Pa. 717-787-8540PenSam Farum, Denmark 45-44-39-39-39Perennius Capital Partners SGR Milan 39-02-8883691Phoenix Companies Inc. Hartford, Conn. 860-403-5594Public Employee Retirement System of Idaho Boise, Idaho 208-334-3365Public Employees Retirement Association Santa Fe, N.M. 505-476-9300Public School and Education Employee Retirement Systems of Missouri Jefferson City, Mo. 573-634-5290Regents of the University of California Oakland, Calif. 510-987-9220RWB PrivateCapital Emissionshaus AG Oberhaching, Germany 49-89-666-69-40Salient Partners LP Houston 713-993-4675San Bernardino County Employees’ Retirement Association San Bernardino, Calif. 909-885-7980San Diego County Employees Retirement Association San Diego 619-515-6800San Francisco Employees’ Retirement System San Francisco 415-487-7000San Jose Federated City Employees’ Retirement System San Jose, Calif. 408-794-1000Santa Barbara County Employees’ Retirement System Santa Barbara, Calif. 805-568-2940School Employees Retirement System of Ohio Columbus, Ohio 614-222-5853Scottish Widows Investment Partnership Ltd. London 44-20-7203-3000Sitra Helsinki 358-2-9461-8991Sixth Swedish National Pension Fund Gothenburg, Sweden 46-31-741-1000South Carolina Retirement System Investment Commission Columbia, S.C. 803-737-6885State of Wisconsin Investment Board Madison, Wis. 608-266-2381State Teachers Retirement System of Ohio Columbus, Ohio 614-227-4090State Universities Retirement System of Illinois Champaign, Ill. 217-378-8800Storebrand Kapitalforvaltning (Alternative Investments) Lysaker, Norway 47-22-31-50-50Strathclyde Pension Fund Glasgow 44-84-5213-0202Suffolk County Council Pension Fund Ipswich, U.K. 44-84-5606-6067SunAmerica Ventures Los Angeles 310-772-6000TIAA-CREF Individual & Institutional Services LLC New York 212-490-9000Tyne and Wear Pension Fund Tyne and Wear, U.K. 44-19-1424-4141United Technologies Corp. Hartford, Conn. 860-728-7000Universities Superannuation Scheme Ltd. Liverpool, U.K. 44-15-1227-4711University of Cincinnati Cincinnati 513-558-5403University of Pittsburgh Pittsburgh 412-624-6620University of Puget Sound Tacoma, Wash. 253-879-3224University of Texas Investment Management Co. Austin, Texas 512-225-1600University of Toronto Asset Management Corp. Toronto 416-673-8400University of Vermont Burlington, Vt. 802-656-2214University of Washington Seattle 206-685-1822Van Leer Group Foundation Amstelveen, Netherlands 31-20-645-32-31Veritas Pension Insurance Turku, Finland 358-10-55-010Virginia Retirement System Richmond, Va. 888-827-3847Wesleyan University Endowment Middletown, Conn. 860-685-2488West Midlands Pension Fund Wolverhampton, U.K. 44-30-0111-1665YMCA Retirement Fund New York 800-738-9622

LP Name Location Phone


Abbott Capital Management • • • • • Aberdeen SVG Private Equity • • • Abu Dhabi Investment Authority • • • • • • • • Access Capital Partners • • • •Accretive Capital Partners •

ACG Capital • • • • • Adams Street Partners • • • • • • • •Allianz Capital Partners • • • • • Alpha Associates • • • • • • AlpInvest Partners • • • • • • Altius Associates • • • • • • Apposite Capital •

ARCIS Group • • • • Ardian • • • • • • • • •Auda Private Equity • • • • • • • • Auldbrass Partners • • • • • • •BEX Capital • • • • • •Bio Equity Capital • • •

Capital Dynamics • •

CMS Fund Advisors LLC • • • •

Coller Capital • • • • • • • Committed Advisors • • • • • • • • • Commonfund Capital • • • • • • • • •CPP Investment Board • • • • Cubera Private Equity • •DB Private Equity • • • • • • • • DuPont Capital Management • • • • • • • • F&C Investment Business Ltd. • • • • • • • • Fondinvest Capital • • • • • Fort Washington Capital Partners Group • • • • • • • Goldman Sachs Group Inc. • • • • • • • • • Greenspring Associates • • • • Hamilton Lane Advisors • • • • • • • • HarbourVest Partners • • • • • • • • • •Headway Capital Partners • • • • • • • Horsley Bridge Partners • • • • Idinvest Partners • • • •IKE Capital Group • • • • • •Industriens Pensionsforsikring A/S • • • • • Investment Fund for Foundations • • • • • • Jolimont Capital • • •

J.P. Morgan Asset Management • • • • • • • • • Kensington Capital Partners • • • • • • • Landmark Partners • • • • • • • • •

Appendix B: Secondary Market Buyer

Interests Sought

Special Real Stakes Unfunded Venture LBO Mezz. situations estate in private or largely U.S. Non-U.S. funds funds funds funds funds cos. unfunded funds funds Other


Appendix B: Secondary Market Buyer

Interests Sought

Lexington Partners • • • • • • • • • •LGT Capital Partners • • • • • • • • • Live Oak Capital • • • • MidCoast Capital • • • • • • • • Montauk TriGuard Management • • • • • • • Morgan Stanley Alternative Investment Partners • • • • Mustang Capital Partners • • • • • • Natixis Private Equity

Neuberger Berman • • • • • • Newbury Partners • • • • • • • • NewQuest Capital Partners •NorgesInvestor • •Northern Trust • • • • • • • • Northleaf Capital Partners • • • • • • • Pantheon • • • • • • • • Paragon Partners GmbH •

Partners Group • • • • • • • • • •Pathway Capital Management • • • • • • PEI Funds • • • • • • • Permal Capital Management • • • • PineBridge Investments • • • • • • • • Pomona Capital • • • • • • • • Portfolio Advisors • • • • • • • • • Private Advisors • • • • • • • RCP Advisors • • • •

Rho Fund Investors • • • •Robeco Private Equity • • • • •SL Capital Partners • • • • Sobera Capital • • • • StepStone Group • • • • • • • • • Stripes Group •

Susquehanna International Group • • • • • •

Symmetry Investment Advisors • • • • •

Top Tier Capital Partners • •

Unigestion • • • • • • VCFA Group • • • •

VenCap International • • • Venture Investment Associates • • • •

Vintage Investment Partners • • • • • • • •von Braun & Schreiber Private Equity Partners • • • • • • Willowridge Partners • • • • • • • Wilshire Private Markets Group • • • • • •

Special Real Stakes Unfunded Venture LBO Mezz. situations estate in private or largely U.S. Non-U.S. funds funds funds funds funds cos. unfunded funds funds Other


Abu Dhabi Investment Authority • • • • • • • •

Access Capital Partners • •

Accretive Capital Partners • • • • • •

Adams Street Partners • • • • • • • • • • •AlpInvest Partners • • • • • • • • •

Altius Associates • • • • • •

Annex Capital Group •

Apposite Capital • • • • • ARCIS Group •

Ardian • • • • • • •

Auda Private Equity • • • • • • • • • • Auldbrass Partners • • • • •

BEX Capital • • •

Bio Equity Capital • • •

Coller Capital • • • • • • • • • • Committed Advisors • • • • • • • • • • Commonfund Capital • • • • • • • • • • CPP Investment Board • • • • • •

DB Private Equity • • • • • • • • • • DFJ Esprit Secondaries • •

Fondinvest Capital • • • • • •

Fort Washington Capital Partners Group • • • • •

Goldman Sachs Group Inc. • • • • • • • • • • Greenspring Associates • • • • • •

Hamilton Lane Advisors • • • • • • • • • • HarbourVest Partners • • • • • • • • • • •Headway Capital Partners • • • • • • • • • • Idinvest Partners • • •IKE Capital Group • •Institutional Venture Partners •

Jolimont Capital • • • • •

J.P. Morgan Asset Management • • • • • • • •

Kensington Capital Partners •

Lake Street Capital •

Landmark Partners • • • • • • • • • • Lexington Partners • • • • • • • • •

LGT Capital Partners • • • • • • • • • • LLM Capital Partners •

MCA Funds •

MidCoast Capital • • • • • • • • •

Millennium Technology Value Partners • • • • • • • • • • Morgan Stanley Alternative Investment Partners • • • • • • • •

Mustang Capital Partners • • • • • • • • •

Neuberger Berman • • • • • • • • • •

West. Cen./East. Asia (exc. Latin Middle U.S. U.K. Europe Europe Canada Australia Japan) Japan America East Other

Appendix C: Secondary Market Buyer & Direct Manager

Geographic Preferences


Appendix C: Secondary Market Buyer & Direct Manager

Geographic Preferences

Newbury Partners • • • • • • • • •

NewQuest Capital Partners • •

NorgesInvestor •Northern Trust • • • • • • • •

Northleaf Capital Partners • • • • • • •

Nova Capital Management • • • • •

Pantheon • • • • • • • • • • Paragon Partners •

Partners Group • • • • • • • • • • PEI Funds •

Permal Capital Management •

PineBridge Investments • • • • • • • • • • Pomona Capital • • • • • • • • • • Portfolio Advisors • • • • • •

Private Advisors • • • •

Protostar Partners •

Rosetta Capital • • • • • • •

Saints Capital • • • • • • • smac partners • • • • •

Sobera Capital •

StepStone Group • • • • • • • • • • Stratim Capital •

Stripes Group •

Top Tier Capital Partners •

VCFA Group •

Verdane Capital Advisors •

Vintage Investment Partners • • •Vision Capital • • • • • • •

W Capital Partners • • • •

Willowridge Partners • • • • • • • • •

West. Cen./East. Asia (exc. Latin Middle U.S. U.K. Europe Europe Canada Australia Japan) Japan America East Other


Appendix D: Secondary Market Direct Manager

Industry Preferences

Accretive Capital Partners The firm prefers to invest in diversified groups of assets in each transaction. Although the firm may entertain single company direct transactions, given the right situation, the preference is to invest in at least three portfolio companies.

Cipio Partners Venture (technology, media, communications, business services, advanced materials, clean technology, life sciences); growth and select midmarket segments

DFJ Esprit Secondaries High growth segments of software, digital media, telecommunications, medical technology, clean technology and business services sectors

Institutional Venture Partners Information technology

Millennium Technology Value Partners All technology and growth sectors

Protostar Partners General manufacturing/industrial, food and beverage, consumer goods, value-added distribution

Rosetta Capital Life sciences

Saints Capital Technology, industrial, business services, health care

Stratim Capital Technology and business services

Verdane Capital Advisors Information technology (including e-commerce), energy technology and advanced industry

Vision Capital Consumer, industrials, financial services and property, energy and business services


Appendix E: Secondary Market Intermediary

Types of Clients Represented

Wealthy Family Endowments/ Public Pension Individuals Banks Offices Foundations Funds Other

Accretive Capital Advisors • • •

Almeida Capital • • • • • AXON Partners AG • • • • • Azla Advisors • • • • •Breslin AG • • • • • •Camelot Group International LLC • • • • • Campbell Lutyens • • • • Capstone Partners • • • • Cogent Partners • • • • • •Continental Capital Partners • • • • • Credit Suisse Group • • • • • Evercore - Private Capital Advisory • • • • •Go4Venture Advisers LLP • •Greenhill & Co. • • • • • •Griffin Financial Group • • • • Harken Capital • • • • • Houlihan Lokey • • • • ICAP Corporates LLC • • • • • •Lazard Ltd. • • • • • •Melville Capital • • • • • MHT Secondary Advisors • • • • • NYPPEX Holdings LLC • • • • • •Paladin Market Advisors • • • • • •Palomar Capital Advisors • • • • • Park Hill Group LLC • • • • • Probitas Partners • • •River Street Capital • • • • Secondcap • • • • • •SecondMarket Inc. • • • • • •Setter Capital Inc. • • • • • Somerset Capital Ltd. • • • • • Stanwich Advisors • • • • • Triago • • • • •UBS Investment Bank • • • • •


Appendix F: Secondary Market Intermediary

Average Size of Secondary Deals Represented

Under $10M to $100M to $500M to $10M $99M $499M $999M $1B+

Accretive Capital Advisors • • • Almeida Capital • • •

AXON Partners AG • • •

Azla Advisors • • • Breslin AG • • • • Camelot Group International LLC • • • •Campbell Lutyens • • •Capstone Partners • • • • Cogent Partners • • • • •Continental Capital Partners • •

Credit Suisse Group •

Evercore - Private Capital Advisory • • • •Go4Venture Advisers LLP •

Greenhill & Co. • • • •Griffin Financial Group • • •

Harken Capital • • •

Houlihan Lokey • • • • •ICAP Corporates LLC • • • • •Lazard • • • •Melville Capital • • • • •MHT Secondary Advisors •

NYPPEX Holdings LLC • • • • •Paladin Market Advisors • •

Palomar Capital Advisors • •

Park Hill Group LLC • • • • •Probitas Partners •

River Street Capital • •

Secondcap • •

SecondMarket Inc. • •

Setter Capital Inc. • • Somerset Capital Ltd. • • • Stanwich Advisors • • • • Triago • • • • UBS Investment Bank • • • • •


Cogent Partners 68

Coller Capital 45

Committed Advisors 45

Commonfund Capital 45

Commonwealth of PA, Public School Employees’ Retirement System 45

Continental Capital Partners 69

CPP Investment Board 45

Credit Suisse Group 69

Cubera Private Equity 46

DDB Private Equity 46

DFJ Esprit Secondaries 63

DuPont Capital Management 46

EEquistone Partners Europe 46

Evercore - Private Capital Advisory 69

FF&C Investment Business Ltd. 46

Fimeris Inc. 69

Fondinvest Capital 46

Fort Washington Capital Partners Group 47

GGlobalFinance 69

Go4Venture Advisers 69

Goldman Sachs Group Inc. 47

Greenhill & Co. 69

Greenspring Associates 47

Griffin Financial Group 70

HHamilton Lane Advisors 47

HarbourVest Partners 48

Harken Capital 70

Headlands Capital Management 48

Headway Capital Partners 48

Helmsman Capital 48

Henderson Global Investors 48

AAbbott Capital Management 40

Aberdeen SVG Private Equity 40

Abu Dhabi Investment Authority 40

Access Capital Partners 40

Accretive Capital Advisors 67

Accretive Capital Partners 40

ACG Capital 41

Adams Street Partners 41

Allianz Capital Partners 42

Almeida Capital 67

Alpha Associates 42

AlpInvest Partners 42

Altius Associates 42

Annex Capital Group 63

Apposite Capital 42

ARCIS Group 43

Ardian 43

AssetMetrix 43

Auda Private Equity 43

Auldbrass Partners 44

AXON Partners 67

Azla Advisors 67

BBanque Pictet & Cie SA 63

BEX Capital 44

Bio Equity Capital 44

BlackRock Private Equity Partners 44

Breslin AG 67

CCalifornia Public Employees’ Retirement System 44

California State Teachers’ Retirement System 44

Camelot Group International 68

Campbell Lutyens 68

Capital Dynamics 44

Capstone Partners 68

Cipio Partners 63

CMS Fund Advisors 45

Company Index


NorgesInvestor 55

Northern Trust 55

Northleaf Capital Partners 55

Nova Capital Management 65

Novirian Capital 65

NYPPEX Holdings LLC 71

OOntario Teachers’ Pension Plan 56

PPaladin Market Advisors 72

Palomar Capital Advisors 72

Pantheon 56

Paragon Partners 56

Park Hill Group 72

Partners Group 56

Pathway Capital Management 56

Paul Capital 57

PEI Funds 57

Performance Equity Management 57

Permal Capital Management 57

PineBridge Investments 57

Pomona Capital 57

Portfolio Advisors 58

Private Advisors 58

Probitas Partners 73

Protostar Partners LLC 65

RRCP Advisors 58

Rho Fund Investors 58

River Street Capital 73

Robeco Private Equity 58

Rosetta Capital 65

SSaints Capital 65

San Francisco Employees’ Retirement System 59

SCM Strategic Capital Management 59

Secondcap 73

SecondMarket Inc. 73

Setter Capital Inc. 73

SL Capital Partners 59

smac partners 65

Sobera Capital 59

Somerset Capital 74

Hermes GPE 63

Horsley Bridge Partners 49

Houlihan Lokey 70

IICAP Corporates 70

Idinvest Partners 49

IKE Capital Group 49

Industriens Pensionsforsikring A/S 49

Industry Ventures 49

Institutional Venture Partners 63

Invesco Institutional 50

Investment Fund for Foundations 50

JJ.P. Morgan Asset Management 50

Jolimont Capital 50

KKensington Capital Partners 50

LLake Street Capital 63

Landmark Partners 50

Lazard Ltd. 71

Lexington Partners 52

LGT Capital Partners 52

Live Oak Capital 53

LLM Capital Partners 64

MMCA Funds 64

Melville Capital 71

MHT Secondary Advisors 71

MidCoast Capital 53

Millennium Technology Value Partners 64

Montauk TriGuard Management 53

Morgan Stanley Alternative Investment Partners 53

MSD Capital 54

Mustang Capital Partners 54

NNatixis Private Equity 54

Neuberger Berman 54

New Jersey State Investment Council 54

Newbury Partners 54

NewQuest Capital Partners 55

Nordea 55


Stanwich Advisors 74

StepStone Group 59

Stratim Capital 65

Stripes Group 60

SunAmerica Asset Management Corp. 60

Susquehanna International Group 60

Symmetry Investment Advisors Inc. 60

TTelemus Capital Partners 60

Top Tier Capital Partners 60

Travelers Cos. 61

Triago 74

Triginta Capital 61

UUBS Investment Bank 74

Unigestion 61

VVCFA Group 61

VenCap International 61

Venture Investment Associates 61

Verdane Capital Advisors 65

Vintage Investment Partners 61

Vision Capital 66

von Braun & Schreiber Private Equity Partners 62

Vorndran Mannheims Capital Advisors 66

WW Capital Partners 66

WealthCap 62

Willowridge Partners 62

Wilshire Private Markets Group 62

Winchester Capital Group 62


AAbdul-Aleem, Zaid - Greenhill & Co. 69

Abecassis, Jonathan - Credit Suisse Group 69

Abrams, Zachary - Stratim Capital 65

Aerni, Ralph - SCM Strategic Capital Management 59

Ailman, Christopher J. - California State Teachers’ Retirement System 44

Akers, Jeffrey - Adams Street Partners 41

Alfeld, Chad S. - Landmark Partners 50

Ali, Ahmad - Auldbrass Partners 44

Allen, Laurence - NYPPEX Holdings 71

Andrew, Mark - Lexington Partners 52

Andris, Jason - Venture Investment Associates 61

Andris, Stathis - Venture Investment Associates 61

Anquillare, Ceasar Nicholas - Winchester Capital Group 62

Anthofer, Tom S. - Cipio Partners 63

Atterbury, David - HarbourVest Partners 48

Aubert, Andre - LGT Capital Partners 52

Auffray, Valerie - Apposite Capital 42

BBader, Hanspeter - Unigestion 61

Baker, Steve - Fort Washington Capital Partners Group 47

Balch, Fiona - Greenhill & Co. 69

Bane, Michael - Ardian 43

Barnett, Troy - Adams Street Partners 41

Bauman, Gina - Institutional Venture Partners 63

Baumgarten, Steven - Blackrock Private Equity Partners 44

Beaton, Kirk - Lexington Partners 52

Beil, Stefan - Sobera Capital 59

Belkaid, Salim - Triago 74

Benin, Daniel - Committed Advisors 45

Berkowitz, Fred - Horsley Bridge Partners 49

Bermingham, Nessan - Bio Equity Capital 44

Binette, Ryan - Lazard Ltd. 71

Blake, Dexter - NYPPEX Holdings 71

Blitz, Craig - NYPPEX Holdings 71

Blümhuber, Claudia - GlobalFinance 69

Bolat, Murat - NYPPEX Holdings 71

Bonavitacola, Marc - Aberdeen SVG Private Equity 40

Bonfield, Chris - Cogent Partners 68

Bong, Boris - J.P. Morgan Asset Management 50

Bonnet, Mathieu - BEX Capital 44

Borges, Francisco L. - Landmark Partners 50

Borok, Dan - Millennium Technology Value Partners 64

Boscher, Edouard - Ardian 43

Bouché, Romain - ARCIS Group 43

Box, Sally - Greenhill & Co. 69

Bradley, Tom - StepStone Group 59

Brandmeyer, Michael - Goldman Sachs Group Inc. 47

Brittain, Keith - Hamilton Lane Advisors 47

Brody, Tim - Auda Private Equity 43

Broenden, Christian - Industriens Pensionsforsikring A/S 49

Brophy, Parker - Mustang Capital Partners 54

Brown, Dave - Greenhill & Co. 69

Brown , Simon - Equistone Partners Europe 46

Burch, Mark - ARCIS Group 43

Burstein, Dan - Millennium Technology Value Partners 64

Byrne, Donald - NYPPEX Holdings 71

CCamacho, Michael - AlpInvest Partners 42

Cantrell, Allen - MCA Funds 64

Capen, Rich - VCFA Group 61

Carles, Pierre Henri - Secondcap 73

Carr, Dayton - VCFA Group 61

Cassidy, Martha - Abbott Capital Management 40

Chamberlain, David - Capstone Partners 68

Chapman, Duncan - Lexington Partners 52

Charles, Ian H. - Landmark Partners 50

Chee, Max - Millennium Technology Value Partners 64

Cheung, Chi - DB Private Equity 46

Chow, Richard - Abu Dhabi Investment Authority 40

Cohn, Paul - Fort Washington Capital Partners Group 47

Cole, Joe Don - Fort Washington Capital Partners Group 47

Coller, Jeremy - Coller Capital 45

Conners, Scott P. - Landmark Partners 50

Cooper, Gerald - UBS Investment Bank 74

Cornelius, Ronn C. - Montauk TriGuard Management 53

Costabile, Steven - PineBridge Investments 57

Contact Index


Fremuth, Gunnar - PEI Funds 57

Froland, Charles - Performance Equity Management 57

Fuhrman, Glen R. - MSD Capital 54

GGale, Peter - Hermes GPE 63

Galfetti, Sandro - Capital Dynamics 44

Gamblin, Francois - Secondcap 73

Gardelli, Michele - IKE Capital Group 49

Gardey, Oliver - Pomona Capital 57

Garton, Anthony - Lexington Partners 52

Giannetti, Thomas - Lexington Partners 52

Gigliotti, Carmen - DuPont Capital Management 46

Gill, Gurdeep - Setter Capital Inc. 73

Gillies, Charles - Jolimont Capital 50

Gilman, Cliff - Venture Investment Associates 61

Glass, Jon - Millennium Technology Value Partners 64

Goh, Andress - Allianz Capital Partners 42

Goldrick, Joseph - Adams Street Partners 41

Gordon, Brett - HarbourVest Partners 48

Graev, Adam - DB Private Equity 46

Grant, Charles - Lexington Partners 52

Green, Holcombe - Lazard Ltd. 71

Gregory Garrett, Melissa - Private Advisors 58

Griffiths, Barry E. - Landmark Partners 50

Gruber, Sascha - LGT Capital Partners 52

Gull, Jason - Adams Street Partners 41

Gunn, Graeme - SL Capital Partners 59

Gutzen, Till - Cubera Private Equity 46

HHaarmann, Moritz - AssetMetrix 43

Hacker, Michael - AlpInvest Partners 42

Hadzic, Edin - Paragon Partners 56

Haimoff, Dana - J.P. Morgan Asset Management 50

Hall, Garrett - AlpInvest Partners 42

Hammer, Jeffrey - Houlihan Lokey 70

Hansen, Soren Thinggaard - Industriens Pensionsforsikring A/S 49

Harris, Stephen - MidCoast Capital 53

Harris, Simon - W Capital Partners 66

Hatch, Nick - Harken Capital 70

Haviland, Timothy L. - Landmark Partners 50

Haviv, Joseph - Protostar Partners LLC 65

Hay, Stewart - SL Capital Partners 59

Hektor, Tjarko - AlpInvest Partners 42

Hepple, Jonathan - Rosetta Capital 65

Coulter, Doug - LGT Capital Partners 52

Critchell, Bradley - Stanwich Advisors 74

Croissant, Cécile - Access Capital Partners 40

Cruttenden, Tim - VenCap International 61

Cruz Peverley, Michelle - Permal Capital Management 57

Custar, Mike - Credit Suisse Group 69

DD’Agostino, Mike - Permal Capital Management 57

Davidsson, Chris - Campbell Lutyens 68

Dawn, Nigel - Evercore - Private Capital Advisory 69

de Beaupuy, Barthelemy - Committed Advisors 45

de la Infiesta, Pablo - Lazard Ltd. 71

de Nazelle, Nicolas - Triago 74

Delaney, Paul - Griffin Financial Group 70

Deligny, Jean-Michel - Go4Venture Advisers 69

Delos, Alexandre - Access Capital Partners 40

Denison, Charlie - Adams Street Partners 41

Desai, Simren - Setter Capital Inc. 73

Dewan, Amant - Annex Capital Group 63

Doehla, Zak - MCA Funds 64

Douvos, Chris - Venture Investment Associates 61

Dréan, Mathieu - Triago 74

Dreesbach, Werner - Cipio Partners 63

Ducharme, Matthieu - Northleaf Capital Partners 55

Dupont, Daniel - Northleaf Capital Partners 55

EEftimiu, Emanuel - Alpha Associates 42

Einarson, Frida - Verdane Capital Advisors 65

Engelhard, Teresa - Jolimont Capital 50

Engelien, Bernhard - Cogent Partners 68

Evain, Frédéric - Access Capital Partners 40

FFalkove, Ethan - Neuberger Berman 54

Farooqi, Mohammed Anwer - Abu Dhabi Investment Authority 40

Feinglass, Michael - RCP Advisors 58

Fenimore, Mitchell - Griffin Financial Group 70

Finkelstein, Abe - Vintage Investment Partners 61

Flood, Michael - Northleaf Capital Partners 55

Flower, Tim - HarbourVest Partners 48

Flynn, Vivian - Pomona Capital 57

Folle, Peter - Triginta Capital 61

Fong, Jarrod - J.P. Morgan Asset Management 50

Fracchia, Edoardo - Idinvest Partners 49

Freda, Adam - Northern Trust 55


LLam, Simon - Greenhill & Co. 69

Lambrech, John - W Capital Partners 66

Landman, William A. - CMS Fund Advisors 45

Lanel, Nicolas - Evercore - Private Capital Advisory 69

LaPerla, Stephen - NYPPEX Holdings 71

Lauby, Martial - Access Capital Partners 40

Lawrence, Chris - Auda Private Equity 43

Leader, Tom - Nova Capital Management 65

Lee, James - MHT Secondary Advisors 71

Leishman, Philip - Setter Capital Inc. 73

Lewis La Torre, Catherine - Fondinvest Capital 46

Liaudet, Thomas - Campbell Lutyens 68

Livingstone, Elly - Pantheon 56

Lo, Bonnie - NewQuest Capital Partners 55

Lodge, Cari - Commonfund Capital 45

Lorgen, Eivind - Nordea 55

Lottmann, Johanna - Lazard Ltd. 71

Ludwig, Nils - Paragon Partners 56

Luscombe, Roger - Continental Capital Partners 69

MMalloy, Fred - Harken Capital 70

Markson, David - Triago 74

Marmer, Craig - Probitas Partners 73

Marquié, Anthony - Secondcap 73

Maruszewski, Mark - StepStone Group 59

Maxwell, Ray - Invesco Institutional 50

Maynard, Fred - HarbourVest Partners 48

McArthur, Lex - Jolimont Capital 50

McCabe, Mike - StepStone Group 59

McComb, Thomas - J.P. Morgan Asset Management 50

McConnell, James P. - Landmark Partners 50

McDonald, Mark - Credit Suisse Group 69

McGill, Mike - MHT Secondary Advisors 71

McGrady, Colin - Cogent Partners 68

McGrath, Peter - Setter Capital Inc. 73

McGrath, Robert - Setter Capital Inc. 73

McNulty, Lena - Industry Ventures 49

Meyer, Dominik - AXON Partners 67

Migliorino, Robert - W Capital Partners 66

Miles, Nicholas - Lazard Ltd. 71

Miller, Barry M. - Landmark Partners 50

Miller, Todd - W Capital Partners 66

Miller, Todd - Cogent Partners 68

Miller, Jim - Somerset Capital 74

Heston, Blake - W Capital Partners 66

Hilton, James - Secondcap 73

Himmel, Doug - Melville Capital 71

Hirsch, Erik - Hamilton Lane Advisors 47

Hliboki, Lorraine - Pomona Capital 57

Holden, Richard - Abu Dhabi Investment Authority 40

Holden, Gregory - Adams Street Partners 41

Holley, Scott - Harken Capital 70

Hope, Harold - Goldman Sachs Group Inc. 47

Hortick, Edward - VCFA Group 61

Huang, Eva - Adams Street Partners 41

Humber, Scott N. - Landmark Partners 50

Hunnewell, Luisa - Willowridge Partners 62

IIsnard, Henri - ARCIS Group 43

JJameson, Jonathan - Cogent Partners 68

Janis, Fran - Pomona Capital 57

Jansen, Greg - Commonfund Capital 45

Jaroch, Chris - Newbury Partners 54

Jayroe, Tyler - J.P. Morgan Asset Management 50

Jinkens, Brenlen - Cogent Partners 68

John, Rebecca - Lexington Partners 52

Johnson, Ian - Helmsman Capital 48

Johnson, Phil - Fort Washington Capital Partners Group 47

KKarabelnik, David - Breslin AG 67

Keay, Jeff - HarbourVest Partners 48

Kellett, Andrew - AXON Partners 67

Kelley, Mary Frances - Invesco Institutional 50

Kelly, Douglas - Pomona Capital 57

Kenna, Samuel - LLM Capital Partners 64

Kerr, Tom - Hamilton Lane Advisors 47

Kheng, Jennifer - Lexington Partners 52

Killilea, Alison - W Capital Partners 66

Kim, Yumi - Capital Dynamics 44

Kirsten, Christopher - Greenhill & Co. 69

Knechtli, Patrick - SL Capital Partners 59

Knoell, Gretchen - Lake Street Capital 63

Koch, Hans-Dieter - Cipio Partners 63

Koniski, Serge - Northleaf Capital Partners 55

Kotwal, Maneck - New Jersey State Investment Council 54

Kroll, Markus - Palomar Capital Advisors 72

Kubo, Tatsuya - HarbourVest Partners 48


Pirzio-Biroli, Carlo - DB Private Equity 46

Poggioli, Philippe - Access Capital Partners 40

Porter, David - Apposite Capital 42

Powers, Dennis - Nova Capital Management 65

QQuiroga, Victor - Triago 74

RRabini, Johannes - Sobera Capital 59

Rampelmann, Julian - AlpInvest Partners 42

Ran, Gary - Telemus Capital Partners 60

Reid, Rodney - UBS Investment Bank 74

Rerisi, Meredith - Abbott Capital Management 40

Revillon, Benjamin - BEX Capital 44

Riddle, William - Lazard Ltd. 71

Rigamonti, Francesco - DB Private Equity 46

Ristvedt, Pål - Lexington Partners 52

Robard, Yann - CPP Investment Board 45

Rocker, Marissa - Auda Private Equity 43

Rorer, Jim - Pomona Capital 57

Roscigno, Anthony - J.P. Morgan Asset Management 50

Roubinowitz, Emmanuel - Fondinvest Capital 46

Rowe, Jane - Ontario Teachers’ Pension Plan 56

Rubin, Immanuel - Campbell Lutyens 68

Rudge, John - Lexington Partners 52

SSabassier, Dominique - Natixis Private Equity 54

Salley, Christopher - Auldbrass Partners 44

Sanabria, Paul - Houlihan Lokey 70

Sanders, Howard - Auldbrass Partners 44

Sands, George - Pathway Capital Management 56

Santiago, Jason - Stripes Group 60

Scharf, Dennis - Hamilton Lane Advisors 47

Schestag, Shawn - Credit Suisse Group 69

Schmitz, Alexandre - Capstone Partners 68

Schroeck, Maximilian - Cipio Partners 63

Schuler, Ian - Fimeris Inc. 69

Schwerin, Sam - Millennium Technology Value Partners 64

Sealey, Andrew - Campbell Lutyens 68

Shan, Sally - HarbourVest Partners 48

Shanfield, Robert J. - Landmark Partners 50

Shaw, Phillip M. - Invesco Institutional 50

Shen Lefranc, Laura - Headway Capital Partners 48

Sheoran, Suneel - Secondcap 73

Siegel, Bill - SecondMarket Inc. 73

Mitra, Abhijit - Lazard Ltd. 71

Moerel, Wouter - AlpInvest Partners 42

Mohammed, Riyadh - Auldbrass Partners 44

Moilanen, Mikko - Access Capital Partners 40

Monroe, Kevin - Paladin Market Advisors 72

Mooney, Brian - Cogent Partners 68

Morgan, Kyle - W Capital Partners 66

Mu, Lance - Northleaf Capital Partners 55

Mulherin, Harbert - Live Oak Capital 53

Muradian, Edward - PEI Funds 57

Murphy, Bill - Cogent Partners 68

NNahum, Agnès - Access Capital Partners 40

Nairn, Richard - F&C Investment Business Ltd. 46

Nelson, Don - Harken Capital 70

Newby, Tom - Lexington Partners 52

Nick, Andy - Cogent Partners 68

Nicklas, Brent - Lexington Partners 52

Nicolas, Christophe - AlpInvest Partners 42

Nicum, Pinal - Adams Street Partners 41

Nowak, Magdalena - AXON Partners 67

OOlmos, Emilio - Abu Dhabi Investment Authority 40

Orr, Michael - NYPPEX Holdings 71

Osterrieth, Robert - Rho Fund Investors 58

Ostin, Olav - DFJ Esprit Secondaries 63

PPabari, Mitesh - Hamilton Lane Advisors 47

Parke, Marshall - Lexington Partners 52

Parshall, David - PEI Funds 57

Paul, Aymeric - Access Capital Partners 40

Peninon, Dominique - Access Capital Partners 40

Perkins, Phillippa - Northleaf Capital Partners 55

Perkins, Tristram - Neuberger Berman 54

Perl, Ben - Neuberger Berman 54

Perloff, Hugh - Portfolio Advisors 58

Perriello, Chris - AlpInvest Partners 42

Perrin, Elvire - Altius Associates 42

Petermann, Helge - River Street Capital 73

Pettee, Timothy - SunAmerica Asset Management Corp. 60

Pfeuti, Roland - Robeco Private Equity 58

Pfohl, Edgar J. - Montauk TriGuard Management 53

Phelan, John C. - MSD Capital 54

Pigache, Guy - Henderson Global Investors 48


VValdant, Guillaume - Committed Advisors 45

van Tuyll, Julia - Vision Capital 66

van Zanten, Mikan - Robeco Private Equity 58

Veravanich, Pete - Pathway Capital Management 56

Vercoutere, Ivan - LGT Capital Partners 52

Vicinelli, Stephen - Investment Fund for Foundations 50

Viergutz, Philip - AlpInvest Partners 42

Visser, Weibe - AlpInvest Partners 42

Vitulli, Jarrett - UBS Investment Bank 74

Von Braun, Emmeram - von Braun & Schreiber Private Equity Partners 62

von Moeller , Krischan - Paragon Partners 56

von Wolffradt, Alexander - Partners Group 56

Vorndran, Helmut - Vorndran Mannheims Capital Advisors 66

WWachter, David - W Capital Partners 66

Wang, Arthur - San Francisco Employees’ Retirement System 59

Wang, Edwin - Accretive Capital Advisors 67

Wang, Edwin - Accretive Capital Partners 40

Warren, Wilson - Lexington Partners 52

Waxman, David - Azla Advisors 67

Wertheimer, Steven - W Capital Partners 66

Westerback, Steve - UBS Investment Bank 74

Wigg, Simon - AXON Partners 67

Wiley, Nicole - Morgan Stanley Alternative Investment Partners 53

Williamson, David - Nova Capital Management 65

Wilson, Amanda - J.P. Morgan Asset Management 50

Wilson, Ben - PEI Funds 57

Wilson, Peter - HarbourVest Partners 48

Wolff, Dylan - NorgesInvestor 55

Wonnacott, Larry - Symmetry Investment Advisors Inc. 60

Woo, Helen - Protostar Partners LLC 65

Woods, Joe - Fort Washington Capital Partners Group 47

Wu, Hans - VCFA Group 61

Wu, Victor - Lexington Partners 52

YYan, Conrad - Campbell Lutyens 68

Yin, Daniel - Travelers Cos. 61

Ying Su, Nicole - AlpInvest Partners 42

York, David - Top Tier Capital Partners 60

Young, Mark - MHT Secondary Advisors 71

ZZimmel, Robert - NYPPEX Holdings 71

Simon, Christophe - Idinvest Partners 49

Sloan, Stephen - Cogent Partners 68

Smith, Charles - DB Private Equity 46

Smith, Brian M. - Montauk TriGuard Management 53

Sodhi, Tina - Triago 74

Somerville, Hunter - Greenspring Associates 47

Soong, Marie - Somerset Capital 74

Sosa del Valle , José - Lexington Partners 52

Soulignac, Charles - Fondinvest Capital 46

Sparks, Matthew - Northleaf Capital Partners 55

Spiller, Charles - Commonwealth of PA, Public School Employees’ Retirement System 45

Standbridge, Steve - Capstone Partners 68

Stanzel, Matthias - GlobalFinance 69

Stark, Robert - Melville Capital 71

Stephens, John - Pomona Capital 57

Stetson, Chuck - PEI Funds 57

Still, Sonya - NYPPEX Holdings 71

Stitch, Katie - W Capital Partners 66

Stock, JB - Committed Advisors 45

Struve, Kasper - Industriens Pensionsforsikring A/S 49

Such, Craig - Stratim Capital 65

Sullivan, Carol - Jolimont Capital 50

TTalbot, Brian - Neuberger Berman 54

Tang, Samuel - Montauk TriGuard Management 53

Taubman, Steven - VCFA Group 61

Taylor, Mike - Greenhill & Co. 69

Terry, Shawn - MHT Secondary Advisors 71

Tesconi, Lee - Lexington Partners 52

Tharmalingam, Suganya - Kensington Capital Partners 50

Thompson, Bill - Greenhill & Co. 69

Thuet, Larry - Park Hill Group 72

Timoll, Garth - Top Tier Capital Partners 60

Tollette , Wylie A. - California Public Employees’ Retirement System 44

Tom, David - VCFA Group 61

Toomey, John - HarbourVest Partners 48

Townsend, Dan - Top Tier Capital Partners 60

Towsen, Brian - Morgan Stanley Alternative Investment Partners 53

Tsai, Philip - UBS Investment Bank 74

UUlczynski, Amanda - Wilshire Private Markets Group 62

Ulmer, Dietrich - smac partners 65

One of the world’s leading full service secondary advisors since 1998. Portfolio Advisory, QMS Transfer Administration,Block Trading, Portfolio Valuation, Market Data, Principal Investments.

83 secondary private equity engagements executed and settled worldwide in 2013.

For a confidential discussion or copy of the NYPPEX 2014 Secondary Market Valuation Trends and Outlook Report for Private Funds & Companies Worldwide, now in its 11th edition, please contact [email protected] or

Christopher D. Armstrong, Vice President, at [email protected] or 1.914.305.2811

NYPPEX does not disclose client transactions to the public.

SECURITIES OFFERED THROUGH NYYPEX, LLC. MEMBER FINRA, SIPC. UNREGISTERED SECURITIES MAY CONTAIN A HIGH DEGREE OF RISK.COPYRIGHT 2014. ALL RIGHTS RESERVED. WWW.NYPPEX.COM

TRANSACTION SPEED EXECUTION CERTAINTY

Paris + 33 (0) 1 58 36 48 00 – San Francisco +1 (415) 665 1853www.fondinvest.com

Creating your private equity performance

Fondinvest Capital created one of the first dedicated secondary funds in Europe in the early 1990s and quickly became a leading secondary’s specialist.

With over 150 secondary transactions completed over the past 20 years, we have built strong relationships within the limited partners and general partners communities. We are recognized as a reliable buyer, responsive to the needs of the seller and ready to make a fair offer. We can execute deals quickly with the utmost discretion.

For further information, please call us or send us an email at [email protected].

EXPERIENCE IS KEY FOR SUCCESSFUL SECONDARY TRANSACTIONS

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