Guide To The Secondary Market, 2015

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Guide to the
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2015 Edition
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Guide to the
Secondary Market
2015 Edition
Editorial Laura Kreutzer, David Smagalla, Hillary Canada, Yuliya Chernova, Alec Macfarlane
Research Brendan Hughes, Victoria Camporeale Bradley, Sean Curran
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Guide to the Secondary Market
[3]
Table of Contents
I. Introduction
Preface 4
By Laura Kreutzer, Assistant Managing Editor, Private Equity
Secondary Market Goes Mainstream, as Deal Volume Hits New High 6

By Hillary Canada
Strong Pricing Brings Sellers to the Table, but Will the Market Overheat? 16
By Laura Kreutzer
Secondary Market Posts Record Year in 2014, Although Estimates Vary 22

By Laura Kreutzer
Secondary Market Timeline
24
Deal Volume and Fundraising, 2002-2014
Real Estate Secondary Volume Continues Growth Trajectory 26

By Hillary Canada
Secondary Buyers Prepare for Wave of Energy Fund Sales 27

By Alec Macfarlane
Buy-Side Broker Boom Brings Risks and Rewards to Secondary Market 28

By Laura Kreutzer
Secondary Market Offers Seed Funds an Exit Option but Few May Use It 29
By Yuliya Chernova
Secondary Funds Continue to Reap Rewards of Strong Exit Market
30
By David Smagalla
II.
Sponsored Article
The Rise of Real Estate Secondaries 33
By Andrei Brougham of Greenhill Cogent
III.
Firm Listings
Secondary Market Buyer Listings
34
Secondary Direct Manager Listings
58
Intermediary Firm Listings
62
IV. Appendixes
A. Investors That Have Backed Secondary Funds
70
B. Secondary Market Buyer, Interests Sought
74
C. Secondary Market Buyer & Direct Manager, Geographic Preferences
76
D. Secondary Market Intermediary, Types of Clients Represented
78
E. Secondary Market Intermediary, Average Size of Deals Represented
79
V. Indexes
Company Name
80
Contact Name
83
Roughly two out

of three survey
respondents said
they anticipated
2015 to be a record
year for volume...But
other respondents
saw the blockbuster
year in 2014 as an
outlier, driven by
those large
portfolios, and
didnt expect the
same dynamics
to materialize
during 2015.
Secondary Market Goes
Mainstream, as Deal Volume
Hits New High, p.6
[4]
Preface
this
When we last published
report a year ago,
we marveled at how the secondary industry had

taken on many of the same characteristics seen in
the industry back in 2007. Pricing for certain
portfolios, particularly buyout funds, had once
again approached aggressive levels, in some
cases even hitting 100% of a portfolios
underlying net asset value. At the same time, an
abundance of capital available for secondary
deals and free-flowing cheap debt to finance them
drove an abundance of deal volume.
It was hard to imagine the market could get any
more ebullient. Yet, a year later, thats exactly
what has happened. As 2015 progresses,
however, the forces that helped drive secondary
deal volume to record levels in 2014 also
appear to be raising concerns among some
buyers that the market is getting overheated.
For the first time in a long time, more secondary
buyers have begun to question whether the
market has entered a bubble, particularly for
what they commonly refer to as flow funds, or
stakes in megabuyout funds.
In this edition of the Dow Jones Guide to the
Secondary Market, our survey results illustrate
some of those emerging concerns, with some 94%
of buyers surveyed characterizing the current
market as a sellers market. At the same time,

more than three-quarters of buyers in this years
survey say they feel pricing is too high.
However, as the secondary market has diversified,
buyers still point to pockets of deal flow where
pricing is often less efficient, such as in general
partner restructurings and in more complex
transactions involving portfolios of direct stakes in
companies or groups spinning out of large
financial institutions. They also acknowledge that
although strong pricing puts pressure on future
returns, it also attracts more sellers to the market.
Even a bubble may have its benefits.
We hope that this edition of our secondary guide
will help illuminate emerging trends in the market
and also provide a useful resource for prospective
sellers and GPs who want to identify possible
buyers for certain types of assets.
As always, we welcome your feedback on how we
can improve the content for future editions.
Sincerely,
Laura Kreutzer
Assistant Managing Editor, Private Equity
Dow Jones & Co.
Laura.kreutzer@wsj.com
@LauraKreutzer
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Secondary Market Goes Mainstream,

as Deal Volume Hits New High
By HILLARY CANADA
In addition
to being a record year for

secondary volume, 2014 may be
the year that finally smashed some lingering myths about
the secondary market.
The idea that the market would attract forced sellers has
been fading for years, and all but completely disappeared
during 2014 as limited partners, flush with cash from the
record distributions of their general partners, shopped
portfolios large and small as a way to refine their holdings.
Meanwhile, the dynamics surrounding a nascent part of the
market, general partner restructurings, slowly have started to
shift. No longer the exclusive province of the lumbering
zombie fund, restructurings and the selling of tail-end assets
are slowly becoming more commonplace among wellperforming GPs, said industry experts.
Those two trends, of portfolio management and of GPs
seeking solutions for aging funds, are expected to drive
deal flow in 2015, but secondary buyers polled by Dow
Jones in our annual secondary survey were divided over
whether secondary volume in 2015 would match or
exceed 2014 levels.
Deal value, which hit record levels in 2014 (see page 22 for
the various volume estimates), was driven partly by roughly a
dozen billion-dollar-plus transactions that came to market,
including portfolios from General Electric Co.s GE Capital,
Pennsylvania Public School Employees Retirement System
and J.P. Morgan Chase & Co.
Do You Expect This Year to Be a Record Year

for Secondary Deal Volume?
100%
32%
34%
47%
What Percentage of Secondary Deals

You Do is Due to:
50%
46% 45%
40
29%
30
24% 23%
25%
20%
20
15%
18%
20%
10
0
8%
Economic
Regulatory
concerns of
changes
inexperienced
investors/distressed
Mean
Their use as
GP
a portfolio
recapitalizations
management tool
(or fund
restructurings)
Other
Median
Source: Guide to the Secondary Market, 2015 edition
Roughly two out of three survey respondents said they

anticipated 2015 to be a record year for volume as well,
citing good pricing for sellers, more opportunities for
GP restructurings and an aging set of funds in Asia
potentially fueling supply. The survey reflected
responses from 57 buyers, including some of the
industrys largest players.
Other respondents saw the blockbuster year in 2014 as
an outlier, driven by those large portfolios, and didnt
expect the same dynamics to materialize during 2015.
Eric Zoller, partner and co-founder of secondary adviser
Sixpoint Partners, said he was skeptical 2015 would be
marked by the same amount of big ticket transactions. The
exception may be in real estate secondaries, where Mr.
Zoller and others said they anticipated increased activity
and larger portfolios to manifest.
Pent-Up Demand
68%
66%
2015
2014
53%
8%
0
Yes
No
2013
The prevalence of large transactions meant that a handful

of buyers accounted for a disproportionate percentage of
deal volume, according to Mathieu Dran, a managing
partner at placement agent Triago.
Other players were equally eager to get deals done, said
Mr. Dran, adding those buyers in the market who didnt
deploy as much capital as they would have liked in 2014
have greater incentive to make investments in 2015.
Roughly two out of three

survey respondents said
they anticipated 2015
to be a record year
for volume...But other
respondents saw the
blockbuster year in 2014
as an outlier, driven by
those large portfolios,
and didnt expect the
same dynamics to
materialize during 2015.
[7]
[8]
For its part, Triago estimates transaction volume in

2015 will reach between $35 and $40 billion, but
predicts fewer large transactions and a wider
diversification of buyers.
Roughly 44% of survey participants said they saw new
competition for deals during 2014, from limited partners
including family offices, endowments and foundations.
The massive wave of distributions that has washed over
LPs portfolios may serve to accelerate secondary buying
among LPs as they seek to invest capital quickly.
Through the first quarter, Mr. Dran said Triago already had
transacted with between 12 and 14 unique buyers a
much higher figure than usual.
In a given year, we usually end up transacting with 22 to
25 distinct buyers, he said, adding that interested buyers
run the gamut from dedicated secondary funds, funds of
funds, insurance companies, private offices and others.
The big theme for all LPs these days is to try to optimize
the deployment rate, said Mr. Dran. Theyre eager to do
secondary deals. Theyre clearing the deck of massive
amounts of money. He added those types of buyers would
stick primarily to simpler and smaller transactions.
As it did in last years survey, portfolio management
remains the primary driver of secondary deal volume,
accounting for an average of 46% of deal flow among this
years survey respondents, up from an average of 40% in a
similar survey conducted last year.
Many sellers are working on portfolio solutions, but are
waiting for the year-end numbers or even the March 31
numbers to come through, said Benot Verbrugghe,
head of the U.S. office at Ardian. We think that [in] the
second quarter, you will start to see new transactions
coming in the market.
Shifts in strategy, staffing changes and an overall
appetite to rebalance were among the underlying
motivators for some sellers in 2014, said Mr. Zoller. As
these types of pruning transactions have become more
commonplace, Triago calculated that the average
portion of a portfolio that will end up in secondaries is
close to 20%.
Did You Participate in Any GP or Fund

Restructuring Deals Over the Past Year?
Percentage of Funds Going to Small/Large Deals

Median Percentage
100%
80
70%
75%
60
50%
40
20
0
8%
Stakes With NAVs
Less Than $15M in Size
Current Fund
60%
No
Stakes With NAVs

Larger Than $15M in Size
Prior Fund
No sophisticated institutional investor today thinks about

private equity commitments as just buy and hold, Wilson
Warren, a partner at New York-based Lexington Partners
told Private Equity Analyst in April. They know that they
will have to do something actively with their portfolio over
time, or the portfolio will end up being too disparate.
Dont Bank On Financial Institutions

Regulatory changes in the U.S. and Europe drove an
average of about 29% of transactions, according to
survey respondents, in line with last years figures. But
industry experts predict that well is close to running dry,
as those financial institutions that continue to hold private
equity assets on their balance sheets cling tightly to
those investments.
Banks and insurance companies have been creative in
delaying sales in hopes that regulation would change,
said Mr. Zoller.
A two-year extension that gives banks until 2017 to comply
with the Volcker rule in the U.S. means that such
Do You See Competition From

New Sources for Deals?
Yes
40%
55%
44%
56%
Yes
No
Leading the way

in secondary investing
LGT Capital Partners is a leading private equity fund of funds manager and secondary specialist with
over USD 23 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 Andr Aubert (andre.aubert@lgt.com)
or Sascha Gruber (sascha.gruber@lgt.com)
LGT Capital Partners

Secondaries House of the Year 2014
Best Launch Alternative Fund of Funds
Crown Asia-Pacific Private Equity II
Pfaeffikon | New York | Dublin | London | Vaduz | Dubai | Beijing | Hong Kong | Tokyo | Sydney
lgt.cp@lgt.com | www.lgtcp.com
Pfaeffikon, New York, Dublin, London, Dubai, Beijing, Hong Kong, Tokyo
www.lgtcp.com, lgt.cp@lgt.com
[ 10 ] Guide to the Secondary Market
Select Secondary Funds in the Market or Recently Closed

Fund Name
Investing Firm Name
Fund Region
Target (M)
Total Amt.
Closed (M)
LP Secondaries
Adams Street 2013 Energy Fund LP
Adams Street Partners
U.S.
$500.0
N/A
Ant No. 2 Greater China Secondary Fund
Ant Capital Partners Co.
Asia/Pacific
$150.0
N/A
Ardian Secondary Fund VII LP
Ardian
Global
$9,000.0
N/A
AXA Secondary Fund VI LP
Ardian
Global
$4,000.0
$6,000.0
Bowside Capital Fund III LP*
Bowside Capital
U.S.
$35.0
$37.7
Capital Dynamics Secondaries Fund IV LP
Capital Dynamics
U.S.
$500.0
$107.0
Coller International Partners VII LP
Coller Capital
Global
European Secondary Development Fund V LP
Arcis Group
Western Europe
N/A
N/A
$478.8
N/A
DB Secondary Opportunities Fund III LP
Deutsche Asset & Wealth Management
Global
N/A
$1,650.0
Euro Choice Secondary Fund
Akina Partners
Europe
200.0
224.0
Fort Washington Private Equity

Opportunities Fund III LP*
Fort Washington Investment Advisors
U.S.
$150.0
$150.0
Global Market Fonds Secondary V
RWB PrivateCapital Emissionshaus AG
Global
N/A
N/A
Greenspring Secondaries Fund I LP*
Greenspring Associates
Global
N/A
$87.0
Idinvest Secondary Fund II*
Idinvest Partners
Western Europe
$258.8
$283.9
Industry Ventures Partnership Holdings III LP*
Industry Ventures
U.S.
$100.0
$170.0
Landmark Equity Partners XV LP*
Landmark Partners
Global
$2,500.0
$3,250.0
Lexington Capital Partners VIII LP
Lexington Partners
Global
$8,000.0
$10,100.0
$750.0
$1,070.0
$55.8
$59.2
Lexington Middle Market Investors III LP*
Lexington Partners
U.S.
Mantra Secondary Opportunities
Mantra Gestion
Global
Montauk TriGuard Fund VI LP*
Montauk TriGuard
U.S.
$500.0
$500.0
Pantheon Global Infrastructure Fund II LP*
Pantheon
U.S.
$700.0
$1,000.0
Pantheon Global Secondary Fund V LP
Pantheon
Global
Partners Group Real Estate Secondary

2009 (Euro) SCA SICAR*
Partners Group
Western Europe
Partners Group Secondary 2015 LP
Partners Group
Global
Permal Private Equity Opportunities V
Permal Group
U.S.
Pomona Capital VIII LP*
Pomona Capital
Global
N/A
$1,118.7
$750.0
N/A
$3,024.8
N/A
$500.0
$178.2
$1,300.0
$1,750.0
Segregated Fund I*
Northleaf Capital Partners
Global
N/A
$150.0
SL Capital Secondary Opportunities Fund II
SL Capital Partners
U.S.
$200.0
$171.0
Stockwell Secondary Holdings LP*
Stockwell Secondary Holdings LP
U.S.
$364.1
$364.1
Strategic Partners VI LP*
Blackstone Group
Global
$3,500.0
$4,400.0
Unigestion Secondary Opportunity III
Unigestion
Global
$340.2
N/A
Secondary Direct/Portfolio
17Capital Fund 3 LP*
17Capital
Western Europe
450.0
500.0
ACG European Secondary Fund
ACG Capital
Eastern Europe/CIS
$206.6
N/A
Akkadian Ventures Annex III LP*
Akkadian Ventures
U.S.
N/A
$5.6
Akkadian Ventures III LP*
Akkadian Ventures
U.S.
$35.0
$69.0
N/A
$100.0
$224.0
N/A
Azini 3 LLP*
Azini Capital Partners
U.S.
Cipio Partners Fund VII
Cipio Partners
Western Europe
Core Capital I LP*
Core Capital Partners
Western Europe
$76.9
N/A
European Secondary Opportunities II LP
Seligman Private Equity
Western Europe
$103.2
$36.3
continued on next page >
Guide to the Secondary Market [ 11 ]
BANKS AND INSURANCE

COMPANIES HAVE
BEEN CREATIVE IN
DELAYING SALES IN
HOPES THAT REGULATION
WOULD CHANGE.
Eric Zoller, partner and co-founder of secondaries
adviser Sixpoint Partners
institutions have even more runway to delay a sale.
Meanwhile, in early 2015, bank regulators issued guidance
on the Volcker rule that appears to allow foreign banks
operating in the U.S. more leeway to hold onto certain
types of private equity investments.
Partners and AlpInvest Partners. J.P. Morgan had said its

plan to spin off One Equity wasnt in response to
regulatory pressure, but rather was a reflection of the
firms uneven returns and uncertainty over where the unit
fit within the bank, The Wall Street Journal reported.
That said, banks that have held onto assets may have an
incentive to sell thats driven more by the generous
pricing available than by looming regulatory threats, said
Mr. Dran. Its a good time to rationalize assets and cash
out, he said.
Lexington also was behind a deal to buy a substantial

portion of a $1.5 billion commitment Citigroup Inc. made
to a fund managed by Metalmark Capital. Citigroup moved
to shed its ownership stake in Metalmark in late 2013.
A group of European lenders, including Standard

Chartered PLC, HSBC Holdings PLC and Unicredit SpA,
were among those who sold large private equity fund
portfolios or initiated plans to do so last year.
Perhaps the highest-profile transaction in the bank space
last year came as J.P. Morgan agreed to sell roughly half
its stake in buyout arm One Equity Partners to Lexington
One secondary buyer estimated the remaining value of

bank-held private equity assets in the U.S. and Europe at
roughly $50 billion. That has dwindled from 2014, when
professionals estimated that there were between $60
billion and $85 billion of assets left to sell. Clearly a lot
of banks have sold at this point, said Stephen Sloan, a
managing partner at secondary intermediary Greenhill
Cogent. We dont expect them to be a growing part of
the market, though they do still have assets to sell.
Select Secondary Funds in the Market or Recently Closed (cont.)

Fund Name
Investing Firm Name
Fund Region
Founders Circle
U.S.
Target (M)
Total Amt.
Closed (M)
N/A
$160.0
Secondary Direct/Portfolio (cont.)

Founders Circle Capital I LLC*
Founders Circle Capital Opportunity Fund I LLC*
Founders Circle
U.S.
N/A
$35.0
Headlands Capital Secondary Fund II
Headlands Capital
Global
N/A
$80.0
Inveni Secondaries Fund II Follow On Ky*
Inveni Capital
Western Europe
$12.5
N/A
Inveni Secondaries Fund II Ky*
Inveni Capital
Western Europe
$81.9
N/A
Inveni Secondaries Fund III Ky*
Inveni Capital
Western Europe
Jasper Ridge Private Opportunities LP*
Jasper Ridge Partners
U.S.
$77.5
N/A
$177.5
$177.5
JDPT Partners Group (Secondary) LP*
Partners Group
Western Europe
$100.0
N/A
Leerink Revelation Healthcare Fund I
Leerink Revelation Partners
U.S.
$175.0
$167.7
Lombard Odier Secondary Fund II
Lombard Odier Darier Hentsch & Cie
Western Europe
$25.0
N/A
*Fund held final closing. Sources: Dow Jones LP Source, Guide to the Secondary Market, 2015 edition
What Percentage of Secondary Assets Purchased Last Year Fell Outside of Traditional PE or VC?
6%
3%3%
9%
8%
6%
9%
3%
None
4%
1% to 10%
4%
11% to 20%
16%
57%
20%
59%
23%
62%
21% to 30%
31% to 40%
9%
41% to 50%
2015
2014
2013
More Than 50%
Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition
Buyers Become Sellers
Restructurings Gain Popularity
Premium pricing also inspired some historical buyers,

including funds of funds, to sell portfolios, allowing them to
return cash more expediently to their own limited partners.
Private Advisors, Adams Street Partners, HarbourVest
Partners and Pantheon were among the funds of funds
that opted to explore options on the secondary market
during the past 18 months.
Despite challenges posed by trying to engineer

a fund restructuring, the number of such transactions
and the number of buyers willing to attempt them
continue to increase.
[Funds of funds] have a view on pricing for most assets

they own, and if someone in the market is pricing it
materially higher, theyre willing to sell, said Greenhill
Cogent Managing Director Brian Mooney.
Canada Pension Plan Investment Board, one of the
industrys most prominent secondary buyers, is among
those taking advantage of favorable pricing, exploring
the potential sale of a portfolio of stakes valued at
between $1 billion and $1.5 billion, Private Equity
Analyst reported in April.
Percentage of Funds Going to U.S./Non-U.S. Deals

Median Percentage
100%
80
70%
70%
60
40
35%
8%
U.S. Deals
Current Fund
Non-U.S. Deals
Prior Fund
Although GP restructurings accounted for an average of

20% of deal volume among this years survey
respondents, some 60% of our survey respondents said
they had participated in a general partner or fund
restructuring in 2014.
So-called zombie funds are becoming a smaller part of the
market, said Mr. Charles. Funds with brand-name GPs are
now being restructured to provide early, attractive liquidity
for LPs who want it, and better alignment and incentives
for LPs that want to stay in the fund and GPs that want to
improve dynamics around a predecessor fund, he said.
Landmark led one such deal for a 2006-vintage fund
managed by Intermediate Capital Group, a credit specialist
that focuses on North America and Europe. A portion of
the funds existing investors opted to roll over proceeds
into the deal, which was financed in part by a small
syndicate of investors Landmark assembled. ICG is in the
market seeking 2.5 billion for a new mezzanine fund,
Private Equity Analyst reported in January.
HarbourVest, Morgan Stanley Alternative Investment
Partners and Coller Capital are among the other investors
which tackled restructurings and financed spinouts during
the past 24 months, according to data provider Preqin Ltd.
35%
20
0
Landmark Partners estimates that the number of

restructurings increased 35% year-over-year in 2014,
with the dollar volume of those transactions rising by
140%, according to Partner Ian Charles.
Yann Robard, who heads secondaries and co-investments at

the Canada Pension Plan Investment Board, said these types
of deals, which he calls GP solutions, carry some of the
same myths and stigmas the traditional secondary market
battled in the 1990s.
THERES STILL A LOT OF ADVERSE

SELECTION IN THE MARKET...The deals are
Brian Mooney,
managing director
at Greenhill Cogent
complex and theres a lot of conflict involved, but if you can construct
a solution that allows the LPs to have an option thats better than the
status quo, then it can be a win for everyone.
There was skepticism, and it was vulture-like from time to
time, but that has completely disappeared now, he said,
adding that as more these transactions take place, the
industry will get more comfortable with them.
Although restructurings are becoming more commonplace,
industry experts agreed their complexity can be off-putting
and such deals can still take unexpected turns.
HarbourVest, for example, agreed earlier this year to buy
stakes in two Doughty Hanson funds, committing an
additional 65 million to a planned fund. Doughty
Hanson, plagued by departures and meager returns,
announced in April it was abandoning efforts to raise a
new fund and would focus solely on managing out its
remaining assets, Dow Jones sister publication Private
Equity News reported.
For anyone to be successful in the fund restructuring
space, theyve got to have creativity, flexibility and partner
with right kind of manager who has a good relationship

with LPs and can balance the needs and objectives of
everyone involved, said Mr. Charles.
Theres still a lot of adverse selection in the market, said
Mr. Mooney of Greenhill Cogent. The deals are complex
and theres a lot of conflict involved, but if you can construct
a solution that allows the LPs to have an option thats better
than the status quo, then it can be a win for everyone.
Additionally, it would appear that in complicated
transactions such as restructurings, size matters. In smaller
restructurings, people are hesitant to get involved. Its the
same amount of work, the execution risk is higher, and the
payoff isnt as great, said Mr. Zoller.
The overall percentage of deals being evaluated is higher,
but the overall number of deals being executed is probably
low, Mr. Zoller added. More and more are getting done,
but the amount is less than people think.
Deals From Further Afield

Even as secondary buyers vie for more typical fund
portfolios, they are looking increasingly beyond traditional
private equity to pick up interests in other asset classes,
including infrastructure, credit, natural resources and real
estate. This year, 21% of survey respondents saw more than
one-fifth of the assets they purchased last year fall outside
of typical private equity or venture capital, up from 15% of
survey respondents the previous year and 12% of
respondents to a similar survey in 2013.
One asset class that experienced growth in secondary volume
last year was real estate, which accounted for an estimated
10% of total secondary deal volume for the year, according to
a report by Greenhill Cogent. (For more on the environment for
real estate secondaries, see the article on page 26.)
Although the locales of sellers and fund stakes are slowly
widening, survey respondents predicted a majority of their
fund would be used to purchase U.S. stakes.
Respondents predicted they would invest a median of 35% of
their current fund in non-U.S. deals, roughly the same percentage as their prior funds, according to the survey data. That figure also is in line with the results from last years survey.
Industry participants largely expect volume in the U.K.,
Japan, Brazil, Latin America and Australia to stay the same
year over year.
Japan was home to one of the dozen giant portfolios that
hit the market in 2015, as Mizuho Financial Group agreed
to sell a portfolio of about $1 billion worth of stakes to
Lexington Partners.
How Long Did It Take You to Raise Your Last Fund?

5%
5%
0-1 year
23%
41%
43%
33%
1 year
1-2 years
32%
2015*
19%
2 years
2014
*Numbers do not add to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition
Respondents were nearly equally divided over whether

volume would increase, decrease or stay the same in Eastern
Europe and Russia, which has been plagued by low oil prices
and sanctions stemming from its conflict with Ukraine.
Nearly a third of investors expected some increase in
activity in the Middle East. Abu Dhabi Investment Authority
reportedly was shopping a portfolio valued at roughly $2
billion in 2014, Bloomberg Businessweek reported.
A Fundraising Bonanza
Secondary buyers are well capitalized to take advantage of
portfolios coming to market, after a robust year for fundraising.
Lexington recently wrapped up its latest core secondary fund
with $10.1 billion, ranking it as the largest such fund ever
raised. In 2014, meanwhile, several of the industrys biggest
names, including Ardian, Blackstone Groups Strategic
Select Secondary Deals, 2014-2015

Transaction
Selling Institution
Type
Size (M)
Status
Aberdeen International Inc.
Direct Portfolio
$29
Landmark Partners bought the portfolio in 2014
California Public Employees
Fund Portfolio
N/A
The pension system hired UBS AG to help sell fund stakes as
Retirement System
it seeks to reduce the number of relationships in its portfolio
Canada Pension Plan Investment Board
Fund Portfolio
$1,500
Recently came to market
Citigroup Inc.
Fund Portfolio
$1,200
Bank sold remaining stakes in funds managed by Metalmark Capital

to Lexington Partners
Diamond Castle Holdings
Restructuring/
N/A
Goldman Sachs Asset Management and Intermediate Capital
Group
Stapled Secondary
funded a restructuring of the Diamond Castle Partners IV LP

in late 2014
Fleming Family & Partners
Fund Portfolio
$140
Coller Capital purchased the portfolio in early 2015
GE Capital
Fund Portfolio
$1,300
Ardian purchased the portfolio in 2014
Magnum Capital LPs
Restructuring/
N/A
In 2014, HarbourVest Partners and five others bought stakes in the

Stapled Secondary
firms 2007-vintage fund and pledged fresh capital to its new fund
Mizuho Financial Group
Fund Portfolio
$1,000
Lexington Partners purchased the portfolio in late 2014
Montana Board of Investments
Fund Portfolio
approx. $126 Pension system disclosed it had sold eight fund stakes but did not

reveal the identity of the buyers
New Mexico State
Fund Portfolio
N/A
In late 2014, the council said it was considering the sale of stakes
Investment Council
in 25 funds managed by 15 different GP
Pennsylvania Public School
Fund Portfolio
$1,750
Ardian purchased the portfolio in late 2014
Employees Retirement System
State of Wisconsin Investment Board
Fund Portfolio
$203
In 2014, the board said it was considering the sale of some

$203 million in legacy fund stakes
Sources: Dow Jones Private Equity Analyst, Dow Jones Private Equity News
How Do You Expect Secondary Deal Volume to Trend in the Following Regions?
100%
39%
61%
46%
50%
70%
74%
74%
59%
59%
9%
5%
32%
36%
Middle East
Africa
83%
26%
39%
54%
50%
35%
30%
26%
26%
Australia/
New Zealand
Brazil
8%
United
Kingdom
Continental
Europe
Eastern
Europe/Russia
Decrease
Increase
Japan
Asia
(Ex. Japan)
Stay the Same
Partners unit and Landmark Partners, built up large war chests,

driving total secondary fundraising to $23.91 billion for the
year, up nearly 38% from $17.30 billion a year earlier,
according to data provider Dow Jones LP Source, which, like
the publisher of this supplement, is owned by Dow Jones.
Strong performance generated by private equity has helped
create a welcoming environment for those secondary firms
pitching new funds. Roughly 70% of respondents to our
survey described their most recent fundraising as very
easy or fairly easy, with around the same percentage
completing their funds in about a year or less.
As more large players, including Ardian, Coller Capital and
Partners Group, seek capital in 2015, however, some
industry professionals have expressed doubts about the
ability of firms to buy quality assets at competitive prices.
Others argue the amount of capital available to buy
secondary stakes is still a fraction of the overall amount of
assets available for purchase.
Theres only two years of buying power held by secondary
buyers, said an executive at one large secondary firm. n
Laura Kreutzer contributed to this report.
Raising Your Last Fund Was:

3%
10%
13%
27%
Very Easy
Fairly Easy
38%
Somewhat Difficult
52%
57%
2015
2014
Very Difficult
17%
Latin America
(Ex. Brazil)
Strong Pricing Brings Sellers to the Table,

but Will the Market Overheat?
their equity by adding debt to their deals or layering it
onto their funds. In addition, secondary buyers have more
money than ever to spend, thanks to several consecutive
years of robust fundraising.
In 2014, secondary buyers raised a total of $23.91 billion
for new funds, surpassing the $17.30 billion raised a year
earlier but falling short of the $26.33 billion record
amount raised in 2012, according to Dow Jones LP
Source, a data provider that, like this publication, is
owned by Dow Jones. At the same time, institutional
investors, including pension funds such as the Canada
Pension Plan Investment Board and sovereign wealth
funds such as the Abu Dhabi Investment Authority, have
stepped up their secondary buying activity.
The confluence of strong performance, cheap debt and
ample capital has helped create one of the strongest
sellers markets the secondary industry has ever seen,
according to the latest Dow Jones survey of secondary
buyers. Among this years survey respondents, 94%
characterized the current market as a sellers market,
roughly in line with buyer sentiment in 2007.
Theres nobody that needs to sell, so theres no pressure for
transactions to happen, said Brian Mooney, a managing
director with intermediary Greenhill Cogent. Buyers have to
price to a level where they can convince people to sell.
By LAURA KREUTZER
hit a record
Secondary deal volume
level for the second
year in a row in 2014 as strong pricing brought more sellers

to the negotiating table. And while secondary buyers and
intermediaries expect strong pricing will continue to drive
deal flow in 2015, many say they will tread carefully.
The lack of distressed sellers in the market and

competition among buyers for deals has driven pricing to a
level that concerns many buyers. Overall, 78% of buyers in
our survey feel that pricing is too high in the current
market, the highest percentage of buyers that felt that way
about pricing in at least the past five years of this survey.
How Would You Classify the Current Market?

100%
53%
Youve got to be very disciplined and like what you see

and, even then, you have to lean into it a little bit, said a
senior executive at one large secondary investor.
Many of the forces that helped drive pricing and deal
volume in 2014 remain in place as 2015 unfolds.
Favorable exit conditions, including strong public-market
performance, have helped private equity and venture
capital funds generate strong returns over the past 12
months. An abundance of cheap debt has also given
secondary buyers more firepower and boosted returns on
94%
83%
92%
47%
6%
2015
A Buyers Market
17%
2014
A Sellers Market
8%
2013
2007
WHAT COUNTS
IS NOT
JUST
WHAT YOU DO,
BUT
At Ardian, we strive to deliver quality investment performance

from the $50bn of assets we manage or advise for clients.
We do this with a relentless focus on generating returns
that are durable and sustainable in the long term. The value
created and results achieved is shared with our investors, but
also our partners, investee companies and their employees.
That makes a difference.
more information on www.ardian-investment.com
Excellence. Entrepreneurship. Loyalt y.
Paris, London, New York, Frankfurt, Zurich, Singapore, Milan, Beijing, Luxembourg, Jersey
As of December 2014, Ardian has $50bn of assets under management
HOW YOU DO IT.

Public pension funds were the most likely to walk away from a
deal over pricing, with 38% of survey respondents indicating
they lost deals from public pensions over pricing, followed
closely by endowments and foundations at 35%. Banks and
insurance companies were the least likely in our survey to
walk away from a deal with secondary buyers over pricing.
Secondary Transactions Are Priced:

100%
22%
29%
3%
55%
The public pension plans wanted to test the pricing in the

market to see how much they could get from the positions,
but they were also loath to take a loss, said Mr. DePonte
of Probitas Partners. They werent necessarily committed.
They were price shopping.
69%
78%
45%
8%
2015
2014*
Too High
2013
On Average, About Right
Too Low
*Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition
As this report was going to press, buyers were pricing

assets off of valuations as of either Sept. 30 or 2014 yearend, with the anticipation that March 31 valuations would
be higher, according to buyers and intermediaries.
When the market turns, then youll assume that the NAVs
will be lower, said Kelly DePonte, a managing director at
placement agent Probitas Partners. If youre a secondary
player thats investing to make a profit, youve got to be
getting a bit more gun-shy right now.
Because of the lack of distressed-driven transactions,
sellers have no problem walking away from deals if buyers
cant match their price expectations. Among this years
survey respondents, 79% said a seller had walked away
from a deal over price concerns, a drop from the 88% of
respondents to last years survey that saw a seller walk away.
Secondary buyers in our survey were more likely to pay

up for buyout funds than venture funds, keeping with a
trend also seen in last years survey. Among survey
respondents, 62% said they paid more on average for
buyout funds than they did the previous year, compared
with 42% of respondents that paid more on average for
venture funds. Both fund types saw a higher percentage
of survey respondents pay more this year than those
buyers responding to a similar survey last year.
Average high bids for buyout funds hit 95% of a funds
underlying net asset value during the second half of
2014, according to a pricing analysis from Greenhill
Cogent. That is down slightly from the 100% of NAV
that average high bids hit during the first half of 2014
but still below the premiums to NAV that average high
bids for buyout funds hit in 2007. By contrast, average
high bids for venture funds were only 80% of NAV
during the second half of 2014, compared with 82% of
NAV during the first half.
On average, 24% of survey respondents in our survey paid
prices for buyout funds that were equal to those funds
underlying NAV, compared with only 11% of respondents
that paid par for buyout fund interests in last years survey.
Percentage of Sellers That Walked Away

Over Pricing, by Seller Type
Has a Seller Walked Away From a Deal

Over Price Concerns?
100%
100%
21%
77%
77%
73%
23%
23%
Endowments/ Banks/
Insurance
Foundations Financial
Cos.
Institutions
Yes
88%
86%
2014
2013
73%
79%
14%
62%
65%
35%
12%
27%
38%
27%
8%
Corporate
Pensions
Public
Pensions
No
*Includes family offices, funds of funds, general partners and high-net-worth individuals.
Other*
8%
2015
Yes
No

Among this years survey respondents, 11% said they paid
prices for venture funds that were equal to or above the
underlying NAVs for those funds. By contrast, all of the
buyers that responded to a similar survey last year said
they paid less than NAV for venture fund stakes.
Secondary buyers and intermediaries say improved performance among venture capital funds over the past 18 months,
thanks partly to large infusions of capital from late-stage
investors and a favorable environment for venture-backed
IPOs, has helped lure some buyers back to the space. For the
12 months through Sept. 30, venture funds generated a
24.5% pooled end-to-end net return, outpacing the 18.1%
produced by private equity funds over the same period,
according to data from consultant Cambridge Associates.
Now that prices are higher on the buyout side, you see
more secondary buyers try to tap into new markets, so
more are looking into venture to stay away from high
pricing in the buyout markets, said the head of secondary
investments at one global fund of funds.
High Prices Lower Return Expectations
In the Past Year, on Average Did You Pay More

for Secondary Deals?
LBO
VC
100%
38%
45%
62%
58%
56%
42%
2015
Yes
63%
2014*
2015
37%
2014
No
*Numbers do not add up to 100% due to rounding. Source: Guide to the Secondary Market, 2015 edition
Stiff competition and high pricing for deals has forced some
buyers to lower their future return expectations, although
perhaps not as much as buyers did in last years survey.
lower than their prior fund, while 86% projected that the
IRR would be roughly the same. Among participants in last
years survey, 22% said they anticipated lower returns from
their current fund.
Among this years survey respondents, 14% said they

expect the internal rate of return of their current fund to be
The average expected return from secondary funds

across all survey respondents remains fairly high at 20%,
PRIVATE EQUITY
S MALL MAR K E T S PECIALISTS
Primary Funds of Funds | Secondary Funds
Customized Private Equity Portfolios | Co-Investments
WWW.PERMALCAPITAL.COM
BOSTON The Prudential Tower | 800 Boylston Street, Suite 1325 | Boston, MA 02199 | T 617.587.5300
NEW YORK 900 Third Avenue, 27th Floor | New York, NY 10022 | T 212.418.6500
In the Past Year, Did You Pay Below, Equal

or Above NAV for Deals?
LBO
100%
VC
11%
4%
7%
89%
89%
100%
2014
2015
2014
24%
76%
2015
Below
Equal
Above
compared with a 19% average expected return among

buyers who responded to last years survey.
Weve seen leverage at the smaller end of the market

not just the 50-to-100 fund portfolios but the five-to-20
fund portfolios, he said.
Secondary buyers can employ leverage in several different
ways. Some may borrow from a third-party lender to help
fund the purchase of a secondary portfolio, much in the
way a buyout firm may use debt to help finance the
purchase of a portfolio company. The debt helps enhance
the return on the secondary buyers equity investment in a
deal, although early cash flows generated by the portfolio
often end up servicing the debt before they get distributed
back to the secondary fund and its investors. Adding debt
to a transaction can also enhance a firms buying power,
allowing it to fund a deal on its own rather than having to
split a transaction among multiple buyers, according to
intermediaries. Among respondents in this years survey,
9% said they had employed debt in transactions.
Far more of the buyers in our survey, 31%, employed debt at
the fund level as a cash management tool. Blackstone Groups
Strategic Partners Fund Solutions unit and Lexington Partners
both have used debt at the fund level to manage cash flows.
Continued high exit volume, combined with an abundance

of cheap debt allowing buyers to enhance the returns on
their equity investments, may be boosting more buyers
confidence that they can still meet return expectations,
even in a pricey market environment.
Layering debt onto a secondary fund allows a firm to finance

early deals outside of a funds balance sheet so that investors
that commit to later closings of a fund dont benefit from early
deals at the expense of investors that signed on earlier in the
funds life. Debt facilities at the fund level tend to have lower
interest rates than those that are placed on individual
portfolios because they are typically perceived as less risky.
Others, however, are taking steps to adapt to what they

expect will be a more challenging return environment
going forward.
Net IRR Expected From Future Funds
SL Capital Partners, for one, recently lowered the

proposed hurdle rate, the return threshold a fund must
reach before a sponsoring firm can start pocketing
profits from the fund, for its newest secondary pool to
12%, according to a recent report from sister
publication Private Equity Analyst. Although 12% is still
relatively high, it is modestly lower than the 14% hurdle
the firm set on its first secondary fund, a $146 million
vehicle closed in 2014.
Debt Goes Mainstream

Buyers and intermediaries say more secondary buyers than
ever are turning to the debt markets in their quest to
maintain high returns in a competitive pricing environment.
Leverage is very much a strategic decision at the
moment, said Gregg Kantor, who works on the fund
finance team at Investec Bank PLC, adding that even
secondary firms that havent previously used leverage
have started to educate themselves and their senior
partners about its use. Theres a mindset shift.
He added that secondary buyers and the limited partners
that back them have become more comfortable with the
use of leverage in secondary deals and funds, even in
smaller transactions.
20%
20%
20%
Mean (%)
Median (%)
15
10
5
17%
8%
Is This IRR Higher, Lower or the Same

as That of Past Funds, on Average?
14%
Higher
Lower
86%
Same

The risk the bank is taking is that the [limited partners] do
not comply with capital calls, said Pierre-Antoine de
Selancy, a managing partner at 17Capital, which raised
some 500 million for its third fund in late 2014. Its a
very different risk from lending to someone for a portfolio
and using that portfolio as collateral.
But firms that dont use leverage say all this debt could come
back to haunt buyers in the event of a market downturn.
If the exit market becomes more difficult, you have
fewer distributions and your net asset values correct
because theyre linked to the public markets, said
Wouter Moerel, head of secondaries at AlpInvest
Partners. Then you could get into covenant issues
with your debt.
One final form of leverage used in secondary transactions
comes in the form of deferred payments or seller financing.
Secondary buyers may agree to pay a portion of the
portfolio sale up front and defer the remainder of the
payment one or even two years later. Doing so often helps
buyers bid more for a portfolio when the seller is
particularly sensitive to pricing, especially if the buyer
expects the portfolio to generate distributions in the near
term. Distributions can be used to help fund the deferred
portion of the payment for the deal.
GPs Flex Their Muscles

As more limited partners turn to the secondary market to
actively shed certain fund relationships in their portfolios,
general partners managing those funds are demanding a
greater say over who buys into their funds. Amid stiff
competition for deals, some GPs may even demand
prospective buyers of their fund stakes pony up additional
capital to back a new fund or new investments, often
called a stapled secondary transaction.
Among this years survey respondents, 31% backed at
least one stapled secondary deal in 2014, including 8%
that invested in two or more stapled secondary deals. By
contrast, only 16% of those same buyers had backed at
least one stapled secondary in 2013.
How Many Stapled Secondaries Did You Do?

4% 4%
12%
4%
0
1
23%
2
69%
84%
In 2014
3
More Than Three
In 2013
deals typically provide capital for new deals or a new fund

in addition to purchasing stakes in older portfolios.
Stapled secondaries can be risky, however, since it is often
harder to determine how well the general partner will do
with future investments than it is to assess a portfolio of
deals the firm has already backed. But so far, it is a risk
that many buyers seem willing to take.
A More Rational Mindset?

Although pricing has remained strong into 2015, buyers
and intermediaries say a softening in the U.S. economy or
a public market correction could prompt buyers to price
bids more conservatively and potentially take some
momentum out of the market.
One of the reasons pricing is so high is that people
anticipate that distributions and values will continue to go
up, said Brent Nicklas, managing partner and chief
executive of Lexington Partners, which in April wrapped up
its eighth fund at its $10.1 billion cap. The moment that
changes, youre going to see the bid-ask gap open up.
Others, however, say they see little chance of a market
correction anytime soon.
The growing popularity of general partner or fund

restructurings may also be driving growth of stapled
secondary deals, as secondary investors in restructuring
Financial markets have very short memories, and the only

way they move is because theres something big
happening, said Mr. Moerel of AlpInvest. Are people going
to be become more rational? I think something big needs to
happen, and right now theres nothing on the horizon. n
Do You Use Debt at the Fund Level ?
Do You Use Debt to Finance Secondary Deals?

9%
31%
Yes
Yes
No
No
69%
91%
Secondary Market Posts Record Year in 2014,

Although Estimates Vary
By LAURA KREUTZER
and
Although many intermediaries
secondary buyers
agreed that 2014 was a record year for deal volume, they
disagreed over the size of that volume.
Historically, tracking secondary deal volume has been
tricky, given that investors and the general partners they
backed often want to keep the fact they are selling stakes
on the secondary market out of the public eye. Although
still an imperfect science, secondary deals are shedding
the stigma once attached to them and more sellers are
bringing portfolios, particularly large ones, to market,
which means measuring deal volume has gotten easier.
Estimates of total transaction volume in 2014 among some
half-dozen firms ranged from a little more than $35 billion
made by New York-based Lexington Partners to north of
$49 billion by Toronto-based intermediary Setter Capital.
Methodologies for capturing and measuring data differ,
with some organizations tracking deals they observe in the
market, including deals that they are aware of, even if they
arent directly connected to them. Others may use a
combination of buyer surveys, observed transactions and
their own analysis. For example, Setter Capital bases its
volume numbers largely on a regular survey of secondary
buyers and makes estimates based on the firms own
analysis of buyers and sellers in the market.
Even these estimates, however, leave some types of
transactions underrepresented, including the volume of
private securities of venture-backed companies trading on
platforms, such as those owned by SharesPost Inc. and

SecondMarket Inc., or trades between two institutional
limited partners that involve only a single fund stake.
As more investors turn to the secondary market to manage
their portfolios, and as firms that track the market continue
to hone their data gathering techniques, deal volume
estimates ultimately may start to converge around a slightly
narrower band of numbers, according to intermediaries. n
Select Estimates of Secondary Deal Volume, 2014 vs. 2013

$49.30
$50B
$42.00
40
$36.50
$35.14
30
$27.50
$23.35
$36.00
$24.50
$37.50
$36.00
$22.00
20
10
0
N/A
Greenhill Cogent
2014
2013
Source: Dow Jones Private Equity Analyst
Lexington Partners
NYPPEX Inc.
Setter Capital
Triago
UBS AG
This announcement appears as a matter of record only
We are pleased to announce the closing of
Landmark Equity Partners XV

$3,250,000,000
Formed to acquire interests in established private equity
funds through secondary market transactions.
Landmark specializes in secondary market transactions of private equity,
real estate and real asset investments. Since 1989 Landmark has completed over
460 transactions and acquired interests in over 1,700 partnerships managed by
over 670 general partners. In excess of $14.9 billion has been committed to the
Landmark Funds.
Landmark Partners
10 Mill Pond Lane
Simsbury, CT 06070
+1 860 651 9760
265 Franklin Street, 18th Floor

Boston, MA 02110
+1 617 556 3910
681 Fifth Avenue

New York, NY 10022
+1 212 858 9760
Landmark Partners Europe

52 Jermyn Street
London, SW1 6lX
+44 (0)20 7343 4450
Landmark Partners Europe is authorized
and regulated by the Financial Conduct Authority
www.landmarkpartners.com
This is not an offer to sell or a solicitation of an offer to purchase interests of any investment vehicle managed or advised by Landmark or any of its affiliates (a Fund) or any other
security. Any such offer or solicitation shall be made only pursuant to a final confidential private placement memorandum relating to such Fund (as amended or supplemented from time to
time, a Memorandum) and such Funds subscription documents. This document is qualified in its entirety by all of the information set forth in the Memorandum, including without
limitation all of the cautionary statements set forth in the front of the Memorandum and the Risk Factors section of the Memorandum.
Secondary Market Timeline 2002-2014

SECONDARY DEAL VOLUME (M)
SECONDARY FUNDRAISING* (M)
(Yearly totals)
(Yearly totals)
Secondary Directs
Rest of World
Secondary Partnerships
U.S. Totals
2007
Coller 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.
2002
2007
Coller Capital raises the largest

secondary fund as of that date,
with $2.6 billion in commitments.
California 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.
2004
State of Connecticut Retirement
Plans and Trust Funds becomes one
of the first pension funds to sell fund
interests. The buyer is Coller Capital.
2006-2007
Stapled secondaries
become a commonplace
occurrence in the
secondary industry.
2005
Secondary sales of fund
interests remain near the record
highs set in 2004, thanks in part
to large sales by Merrill Lynch,
DPL and Dresdner Bank
($17,847)
($16,363)
$8,464
($13,932)
($13,365)
$2,654
$1,935
($10,275)
($8,422)
($7,029)
($8,380) ($8,380)
$1,403
$354
($7,468)
$733
$4,175
$5,289
($2,092)
$131
$1,961
$6,675
$3,133
$13,709
$4,204
$9,383
$7,920
$6,735
$6,977
$2,952
($6,609)
$2,019
($3,903)
$7,622
$2,355
$11,430
$6,310
$4,590
$951
2002
2003
2004
Totals rounded up to nearest million. *Includes only dedicated secondary funds.
2005
2006
2007
20
2012
Older 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.
2010
2014
Twelve deals of more

than $1 billion close in
2014, according to data
from Greenhill Cogent.
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.
2011
Lexington Partners breaks
Goldman Sachs $5.5
billion fundraising record
when it wraps up a $7
billion pool of capital for
secondary deals.
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.
2013
Regulators release
the final draft of
the Volcker rule,
spawning a fresh
wave of portfolio
sales from banks.
($25,950)
($24,781)
($35,137)
$5,167
($26,333)
$1,135
($23,911)
($23,345)
$1,611
($20,928)
$12,404
($18,252)
($17,304)
$29,970
$4,839
$4,552
($11,921)
($10,816)
$1,596
($9,172)
$574
$18,241
$2,721
$23,170 ($11,516)
$8,598
08
2009
$24,815
$16,697
$5,498
$13,929
$13,414
$10,326
$7,033
$6,648
$2,687
$16,878
$12,751
$8,095
$6,018
2010
2011
2012
2013
2014
Sources: Lexington Partners, Dow Jones LP Source, Dow Jones Private Equity Analyst
Real Estate Secondary Volume

Continues Growth Trajectory
By HILLARY CANADA
secondary market
The
real
estate
continued its exponential
growth during 2014 as generous pricing drew sellers to
the marketplace.
The number of real estate secondary transactions grew to

92 in 2014, a 60% increase from the 57 deals tracked in
2013, according to data from secondary firm Landmark
Partners. Similarly, the value of transactions in the sector
grew by 30% during 2014 to $4.8 billion from $3.69
billion a year earlier.
was raised by four funds, and a multifold increase from the

$100 million raised in 2013.
Some larger portfolios have started to trickle onto the market.
New Jersey Division of Investment, for instance, sold a
portfolio of 25 stakes for $925 million to NorthStar Realty
Finance Corp. and Goldman Sachs Asset Management.
According to a memo about the transaction, New Jersey was
able to sell the portfolio, which included funds from managers
including BlackRock Inc., CBRE Inc., TA Associates Realty
and others, at par to the portfolios underlying net asset value.
Real estate secondaries have been a laggard as it

compares to private equity, said Landmark Partner Jamie
Sunday. But he added that a growth spurt among private
equity real estate funds starting around 2005 has helped
expand the underlying asset base.
After trading at an average discount of nearly 30% of net

asset value in the years following the collapse of the housing
market in 2008, real estate fund stakes were attracting
much richer bids in 2014, according to data from
intermediary Greenhill Cogent. During the first half of the
year, real estate fund stakes attracted average high bids of
92% of NAV, according to the data.
And just as they do with private equity, limited partners turn

to the secondary market to prune their portfolios. LPs may
have questioned whether enough buyers capital existed to
justify bringing large portfolios to market, said Mr. Sunday.
Discounts are falling, said Fabian Neuenschwander, vice

president of the real estate secondaries business at
Partners Group. A lot of people are taking the opportunity
to sell interests into this market.
That attitude may be gradually changing in part because

more capital is slowly making its way into the space.
Mr. Neuenschwander added, however, that buyers can still

find good deals. Youre buying into improving fundamentals,
he said.
Strategic Partners Fund Solutions, the secondary platform

Blackstone Group bought from Credit Suisse Group, as
well as Carlyle Groups fund-of-funds Metropolitan Real
Estate and Morgan Stanley Alternative Investment Partners
were said to be raising or considering raising dedicated
secondary pools, Private Equity News reported in 2014.
Last year was a record year for real estate secondary
fundraising, with three vehicles closing on a combined
$2.3 billion, according to data provider Preqin Ltd. That
was the highest annual total since 2010, when $2.2 billion
Real Estate Secondary Deal Volume, 2005-2014

$4,800.6
$5,000M
4,000
$3,691.5
3,000
$2,599.2
$2,166.3
$1,810.4
2,000
1,000
0
$961.8
$349.9
$590.1
$1,247.3
$855.1
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: Landmark Partners
8%
U.S.- and European-focused funds continue to be the

most heavily traded, making up a combined 85% of the
market, but Asian real estate partnerships made up 11% of
activity in 2014, up from 4% a year earlier, according to
Landmarks data.
Partners Group struck one of the largest deals in the region
when it agreed to buy the interests of more than 30 LPs in a
$1 billion China-focused fund. That deal involved shifting
management of the vehicle, known as the Trophy Fund, from
Winnington Capital to Venator Real Estate Capital Partners,
Private Equity Analyst reported at the time. The deal bought
extra time for the fund, the life span of which has been
extended to 2017, and provided liquidity to LPs who had yet
to see any returns prior to the deal.
In a first quarter briefing, Greenhill Cogent predicted that
2015 real estate secondary volume is on a trajectory to
easily eclipse 2014 volume as interest in selling fund stakes
continues to grow. This will likely be prompted in part by a
diversification of LPs eager to cull their portfolios.
Over the last two to three years, the seller base has
greatly expanded from the financial crisis, said Mr.
Neuenschwander. More and more people see it as an
option to get liquidity. n
Secondary Buyers Prepare

for Wave of Energy Fund Sales
By ALEC MACFARLANE
A handful of
fund managers are looking to

raise money to buy
secondhand interests in energy-focused private equity
funds, as a maturing of the market and a slide in oil prices
creates attractive opportunities in the sector.
Fueling Up for Energy Secondaries
AlpInvest Partners, Adams Street Partners and HarbourVest

Partners have each launched or are in the process of
launching offerings that include secondary purchases of
energy funds or assets as part of their investment strategies.
We do [think it is an interesting time to invest], said Brett
Gordon, a managing director at HarbourVest. If you think about
what makes for attractive secondaries, first you need a lot of
inventory, and theres been a lot of money raised in dedicated
energy funds. With that inventory and the volatility, its really
created an interesting time for people who are considering
investing and for people to bring deals to the marketplace.
Mr. Gordon declined to comment on HarbourVests
fundraising. AlpInvest and Adams Street also declined to
comment on fundraising.
Secondary investors seek to capitalize on the huge
amounts of money raised over the past decade by energyfocused private equity firms. About $276 billion was raised
by 417 energy-focused private equity funds between 2005
and 2014, according to data provider Preqin Ltd., creating
large amounts of future inventory for secondary buyers.
The recent slide in oil prices is also expected to create
opportunities for secondary managers, as investors that
are overexposed to energy-focused funds and have seen
their valuations suffer look to shed assets as part of efforts
to rebalance their portfolios. So far, however, buyers have
been in a wait and see mode, according to several
industry participants. We have seen an uptick in sellers
asking for pricing on energy funds, but few deals are
getting inked, Robert McGrath, co-founder of Torontobased intermediary Setter Capital, said in an email.
Research conducted earlier this year by consultancy Wood
Mackenzie said lower oil prices pose the biggest threat to
oil and gas industry earnings and financial solidity since the
financial crash of 2008, with Brent crude trading at around
30% below the 2014 average of $99 a barrel as of early
May. Industry figures said the slide is likely to have a big
impact on the valuations of private equity funds heavily
invested in oil and gas services businesses, as clients
pressured by pricing look to cut costs and reduce services.
We are also seeing sellers looking at selling generalist
private equity funds that have energy exposure such as

Fundraising Plans: Adams Street is marketing an energyfocused fund of funds that will also target secondary deals as
part of its strategy.
AlpInvest Partners
Fundraising Plans: AlpInvest is targeting $500 million for
an energy-focused secondary fund and aims to hold a first
closing by this summer, according to people familiar with the
fund. Justine Gordon, who joined the firm in September from
Guggenheim Partners, leads the new effort.
HarbourVest Partners
Fundraising Plans: HarbourVest hired Kevin Warn Schindel
from OPTrust Private Markets Group to lead its real assets
program. The firm expects to launch a real assets offering
later this year with a large allocation to energy secondaries,
according to a person familiar with the offering.
Source: Dow Jones Private Equity News
Blackstone [Group] and Warburg Pincus, wrote Setter

Capitals Mr. McGrath. Buyers are still very keen to buy these
types of funds, and aside from marked-to-market movements
in the funds public holdings, pricing remains very full.
Despite the opportunity, some industry figures have
cautioned that while it may be a good time to invest in
energy secondary deals, it could be a challenging time to
raise energy-focused secondary funds.
There are definitely some attractive opportunities in the oil
and gas space because of the oil price and its impact on
valuations of companies and assets, which have been
otherwise quite high in the last couple of years, said
Thomas Liaudet, a partner at secondary intermediary
Campbell Lutyens. On the other hand, it might be more
challenging for those managers raising capital because
some [investors] might see this space as being slightly less
attractive at the moment, and also might feel theyre quite
overweight to energy in general, given that they have
invested a lot in the space in the past few years. n
Laura Kreutzer contributed to this article.
Buy-Side Broker Boom Brings Risks

and Rewards to Secondary Market
People are being pinged with so many different ideas that
theyre thinking about it more often, said Mr. McGrath.
Setter, which got its start primarily as a buy-side broker,
helped intermediate a sale of a portfolio of fund stakes by
HarbourVest Partners to Goldman Sachs Group Inc., said
people familiar with that deal. These days, the firm is
involved in both buy-side and sell-side activities.
The large number of intermediaries out there pitching
prospective deals can sometimes confuse potential buyers,
said an executive at one midsize secondary buyer.
By LAURA KREUTZER
volume hit record levels in
Secondary deal
2014 and more secondary
intermediaries than ever want a piece of the action.
Secondary buyers and sellers said that in recent years they

have seen explosive growth in the number of buy-side brokers, or intermediaries that act as guns for hire trying to drum
up deals for private equity buyers. Thanks partly to lower barriers to entry, the proliferation of such groups has presented
buyers and sellers with a fresh set of opportunities and risks.
Unlike sell-side intermediaries, which typically get hired and
compensated by sellers in a secondary transaction, buyside brokers tend to operate more like free agents. They may
approach buyers to gauge their interest in specific fund
names and then reach out to investors they know that have
backed those funds to see if they are willing to sell.
Firms such as Setter Capital, River Street Capital and
Scalar Capital have engaged in buy-side broker activities.
Some traditional sell-side brokers or advisers have
brokered buy-side deals or are considering doing so.
Setter said more than 300 individual agents have
registered with the firms SecondaryLink website, an online
platform connecting potential buyers and sellers.
Growth in the intermediary industry, including that of
buyers brokers, has helped drive more secondary deal
flow, said Peter McGrath, co-founder of Setter. The
Toronto firm estimates about 57% of all secondary deal
flow, which includes private equity, hedge funds, real
estate and natural resource plays, that took place in 2014
involved an intermediary of some kind, according to the
firms midyear secondary deal report.
Well get calls from four or five different buy-side

brokers telling me that they have an exclusive
relationship with a seller, and often they obscure what
the interests are, so I cant piece together that its the
exact same portfolio that another buy-side broker
pitched me, this executive said. I may be talking to four
buy-side brokers bidding against myself and have all
four of them telling me that I owe them.
The number of brokers pitching deals can also present
complications for sellers, according to Benot Verbrugghe,
who heads the U.S. operations for French firm Ardian.
If the seller gives the same portfolio to too many brokers,
the process could be difficult to manage, said Mr.
Verbrugghe. In the end, you still have to manage
confidentiality and information about the funds and the
GPs, so you need to make sure this type of approach is
well managed.
Buyers and sellers arent the only ones taking risks,
however. Newer buy-side brokers also can find themselves
at the mercy of less scrupulous sellers, particularly if they
dont negotiate a contract upfront.
You definitely have more risk there because you dont
have anyone thats mandated you, said Mr. McGrath. You
run the risk of making nothing at the end of the day, even if
you do connect the dots.
Mr. McGrath added that as the market continues to mature,
it will differentiate between established players and less
experienced ones.
A senior executive at one large secondary buyer said the
recent growth of buy-side intermediaries has been driven
in large part by ebullient returns from underlying private
equity portfolios, which will not continue indefinitely.
When theres a downturn, no one will return their phone
calls and many of these guys will go away, the senior
executive said. n
Secondary Market Offers Seed Funds

an Exit Option but Few May Use It
By YULIYA CHERNOVA
have long wrestled
Seed-stage investors
over when they should cash out
of their positions in the start-ups they back, and secondary

transactions in high-valuation private rounds now offer them
potentially lucrative exit options.
But it remains to be seen how many seed-stage fund
managers will take advantage of them.
Startups that got to late-stage rounds were showered by
sizable capital investments at high valuations last year, and
the deals only got larger in the beginning of 2015. In the first
quarter of 2015, for example, the median amount invested in
second venture capital rounds jumped 48% from a year ago,
according to data provider Dow Jones VentureSource.
Second round valuations in 2014 jumped about 44% over
2013 figures, and late-stage valuations doubled.
This puts pressure on seed funds, which are often less
than $100 million in size and are at risk of dilution as
rounds get larger. At the same time, its becoming
increasingly acceptable for employees, founders and early
investors to sell some of their shares in a late-stage round.
These large late-stage rounds have taken the place of the
IPO, and as such, I think theres an opportunity for seed
funds to be selling part of their ownership, said Chris
Douvos, managing director at fund-of-funds manager
Venture Investment Associates. Today, the opportunity to
sell in these later-stage rounds is another arrow in the
quiver of the seed funds in terms of generating returns
[and] returning cash to their limited partners.
Mr. Douvos said the secondary market has become a
portfolio management tool for seed funds and that some of
the funds in which his firm is a limited partner have lightened
up their positions in the highfliers.
Its something thats going on, not with great frequency,
but at the same time, its an increasingly important part for
peoples liquidity strategy, Mr. Douvos said.
Michael Kim, managing partner at Cendana Capital, a fund of
seed funds, said he advises all of the fund managers in his
portfolio to consider participating in secondary transactions.
Mr. Kim said, however, that he sees more resistance than
willingness on the part of seed funds to cash out early.
Theres some greed involved, Mr. Kim said.
He added that hed like to see more secondary transactions.
I think its important for them to monetize and get some
cash back to LPs. It hasnt happened as much as I thought it
would, Mr. Kim said.
The proportion of secondary sales volume done by investors

rather than employees is hovering at low-single-digit percentages on SecondMarket, a platform that facilitates large secondary transactions, according to Anil Sharma, spokesman
for the company. SecondMarket Holdings Inc. facilitated
about $1.4 billion in secondary transactions last year, with
most of the shares being sold by startup employees.
Seed funds can see nice upticks in paper valuations as latestage rounds get done at stratospheric valuations. Those
that hold onto shares hope that future rounds or initial public
offerings would increase the value of their shares even more.
But there are many reasons to sell at least some of the
shares now, Mr. Kim said. On the one hand, its unclear
when some companies plan to reach an exit. Theres more
talk in the market about staying private longer or even
indefinitely, raising questions as to when seed investors
would see a return if they dont cash out in private rounds.
The median time it took venture-backed companies to go
from an initial venture capital round to IPO was 6.94 years in
2014, compared to just 5.6 years in 2005, according to
Dow Jones VentureSource. Private companies that reached
a valuation of greater than $1 billion in their most recent
private rounds are even older than those that went public.
The median time frame between this groups initial venture
round and valuations topping the $1 billion mark hit 7.7
years as of April 1, according to Dow Jones VentureSource.
As timelines stretch, seed investors risk both greater dilution
and getting caught in a valuation downdraft if markets shift
before they can exit. Mr. Douvos said that even as fund
managers consider secondaries, they should keep in mind
that a downturn in the market will reset the clock.
In the fullness of time, everyone will be judged on the
capital that they returned. There were a lot of high-flying
venture firms during the bubble that had incredible paper
positions that evaporated, Mr. Douvos said. n
Secondary Funds Continue to Reap

Rewards of Strong Exit Market
For the private equity industry as a whole, disposals
continued to dominate the headlines this past year, with
firms posting a record $175.28 billion in exits in 2014,
compared with $125.04 billion for the prior year, according
to data provider Dealogic Ltd. Dealogic data includes only
exits via mergers and acquisitions and not initial public
offerings, and the total value includes only those with
publicly disclosed financial terms.
Meanwhile, secondary deal volume hit record levels, reaching
$35.14 billion last year, according to secondary firm
Lexington Partners, up from $23.35 billion the year before.
By DAVID SMAGALLA
Private equity firms generated

record-setting
exits in 2014 and secondary firms reaped the rewards,

returning an increased volume of cash to investors over the
past year, according to a sample of private equity
performance data from several large pension funds.
Various private equity strategies performed particularly well

during 2014, according to industry performance benchmarks
published by consultant Cambridge Associates. U.S. private
equity funds benchmark return reached 18.09% for the
one-year period ended Sept. 30, 2014, compared with
18.51% for U.S. buyout and growth equity funds and
24.46% for U.S. venture funds, which both went on an exit
tear this last year. Secondary vehicles, though strong, still
lagged their private equity brethren, providing a benchmark
return of 14.7% for the one-year period.
Select Secondary Fund Performance Data

Name of Manager
Fund/Vintage Year
Fund Type
Region
California Public Employees Retirement System

Coller Capital
Coller International Partners IV LP/2002
LP Secondaries
Global
Coller Capital
Coller International Partners V LP/2006
LP Secondaries
Global
Lexington Partners
Lexington Middle Market Investors LP/2005
LP Secondaries
U.S.
W Capital Partners
W Capital Partners LP/2003
U.S.
W Capital Partners
W Capital Partners II LP/2007
U.S.

Adams Street Global Oppty Secondary Fund/2003
LP Secondaries
Global
New Jersey State Investment Council

Neuberger Berman
NB Secondary Opportunities Fund II LP/2007
LP Secondaries
U.S.
Lexington Partners
Lexington Capital Partners VI LP/2005
LP Secondaries
Global
Partners Group
Partners Group Secondary 2006 LP/2006
LP Secondaries
Global
Partners Group
Partners Group Secondary 2008 LP/2007
LP Secondaries
Global
New York State Common Retirement Fund

VCFA Group
VCFA Private Equity Partners IV LP/2003
LP Secondaries
U.S.
VCFA Group
VCFA Venture Partners V LP/2006
LP Secondaries
U.S.
Oregon State Treasury

Coller Capital
Coller International Partners VI LP/2011
LP Secondaries
Global
Montauk TriGuard
Montauk TriGuard Fund III LP/2005
LP Secondaries
U.S.
Montauk TriGuard
Montauk TriGuard Fund IV LP/2008
LP Secondaries
U.S.
Montauk TriGuard
Montauk TriGuard Fund V LP/2011
LP Secondaries
U.S.
University of Texas Investment Management Co.

Pomona Capital
Pomona Capital VI LP/2004
LP Secondaries
U.S.
The pension funds released disclaimers with the data, saying that IRRs dont accurately reflect the expected future returns of the partnership and may vary depending on how they are calculated. The
early years of a partnership, and that their IRR calculations havent been approved by general partners. *Calculated by Dow Jones Private Equity Analyst using the data provided by the pension funds.

Funds raised during the end of the last private equity boom
period were some of the best at pumping out cash to their
investors in 2014.
One caveat to this report, which looks at a small number of
secondary fund holdings from the 2002-vintage year
forward, is that our sample is too small to draw any
definitive conclusions about the state of the secondary
market and doesnt include many smaller secondary funds,
which typically dont receive capital from large public
pension funds.
Coller International Partners V LP, which closed in 2007 at
$4.8 billion, continued to show its strength, returning
$114.9 million on a $375 million commitment from the
California Public Employees Retirement System for the
year ended Sept. 30, 2014, according to a private equity
performance report. Coller Capital has been busy over the
past few years, scooping up various portfolios from banks
and others looking to dispose of their private equity
holdings, including most recently buying a portfolio of
private equity fund stakes from Fleming Family & Partners,
the manager that invests on behalf of the family of James
Bond author Ian Fleming and other wealthy individuals.
Another fund returning a substantial amount of money to
investors was NB Secondary Opportunities Fund II LP, a
2007-vintage fund that closed on $1.7 billion. The fund
returned $32.5 million for the year ended Dec. 31, 2014,
to the New Jersey State Investment Council on a
commitment of $100 million.
Capital
Capital
Committed (M) Contributed (M)
Dist. in Year
Ended (M)*
Dist. as of (M)
Private Equity Performance Over Time

24.46
25%
20
18.09
15
10.80
10.21
9.90
10
5
0
22.99
19.73
18.51
2.44
1.80
1.66
1.13 0.70
3Q14
17.04
15.20
14.70
17.46
16.78
15.70
14.92
14.25
14.11
14.03
11.79
9.95
11.22
8.34
6.72
YTD
U.S. Buyout
& Growth
Equity Funds
17.91
12.12
11.72
11.57
10.01
8.11
4.87
1-year
U.S.
Private
Equity
3-year
U.S. Venture
Funds
5-year
10-year
Secondary
Funds
15-year
S&P 500
Performance represents end-to-end pooled mean return, net to limited partners, as of Sept. 30, 2014.
Source: Cambridge Associates
Meanwhile, Montauk TriGuard, which specializes in niche

secondary transactions, had the highest internal rate of
return in our sample. The firms 2008-vintage Montauk
TriGuard Fund IV LP, which raised $332 million, managed
to return $12.5 million in the year ended June 30, 2014,
on a $75 million commitment by the Oregon State
Treasury to the fund, garnering a 16.9% IRR. Montauk
TriGuard focuses on small secondary transactions, as
well as fund manager liquidity, tail-end portfolios and
other specialty deals. n
Dist. as of (M)
Net IRR as of (%) Net IRR as of (%)
lRR Change

$100.0
$88.4
$375.0
$314.2
$50.0
$49.5
$25.0
$23.7
$141.1
$126.1
9/30/14
$8.3
$114.9
$6.2
$0.0
$11.9
9/30/14
$111.7
$264.1
$49.5
$16.6
$118.9
9/30/13
$103.4
$149.2
$43.2
$16.6
$107.1
9/30/14
11.8
9.3
11.2
-5.5
12.0
9/30/13
13.3
7.5
11.2
-4.6
14.4
-1.5
1.8
0.0
-0.9
-2.4

$25.0
$19.7
9/30/14
$2.5
9/30/14
$25.3
9/30/13
$22.8
9/30/14
10.4
9/30/13
11.2
-0.7

$100.0
$102.1
$50.0
$50.7
$54.5
$53.0
$76.3
$67.5
12/31/14
$32.5
$7.8
$7.1
$15.3
12/31/14
$97.7
$45.1
$48.0
$48.4
12/31/13
$65.2
$37.3
$40.9
$33.0
12/31/14
N/A
N/A
N/A
N/A
12/31/13
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

$40.0
$38.0
$25.0
$23.3
3/31/14
$4.0
$4.1
3/31/14
$36.1
$19.9
3/31/13
$32.1
$15.8
3/31/14
N/A
N/A
3/31/13
N/A
N/A
N/A
N/A

$100.0
$37.7
$50.0
$46.0
$75.0
$61.5
$75.0
$32.3
6/30/14
$5.8
$1.9
$12.5
$7.7
6/30/14
$7.0
$41.2
$43.2
$10.5
6/30/13
$1.2
$39.3
$30.7
$2.8
6/30/14
N/A
6.0
16.9
N/A
6/30/13
N/A
5.8
17.3
N/A
N/A
0.2
-0.4
N/A

$40.0
$35.6
2/28/15
$5.9
2/28/15
$31.3
2/28/14
$25.4
2/28/15
5.2
2/28/14
5.3
-0.1
pension funds also said the comparison of IRRs is difficult because the industry doesnt have standard valuation methods. Finally, the pension funds said that the IRRs arent especially meaningful in the
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The Rise of Real Estate Secondaries

By ANDREI BROUGHAM of Greenhill Cogent
Until recently,
stakes in buyout funds

accounted for the majority
of funds sold in the secondary market. Although still an
important source of supply today, the prevalence of
buyout funds which now represent just under half of all
secondary sales by number has given way to other
private equity strategies.
As a result, limited partners now have the opportunity to
use the market to provide liquidity for any part of their
alternative asset portfolios. This was demonstrated in 2014
by a dramatic surge in real estate secondaries.
Historically hampered by a small buyer universe and weak
pricing, the secondary market for real estate funds used to
be very thin. As recently as 2010, average pricing for such
funds was less than 50% of net asset value, and many
real estate funds marketed failed to receive bids, resulting
in dwindling volumes. By 2014, the transaction volume of
real estate secondaries surged to $4 billion globally, the
highest level ever recorded. Even more striking, LPs were
able to fetch a whopping 90% of NAV on average for their
real estate portfolios, also a record.
What explains this dramatic rise in volume and pricing for
what was until recently considered a niche segment? Firstly,
there has been a sharp influx of real estate buyers over the
past four years, as investors have been drawn to the sector
not just to diversify away from large-cap buyouts, but also
to gain exposure to a fast-growing sector of alternatives.
Secondly, because of the health of the commercial real
estate market and a strengthening overall economy, real
estate valuations have rebounded sharply since the financial
crisis. According to data provider Preqin Ltd., real estate
assets under management reached a record $742 billion as
of 2014, and real estate funds saw an average increase in
NAV for 17 straight quarters to June 2014. Real estate funds
generated annualized returns of 16.7% over the past three
years, with 93% of institutional investors stating that fund
performance has met or exceeded expectations.
As a result of the continued strong performance of real
estate funds, the market for real estate secondaries is the
deepest it has ever been. Specialized real estate investors
and dedicated real estate secondary funds remain the
most active buyers in the sector, and their number and
fund sizes have continued to swell. Some of the larger
groups have seen commitments to their funds nearly
double in the past few years, and today these buyers
collectively command about $7 billion in dry powder
dedicated to real estate secondaries. Not captured by this
figure, however, are the many funds of funds and typical
LPs such as family offices and endowments who also
have entered the market as serious buyers.
The upshot of more buyers in the market has been record
pricing. More than 50% of real estate funds transacted in
2014 attracted bids at 90% of NAV or higher, and 95%

received bids at 80% of NAV or higher. The increasing
number of buyers alone has raised competition within the
asset class, but more importantly, the sector expertise
introduced by specialized buyers has elevated the markets
underwriting capabilities and narrowed previously wide bidask spreads. Specialized real estate investors remain the
dominant buyer group in the market and have proven
themselves willing to pay up for diversified real estate
portfolios. As the market matures, newer entrants such as
funds of funds and typical LPs are expected to begin
competing more aggressively, as they benefit from a lower
cost of capital and unique insight into funds and
underlying assets.
The composition of the market for real estate secondaries
closely mirrors the primary fundraising market. Three-fifths
of the real estate funds sold in the secondary market invest
in North America, a third in Europe and the remainder in
Asia and the rest of the world. Opportunistic and valueadded real estate funds are dominant, and each account for
one-third of the total market supply. General partner-led
transactions (such as fund recapitalizations) have become
common place in the buyout space and eventually are
expected to become more widely adopted by real estate
managers looking to expand their time horizons or maximize
the value of older funds.
The rise of the secondary market has equipped LPs with a
powerful liquidity tool that now encompasses all alternative
asset fund strategies. The tremendous growth of real estate
secondaries over the past few years is a testament to that.
A burgeoning buyside with sector-specific expertise has
brought increased competition, fresh dry powder and strong
pricing to a previously illiquid alternatives strategy. Similar
developments are taking place in other alternative asset
strategies such as energy, infrastructure, credit and funds of
funds, and the secondary market is primed to become even
more diverse over time.
Andrei Brougham is a vice president at

Greenhill Cogent, the secondary
advisory business of Greenhill & Co.
Mr. Brougham is responsible for all
aspects of client engagements and
transaction execution, including the
preparation of engagement materials,
valuation analysis, due diligence,
structuring, marketing and closing.
Prior to joining Greenhill Cogent, Mr. Brougham was an
investment banker with Dresdner Kleinwort in its mergers
and acquisitions group, where he focused on transactions
in the financial services sector. Mr. Brougham holds a
B.A. in philosophy, politics and economics from the
University of Oxford.
Secondary Market Buyer Listings

17Capital LLP
32 Grosvenor Gardens
London SW1W 0DH U.K.
Phone: 44-20-7493-2462
www.17capital.com
Key personnel
Pierre-Antoine de Selancy, Managing Partner
selancy@17capital.com
Augustin Duhamel, Managing Partner
duhamel@17capital.com
Robert de Corainville, Partner
corainville@17capital.com
Overview
2014 secondary capital invested
$60 million
Capital investment plans in 2015
$50 million-%75 million
Transaction value of largest deal
closed in 2014 $18 million
Investment criteria
Minimum investment $1 million
Maximum investment $60 million
Abu Dhabi Investment

Authority
211 Corniche Road, P.O. Box 3600
Abu Dhabi, UAE
Phone: 971-2-415-0000
Fax: 971-2-415-1000
www.adia.ae
Key personnel
Mohammed Anwer Farooqi, Head,
Secondaries & Private Debt
anwer.farooqi@adia.ae
Overview
Secondary directs
Richard Chow, Portfolio Manager,

Secondaries
richard.chow@adia.ae
Total assets under management

800 million (preferred equity funds)
Does your firm also participate in

secondary direct activities? Yes
Richard Holden, Portfolio Manager, Credit

richard.holden@adia.ae
Funds being invested

17Capital Fund III
Size 500 million
Year closed 2014
17Capital Fund II
Size 208 million
Year closed 2012
17Capital Fund I
Size 88 million
Year closed 2010
Investment criteria
Participation in syndicates? Yes
Aberdeen SVG
Private Equity
1735 Market St., 32nd Floor
Philadelphia, PA 19103
Phone: 215-405-5700
www.aberdeensvg.com
Key personnel
Marc Bonavitacola,
Head of US Private Equity
marc.bonavitacola@aberdeensvg.com
Minimum investment 5 million
Overview
Maximum investment 300 million
Total secondary assets under management

$650 million
Abbott Capital
Management
Investment criteria
1290 Ave. of the Americas, Ninth Floor

New York, NY 10107
Phone: 212-757-2700
www.abbottcapital.com
Key personnel
Martha Cassidy, Director
mcassidy@abbottcapital.com

secondary direct activities? No
Meredith Rerisi, Managing Director

mrerisi@abbottcapital.com
Len Pangburn, Principal
lpangburn@abbottcapital.com
Secondary directs
Emilio Olmos, Portfolio Manager, Secondaries

emilio.olmos@adia.ae
Overview
Access Capital Partners

121 ave. des Champs Elyses
Paris 75008 France
Phone: 33-1-56-43-61-00
Fax: 33-1-56-43-61-01
www.access-capital-partners.com
Branch offices
IT Tower, Ave. Louise 480
Brussels 1050 Belgium
Phone: 32-2-290-87-20
Fax: 32-2-290-87-21
Central Court, 25 Southampton Buildings
London WC2A IAL U.K.
Etelesplanadi 12
Helsinki 130 Finland
Phone: 358-9-6877-0700
Fax: 358-9-6877-0799
Ludwig-Ganghofer-Strasse 6
Grnwald 82031 Germany
Phone: 49-89-6938-6228
Fax: 49-89-6938-6228-9
One Royal Plaza, Royal Ave.
Guernsey GY1 2HL U.K.
Phone: 44-14-8171-3843
u TO REPORT ISSUES OR CONTENT CORRECTIONS to the information contained within the following guides, contact the
Dow Jones Private Markets Research department at Research.PrivateMarkets@dowjones.com.
Select Buyers Also Investing in Secondary Directs

Abbott Capital Management
34
Goldman Sachs Group Inc.
42
NewQuest Capital Partners
49
Accretive Capital Partners
35
42
Northern Trust
49
Adams Street Partners LLC
35
Hamilton Lane
42
50
Alpha Associates AG
36
HarbourVest Partners LLC
42
Pantheon 50
AlpInvest Partners
36
Idinvest Partners
43
Partners Group
50
Apposite Capital
37
IKE Capital Group
44
PEI Funds
51
Arcano Capital
37
Industry Ventures
44
Permal Capital Management LLC
51
ARCIS Group
37
J.P. Morgan Asset Management
44
Pomona Capital
52
Kensington Capital Partners Ltd.
45
Portfolio Advisors LLC
53
Lexington Partners
45
Shackleton Ventures Ltd.
54
46
Sobera Capital
54
MidCoast Capital LLC`
46
Stafford Capital Partners
54
Montana Capital Partners
46
StepStone Group
55
Top Tier Capital Partners
56
Ardian 37
Auda Private Equity LLC
38
Bowside Capital
39
Coller Capital
39
Committed Advisors
39
Commonfund 40
DB Private Equity
40
Morgan Stanley Alternative

Investment Partners
48
VCFA Group
56
Fondinvest Capital
41
Mustang Capital Partners
48
Vintage Investment Partners
57
Fort Washington Capital Partners
41
Neuberger Berman
48
Willowridge Partners Inc.
57
Galgano Corporate Finance
41
Newbury Partners
49
Key personnel
Dominique Peninon, Chairman
Agns Nahum, Managing Partner
Philippe Poggioli, Managing Partner
Alexandre Delos, Partner, Buyouts
Secondary directs
Select institutional backers

HarbourVest Partners
Mikko Moilanen, Partner, Buyouts

Frdric Evain, Partner, Buyouts
Aymeric Paul, Partner, Infrastructure
ACG Capital
Ccile Croissant, Partner,

Investor Relations & Communication
49 Ave. dIna
Paris 75116 France
Phone: 33-1-53-93-51-51
Fax: 33-1-53-93-51-52
www.acg-capital.com
info@acg-capital.com
Overview
Overview
Martial Lauby, Partner,

Private Debt & Mezzanine
Participation in syndicates? No
Accretive Capital
Partners
777 S. Flagler Drive, Suite 800 W.
West Palm Beach, FL 33401
Phone: 561-894-1146
Fax: 561-894-1151
www.accretiveexit.com
Key personnel
Edwin Wang, Senior Managing Director
wang@accretiveexit.com
Overview
Maximum investment $200 million+

One North Wacker Drive, Suite 2200
Chicago, IL 60606
Phone: 312-553-7890
Fax: 312-553-7891
www.adamsstreetpartners.com
info@adamsstreetpartners.com
Branch offices
75 Davies St., Fourth Floor
London W1K 5JN U.K.
Phone: 44-20-7659-7700
Fax: 44-20-7659-7701
250 North Bridge Road,
#140-2 Raffles City Tower
Singapore 17901 Singapore
Phone: 65-6303-8730
Fax: 65-6303-8740
77 Jianguo Road, Level 24, Tower 3,

China Central Place
Beijing 100025 China
Phone: 86-10-8587-2312
Fax: 86-10-8588-0110
2500 Sand Hill Road, Suite 100
Menlo Park, CA 94025
Phone: 650-331-4860
Fax: 650-331-4861
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 personnel
Jason Gull, Partner & Head
of Secondary Investments
jgull@adamsstreetpartners.com
Jeff Akers, Partner
jakers@adamsstreetpartners.com
Troy Barnett, Partner
tbarnett@adamsstreetpartners.com
Greg Holden, Partner
gholden@adamsstreetpartners.com
Pinal Nicum, Partner
pnicum@adamsstreetpartners.com
Joe Goldrick, Principal
jgoldrick@adamsstreetpartners.com
Charlie Denison, Principal
cdenison@adamsstreetpartners.com
Overview
$5,000 million
Key personnel
Andress Goh, Investment Manager
andress.goh@apep.com

$206 million
Overview

$498 million

$500 million

Adams Street Global
Secondary Fund V LP
Size $1,050 million
Year closed 2013
Adams Street Partners 2013
Annual Global Program
Size $146 million (Size of allocation
for secondary transactions)
Year closed 2013

Alpha Associates AG
Talstrasse 80
Zurich 8004 Switzerland
Phone: 41-43-244-3100
Fax: 41-43-244-3101
www.alpha-associates.ch
info@alpha-associates.ch
Key personnel
Emanuel Eftimiu,
Investor Relations Associate
emanuel.eftimiu@alpha-associates.ch
Overview

Year closed 2014

168 million

Year closed 2015

11.4 million
Investment criteria

23.3 million

closed in 2014 10 million
AlpInvest Partners
299 Park Ave., Floor 36
New York, NY 10017
Phone: 212-332-6240
Fax: 212-332-6241
www.alpinvest.com
alpinvest.partners@alpinvest.com
Branch offices
Jacthavenweg 118
Amsterdam 1081-KJ Netherlands
Phone: 31-20-540-7575
Fax: 31-20-540-7500
701 Citibank Tower, 3 Garden Road
Hong Kong, China
Phone: 852-2878-7099
Fax: 852-2878-7009
Key personnel
Chris Perriello, Managing Director
chris.perriello@alpinvest.com
Overview
$9,700 million
$1,500 million
$1,500 million
$1,500 million
Alpha Russia & CIS LP

Size $107 million
Year closed 2009
Secondary directs
Investment criteria


Investment preferences
AlpInvest Secondary Program V

Size $5,000 million
Anticipated close date 2016
Secondary directs
Investment criteria


Maximum investment $1,000 million
Minimum $5 million
Allianz Capital
Partners GmbH
Theresienstrasse 6-8
Munich 80333 Germany
Phone: 49-89-3800-7010
Fax: 49-89-3800-19436
www.allianzcapitalpartners.com
contact@allianzcapitalpartners.com
Minimum 5 million
Maximum 25 million

U.S. Foundations
AlpInvest Secondary Program V

Size $4,500 million
Year closed 2013
Future fundraising plans
Secondary directs
Branch offices
1633 Broadway
New York, NY 10105
Phone: 212-938-0630
Minimum $10 million
12 Marina View 14-01

Phone: 65-6395-8602
APG, PGGM, Horeca, Municipal

Employees Retirement System of Michigan
Maximum $1,000 million
Altius Associates
20 Grosvenor Place
London SW1X 7HN U.K.
Phone: 44-20-7838-7640
Fax: 44-20-7838-7699
www.altius-associates.com
europe@altius-associates.com
Branch offices
6641 W. Broad St., Suite 402
Richmond, VA 23230
Phone: 804-282-9000
Fax: 804-282-6767
#41-03, OCBC Centre, 65 Chulia St.
Phone: 65-3152-9200
Fax: 65-3152-9220
Key personnel
Elvire Perrin, Partner & Executive Director
elvire.perrin@altius-associates.com
Overview
Key personnel
Jose Luis del Rio, Managing Partner
jldelrio@arcanogroup.com
Ricardo Mir Quesada, CIO
rmiro@arcanogroup.com
Gonzalo Eguiagaray, Investment Officer
geguiagaray@arcanogroup.com
Overview
700 million
50 million-100 million
50 million-100 million
Investment criteria
Secondary directs
Apposite Capital
1 Friday St., Bracken House
London EC4M 9JA U.K.
Phone: 44-20-7090-6190
www.appositecapital.com
enquiry@appositecapital.com
Key personnel
Valerie Auffray, Investor Relations
valerie.auffray@appositecapital.com
David Porter, Managing Partner
david.porter@appositecapital.com
Overview
Secondary directs
Arcano Capital
Lopez de Hoyos 42
Madrid 28006 Spain
Phone: 34-91-700-3880
Fax: 34-91-700-3881
www.arcanogroup.com
arcano_sp@arcanogroup.com
Branch offices
477 Madison Ave., Suite 1230
New York, NY 10022
Phone: 646-599-9600
Fax: 646-599-9599
Minimum $1 million
ARCIS Group
170-173 Piccadilly
London W1J 9EJ U.K.
Phone: 44-20-7494-2110
Fax: 44-20-7494-2105
www.arcisgroup.com
Branch offices
30 rue Galile
Paris 75116 France
Phone: 33-1-47-23-88-62
Fax: 33-1-47-23-88-55
New York, NY 10022
Phone: 212-838-0136
Fax: 212-838-0137
Key personnel
Henri Isnard, Managing Director
hisnard@arcisgroup.com
Mark Burch, Managing Director
mburch@arcisgroup.com

Fund II
Size 91 million
Year closed 1999
Fund III
Size 175 million
Year closed 2004
Fund IV
Size 354 million
Year closed 2008

Fund V
Size 350 million
Anticipated close date N/A
Investment criteria
Secondary directs
Ardian
20 Place Vendme
Paris 75001 France
Phone: 33-1-41-71-92-00
Fax: 33-1-41-71-92-99
www.ardian-investment.com
clientservicing@ardian-investment.com
Branch offices
1370 Ave. of the Americas
New York, NY 10019
Phone: 212-641-8604
1 Grafton St.
London W1S 4FE U.K.
Phone: 44-20-7154-4300
Bahnhofstrasse 20
Phone: 41-44-213-2727
An der Welle 4
Frankfurt 60322 Germany
Phone: 49-69-505-041-500
Romain Bouch, Partner

rbouche@arcisgroup.com
No.1 Jian Guo Men Wai Ave., Unit 20-22,

Level 47, China World Tower
Phone: 86-10-6580-9000
Overview
Key personnel
Dominique Senequier, President

500 million
30 million
Vincent Gombault, Head of Funds of Funds

& Private Debt
Benoit Verbrugghe, Head, U.S.
Olivier Decanniere, Head, U.K.
Franck Nguyen, Senior Managing Director,
Funds of Funds

Mark Benedetti, Managing Director,
Funds of Funds
Vladimir Colas, Managing Director,
Funds of Funds
Ingmar Vallano, Managing Director,
Funds of Funds
Jan Philipp Schmitz, Managing Director,
Funds of Funds
Overview
$30,000 million
closed in 2014 $2,380 million

ASF VI
Size $9,000 million
Year closed 2014
ASF V
Size $7,100 million
Year closed 2011
AXA Early Secondary Fund V
Size $700 million
Year closed 2012
AXA Early Secondary Fund IV
Size $700 million
Year closed 2007
Investment criteria
Secondary directs
One Exchange Square,

8 Connaught Place,
Suite 1704, 17th Floor
Hong Kong, China
Phone: 852-2869-2219
Fax: 852-2869-2237
Key personnel
Ahmad Ali, Managing Director
aali@auldbrasspartners.com
No. 1266 West Nanjing Road, 15th Floor,

Tower 2, Plaza 66, Suite 1578
Shanghai 200040 China
Phone: 86-21-6039-8321
Fax: 86-21-6039-8388
Christopher Salley, Managing Director

csalley@auldbrasspartners.com
Portland House, Bressenden Place

London SW1E 5RS U.K.
Phone: 44-20-7869-8005
Fax: 44-20-7869-8001
Key personnel
Tim Brody, Managing Director
brody@auda.com
BEX Capital
Marissa Rocker, Senior Associate

rocker@auda.com
Overview
$124 million
$201 million
22 rue de la Paix
Paris 75002 France
Phone: 33-1-43-12-98-53
www.bexcapital.com
info@bexcapital.com
Key personnel
Benjamin Revillon, Managing Partner
revillon@bexcapital.com
Mathieu Bonnet, Investment Manager
bonnet@bexcapital.com

100 million
Investment criteria
Auda Secondary Fund III LP

Size $332 million
Year closed 2013
Investment criteria
Ottostrasse 1
Phone: 49-89-543-2880-0
www.asset-metrix.com
Secondary directs
Branch offices
Am Pilgerrain 17
Bad Homburg 61352 Germany
Phone: 49-61-72-402-801
Fax: 49-61-72-402-809

AssetMetrix GmbH
888 Seventh Ave., Floor 41

New York, NY 10106
Phone: 212-863-2300
Fax: 212-593-2974
www.auda.com
info@auda.com
Overview

Overview

$100 million
Various Auda Vehicles

(Secondary Allocation)
Size $40 million
Year closed Various
Key personnel
Moritz Haarmann, Analyst
Howard Sanders, Managing Director

hsanders@auldbrasspartners.com

Auldbrass Partners
410 Park Ave., Suite 1510
New York, NY 10022
Phone: 212-213-0243
www.auldbrasspartners.com
general@auldbrasspartners.com
Branch offices
224 S. Michigan, Suite 425
Chicago, IL 60604
Phone: 312-361-3520
Minimum investment 0.5 million

Secondary directs
BlackRock Private
Equity Partners
40 E. 52nd St., Second Floor
New York, NY 10022
Phone: 212-810-5300
www.blackrock.com
Key personnel
Steven Baumgarten,
Director, Investor Relations
steven.baumgarten@blackrock.com

Key personnel
Jeremy Coller, CIO
jeremycoller@collercapital.com
Bowside Capital
Capital Dynamics
211 King St., Suite 204

Charleston, SC 29401
Phone: 843-725-7500
Fax: 212-214-0744
www.bowsidecapital.com
645 Madison Ave., 19th Floor

New York, NY 10022
Phone: 212-798-3400
Fax: 212-798-3499
www.capdyn.com
Key personnel
Christian Albert, Managing Partner
calbert@bowsidecapital.com
Key personnel
Joseph Marks, Managing Director
jmarks@capdyn.com

$1,670 million
Overview
Bowside Capital Fund III LP

Size $37.7 million
Year closed 2014

$550 million
Coller International Partners VI

Size $5,500 million
Year closed 2012
Investment criteria
Minimum investment $0.25 million

$50 million
$150 million
Overview
$9,500 million
Coller International Partners V

Size $4,800 million
Year closed 2007
Coller International Partners IV
Size $2,600 million
Year closed 2002

$125 million
Secondary directs

Investment criteria
Investment criteria
Minimum $0.25 million
Maximum $5 million
Secondary directs


California Public
Employees Retirement
System
400 Q St.
Sacramento, CA 95811
Phone: 916-795-3400
www.calpers.ca.gov
info@state.ca.gov
Key personnel
Wylie A. Tollette,
Chief Operating Investment Officer
California State Teachers

Retirement System
100 Waterfront Place
Sacramento, CA 95605
Phone: 800-228-5453
Fax: 916-414-5040
www.calstrs.ca.gov
Key personnel
Christopher J. Ailman, CIO
Secondary directs

Committed Advisors
CMS Fund Advisors LLC
9 rue Daru
Paris 75007 France
Phone: 33-1-72-28-35-30
www.committedadvisors.com
308 E. Lancaster Ave., Suite 300

Wynnewood, PA 19096
Phone: 610-896-2080
Fax: 610-896-3339
www.cmsco.com
clientservices@cmsco.com
Key personnel
William A. Landman, CIO
wal@cmsco.com
Coller Capital
33 Cavendish Square
London W1G 0TT U.K.
Phone: 44-20-7631-8500
www.collercapital.com
Branch offices
950 Third Ave.
New York, NY 10022
Phone: 212-644-8500
Two International Finance Centre, Level 19
Central Hong Kong, China
Phone: 852-2251-1594
Key personnel
Daniel Benin, Managing Partner
dbenin@committedadvisors.com
Barthelemy de Beaupuy, Managing Partner
bdebeaupuy@committedadvisors.com
JB Stock, Partner
jbstock@committedadvisors.com
Guillaume Valdant, Partner
gvaldant@committedadvisors.com
Overview
$800 million

Committed Advisors Secondary Fund II
Size $500 million
Year closed 2014
Investment criteria
Secondary directs
Minimum $1 million
Maximum $100 million
Commonfund
15 Old Danbury Road
Wilton, CT 06820
Phone: 203-563-5116
www.commonfund.org
Branch offices
No. 3 Xin Yuan South Road, 17th Floor,
Ping An International, Financial Tower B
1 Northumberland Ave.,
First Floor, Trafalgar Square
London WC2N 5BW U.K.
CPP Investment Board
DB Private Equity
1 Queen St. E., Suite 2500

Toronto M5C 2W5 Canada
Phone: 416-479-5557
www.cppib.com
Pinners Hall, 105/108 Old Broad St.

London EC2N 1EN U.K.
Phone: 44-20-7545-8000
www.dbpe.com
dbpe-info@db.com
Branch offices
40 Portman Square, Second Floor
London W1H 6LT U.K.
Key personnel
Yann Robard, Managing Director,
Head of Secondaries & Co-Investments
yrobard@cppib.com
Neal Costello, Senior Principal
ncostello@cppib.com
Giorgio Riva, Principal
griva@cppib.com
Overview
$6,000 million
1 Embarcadero Center, Suite 1160

San Francisco, CA 94111

$600 million
Key personnel
Cari Lodge, Managing Director
cari.lodge@commonfund.org

$1,200 million
Greg Jansen, Managing Director

greg.jansen@commonfund.org
Overview

$1,000 million
Minimum investment No minimum
Investment criteria
Maximum investment No limit
Secondary directs
Minimum No minimum
Commonwealth of PA,
Public School Employees
Retirement System
5 North 5th St., Fourth Floor
Harrisburg, PA 17101
Phone: 717-787-8540
Fax: 717-772-3860
www.psers.state.pa.us
contactpsers@pa.gov
Key personnel
Charles Spiller, Managing Director
cspiller@pa.gov
Secondary directs
Cubera Private Equity

Sveavgen 17, 12th Floor
Stockholm 11157 Sweden
Phone: 46-8-411-9033
www.cubera.se
Key personnel
Till Gutzen, Partner
tg@cubera.se
Overview
Secondary directs
Branch offices
345 Park Ave.
New York, NY 10154
Key personnel
Carlo Pirzio-Biroli, Co-Head,
Private Equity Secondaries
carlo.pirzio-biroli@db.com
Charles Smith, Co-Head,
Private Equity Secondaries
charles.f.smith@db.com
Adam Graev, Managing Director,
Head of Americas
adam.graev@db.com
Chi Cheung, Director, Head of Europe
chi.cheung@db.com
Francesco Rigamonti, Director
francesco.rigamonti@db.com
Deirdre Davies, Director
deirdre.davies@db.com
Overview
$3,000 million
$487 million

DB SOF III
Size $1,650 million
Year closed 2014
Investment criteria
Secondary directs
DuPont Capital
Management
One Righter Parkway, Suite 3200
Wilmington, DE 19803
Phone: 302-477-6000
Fax: 302-477-6010
www.dupontcapital.com
Key personnel
Carmen Gigliotti, CFA, Senior Advisor
carmen.j.gigliotti@usa.dupont.com
Equistone Partners Europe

Condor House, St Pauls Churchyard
London EC4M 8AL U.K.
Phone: 44-20-7653-5300
Fax: 44-20-7653-5301
www.equistonepe.com
Branch offices
Bank House, Eight Cherry St., First Floor
Birmingham B2 5AL U.K.
Phone: 44-12-1631-4220
Fax: 44-12-1631-1071
Centre daffaires Paris-Trocadro,
112 Ave. Klber
Paris 75116 France
Phone: 33-1-56-69-43-43
Fax: 33-1-56-69-43-44
Key personnel
Simon Brown, CFO
simon.brown@equistone.uk
F&C Investment
Business Ltd.
80 George St.
Edinburgh EH2 3BU U.K.
Phone: 44-20-7628-8000
www.fandc.com/privateequity
privateequityfunds@fandc.com
Key personnel
Richard Nairn, Director, Private Equity Funds
richard.nairn@fandc.com
Overview
150 million
20 million
30 million
Investment criteria
Overview

$411 million

Secondary directs
Fondinvest Capital
33 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
mailbox@fondinvest.com
Key personnel
Charles Soulignac, Managing Partner
c.soulignac@fondinvest.com
Overview

$32.6 million
$15.6 million
$53.7 million

Opportunities Fund III LP
Size $150 million
Year closed 2014
Opportunities Fund II LP
Size $93 million
Year closed 2008

330 million
WSL Partners LP
Size $60 million
Year closed 2003
Investment criteria
Fondinvest X
Size 500 million
Anticipated close date Q3/Q4 2015
Investment criteria

Secondary directs

Secondary directs
Fort Washington
Capital Partners
303 Broadway, Suite 1200
Cincinnati, OH 45202
Phone: 513-361-7656
Fax: 513-361-7605
www.fwcapital.com
Key personnel
Phil Johnson, Senior Investment Manager
phil.johnson@fwcapital.com

Western & Southern Financial Group
Galgano Corporate
Finance
via Santo Stefano 17
Bologna 40121 Italy
Phone: 39-05-122-3985
Fax: 39-05-123-1238
www.corporatefinance.it
Key personnel
Katia Mengozzi, CFO
galgano@corporatefinance.it
Overview
Joe Woods, Managing Director,

Head of Secondary Investments
joe.woods@fwcapital.com
Paul Cohn, Managing Director

paul.cohn@fwcapital.com

Secondary directs
Goldman Sachs
Group Inc.
Overview
Overview

$150 million

$2,400 million
200 West St.

New York, NY 10282
Phone: 212-902-1000
www.gs.com
vintage@gs.com

$20 million

$397 million


$480 million
Branch offices
River Court, 120 Fleet St.
London EC4A 2BE U.K.

$600 million
555 California St.

Cheung Kong Center,
2 Queens Road, 68th Floor
Hong Kong, China
295 Chipeta Way
Salt Lake City, UT 84108
Rua Leopoldo Couto Magalhes Junior
Sao Paulo 04542-000 Brazil
Key personnel
Harold Hope, Managing Director
harold.hope@gs.com
Michael Brandmeyer, Managing Director
michael.brandmeyer@gs.com
Stephen Lessar, Managing Director
steve.lessar@gs.com
Overview
Greenspring Global Partners VI

Size $399 million
Year closed 2014
Greenspring Secondaries Fund I
Size $87 million
Year closed 2014

Investment criteria
Minimum $5 million
Secondary directs
One Financial Center, 44th Floor

Boston, MA 02111
Phone: 617-348-3707
Fax: 617-350-0305
www.harbourvest.com
usinfo@harbourvest.com

Minimum $1 million
100 Painters Mill, Suite 700

Owings Mills, MD 21117
Phone: 410-363-2725
www.greenspringassociates.com
info@gspring.com
Key personnel
Hunter Somerville, Principal
hsomerville@gspring.com
Brooke Pollack, Associate
brooke@gspring.com
Maximum $30 million
Secondary directs
Investment criteria

Greenspring Global Partners VII

Size $450 million
Secondary directs

$18,000 million
Investment criteria
Hamilton Lane
One Presidential Blvd., Fourth Floor
Bala Cynwyd, PA 19004
Phone: 610-934-2222
Fax: 610-617-9853
www.hamiltonlane.com
Branch offices
8-10 Great George St.
London SW1P 3AE U.K.
Phone: 44-20-7340-0100
Fax: 44-20-7340-0135
St Georges Building, 2 Ice House St.,
Room 1001-3, 10th Floor
Hong Kong, China
Phone: 852-3987-7191
Fax: 852-3987-7198
610 Fifth Ave., Suite 401
New York, NY 10020
Phone: 212-752-7667
Fax: 212-752-7865
Key personnel
Tom Kerr, Managing Director
tkerr@hamiltonlane.com
Ryan Cooney, Vice President
rcooney@hamiltonlane.com
Branch offices
China World Tower,
One Jianguomenwai Ave.,
Suite 5608, 56th Floor
Phone: 86-10-5706-8600
Fax: 86-10-5706-8601
Carrera 7 #113-43, Oficina #904,
Edificio Samsung
Bogot, Colombia
Phone: 571-552-14-00
Citibank Tower, 3 Garden Road, Suite 1207
Phone: 852-2525-2214
Fax: 852-2525-2241
Berkeley Square House, Eighth Floor
London W1J 6DB U.K.
Phone: 44-20-7399-9820
Fax: 44-20-7399-9840
Marunouchi Building, 26th Floor, 2-4-1
Marunouchi, Chiyoda-ku
Tokyo 100-6326 Japan
Phone: 81-3-3284-4320
Fax: 81-3-3217-1077

Key personnel
Jeff Keay, Managing Director - Boston
jkeay@harbourvest.com
Brett Gordon, Managing Director - Boston
bgordon@harbourvest.com
Fred Maynard, Managing Director - Boston
fmaynard@harbourvest.com
Mike Pugatch, Managing Director - Boston
mpugatch@harbourvest.com
John Toomey, Managing Director - Boston
jtoomey@harbourvest.com
Kevin Warn Schindel,
Managing Director - Boston
kwarnschindel@harbourvest.com
David Atterbury, Managing Director - London
datterbury@harbourvest.com
Peter Wilson, Managing Director - London
pwilson@harbourvest.com
Tim Flower, Managing Director - Hong Kong
tflower@harbourvest.com
Headlands Capital
Management LLC
One Ferry Building, Suite 255
Phone: 415-263-7313
www.headlandscap.com
websitecontact@headlandscap.com
Headway Capital
Partners LLP
25 Maddox St., Second Floor
London W1S 2QN U.K.
Phone: 44-20-7518-8888
Fax: 44-20-7900-3160
www.headwaycap.com
info@headwaycap.com
Key personnel
Laura Shen Lefranc, Cofounder & Partner
lshen@headwaycap.com
Sally Shan, Managing Director - Beijing

sshan@harbourvest.com
Overview
Tatsuya Kubo, Managing Director - Tokyo

tkubo@harbourvest.com

$1,000 million
$1,800 million
$1,500 million

Dover Street Investment Program
Investment criteria
Maximum investment $1,000 million+
Secondary directs
505 Montgomery St., 21st Floor

Phone: 415-986-7733
Fax: 415-986-7744
www.horsleybridge.com
info@horsleybridge.com
Key personnel
Fred Berkowitz, Managing Director
fred@horsleybridge.com
Idinvest Partners
117 ave. des Champs Elyses, Fifth Floor
Paris 75008 France
Phone: 33-1-58-18-56-56
Fax: 33-1-58-18-56-89
www.idinvest.com
Key personnel
Christophe Simon, Partner
cs@idinvest.com
Overview
600 million

100 million
Helmsman Capital

100 million
Overview
$15,000 million
Horsley Bridge Partners
23 Hunter St., Suite 503

Sydney, NSW 2000 Australia
Phone: 61-292-397-8120
Fax: 61-292-398-199
www.helmsman.com.au
info@helmsman.com.au

Idinvest Secondary Fund II
Size 250 million
Year closed 2013
Key personnel
Ian Johnson, Managing Director
ian.johnson@helmsman.com.au
Henderson Global
Investors
Investment criteria
201 Bishopsgate
London EC2M 2AE U.K.
Phone: 44-20-7818-2965
Fax: 44-20-7818-7310
www.henderson.com/home/private_capital
Branch offices
Jardine House, One Connaught Place,
Suites 4105-4108
Hong Kong, China
Phone: 852-2905-5188
Fax: 852-2905-5199
Key personnel
Guy Pigache, Partner
guy.pigache@henderson.com
Idinvest Secondary Fund III

Size 500 million

Secondary directs
Minimum 5 million
Maximum 150 million
IKE Capital Group
Industry Ventures
100 Wilshire Blvd.

Santa Monica, CA 90401
www.icapitalgroup.us
30 Hotaling Place, Third Floor

Phone: 415-273-4201
www.industryventures.com
info@industryventures.com
Key personnel
Simonetta Bonaventura, CMO
secondary@icapitalgroup.us
Overview
Secondary directs
Industriens
Pensionsforsikring A/S
Noerre Farimagsgade 3
Copenhagen 1364 Denmark
Phone: 45-33-66-80-80
Fax: 45-33-66-80-90
www.industrienspension.dk
Key personnel
Soren Thinggaard Hansen,
Head of Private Equity
sth@ipf.dk
Kasper Struve, Director, Private Investments
kst@ipf.dk
Christian Broenden, Director,
Private Investments
cra@ipf.dk
Overview
$22 million
$12 million
$30 million
Investment criteria
Branch offices
204 South Union St.
Alexandria, VA 22314
Key personnel
Lena McNulty, Investor Relations
lena@industryventures.com
Overview
$1,750 million

Industry Ventures Fund VI
Size $404 million
Year closed 2011
Industry Ventures Partnership Holdings II
Size $54 million
Year closed 2011
Overview
J.P. Morgan Asset

Management
320 Park Ave., 15th Floor
New York, NY 10022
Phone: 212-648-2313
Fax: 212-648-0075
Key personnel
Amanda Wilson, Executive Director
amanda.j.wilson@jpmorgan.com
Anthony Roscigno, Managing Director
anthony.j.roscigno@jpmorgan.com
Dana Haimoff, Managing Director
dana.m.haimoff@jpmorgan.com
Industry Ventures Secondary VII

Size $425 million
Year closed 2013
Irene Koh, Vice President

irene.al.koh@jpmorgan.com
Industry Ventures Partnership

Holdings III LP
Size $170 million
Year closed 2014
Overview
Secondary directs


Invesco Institutional
1555 Peachtree St. NE, Suite 1800
Atlanta, GA 30309
Phone: 404-479-1095
www.institutional.invesco.com
Key personnel
Mary Frances Kelley, General Partner
mary_kelley@invesco.com
Phillip M. Shaw, General Partner
phil_shaw@invesco.com
Secondary directs
Key personnel
Stephen Vicinelli, Managing Director &
Deputy CIO
svicinelli@tiff.org
Investment Fund
for Foundations
170 N. Radnor Chester Rd., Suite 300
Radnor, PA 19087
Phone: 610-684-8200
Fax: 610-684-8210
www.tiff.org
info@tiff.org
Secondary directs
Jolimont Capital Pty Ltd.

133 Flinders Lane, Level One
Melbourne, VIC 3000 Australia
Phone: 61-38-199-2700
Fax: 61-39-639-5228
www.jolimontcapital.com.au
Key personnel
Charles Gillies, Managing Partner
charlesg@jolimontcapital.com.au
Lex McArthur, Managing Partner
lexm@jolimontcapital.com.au
Teresa Engelhard, Managing Partner
te@jolimontcapital.com.au
Carol Sullivan, CFO
carols@jolimontcapital.com.au
Overview
Kensington Capital
Partners Ltd.
95 St. Clair Ave. W., Suite 905
Toronto, ON M5P 1W6 Canada
Phone: 416-362-9000
Fax: 416-362-0939
www.kcpl.ca
Key personnel
Peter Fink, Senior Vice President
pfink@kcpl.ca
Overview
$410 million

Kensington Private Equity Fund
Size $80 million
Year closed Evergreen

Kensington Private Equity V
Size $150 million
Anticipated close date Q1 2016
Investment criteria
Secondary directs
Minimum $5 million
Maximum $50 million
Landmark Partners
10 Mill Pond Lane
Simsbury, CT 06070
Phone: 860-651-9760
www.landmarkpartners.com
Branch offices
265 Franklin St., 18th Floor
Boston, MA 02110
Phone: 617-556-3910
681 Fifth Ave., 14th Floor
New York, NY 10022
Phone: 212-858-9760
52 Jermyn St.
London SW1Y 6LX U.K.
Phone: 44-20-7343-4450
Key personnel
Emily-Jane Finigan, Vice-President,
Investor Relations & Business Development
emily-jane.finigan@landmarkpartners.com
Geoffrey Mullen, Managing Director,

Investor Relations & Business Development
geoffrey.mullen@landmarkpartners.com
Chad Alfeld, Partner
chad.alfeld@landmarkpartners.com
Overview
Pl Ristvedt, Partner
pbristvedt@lexpartners.com
John Rudge, Partner
jgrudge@lexpartners.com
Lee Tesconi, Partner
ljtesconi@lexpartners.com

$14,900 million
Wilson Warren, Partner

wswarren@lexpartners.com
Victor Wu, Partner

vlwu@lexpartners.com
Landmark Equity Partners XV

Size $3,250 million
Year closed 2014
Mark Andrew, Principal

mmandrew@lexpartners.com
Lexington Partners
660 Madison Ave., 23rd Floor
New York, NY 10065
Phone: 212-754-0411
Fax: 212-754-1494
www.lexingtonpartners.com
info@lexpartners.com
Branch offices
111 Huntington Ave., Suite 3020
Boston, MA 02199
Phone: 617-247-7010
Fax: 617-247-7050
3000 Sand Hill Road,
Building 1, Suite 220
Phone: 650-561-9600
Fax: 650-561-9696
50 Berkeley St.
London W1J 8HA U.K.
Phone: 44-20-7399-3940
Fax: 44-20-7399-3941
15/F York House, The Landmark,
15 Queens Road Central
Phone: 852-3987-1600
Fax: 852-3987-1631
Key personnel
Brent Nicklas, Managing Partner
brnicklas@lexpartners.com
Anthony Garton, Principal, Investor Relations

agarton@lexpartners.com
Timothy Huang, Principal
thuang@lexpartners.com
Jennifer Kheng, Principal
jwkheng@lexpartners.com
Jos Sosa del Valle, Principal
jsosadelvalle@lexpartners.com
Overview
$29,200 million
$2,300 million
$6,400 million
closed in 2014 $2,000 million

Lexington Capital Partners VIII
Size $10,100 million
Year closed 2015
Lexington Middle Market Investors III
Size $1,070 million
Year closed 2014
Lexington Emerging Partners
Size $150 million
Year closed 2013
Kirk Beaton, Partner

kbeaton@lexpartners.com
Investment criteria
Duncan Chapman, Partner

dachapman@lexpartners.com
Thomas Giannetti, Partner & CFO

tgiannetti@lexpartners.com

Secondary directs
Charles Grant, Partner

crgrant@lexpartners.com

Rebecca John, Partner, Investor Relations

rajohn@lexpartners.com
Tom Newby, Partner

tnewby@lexpartners.com
Marshall Parke, Partner
mwparke@lexpartners.com
Over 300 leading corporate and public

pension funds, sovereign wealth funds,
insurance companies, financial institutions,
endowments, foundations and family
offices from more than 30 countries.
Liquid Realty Partners
Schuetzenstrasse 6
Pfaeffikon 8808 Switzerland
Phone: 41-55-415-9600
Fax: 41-55-415-9699
www.lgtcp.com
lgt.cp@lgt.com
199 E. Linda Mesa, Suite 10

Danville, CA 94526
Phone: 415-875-7501
www.liquidrealty.com
transactions@liquidrealty.com
Branch offices
1133 Ave. of the Americas
New York, NY 10036
Phone: 212-336-0650
Fax: 212-336-0699
Two Exchange Square,
8 Connaught Place, Suite 4203
Hong Kong, China
Phone: 852-2522-2900
Fax: 852-2522-8002
Key personnel
Ivan Vercoutere, Managing Partner
ivan.vercoutere@lgt.com
Key personnel
Scott Landress, CEO
scott@liquidrealty.com
Live Oak Capital

Diversified Private Equity Investors II LP
Size $3 million
Year closed 1995
Diversified Private Equity Investors IV LP
Size $3 million
Year closed 2012

Diversified Private Equity Investors V LP
Size $5 million
25 Highland Park Village, #100-567

Dallas, TX 75205
Phone: 214-762-9106
Fax: 972-490-2345
Investment criteria
Key personnel
Harbert Mulherin, Managing Partner
harbert@liveoaksecondary.com

Secondary directs
Andre Aubert, Partner

andre.aubert@lgt.com
Overview

Sascha Gruber, Partner

sascha.gruber@lgt.com
Maximum $6 million
Brooke Zhou, Executive Director

brooke.zhou@lgt.com
Overview
$6,200 million
$452 million
$610 million
$735 million
MidCoast Capital LLC

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

TDH Capital
Key personnel
Stephen Harris, Managing Principal
sharris@midcoastcapital.com
Haldenstrass 1
Baar 6340 Switzerland
Phone: 41-41-511-7950
www.mcp.eu
info@mcp.eu
Michael Cuneo, Managing Principal

mcuneo@midcoastcapital.com
Key personnel
Marco Wulff, Partner
Christian Diller, Partner
Crown Global Secondaries III

Size $2,000 million
Year closed 2013
Overview
$10 million
Overview
Investment criteria

$0.3 million

Secondary directs
Minimum $5 million

$0.1 million
$1 million
closed in 2014 $0.65 million

Secondary directs
Minimum 1 million
Maximum 30 million
April 2015
$10,100,000,000
Lexington Capital Partners VIII, L.P.
THIS PARTNERSHIP HAS BEEN ESTABLISHED TO ACQUIRE

A DIVERSIFIED PORTFOLIO OF PRIVATE EQUITY AND ALTERNATIVE INTERESTS
IN THE GLOBAL SECONDARY MARKET.
New York 660 Madison Avenue, New York, NY 10065 212 754 0411
Boston 111 Huntington Avenue, Suite 3020, Boston, MA 02199 617 247 7010
Menlo Park 3000 Sand Hill Road, 1-220, Menlo Park, CA 94025 650 561 9600
London 50 Berkeley Street, London W1J 8HA 44 20 7399 3940
Hong Kong 15/F York House, The Landmark, 15 Queen's Road Central, Central, Hong Kong 852 3987 1600
info@lexpartners.com
www.lexingtonpartners.com
Montauk TriGuard
Management LLC
300 Spectrum Center Drive, Suite 880
Irvine, CA 92618
Phone: 949-398-0000
Fax: 949-398-0001
www.montauktriguard.com
investorrelations@triguardpartners.com
Key personnel
Samuel Tang,
Cofounder & Managing Partner
stang@triguardpartners.com
Ronn C. Cornelius,
rcornelius@triguardpartners.com
Edgar J. Pfohl, Cofounder & Principal
epfohl@triguardpartners.com
Investment criteria
Secondary directs
MSD Capital
645 Fifth Ave., 21st Floor
New York, NY 10022
Phone: 212-303-1650
Fax: 212-303-1634
www.msdcapital.com
pesubmit@msdcapital.com
Brian M. Smith, Cofounder & Principal

bsmith@triguardpartners.com
Key personnel
Glen R. Fuhrman,
Overview
John C. Phelan,

Morgan Stanley
Alternative Investment
Partners
One Tower Bridge, 100 Front St.
West Conshohocken, PA 19428
Phone: 610-940-5000
www.morganstanley.com/aip
Key personnel
Nicole Wiley, Vice President
nicole.wiley@morganstanley.com
Jon Costello, Managing Director,
Head of Secondaries team
jonathan.costello@morganstanley.com
Overview
$2,100 million
$310 million
$244 million

AIP Global Secondary Opportunities Fund II
Size $771 million
Year closed 2013
AIP Private Markets Fund VI
Size $811 million
Year closed 2015

4643 S. Ulster St., Suite 700
Denver, CO 80237
Phone: 303-298-1490
www.mustangcapital.com
Key personnel
Parker Brophy, Managing Director
parker.brophy@mustangcapital.com
Overview
Minimum investment <$1 million
Secondary directs
Natixis Global Asset

Management
21 quai dAusterlitz
Paris 75634 France
Phone: 33-1-78-40-90-00
Fax: 33-1-78-40-65-00
www.ngam.natixis.com
Key personnel
Dominique Sabassier, CEO
Overview
Maximum investment 10 million +
Neuberger Berman
605 Third Ave., 22nd Floor
New York, NY 10538
Phone: 212-476-8800
www.nb.com
Key personnel
Brian Talbot, Managing Director
brian.talbot@nb.com
Tristram Perkins, Managing Director
tristram.perkins@nb.com
Ethan Falkove, Managing Director
ethan.falkove@nb.com
Ben Perl, Principal
ben.perl@nb.com
Overview
$4,500 million
$200 million

NB 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
Investment criteria
Secondary directs
Minimum $5 million
New Jersey State

Investment Council
50 West State St., Ninth Floor
Trenton, NJ 08608
Phone: 609-292-5106
Fax: 609-396-1073
www.state.nj.us/treasury/doinvest
Key personnel
Maneck Kotwal, Investment Officer
maneck.kotwal@treas.state.nj.us
Newbury Partners
Overview
Overview
100 First Stamford Place

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

$700 million
Minimum investment NOK0.1 million

$50 million
Key personnel
Chris Jaroch, Managing Director
jaroch@newbury-partners.com

$100 million
$60 million
Warren Symon, Managing Director

symon@newbury-partners.com

Overview

$2,825 million
$300 million
$300 million
NewQuest Asia Fund I

Size $400 million
Year closed 2011
NewQuest Asia Fund II
Size $326 million
Year closed 2013

$300 million
Investment criteria
Newbury Equity Partners III

Size $1,100 million
Year closed 2014
Investment criteria


Secondary directs
Minimum $15-20 million

(single or two companies)
Secondary directs
Maximum $200 million+

HarbourVest, LGT Capital Partners,

Paul Capital, Axiom Asia
Minimum $1 million
Nordea
NewQuest Capital
Partners
Regeringsgatan 59, Third Floor

Stockholm 10571 Sweden
Phone: 46-8-579-420-00
Fax: 46-8-579-425-45
www.nordea.com
Prosperity Tower,
39 Queens Road Central, 29th Floor
Central, Hong Kong
Phone: 852-3905-3600
Fax: 852-2185-7300
www.nqcap.com
info@nqcap.com
Key personnel
Bonnie Lo, Partner
bonnie.lo@nqcap.com
Key personnel
Eivind Lorgen, Head, Alternatives
& Manager Selection
NorgesInvestor
Haakon VIIs Gate 6
Oslo 161 Norway
Phone: 47-9-054-4546
www.norgesinvestor.com
Key personnel
Dylan Wolff, Managing Director
dw@norgesinvestor.no
Maximum investment NOK10 million

Secondary directs
Northern Trust
181 West Madison St., 12th Floor
Chicago, IL 60603
Phone: 312-557-0805
www.northerntrust.com/assetmanagement/united-states/services/
alternative-investments/private-equity
Key personnel
Adam Freda, Vice President
af105@ntrs.com
Nicholas Lawler, Second Vice President
nwl1@ntrs.com
Overview
$270 million
$21 million
$62 million
$75 million

Private Equity Secondary
Opportunities Fund
Size $106 million
Year closed 2013
Investment criteria
Secondary directs
Northleaf Capital
Partners
Secondary directs

Pantheon Global Secondary Fund V
79 Wellington Street W.,

Sixth Floor, Box 120
Toronto, ON M5K 1N9 Canada
Phone: 866-964-4141
Fax: 416-304-0195
www.northleafcapital.com
investors@northleafcapital.com
Branch offices
14 Waterloo Place, Fourth Floor
London SW1Y 4AR U.K.
Phone: 44-20-7321-5750
Fax: 44-20-7930-7171
Building 1, Suite 230
Phone: 650-234-9810
Fax: 650-234-9859
Key personnel
Daniel Dupont, Managing Director
daniel.dupont@northleafcapital.com
Overview
$1,000 million
$13 million
$130 million
$250 million

Northleaf Secondary Partners
Size $254 million
Year closed 2013
Northleaf Global Private Equity VI
Size $500 million
Year closed 2013
Segregated Fund I
Size $150 million
Year closed 2014

Northleaf Secondary Partners II
Size $300 million
Investment criteria
Minimum $20 million

Maximum $80 million
Ontario Teachers
Pension Plan
5650 Yonge St., Third Floor
Toronto, ON M2M 4H5 Canada
Phone: 416-228-5900
Fax: 416-730-5349
www.otpp.com
inquiry@otpp.com
Branch offices
Leconfield House, Curzon St.
London W1J 5JA U.K.
Phone: 44-30-7659-4450
Key personnel
Ron Mock, President & CEO
Pantheon
Norfolk House, 31 St. Jamess Square
London SW1Y 4JR U.K.
Phone: 44-20-7484-6200
Fax: 44-20-7484-9101
www.pantheon.com
contactus@pantheon.com
Branch offices
1095 Ave. of the Americas, 32nd Floor
New York, NY 10036
Phone: 212-205-2000
Fax: 212-205-2099
Investment criteria
Secondary directs
Paragon Partners GmbH

Leopoldstrasse 12
Phone: 49-89-388-8700
Fax: 49-89-3888-7015
www.paragon-partners.de
info@paragon-partners.de
Key personnel
Edin Hadzic, Cofounder & Managing Partner
eh@paragon-partners.de
Krischan von Moeller,
kvm@paragon-partners.de
Nils Ludwig, Investment Director
Overview

Alpinvest, HarbourVest
Partners Group
Transamerica Center,
600 Montgomery St., 23rd Floor
Phone: 415-249-6200
Fax: 415-249-6299
Zugerstrasse 57
Baar-Zug 6341 Switzerland
Phone: 41-41-784-6000
www.partnersgroup.com
partnersgroup@partnersgroup.com

8 Connaught Place,
Suite 3001-3, 30th Floor
Hong Kong, China
Phone: 852-2810-8063
Fax: 852-2526-0218
Key personnel
Alexander von Wolffradt, Public Relations
alexander.wolffradt@partnersgroup.com
Key personnel
Elly Livingstone, Partner &
Head of Secondaries
elly.livingstone@pantheon.com
Overview
$5,507 million
$840 million
$1,000 million
Overview
$2,700 million
$3,000 million

Partners Group Secondary 2004
Size 430 million
Year closed 2004
Size 1,000 million
Year closed 2006

Size 2,500 million
Year closed 2009
Size 2,000 million
Year closed 2012
Investment criteria
PEI Funds
505 Park Ave., Fourth Floor
New York, NY 10022
Phone: 212-750-1228
Fax: 121-750-2685
www.peifunds.com
info@peifunds.com
Key personnel
Mike DAgostino, Managing Director
mdagostino@permalcapital.com
Red Barrett, President & CEO
rbarrett@permalcapital.com
Robert DiGeronimo, Managing Director
rdigeronimo@permalcapital.com
Key personnel
Gunnar Fremuth, Managing Director
gfremuth@peifunds.com
Ben Marino, Managing Director,

CFO & CCO
bmarino@permalcapital.com
Secondary directs
David Parshall, Managing Director

dparshall@peifunds.com
Adriaan Zur Muhlen, Managing Director

azurmuhlen@permalcapital.com

Chuck Stetson, Managing Director

cstetson@peifunds.com
David Navins, Principal

dnavins@permalcapital.com
Ben Wilson, Managing Director

bwilson@peifunds.com
Aaron Bright, Principal

abright@permalcapital.com
Edward Muradian, Controller

emuradian@peifunds.com
Overview

Pathway Capital
Management LP
2211 Michelson Drive, Ninth Floor
Irvine, CA 92612
Phone: 949-622-1000
www.pathwaycapital.com
Branch offices
1300 Division Road, Suite 305
West Warwick, RI 02893
Phone: 401-589-3400
15 Bedford St.
London WC2E 9HE U.K.
Phone: 44-20-7438-9700
8 Connaught Place, Level 8
Hong Kong, China
Phone: 852-3798-2580
Key personnel
Pete Veravanich, Director
peteveravanich@pathwaycapital.com
Overview
Secondary directs
Paul Capital
575 Market St., Suite 2500
Phone: 415-283-4300
Fax: 415-283-4301
www.paulcap.com
investorservices@paulcap.com
Key personnel
Philip Jensen, Partner & CFO
pjensen@paulcap.com
Overview

$1,370.9 million
$86.7 million

$343.3 million
Secondary directs

$150 million

Performance Equity
Management
Two Pickwick Plaza, Suite 310
Greenwich, CT 06830
Phone: 203-742-2400
Fax: 203-742-2340
www.peqm.com
info@peqm.com
Key personnel
Charles Froland, CEO & CIO
cfroland@peqm.com
Permal Capital
Management LLC
The Prudential Tower,
800 Boylston St., Suite 1325
Boston, MA 02199
Phone: 617-587-5300
Fax: 617-587-5301
www.permalcapital.com
Branch offices
900 Third Ave., 27th Floor
New York City, NY 10022
Phone: 212-418-6500
Fax: 212-418-6510


Permal Private Equity Opportunities V LP
Size $450 million
Anticipated close date 10/24/2015
Investment criteria
Secondary directs
PGGM
Noordweg Noord 150
Zeist 3704 JG Netherlands
Phone: 31-30-277-9911
www.pggm.nl
Key personnel
Berend Schiphorst, Investment Manager
berend.schiphorst@pggm.nl
Overview
200 million
200 million
Investment criteria
Secondary directs
PineBridge Investments
399 Park Ave., Fourth Floor
New York, NY 10022
Phone: 646-857-8000
Fax: 646-857-8842
www.pinebridge.com
glo_secondaries-marketinfo@
pinebridge.com
Pomona Capital
780 Third Ave., 46th Floor
New York, NY 10017
Phone: 212-593-3639
Fax: 212-593-3987
www.pomonacapital.com
contactus@pomonacapital.com
Branch offices
15 Portland Place
London W1B 1PT U.K.
Phone: 44-20-7268-6350
Fax: 44-20-7206-2060
Entertainment Building,
30 Queens Road Central,
Suite 28A, 28th Floor
Hong Kong, China
Phone: 852-3628-3629
Fax: 852-2522-5191
Key personnel
Steven Costabile, Managing Director
83 Clarence St., Level 12

Phone: 61-29-299-2900
Overview
Key personnel
Fran Janis, Senior Partner
fjanis@pomonacapital.com

Lorraine Hliboki, Partner

lhliboki@pomonacapital.com
Oliver Gardey, Partner

ogardey@pomonacapital.com
Douglas Kelly, Partner
dkelly@pomonacapital.com
Jim Rorer, Partner
jrorer@pomonacapital.com
John Stephens, Managing Director
jstephens@pomonacapital.com
Vivian Flynn, Managing Director,
Investor Relations
vflynn@pomonacapital.com

Pomona Capital VIII LP
Size $1,700 million
Year closed 2014
Investment criteria
Secondary directs
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Secondary directs
9 Old Kings Highway S.

Darien, CT 06820
Phone: 203-662-3456
Fax: 203-662-0013
www.portfolioadvisorsllc.com
Branch offices
Seefeldstrasse 35
Phone: 41-44-200-3500
Fax: 41-44-200-3501
Alexandra House,
18 Chater Road, 33rd Floor
Hong Kong, China
Phone: 852-3184-9210
Fax: 852-3184-9211
Key personnel
Hugh Perloff, Managing Director
hperloff@portad.com
Ryan Butler, Managing Director
rbutler@portad.com
Patrick Gerbracht, Managing Director
pgerbracht@portad.com
Overview
$3,000 million
$700 million
$500 million
$500 million

Portfolio Advisors Secondary Fund II LP
Size $910 million
Year closed 2013
Portfolio Advisors Real Estate Fund V LP
Size $400 million
Year closed 2014
Portfolio Advisors Asia Fund IV LP
Size $200 million
Year closed 2015
Portfolio Advisors Credit
Strategies Fund LP
Size $250 million
Year closed 2015
Investment criteria

Minimum $1 million
1800 McGill College Ave., Suite 840

Montreal, QC H3A 3J6 Canada
Phone: 514-844-5605
Fax: 514-844-9004
Key personnel
Robert Osterrieth, Partner
Overview
Private Advisors LLC

901 E. Byrd St., Suite 1400
Richmond, VA 23219
Phone: 804-289-6000
Fax: 804-289-6001
www.privateadvisors.com
Branch offices
1660 W. 2nd St., Suite 940
Cleveland, OH 44113
Phone: 216-472-4170
Key personnel
Melissa Gregory Garrett, VP
mgregory@privateadvisors.com
Overview
RCP Advisors
100 N. Riverside Plaza, Suite 2400
Chicago, IL 60606
Phone: 312-266-7300
Fax: 312-266-7433
www.rcpadvisors.com
rcp@rcpadvisors.com
Key personnel
Michael Feinglass, Principal, Sourcing
mfeinglass@rcpadvisors.com
Overview
Rho Fund Investors

152 W. 57th St.,
Carnegie Hall Tower, 23rd Floor
New York, NY 10019
Phone: 212-751-6677
Fax: 212-751-3613
www.rhofundinvestors.com
rfi-i@rho.com
Branch offices
525 University Ave., Suite 1350
Palo Alto, CA 94301
Phone: 650-463-0300
Fax: 650-463-0311

Robeco Private Equity

Coolsingel 120
Rotterdam 3011 AG Netherlands
Phone: 31-10-224-2608
Fax: 31-10-411-5282
www.robeco.nl
assetmanagement@robeco.nl
Branch offices
909 Third Ave., 32nd Floor
New York, NY 10022
Phone: 212-908-9500
Fax: 212-908-9672
Josefstrasse 218
Phone: 41-44-653-1010
Fax: 41-44-653-1080
Key personnel
Mikan van Zanten,
Managing Director, Luxembourg
mikan.vanzanten@robecoinvest.com
Overview
San Francisco Employees

Retirement System
30 Van Ness Ave., Suite 3000
Phone: 415-487-7000
www.sfers.org
sfersconnect@sfgov.org
Key personnel
Arthur Wang, Managing Director,
Private Markets
SCM Strategic Capital

Management
Kasernenstrasse 77b
Phone: 41-43-499-4949
Fax: 41-43-499-4950
www.scmag.com
scm@scmag.com
Branch offices
China Building,
29 Queens Road Central, 17th Floor
Hong Kong, China
Phone: 852-3978-2690
Fax: 852-3978-2695
15, Rue Jean-Pierre Brasseur
Luxembourg 1258 Luxembourg
Phone: 352-2-6384-5761
Key personnel
Ralph Aerni, CIO

14-15 Jewry St.
Winchester SO23 8RZ U.K.
Phone: 44-19-6284-2621
www.shackletonventures.com
info@shackletonventures.com
Branch offices
41 Charlotte Square
Edinburgh EH2 4HQ U.K.
Phone: 44-19-6284-2621
Key personnel
Hugh Stewart, Managing Partner
hugh.stewart@shackletonventures.com

Shackleton Secondaries LP
Size 20 million
Shackleton Secondaries II LP
Size 25 million
Secondary directs
SL Capital Partners
1 George St.
Edinburgh EH2 2LL U.K.
Phone: 44-13-1245-0055
Fax: 44-13-1245-6105
www.slcapital.com
Sobera Capital Fund I

Year closed 2012
Branch offices
1 Beacon St., 34th Floor
Boston, MA 02108
Phone: 617-720-7900
Fax: 617-720-7924
Key personnel
Patrick Knechtli, Partner
patrick.knechtli@slcapital.com
Graeme Gunn, Partner
graeme.gunn@slcapital.com
TCF II
Year closed 2007
Sobera Capital Fund II

Year closed 2013

Sobera Capital Fund III
Size 100 million
Investment criteria
Stewart Hay, Partner

stewart.hay@slcapital.com
Overview


600 million
Secondary directs
Investment criteria
Minimum 1 million
Maximum 100 million

Secondary directs
700 Larkspur Landing Circle, Suite 267

Larkspur, CA 94939
Phone: 415-526-3618
www.staffordcp.com

Sobera Capital
Markgrafenstrasse 33
Berlin 10117 Germany
Phone: 49-30-577-088-370
Fax: 49-30-577-088-379
www.sobera-capital.com
info@sobera-capital.com
Key personnel
Johannes Rabini, Managing Partner
jrabini@sobera-capital.com
Branch offices
24 Old Bond St., Fourth Floor
London W1S 4AW U.K.
Phone: 44-20-7535-4916
66 Gloucester St., Terrace 1, The Rocks
Phone: 61-2-9252-9788
28 State St., Ninth Floor
Boston, MA 02109
Phone: 617-848-9490
Stefan Beil, Managing Partner

sbeil@sobera-capital.com
Key personnel
Jeffrey Reed, Partner
jeffreyreed@staffordcp.com
Overview
Matthew McPhee, Partner - Infrastructure

matthewmcphee@staffordcp.com

57 million
Tom Goodrich, Partner - Timber

tomgoodrich@staffordcp.com

22 million
Daniel Bowden, Partner Private Equity, Australia

stafford@staffordcp.com

20 million
Lucy Nicholls, Partner Private Equity, Europe

lucynicholls@staffordcp.com
Overview

$1,400 million
StepStone Secondary
Opportunities Fund II
Size $460 million
Year closed 2013
Investment criteria
Secondary directs
StepStone Group
505 Fifth Ave., 17th Floor
New York, NY 10017
Phone: 212-351-6100
Fax: 212-351-6101
www.stepstoneglobal.com
info@stepstoneglobal.com
StepStone Separately Managed Accounts

Size $584 million
Year closed 2012-2013
Key personnel
Kara Murphy, CIO
Susquehanna
International Group
StepStone Secondary
Opportunities Fund III
Size TBC
Investment criteria
57-59 St Jamess St.

London SW1A 1LD U.K.
Phone: 44-20-7647-7550
Fax: 44-20-7647-7599
Key personnel
Thomas Bradley, Partner
tbradley@stepstoneglobal.com
Mark Maruszewski, Partner
mmaruszewski@stepstoneglobal.com
Michael McCabe, Partner
mmccabe@stepstoneglobal.com
Overview
$2,500 million
$267 million
$350 million
Harborside Financial Center, 3200 Plaza 5

Jersey City, NJ 07311
Phone: 800-858-8850
www.safunds.com
mutualfundinquiry@sunamerica.com
StepStone International Investors IV

Size 180 million
Year closed 2013
Branch offices
4350 La Jolla Village Drive, Suite 800
San Diego, CA 92122
Phone: 858-558-9700
Fax: 858-558-9701
Beijing Kerry Centre,

One Guang Hua Road, North Tower,
20th Floor, Suite 2005-2007
Beijing, China
Phone: 86-10-8529-8784
Fax: 86-10-8529-8447
SunAmerica Asset
Management LLC
Secondary directs
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
info@stripesgroup.com
Key personnel
Jason Santiago, VP, Business Development
jason@stripesgroup.com
Overview
401 City Ave., Suite 220

Bala Cynwyd, PA 19004
Phone: 610-617-2600
Fax: 610-747-2146
www.sig.com
Overview
Symmetry Investment
Advisors Inc.
374 South Ave.
Glencoe, IL 60022
Phone: 847-835-2594
Fax: 847-835-2510
www.symmetryfunds.com
mgreenwald@symmetryfunds.com
Branch offices
143 Jasie Ln
Santa Rosa, CA 95409
Phone: 707-541-6960
Key personnel
Larry Wonnacott, Principal
lwonnacott@symmetryfunds.com
Overview
$20 million
Investment criteria
Secondary directs
Telemus Capital Partners

Two Towne Square, Suite 800
Southfield, MI 48076
Phone: 248-827-1800
Fax: 248-827-1808
www.telemuscapital.com
Branch offices
110 Miller Ave., Suite 300
Ann Arbor, MI 48104
Phone: 734-662-1200
Fax: 734-662-0416
Key personnel
Gary Ran, Chairman & Partner
gary.ran@telemuscapital.com

600 Montgomery St., Suite 480
Phone: 415-835-7500
Fax: 415-835-7501
www.ttcp.com
Branch offices
415 Bedford Road, Suite 201C
Pleasantville, NY 10570
Phone: 415-835-7500
Fax: 415-835-7501
Secondary directs
Minimum $5 million
Maximum $50 million
Travelers Companies
VCFA Group
New York, NY 10022
Phone: 212-838-5577
Fax: 212-838-7614
www.vcfa.com
Key personnel
Dayton Carr, Founder
carr@vcfa.com
485 Lexington Ave.

New York, NY 10017
Phone: 917-778-6844
www.travelers.com
Edward Hortick, Managing Director

edwardhortick@vcfa.com
Key personnel
Scott Haniford, Managing Director
shaniford@travelers.com
David Tom, Managing Director

dtom@vcfa.com
Triginta Capital GmbH

$730 million
Kreuzstrasse 34
Dsseldorf 40210 Germany
Phone: 49-21-186-2890
Fax: 49-21-1862-89455
www.triginta-capital.com
info@triginta-capital.com
Steven Taubman, Managing Director

taubman@vcfa.com
Overview

VCFA Venture Partners V LP
Size $250 million
Year closed 2006
VCFA Private Equity Partners IV LP
Size $250 million
Year closed 2004
Key personnel
Dan Townsend, Managing Director
dtownsend@ttcp.com
Branch offices
Markgrafenstrasse 33
Berlin 10117 Germany
Phone: 49-30-692-063-040
Fax: 49-30-692-063-049
David York, CEO, Managing Director

dyork@ttcp.com
Key personnel
Peter Folle, Managing Partner
Secondary directs
Unigestion
Garth Timoll, Principal

gtimoll@ttcp.com
Overview
$1,000 million
$40 million
$50 million
$100 million
Investment criteria
8c Ave. de Champel, P.O. Box 387

Geneva 1211 Switzerland
Phone: 41-22-704-4111
www.unigestion.com
clients@unigestion.com
Branch offices
105 Piccadilly
London W1J 7NJ U.K.
Phone: 44-20-7529-4150
Plaza 10, Harborside Financial Center,
Suite 203
Phone: 201-714-2400
Key personnel
Hanspeter Bader, Managing Director & CFA
hpbader@unigestion.com
Overview
Investment criteria

Minimum $1 million
VenCap International PLC

King Charles House, Park End St.
Oxford OX1 1JD U.K.
Phone: 44-18-6579-9300
Fax: 44-18-6579-9301
www.vencap.com
investors@vencap.com
Key personnel
Tim Cruttenden, CEO
tim.cruttenden@vencap.com
Overview
Minimum investment No minimum
Venture Investment
Associates
88 Main St.
Peapack, NJ 07977
Phone: 609-532-0020
www.viafunds.com
cdouvos@viafunds.com
Branch offices
228 Hamilton Ave., Third Floor
Palo Alto, CA 94301
Overview
Secondary directs
von Braun & Schreiber

Private Equity Partners
GmbH
Ottostrasse 1
Phone: 49-89-286-952-0
Fax: 49-89-286-952-10
www.braunschreiber.com
private.equity@braunschreiber.com
Key personnel
Emmeram von Braun, Managing Director

Vintage Investment
Partners
WealthCap
Key personnel
Abe Finkelstein, General Partner
abef@vintage-ip.com
Overview
$350 million

Vintage VI
Size $161 million
Year closed 2013
Vintage VII
Size $144 million
Year closed 2014
Investment criteria
Maximum investment No limit
Am Eisbach 3
Phone: 49-89-678-205-500
Fax: 49-89-678-205-555-500
www.wealthcap.com
info@wealthcap.com

122 E. 42nd St., 37th Floor
New York, NY 10022
Phone: 212-369-4700
Fax: 212-369-5661
www.willowridge.com
info@willowridge.com
Key personnel
Luisa Hunnewell, Manager
lhunnewell@willowridge.com
Overview
$900 million
$135 million
$140 million

$145 million
Secondary directs


Minimum $1 million
Maximum No maximum

Secondary directs
Maximum $80 million
Overview
12 Abba Eban Ave., 10th Floor

Herzliya Pituach, Israel
Phone: 972-9-954-8464
www.vintage-ip.com
Investment criteria

Amberbrook VI LLC
Size $400 million
Year closed 2012
Wilshire Private
Markets Group
1299 Ocean Ave., Suite 700
Santa Monica, CA 90401
Phone: 310-451-3051
Fax: 310-458-0520
www.wilshire.com
private.markets@wilshire.com
Branch offices
23 Austin Friars
London EC2N 2QP U.K.
Phone: 44-20-7920-3100
Fax: 44-20-7920-3101
Key personnel
Amanda Ulczynski, VP
aulczynski@wilshire.com
Winchester Capital Group

Winchester House, 445 Orange St.
New Haven, CT 06511
Phone: 203-787-5029
Fax: 203-785-0018
www.winchestercapital.com
pippa.smith@winchestercapital.com
Branch offices
33 St. Jamess Square
London SW1Y 4JS U.K.
Phone: 44-20-7661-9372
Fax: 44-20-7661-9798
Key personnel
Ceasar Nicholas Anquillare,
President & CEO
Secondary Direct Manager Listings

Akkadian Ventures
Cipio Partners
3741 Buchanan St., Suite 3

Phone: 415-593-7783
www.akkadianventures.com
Palais am Lenbachplatz, Ottostrasse 8

Phone: 49-89-550-6960
Fax: 49-89-5506-9699
www.cipiopartners.com
info@cipiopartners.com
Key personnel
Benjamin Black, Managing Director
ben@akkadianventures.com
Overview
$120 million
$25 million
$30 million
$30 million
Branch offices
560 S. Winchester Blvd., Suite 500
San Jose, CA 95128
Phone: 408-236-7654
Fax: 408-236-7651
Key personnel
Tom S. Anthofer, Managing Partner
tanthofer@cipiopartners.com
Werner Dreesbach, Managing Partner
wdreesbach@cipiopartners.com
Hans-Dieter Koch,
Managing Partner & Director
hdkoch@cipiopartners.com
Akkadian Ventures III

Size $69 million
Year closed 2014
Select portfolios acquired
Annex Capital Group LLC
Investment criteria
599 Lexington Ave., 18th Floor

New York, NY 10022
Phone: 212-644-3510
Fax: 212-554-5808
www.annexcapital.com
mail@annexcapital.com
Key personnel
Amant Dewan, Principal
adewan@annexcapital.com

Original manager Citicorp Venture Capital
Year acquired 2009
Transaction price $50 million
Original manager Corporate venture

assets of Infineon Technologies
Minimum $5 million
Maximum $100 million+
DFJ Esprit Secondaries LLP
Original manager 3i Group (unspecified)

Year acquired 2009
Transaction price 170 million

Coller Capital, Greenpark Capital,
HarbourVest, J.P. Morgan, LGT,
Partners Group and StepStone
Hermes GPE
Lloyds Chambers, One Portsoken St.
London E1 8HZ U.K.
Phone: 44-20-7680-3880
www.hermesgpe.com
contact@hermesgpe.com
Key personnel
Saker Nusseibeh, CEO & Head, Investment
Institutional Venture
Partners (IVP)
Building Two, Suite 250
Phone: 650-854-0132
Fax: 650-854-2009
www.ivp.com
Branch offices
607 Front St.
Phone: 415-432-4660
Fax: 415-432-4679
14 Buckingham Gate,
London SW1E 6LB U.K.
Phone: 44-20-7931-8800
Fax: 44-20-7931-8866
www.dfjesprit.com
Key personnel
Gina Bauman, Vice President, Marketing
gbauman@ivp.com
Key personnel
Olav Ostin, Managing Partner
olav.ostin@dfjesprit.com
Lake Street Capital LLC

388 Market St., Suite 1300
Phone: 415-291-0500
www.lakestreetcapital.com
info@lakestreetcapital.com
Original manager Dresdner Bank

Year acquired 2004
Transaction price $100 million
Investment criteria
Original manager Siemens

Year acquired 2005
Key personnel
Gretchen Knoell, Managing Partner
gknoell@lakestreetcapital.com
Original manager Cazenove

Year acquired 2006
Minimum $300 million


Coller Capital
Original manager WestLB

Year acquired 2004
Original manager Prelude

Year acquired 2006
Pantheon and Pomona Capital
LLM Capital Partners LLC

265 Franklin St., 20th Floor
Boston, MA 02110
Phone: 617-330-7755
Fax: 617-330-7759
www.llmcapital.com
llm@llmcapital.com
Key personnel
Sam Kenna, Principal
skenna@llmcapital.com
MCA Funds
5910 Mineral Point Road
Madison, WI 53705
Phone: 608-238-5851
www.cunamutual.com
Key personnel
Allen Cantrell, President
al.cantrell@cunamutual.com
Zak Doehla, Director, Investments
zak.doehla@cunamutual.com
Millennium Technology
Value Partners
32 Ave. of the Americas, 17th Floor
New York, NY 10013
Phone: 646-521-7800
Fax: 646-521-7878
www.mtvlp.com
info@mtvlp.com
Key personnel
Sam Schwerin, Managing Partner
schwerin@mtvlp.com
Dan Burstein, Managing Partner
burstein@mtvlp.com
Dan Borok, Partner
borok@mtvlp.com
Max Chee, Partner
chee@mtvlp.com

Original manager Dell
Original manager Oppenheimer
Original manager SAIC
Original manager Alliance

Millennium 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
Jon Glass, CFO

glass@mtvlp.com
Investment criteria
Overview

$1,100 million
$150 million
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Nova Capital
Management Ltd.
Cayzer 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
info@nova-cap.com

Protostar Equity Partners II LP
Year closed 2008
Investment criteria
Industry preferences
Branch offices
71 South Wacker Drive, Suite 1735
Chicago, IL 60606
Phone: 312-754-0610
Fax: 312-754-0690
Industrial, Manufacturing, Consumer

Products, Select Distribution Companies
Key personnel
David Williamson, Managing Partner
d.williamson@nova-cap.com
35 New Broad St.

London EC2M 1NH U.K.
Phone: 44-20-7194-8080
www.rosettacapital.com
Tom Leader, Chief Investment Officer

t.leader@nova-cap.com
Rosetta Capital Ltd.
Key personnel
Jonathan Hepple, Partner
jph@rosettacapital.com
Novirian Capital
100 First St., Suite 2200
Phone: 415-233-7000
www.novirian.com
info@novirian.com
Saints Capital
Pictet Asset
Management SA
Branch offices
The Clubhouse, 50 Grosvenor Hill
London W1K 3QT U.K.
Phone: 44-20-7993-6852
Route des Acacias 60

Phone: 41-58-323-3333
www.pictet.com
Protostar Partners LLC

13 West 54th St., Fourth Floor
New York, NY 10019
Phone: 646-273-5200
Fax: 646-273-5210
www.protostarpartners.com
Key personnel
Joseph Haviv, Managing Member
joe@protostarpartners.com
Helen Woo, Partner
helen@protostarpartners.com
Overview
$300 million

Original manager CIT Group
Year acquired 2004
Original manager Blue Point Capital
Year acquired 2008
2020 Union St.

Phone: 415-773-2080
www.saintscapital.com
info@saintscapital.com
Overview
$1,400 million
$50 million
smac partners GmbH

Ottobrunner Strasse 41
Unterhaching/Munich 82008 Germany
Phone: 49-89-550-6880
Fax: 49-89-5506-8850
www.smacpartners.com
info@smacpartners.com
Key personnel
Dietrich Ulmer,
Managing Partner & Co-Founder
dulmer@smacpartners.com
Stratim Capital
333 Bush St., Suite 2250
Phone: 408-676-7824
www.stratimcapital.com
Key personnel
Craig Such, Partner
csuch@stratimcapital.com
Zachary Abrams, Partner
zabrams@stratimcapital.com
Overview
$100 million
$25 million
$25 million
$25 million

SC-SPV
Size $100 million
Technology
Verdane Capital Advisors

Munkedamsveien 45F, Vika Atrium
Oslo 250 Norway
Phone: 47-24-13-70-00
www.verdanecapital.com
office@verdanecapital.com
Branch offices
Birger Jarlsgatan 32b
Stockholm 118 48 Sweden
Phone: 46-84-074-200
Rikhardinkatu 4 B
Helsinki 130 Finland
Phone: 358-96-980-334
Key personnel
Frida Einarson, Director
fe@verdanecapital.com
Janne Holmia, Investment Manager
jh@verdanecapital.com
Jakob Gravdal, Senior Associate
jg@verdanecapital.com
Overview
700 million
75 million
55 million
55 million
ICT (e-commerce and software),
Energy Technology, Industrials
Vorndran Mannheims
Capital Advisors GmbH
Overview
Graf-Adolf-Strasse 18
Dusseldorf 40212 Germany
Phone: 49-21-186-286-910
Fax: 49-21-186-286-977
www.vmcap.de
info@vmcap.de

$150 million
Key personnel
Helmut Vorndran,
CEO & Managing Partner
h.vorndran@vmcap.com
W Capital Partners
AP3, CNP, EIF, Finnish Industry Investments,

KLP, RealDania, amongst others
400 Park Ave., Ninth Floor

New York, NY 10022
Phone: 212-561-5240
Fax: 212-561-5241
www.wcapgroup.com
Vision Capital LLP

54 Jermyn St.
London SW1Y 6LX U.K.
Phone: 44-20-7389-6410
Fax: 44-20-7389-6411
www.visioncapital.com
info@visioncapital.com

Original manager Terra Firma/Pension
Insurance Corp.
Year acquired 2007
Key personnel
David Wachter, Managing Director
dwachter@wcapgroup.com
Steve Wertheimer, Managing Director
swertheimer@wcapgroup.com
Bob Migliorino, Managing Director
migs@wcapgroup.com
Alison Killilea, Managing Director
akillilea@wcapgroup.com
Todd Miller, Managing Director
tmiller@wcapgroup.com

$1,750 million

$150 million
$200 million

W Capital Partners III LP
Size $750 million
Year closed 2013
Investment criteria
Minimum $10 million
yet2Ventures
1105 N. Market St., Suite 1800
Wilmington, DE 19801
www.yet2ventures.com
hello@yet2ventures.com
Branch offices
199 Wells Ave., Suite 102
Newton, MA 02459
One Little West 12th St.
New York, NY 10014
Katie Stitch, Principal

kstitch@wcapgroup.com
Key personnel
Kathleen Sidell, Investor Relations
ksidell@yet2ventures.com
Original manager Bridgepoint

Year acquired 2006
Blake Heston, Principal

bheston@wcapgroup.com
Tim McIntosh, Analyst

tmcintosh@yet2ventures.com
Investment criteria
Simon Harris, Vice President

sharris@wcapgroup.com
Investment criteria
Original manager Northern Foods

Year acquired 2007


Goldman Sachs Asset Management,
Landmark Partners HarbourVest, CV Starr
and GIC Special Investments
Kyle Morgan, Vice President

kmorgan@wcapgroup.com
Maximum $50 million
Intermediary Firm Listings

Accretive Capital
Advisors
777 S. Flagler Drive, Suite 800 W.
West Palm Beach, FL 33401
Phone: 561-894-1146
Fax: 561-894-1151
www.accretiveexit.com
Key personnel
Edwin Wang, Senior Managing Director
wang@accretiveexit.com
Argenthal & Co.
Azla Advisors
96 Kensington High St.

London W8 4SG U.K.
Phone: 44-20-7193-2051
www.argenthal.com
845 Third Ave., Sixth Floor

New York, NY 10022
Phone: 646-291-6310
Fax: 646-217-0646
www.azla-advisors.com
info@azla-advisors.com
AXON Partners AG
Overview
Bahnhofplatz, P.O. Box 4640

Zug 6304 Switzerland
Phone: 41-41-729-0700
www.axonpartners.biz
Types of clients represented

Banks/Financial Institutions
Family Offices
Endowments/Foundations
Branch offices
111 Buckingham Palace Road, Third Floor
London SW1W 0SR U.K.
Phone: 44-20-7340-8729
Average size of assets managed by clients

$10 million to $99 million
$1 billion +
Key personnel
Magdalena Nowak, Project Manager
magdalena.nowak@axonpartners.biz
Average size of secondary deals

represented
Andrew Kellett, Managing Partner

andrew.kellett@axonpartners.biz
Almeida Capital Ltd.

Zetland House, 5-25 Scrutton St.
London EC2A 4HJ U.K.
Phone: 44-20-7749-1277
Fax: 44-20-7845-7599
www.almeidacapital.co.uk
info@almeidacapital.com
Overview
Wealthy Individuals
Family Offices
Public Pension Funds
$1 billion +
represented
Under $10 million
Dominik Meyer, Managing Partner

dominik.meyer@axonpartners.biz
Simon Wigg, Partner

simon.wigg@axonpartners.biz
Mark Engler, Partner
mark.engler@axonpartners.biz
Overview
Wealthy Individuals
Family Offices
Under $10 million
$1 billion +
represented
Under $10 million
Key personnel
David Waxman, Managing Director
dwaxman@azla-advisors.com
Overview
Family Offices
General Partners, Secondary Funds,
Funds of Funds
$1 billion +
represented
Under $10 million
Breslin AG
Stauffacherstrasse 45
Phone: 41-44-386-4020
Fax: 41-44-386-4022
www.breslin.ch
Branch offices
Am Pfarrhof 11
Frankfurt/Maintal 63477 Germany
Phone: 41-44-386-4020
Key personnel
David Karabelnik, CEO
karabelnik@breslin.ch
Overview
Wealthy Individuals
Family Offices
Corporates, Privates, High Net Worth
Individuals
Under $10 million
$1 billion +
represented
Under $10 million
Camelot Group LLC

45 Rockefeller Plaza, Suite 2000
New York, NY 10111
Phone: 212-257-4100
Fax: 212-937-3350
www.thecamelotgroup.com
info@thecamelotgroup.com
Branch offices
Rue du Rhone 14, Fourth Floor
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.
Phone: 852-2824-8609
Fax: 852-2166-8999
Overview
Wealthy Individuals
Family Offices

represented
$1 billion +
Campbell Lutyens
& Co. Ltd.
3 Burlington Gardens
London W1S 3EP U.K.
Phone: 44-20-7439-7191
Fax: 44-20-7432-3749
www.campbell-lutyens.com
info@campbell-lutyens.com
Branch offices
New York, NY 10020
Phone: 212-223-8448
Fax: 212-214-0558
One Connaught Place,
Suite 819, Jardine House
Hong Kong, China
Phone: 852-2358-9200
Fax: 852-2358-9299
Key personnel
Andrew Sealey, Managing Partner
sealey@campbell-lutyens.com
Thomas Liaudet, Partner
liaudet@campbell-lutyens.com
Immanuel Rubin, Partner
rubin@campbell-lutyens.com
Ben Pearce, Principal
pearce@campbell-lutyens.com
David Perrin, Senior Vice President
perrin@campbell-lutyens.com
Nick Spencer, Senior Vice President
spencer@campbell-lutyens.com
Ashrith Ramachandran, Senior Associate
ramachandran@campbell-lutyens.com
Overview
Family Offices
$1 billion +
represented
$1 billion +
Capstone Partners
One Galleria Tower,
13355 Noel Road, Suite 1050
Dallas, TX 75240
Phone: 972-980-5800
www.csplp.com
info@csplp.com
Branch offices
77 Water St., Eighth Floor
New York, NY 10005
Phone: 646-722-4170
Rue Juste-Olivier 9
Nyon 1260 Switzerland
Phone: 41-22-365-4500
#11-11 F.E.S. Centre, 545 Orchard Road
Key personnel
Steve Standbridge, Managing Partner
sstandbridge@csplp.com
Giacomo Biondi Morra di Belforte,
Managing Partner
gbiondi@csplp.com
Alexandre Schmitz, Partner, Head of Asia
aschmitz@csplp.com
Overview
Family Offices
$1 billion +
represented
Under $10 million
Continental Capital
Partners
8 Wilfred St.
London SW1E 6PL U.K.
Phone: 44-20-763-02010
www.ccpltd.net
Key personnel
Roger Luscombe, Managing Partner
roger@ccpltd.net
Overview
Family Offices
represented
Credit Suisse Group AG

One Madison Ave.
New York, NY 10010
Phone: 212-325-2000
www.credit-suisse.com
Branch offices
One Cabot Square
London E14 4OJ U.K.
Phone: 44-20-7888-1000
Key personnel
Mike Custar, Managing Director
mike.custar@credit-suisse.com
Gordon Appell, Director
gordon.appell@credit-suisse.com
Chris Areson, Director
christopher.areson@credit-suisse.com
Jeremy Duksin, Director
jeremy.duksin@credit-suisse.com
Mark McDonald, Director
mark.mcdonald@credit-suisse.com
Jonathan Abecassis, Director
jonathan.abecassis@credit-suisse.com
Overview
Family Offices
Consultants/Asset Managers
$1 billion +

represented
$1 billion +
Evercore - Private Capital

Advisory
55 E. 52nd St.
New York, NY 10055
Phone: 212-849-3555
www.evercore.com
Branch offices
15 Stanhope Gate
London W1K 1LN U.K.
Phone: 44-20-7268-2424
Key personnel
Nigel Dawn, Senior Managing Director
nigel.dawn@evercore.com
Nicolas Lanel, Managing Director
nicolas.lanel@evercore.com
Go4Venture Advisers LLP

48 Charles St., Berkeley Square
London W1J 5EN U.K.
Phone: 44-20-7529-5400
Fax: 44-20-7529-5401
www.go4venture.com
info@go4venture.com
Key personnel
Jean-Michel Deligny, Managing Director
jmd@go4venture.com
Overview
Venture Capital and Private Equity Funds
represented
Overview
Greenhill Cogent

Family Offices
Diversified Asset Managers, Corporate
Pension Plans, Sovereign Wealth Funds,
Conglomerates, Private Equity and Hedge
Fund Managers
2101 Cedar Springs Road, Suite 1200

Dallas, TX 75201
Phone: 214-871-5400
Fax: 214-871-5401
www.greenhillcogent.com
cogent@greenhill.com

$1 billion +
represented
$1 billion +
GlobalFinance
Mhlstrasse 10
Phone: 49-89-689-06-33
Fax: 49-89-6890-6359
www.globalfinance.de
ms@globalfinance.de
Key personnel
Claudia Blmhuber,
Cofounder & Managing Director
bluemhuber@globalfinance.de
Matthias Stanzel, Cofounder & CEO
stanzel@globalfinance.de
Branch offices
300 Park Ave.
New York, NY 10022
Phone: 212-389-1607
Fax: 212-389-1700
600 Montgomery St., 33rd Floor
Phone: 415-216-4150
Fax: 415-216-4140
Lansdowne House, 57 Berkeley Square
London W1J 6ER U.K.
Phone: 44-20-7198-7400
Fax: 44-20-7198-7500
10 Collyer Quay #37-06/10,
Ocean Financial Centre
Phone: 65-6808-6525
Fax: 65-6808-4068
Key personnel
Stephen Sloan, Managing Director
stephen.sloan@greenhill.com
Chris Bonfield, Managing Director
chris.bonfield@greenhill.com
Bernhard Engelien, Managing Director
bernhard.engelien@greenhill.com
Brenlen Jinkens, Managing Director
brenlen.jinkens@greenhill.com
Todd Miller, Managing Director
todd.miller@greenhill.com

Brian Mooney, Managing Director
brian.mooney@greenhill.com
Bill Murphy, Managing Director
bill.murphy@greenhill.com
Dominik Woessner, Managing Director
dominik.woessner@greenhill.com
Andy Nick, Principal
andy.nick@greenhill.com
Scott Beckelman, Principal
scott.beckelman@greenhill.com
Briac Houtteville, Principal
briac.houtteville@greenhill.com
Overview
Wealthy Individuals
Family Offices
Sovereign Wealth Funds
$1 billion +
represented
Under $10 million
$1 billion +
Griffin Financial Group

607 Washington St.
Reading, PA 19603
Phone: 610-478-2105
www.griffinfingroup.com
Branch offices
485 Madison Ave., 20th Floor
New York, NY 10022
Phone: 646-254-6397
Key personnel
Paul Delaney, Senior Managing Director
pfd@griffinfingroup.com
Mitchell Fenimore, Senior Vice President
wmf@griffinfingroup.com
Overview
Family Offices

$1 billion +
represented
Under $10 million
Harken Capital
101 Federal St., 19th Floor
Boston, MA 02110
Phone: 617-342-7333
www.harkencapital.com
Branch offices
2229 Lombard St., Suite 102
Phone: 415-774-6467
Key personnel
Nick Hatch, Managing Director,
Head of Secondaries
nick@harkencapital.com
Don Nelson, Managing Director
don@harkencapital.com
Fred Malloy, Managing Director
fred@harkencapital.com
Scott Holley, Managing Director
scott@harkencapital.com
Overview
Wealthy Individuals
Family Offices
Houlihan Lokey
New York, NY 10167
Phone: 212-497-7875
www.hl.com
gmigoya@hl.com
Key personnel
Paul Sanabria, Managing Director
psanabria@hl.com
Jeff Hammer, Managing Director
jhammer@hl.com
Overview
Family Offices
$1 billion +
represented
$1 billion +
ICAP Corporates LLC

Harborside Financial Center,
1100 Plaza Five
Phone: 212-732-6900
www.icap.com
info@icap.com
Overview

Under $10 million
$1 billion +

Wealthy Individuals
Family Offices

represented
Under $10 million
$1 billion +

Under $10 million
$1 billion +
represented
Under $10 million
$1 billion +

Lazard
Melville Capital LLC
30 Rockefeller Plaza
New York, NY 10112
Phone: 212-632-6000
www.lazard.com
50 Gerard St.
Huntington, NY 11743
Phone: 212-380-4277
Fax: 212-600-9002
www.melvillecapital.com

represented
Key personnel
Robert Stark, President
rstark@melvillecapital.com
Moelis & Co.
Branch offices
50 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
Phone: 65-6534-2011
Key personnel
Holcombe Green, Managing Director
holcombe.green@lazard.com
William Riddle, Managing Director
william.riddle@lazard.com
Pablo de la Infiesta, Managing Director
pablo.delainfiesta@lazard.com
Johanna Lottmann, Vice President
johanna.lottmann@lazard.com
Ryan Binette, Vice President
ryan.binette@lazard.com
Abhijit Mitra, Vice President
abhijit.mitra@lazard.com
Nicholas Miles, Vice President
nicholas.miles@lazard.com
Overview
Wealthy Individuals
Family Offices
$1 billion +
represented
$1 billion +
Doug Himmel, Managing Director

dhimmel@melvillecapital.com
Overview
Wealthy Individuals
Family Offices
$1 billion +
represented
Under $10 million
MHT Secondary Advisors

2000 McKinney Ave., Suite 1200
Dallas, TX 75201
Phone: 214-661-1290
Fax: 214-954-9995
www.mhtsa.com
Branch offices
One Boston Place, 36th Floor
Boston, MA 02108
Phone: 617-854-7536
Fax: 617-854-7539
Key personnel
James Lee, Principal
jlee@mhtpartners.com
Shawn Terry, Managing Director
sterry@mhtpartners.com
Mike McGill, Managing Director
mmcgill@mhtpartners.com
Mark Young, Managing Director
myoung@mhtpartners.com
Overview
Wealthy Individuals
Family Offices
Insurance Companies, Private Equity
Firms, Sovereign Wealth Funds, Asset
Managers, Private Pension Funds
399 Park Ave., Fifth Floor

New York, NY 10022
Phone: 212-883-3800
Fax: 212-880-4260
www.moelis.com
Key personnel
Daniel Tortora, Associate
daniel.tortora@moelis.com
Overview
Wealthy Individuals
Family Offices
$1 billion +
represented
$1 billion +
NYPPEX
800 Westchester Ave., Suite 349-N
Rye Brook, NY 10573
Phone: 914-305-2800
Fax: 914-305-2803
www.nyppex.com
inquiries@nyppex.com
Key personnel
Laurence Allen, Managing Member
lallen@nyppex.com
Christopher Armstrong,
Senior Vice President
carmstrong@nyppex.com
Murat Bolat, Managing Director
mbolat@nyppex.com
Craig Blitz, Managing Director
cblitz@nyppex.com
Jeffrey Grendi, Senior Vice President
jgrendi@nyppex.com
Stephen LaPerla, Managing Director
slaperla@nyppex.com
Rory Mabin, Senior Vice President
rmabin@nyppex.com

Michael Orr, Managing Director
morr@nyppex.com
Robert Zimmel, Director
rzimmel@nyppex.com
Michael Schunk, Director
mschunk@nyppex.com
Sonya Still, Director
sstill@nyppex.com
Overview
Wealthy Individuals
Family Offices
Under $10 million
$1 billion +
represented
Under $10 million
$1 billion +
Paladin Market Advisors

7 Dey St., Suite 1503
New York, NY 10007
Phone: 646-400-0999
Fax: 646-587-0235
www.paladinma.com
Key personnel
Kevin Monroe, Managing Director
kmonroe@paladinma.com
Overview
General Partners
represented
Under $10 million
Palomar Capital Advisors

Obere Zune 10
Phone: 41-43-222-5888
Fax: 41-43-222-5899
www.plmr.com
info@plmr.com
Key personnel
Markus Kroll, Founder & Board Director
kroll@plmr.com
Overview
Wealthy Individuals
Family Offices
$1 billion +
represented
Under $10 million
Park Hill Group LLC

New York, NY 10154
Phone: 212-583-5799
Fax: 212-583-5639
www.parkhillgroup.com
info@parkhillgroup.com
Branch offices
40 Berkeley Square
London W1J 5AL U.K.
Phone: 44-20-7451-4000
Fax: 44-20-7451-4001
200 West Madison St., Suite 3800
Chicago, IL 60606
Phone: 312-705-3070
Fax: 312-705-3079
101 California St., Suite 2880
Phone: 415-276-5900
Fax: 415-276-5919
Two International Finance Centre,
8 Finance St., Suite 901, Ninth Floor
Hong Kong, China
Phone: 85-2-3656-8609
Fax: 85-2-3651-7611
Dubai International Financial Centre, P.O.
Box 506741, Gate Village, Building 6,
Levels 5 & 6, Sheikh Zayed Road
Dubai, United Arab Emirates
Phone: 971-4-422-3000
Fax: 971-4-422-3010
Key personnel
Lawrence Thuet, Senior Managing Director
thuet@parkhillgroup.com
Overview
Wealthy Individuals
Family Offices
Under $10 million
$1 billion +
represented
Under $10 million
$1 billion +
Probitas Partners
425 California St., Suite 2300
Phone: 415-402-0700
Fax: 415-402-0052
www.probitaspartners.com
info@probitaspartners.com
Branch offices
1120 Ave. of the Americas, Suite 1802
New York, NY 10036
Phone: 212-403-3662
One Berkeley St.
London W1J 8DJ U.K.
Phone: 44-20-7016-9355
Nexxus Building,
41 Connaught Road, Level 15
Hong Kong, China
Phone: 852-2533-3678
Key personnel
Craig Marmer, Managing Director
Overview
Funds of Funds, General Partners
represented
River Street Capital

$1 billion +

$1 billion +
39 Broadway, Suite 3300

New York, NY 10006
Phone: 212-588-0300
www.riverstreetcap.com

represented
Under $10 million

represented
Key personnel
Helge Petermann, Managing Director
hp@riverstreetcap.com
SecondMarket Inc.
Overview
Family Offices
$1 billion +
represented
Under $10 million
Secondcap
Cavendish Court, 11-15 Wigmore St.
London W1U 1PF U.K.
Phone: 44-20-3096-2740
www.secondcap.com
enquiries@secondcap.com
Branch offices
Piazza Diaz, 5
Milan 20123 Italy
Phone: 39-02-78-21-38
Key personnel
Francois Gamblin, CEO
francois@secondcap.com
Anthony Marqui, Managing Director
anthony@secondcap.com
Pierre Henri Carles, Director
pierrehenri@secondcap.com
James Hilton, Analyst
james@secondcap.com
636 Ave. of the Americas, Sixth Floor

New York, NY 10011
Phone: 212-668-5920
Fax: 212-483-1045
www.secondmarket.com
info@secondmarket.com
Key personnel
Bill Siegel, Interim CEO
Overview
Wealthy Individuals
Family Offices
Sovereign Wealth Funds, Regional and
Community Banks, Hedge Funds,
Private Equity Funds, Mutual Funds
$1 billion +
represented
Setter Capital Inc.

77 Bloor St. W., Suite 1220
Toronto, ON M5S 1M2 Canada
Phone: 416-964-9555
Fax: 416-964-0699
www.settercapital.com
Key personnel
Peter McGrath, Managing Director
peterm@settercap.com
Robert McGrath, Managing Director
Suneel Sheoran, Analyst

suneel@secondcap.com
Philip Leishman, Vice President
Overview
Simren Desai, Vice President

Wealthy Individuals
Family Offices
Secondary Specialists Funds of Funds,
General Partners
Gary Gill, Vice President
Overview
Wealthy Individuals
Family Offices
Sixpoint Partners LLC

830 Third Ave., Eighth Floor
New York, NY 10022
Phone: 212-751-8690
Fax: 212-751-0197
www.sixpointpartners.com
info@sixpointpartners.com
Branch offices
One South Wacker Drive, Suite 3230
Chicago, IL 60606
Phone: 312-379-8700
Fax: 212-751-0197
155 Sansome Street, Suite 810
Phone: 415-817-9690
Fax: 212-751-0197
Key personnel
Eric Zoller, Cofounder & Partner
Overview
represented
Somerset Capital Ltd.

7-8 Stratford Place
London WC1C 1AY U.K.
Phone: 44-20-7871-1510
www.som-cap.com
info@som-cap.com
Key personnel
Jim Miller, Managing Partner
Marie Soong, Associate
Overview
Wealthy Individuals
Family Offices
$1 billion +
represented
Stanwich Advisors
One Dock St., Suite 600
Stamford, CT 06902
Phone: 203-406-1099
Fax: 203-406-1098
www.stanwichadvisors.com
Key personnel
Bradley Critchell, Managing Director
bcritchell@stanwichadvisors.com
Overview
Key personnel
Mathieu Dran, Managing Partner, COO
md@triago.com
Nicolas de Nazelle, Managing Partner
nn@triago.com
Victor Quiroga, Partner
vq@triago.com
Virginie Bourel, Partner
vb@triago.com
Anna Chambers, Partner
ac@triago.com

Family Offices
Tina Sodhi, Partner

ts@triago.com

$1 billion +
Lisa Harrow, Principal

lh@triago.com

represented
Triago
One boulevard de la Madeleine
Paris 75001 France
Phone: 33-1-47-03-01-10
Fax: 33-1-47-03-06-99
www.triago.com
mail@triago.com
Branch offices
New York, NY 10022
Phone: 212-593-4994
Fax: 212-593-0180
Dubai International Financial Center,
Emirates Financial Towers,
South Tower, Level 3, Office 325
Dubai, P.O. Box 506681
United Arab Emirates
Phone: 971-4-433-1009
David Markson, Principal

dm@triago.com
UBS Investment Bank

New York, NY 10019
Phone: 212-821-6108
Fax: 212-882-8433
www.ubs.com/privatefundsgroup
Branch offices
One Finsbury Ave.
London EC2M 2PP U.K.
Phone: 44-20-7567-0644
Key personnel
Philip Tsai, Global Head
of Secondary Market Advisory
philip.tsai@ubs.com
Overview
Overview

Wealthy Individuals
Family Offices

Family Offices
Funds of Funds, Asset Managers

Under $10 million
$1 billion +

$1 billion +

represented
Under $10 million
$1 billion +
Diana Gatcan, Associate

dg@triago.com

represented
Under $10 million
Appendix A
Investors That Have Backed Secondary Funds

LP NAME
LOCATION
Abbey National Treasury Services PLC

Abu Dhabi Investment Authority
AEGON USA Investment Management LLC
AFA Forsakring
Alameda County Employees Retirement Association
AlpInvest Partners B.V.
American Family Insurance Group
American Trading and Production Corp.
AP Fonden 3
APG Asset Management
Argentum Fondsinvesteringer
Arizona State Retirement System
Auda International LP
AXA Equitable Life Insurance Co.
BAE Systems Pensions
Barclays Bank PLC
Boston Retirement System
Buckinghamshire Pension Fund
C.V. Starr & Co. Inc.
Caisse de dpt et placement du Qubec
California State Teachers Retirement System
Canada Pension Plan Investment Board
Charles A. Dana Foundation
China Investment Corp.
Chinas State Administration of Foreign Exchange
Citi Capital Advisors Ltd.
City Of Tallahassee Retirement System
CNP Assurances
Columbia University
Compagnia Di San Paolo
Connecticut Retirement Plans and Trust Funds
Contra Costa County Employees Retirement Association
Cranbrook Educational Community
Danske Private Equity
DeA Capital SpA
Department for Business, Innovation and Skills
DNB Livsforsikring ASA
DuPont Pension Fund
Employees Retirement System of Rhode Island
Employees Retirement System of Texas
European Bank for Reconstruction & Development
European Investment Fund
F&C Investments
Finnish Industry Investment Ltd.
Fire & Police Pension Association of Colorado
Firemens Annuity & Benefit Fund Chicago
Flintshire County Council Pension Plan
Florida State Board of Administration
Fondinvest Capital
Fresno County Employees Retirement Association
London
Abu Dhabi
Baltimore
Stockholm
Oakland, Calif.
Amsterdam
Madison, Wis.
Baltimore
Stockholm
Heerlen, Netherlands
Bergen, Norway
Phoenix
New York
New York
Crawley, U.K.
London
Boston
Aylesbury, U.K.
New York
Montreal
Sacramento, Calif.
Sacramento, Calif.
Toronto
New York
Beijing
Beijing
New York
Tallahassee, Fla.
Paris
New York
Torino, Italy
Hartford, Conn.
Concord, Calif.
Bloomfield Hills, Mich.
Copenhagen
Milan
London
Bergen, Norway
Wilmington, Del.
Providence, R.I.
Austin, Texas
London
Luxembourg
London
Helsinki
Greenwood Village, Colo.
Chicago
Mold, U.K.
Tallahassee, Fla.
Paris
Fresno, Calif.
PHONE
44-87-0607-6000
971-2-415-0000
502-560-2825
46-7-718-80-099
510-628-3000
31-205-407-575
608-249-2111
410-347-7150
46-8-555-17-100
31-45-579-92-22
47-55-54-70-00
602-240-2000
212-863-2300
212-554-1234
44-19-0376-8616
44-20-7116-1000
617-635-4500
44-84-5370-8090
212-230-5050
514-842-3261
916-795-3829
916-229-3541
416-868-4075
212-223-4040
86-10-8409-6277
86-10-6840-1188
212-559-0338
850-891-8343
33-1-42-18-88-88
212-854-1754
39-011-5596-911
860-702-3126
925-646-5741
248-645-3000
45-33-44-63-00
39-02-624-99-51
44-20-7215-5000
47-55-17-80-90
302-477-6000
401-222-2203
512-867-7711
44-20-7338-6000
352-2485-1
44-20-7628-8000
358-9-6803-680
303-770-3772
312-726-5823
44-03-5270-2761
850-488-4406
33-1-58-36-48-00
559-457-0681

LP NAME
LOCATION
Friends Provident Foundation

GIC Private Ltd.
Gjensidige Forsikring ASA
Golden LEAF Foundation Inc.
Greater Manchester Pension Fund
Groupama SA
Hafslund Pension Fund ASA
Hamilton Lane Advisors
Hannover Rueckversicherung AG
Hartford Municipal Employees Retirement Fund
Haverford College
Health Care Foundation of Greater Kansas
Houston Firefighters Relief & Retirement Fund
Icahn School of Medicine at Mount Sinai
Illinois Municipal Retirement Fund
Illinois Student Assistance Commission
Ilmarinen Mutual Pension Insurance Co.
Indiana Public Retirement System
Indiana State Teachers Retirement Fund
Indiana University Foundation
International Finance Corp.
Invesco Private Capital
Jasper Ridge Partners
John S. and James L. Knight Foundation
Kentucky Retirement Systems
Kentucky Teachers Retirement System
KLP Forsikring
Korea Development Bank
Korea Finance Corp.
Kuwait Financial Centre
Liberty Mutual
London Pensions Fund Authority
Los Angeles City Employees Retirement System
Los Angeles County Employees Retirement Association
Los Angeles Fire & Police Pensions
Lothian Pension Fund
Louisiana State Employees Retirement System
Lutheran Church-Missouri Synod
Mandatum Life Insurance Co. Ltd.
Maryland State Retirement and Pension System
Massachusetts Institute of Technology Investment Management Co.
Massachusetts Pension Reserves Investment Management Board
Merced County Employees Retirement Association
MetLife Inc.
Michelin North America Inc.
Minnesota State Board of Investment
Municipal Employees Fund of Chicago
Mutual of Omaha Insurance Co.
National Pensions Reserve Fund
Natixis Global Asset Management S.A.
Nebraska Investment Council
New Mexico Educational Retirement Board
New Mexico State Investment Council
New York City Comptroller
New York State Common Retirement Fund
York, U.K.
Singapore
Lysaker, Norway
Rocky Mount, N.C.
Droylsden, U.K.
Paris
Oslo
Bala Cynwyd, Pa.
Hannover, Germany
Boston
Hartford, Conn.
Haverford, Pa.
Kansas City, Mo.
Houston
New York
Oak Brook, Ill.
Deerfield, Ill.
Helsinki
Indianapolis
Indianapolis
Bloomington, Ind.
Washington
New York
Menlo Park, Calif.
Miami
Frankfort, Ky.
Frankfort, Ky.
Oslo
Seoul
Seoul
Sharq, Kuwait
Boston
London
Los Angeles
Pasadena, Calif.
Los Angeles
Edinburgh
Baton Rouge, La.
St. Louis
Helsinki
Baltimore
Cambridge, Mass.
Boston
Merced, Calif.
New York
Greenville, S.C.
Saint Paul, Minn.
Helena, Mont.
Chicago
Omaha, Neb.
Dublin
Paris
Lincoln, Neb.
Trenton, N.J.
Santa Fe, N.M.
Santa Fe, N.M.
New York
Albany, N.Y.
PHONE
44-19-0462-9675
65-6889-8888
47-22-96-8000
252-442-7474
44-16-1301-7000
33-1-53-93-51-51
47-92-08-70-07
610-934-2222
49-5-115-60-40
617-348-3707
860-757-9100
610-896-1223
816-241-7006
281-372-5100
212-241-6500
630-368-1010
847-831-8500
358-1-0284-11
317-233-4162
317-232-3860
812-855-8311
202-473-3800
212-278-9000
650-494-4800
305-908-2600
502-696-8800
502-848-8500
47-22-00-55-54
82-27-87-69-34
82-2-1588-1500
965-22248000
617-357-9500
44-20-7369-6118
800-779-8328
626-564-6132
213-978-4464
44-13-1529-4638
225-922-0600
314-965-9000
358-10-515-225
410-625-5555
617-253-4900
617-946-8401
209-725-3636
212-578-2211
864-458-6399
651-296-3328
406-444-0001
312-236-4700
402-351-2508
353-1-664-0800
33-1-78-40-90-00
402-471-2043
609-292-5106
505-827-8030
505-476-9500
212-669-3916
518-474-4003
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VENTURESOURCE

LP NAME
New York State Teachers Retirement System
North Carolina Retirement System
Nottinghamshire County Pension Fund
Ohio Police & Fire Pension Fund
Ohio State University
Oklahoma Police Pension & Retirement System
Ontario Municipal Employees Retirement System
Oregon Public Employees Retirement Fund
Oregon State Treasury
Overseas Asset Management (Cayman) Ltd.
Pacific Corporate Group
Paris Orleans SA
Partners Group AG
Pennsylvania Public School Employees Retirement System
PenSam
Phoenix Companies Inc.
Public Employee Retirement System of Idaho
Public Employees Retirement Association of New Mexico
Public School and Education Employee Retirement Systems of Missouri
Regents of the University of California
RWB Private Capital Emissionshaus AG
Salient Partners LP
San Bernardino County Employees Retirement Association
San Diego County Employees Retirement Association
San Francisco Employees Retirement System
San Jose Federated City Employees Retirement System
Santa Barbara County Employees Retirement System
School Employees Retirement System of Ohio
Sitra
Sixth Swedish National Pension Fund
South Carolina Retirement System Investment Commission
State of Wisconsin Investment Board
State Teachers Retirement System of Ohio
State Universities Retirement System of Illinois
Storebrand Kapitalforvaltning (Alternative Investments)
Strathclyde Pension Fund
Suffolk County Council Pension Fund
SunAmerica Ventures
TIAA-CREF Individual & Institutional Services LLC
Tyne and Wear Pension Fund
United Technologies Corp.
Universities Superannuation Scheme Ltd.
University of Cincinnati
University of Florida Foundation
University of Pittsburgh
University of Puget Sound
University of Texas Investment Management Co.
University of Toronto Asset Management Corp.
University of Vermont
University of Washington
Van Leer Group Foundation
Veritas Pension Insurance
Virginia Retirement System
Wesleyan University Endowment
West Midlands Pension Fund
West Yorkshire Pension Fund
YMCA Retirement Fund
LOCATION
Albany, N.Y.
Raleigh, N.C.
Nottingham, U.K.
Columbus, Ohio
Columbus, Ohio
Oklahoma City
Toronto
Salem, Ore.
Salem, Ore.
Grand Cayman, U.K.
La Jolla, Calif.
Paris
Baar-Zug, Switzerland
Harrisburg, Pa.
Farum, Denmark
Hartford, Conn.
Boise, Idaho
Santa Fe, N.M.
Jefferson City, Mo.
Oakland, Calif.
Oberhaching, Germany
Houston
San Bernardino, Calif.
San Diego
San Francisco
San Jose, Calif.
Santa Barbara, Calif.
Columbus, Ohio
Helsinki
Gothenburg, Sweden
Columbia, S.C.
Madison, Wis.
Columbus, Ohio
Champaign, Ill.
Lysaker, Norway
Glasgow
Ipswich, U.K.
Los Angeles
New York
South Shields, U.K.
Farmington, Conn.
Liverpool, U.K.
Cincinnati
Gainesville, Fla.
Pittsburgh
Tacoma, Wash.
Austin, Texas
Toronto
Burlington, Vt.
Seattle
Amstelveen, Netherlands
Turku, Finland
Richmond, Va.
Middletown, Conn.
Wolverhampton, U.K.
Bradford, U.K.
New York
PHONE
518-447-2900
919-508-5176
44-11-5977-2727
614-228-2975
614-292-6048
405-840-3555
416-369-2400
503-378-3730
503-378-4000
345-745-8787
858-456-6000
33-1-53-77-65-10
41-41-784-60-00
717-787-8540
45-44-39-39-39
860-403-5594
208-334-3365
505-476-9300
573-634-5290
510-987-9220
49-89-666-69-40
713-993-4675
909-885-7980
619-515-6800
415-487-7000
408-794-1000
805-568-2940
614-222-5853
35-82-9461-8991
46-31-741-1000
803-737-6885
608-266-2381
614-227-4090
217-378-8800
47-22-31-50-50
44-84-5213-0202
44-84-5606-6067
310-772-6000
212-490-9000
44-19-1424-4141
860-728-7000
44-15-1227-4711
513-558-5403
352-392-1693
412-624-6620
253-879-3224
512-225-1600
416-673-8400
802-656-2214
206-685-1822
31-20-645-32-31
358-10-55-010
888-827-3847
860-685-2488
44-30-0111-1665
44-12-74434-999
800-738-9622
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


Aberdeen SVG Private Equity




ACG Capital


Allianz Capital Partners GmbH

Alpha Associates AG

AlpInvest Partners

Altius Associates

Apposite Capital

Arcano Capital

ARCIS Group

Ardian


Auldbrass Partners

BEX Capital

Bowside Capital

Capital Dynamics


Coller Capital

Committed Advisors

Commonfund



DB Private Equity

DuPont Capital Management

F&C Investment Business Ltd.

Fondinvest Capital





Hamilton Lane


Headway Capital Partners LLP


Idinvest Partners

IKE Capital Group

Industriens Pensionsforsikring A/S

Investment Fund for Foundations



17Capital LLP

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

Live Oak Capital



Montauk TriGuard Management LLC

Morgan Stanley Alternative Investment Partners


Neuberger Berman

Newbury Partners


NorgesInvestor
Northern Trust


Pantheon


Partners Group

Pathway Capital Management LP

PEI Funds


PGGM


Pomona Capital



RCP Advisors

Rho Fund Investors


SL Capital Partners

Sobera Capital


StepStone Group

Stripes Group

Susquehanna International Group

Symmetry Investment Advisors Inc.


Unigestion

VCFA Group


Venture Investment Associates


von Braun & Schreiber Private Equity Partners GmbH


Wilshire Private Markets Group


Lexington Partners
Appendix C: Secondary Market Buyer & Direct Manager
Geographic Preferences

U.S.
U.K.
West.
Europe
Cen./East.
Asia (exc.
Europe Canada Australia Japan) Japan
Latin
America
Middle
East
Other


Akkadian Ventures

AlpInvest Partners

Arcano Capital

Ardian


BEX Capital

Bowside Capital

Coller Capital

Committed Advisors

Commonfund


DB Private Equity

Fondinvest Capital




Hamilton Lane


IKE Capital Group



Landmark Partners

Lexington Partners







Newbury Partners


NorgesInvestor
Northern Trust


17Capital LLP

PEI Funds

U.S.
U.K.
West.
Europe
Cen./East.
Asia (exc.
Europe Canada Australia Japan) Japan
Latin
America
Middle
East
Other

Stratim Capital


VCFA Group



W Capital Partners


yet2Ventures

Sobera Capital
Appendix D: Secondary Market Intermediary
Types of Clients Represented

Wealthy
Individuals Banks
Family
Endowments/ Public Pension
Offices Foundations Funds
Other
Accretive Capital Advisors
AXON Partners AG
Azla Advisors
Breslin AG
Camelot Group LLC
Campbell Lutyens & Co. Ltd.
Capstone Partners
Continental Capital Partners
Evercore - Private Capital Advisory
Houlihan Lokey
ICAP Corporates LLC
Lazard
Moelis & Co.
NYPPEX
Greenhill Cogent
Harken Capital
Park Hill Group LLC
Probitas Partners
Secondcap
SecondMarket Inc.
Setter Capital Inc.
Stanwich Advisors
Triago

UBS Investment Bank
Appendix E: Secondary Market Intermediary
Average Size of Secondary Deals Represented

$10M to
$99M
$100M to
$499M
$500M to
$999M
AXON Partners AG
Azla Advisors
Breslin AG
Camelot Group LLC
Capstone Partners
Under
$10M
$1B+
Greenhill Cogent
Harken Capital
Houlihan Lokey
ICAP Corporates LLC
Lazard

Moelis & Co.
NYPPEX
Park Hill Group LLC
Probitas Partners
Secondcap
Setter Capital Inc.
SecondMarket Inc.
Stanwich Advisors
Triago
UBS Investment Bank
Index by Company Name

17Capital LLP
34
C
39
34
California State Teachers Retirement System
39
Aberdeen SVG Private Equity
34
Camelot Group LLC
63
34
63
34
Capital Dynamics
39
62
Capstone Partners
63
35
Cipio Partners
58
ACG Capital
35
39
35
Coller Capital
39
Akkadian Ventures
58
Committed Advisors
39
Allianz Capital Partners GmbH
36
62
Commonwealth of PA, Public School

Employees Retirement System 40
Alpha Associates AG
36
64
AlpInvest Partners
36
40
Altius Associates
37
64
Annex Capital Group LLC
58
40
Apposite Capital
37
Arcano Capital
37
ARCIS Group
37
Ardian 37
Commonfund 40
D
DB Private Equity
40
DFJ Esprit Secondaries LLP
58
DuPont Capital Management
41
Argenthal & Co.
62
AssetMetrix GmbH
38
38
Equistone Partners Europe
41
Auldbrass Partners
38
64
AXON Partners AG
62
Azla Advisors
62
F&C Investment Business Ltd.
41
Fondinvest Capital
41
41
B
BEX Capital
38
Blackrock Private Equity Partners
38
Bowside Capital
39
Breslin AG
62
GlobalFinance 64
41
64
Live Oak Capital
46
42
59
Greenhill Cogent
64
42
65
M
MCA Funds
59
66
66
Hamilton Lane
42
46
42
Millennium Technology Value Partners
59
Harken Capital
65
Moelis & Co.
66
Headlands Capital Management LLC
43
46
Headway Capital Partners LLP
43
Montauk TriGuard Management LLC
48
Helmsman Capital
43
48
Henderson Global Investors
43
MSD Capital
48
Hermes GPE
58
48
43
Houlihan Lokey
65
I
ICAP Corporates LLC
65
Idinvest Partners
43
IKE Capital Group
44
Industriens Pensionsforsikring A/S
44
Industry Ventures
44
Institutional Venture Partners (IVP)
58
Invesco Institutional
44
Investment Fund for Foundations
44
N
Natixis Global Asset Management
48
Neuberger Berman
48
48
Newbury Partners
49
49
Nordea 49
NorgesInvestor
49
Northern Trust
49
50
Nova Capital Management Ltd.
60
Novirian Capital
60
44
NYPPEX 66
44
K
Ontario Teachers Pension Plan

45
50
P
67
67
Lake Street Capital LLC
58
Landmark Partners
45
Pantheon 50
Lazard 66
50
Lexington Partners
45
Park Hill Group LLC
67
46
Partners Group
50
Liquid Realty Partners
46
51
Paul Capital
51
Susquehanna International Group
55
PEI Funds
51
Symmetry Investment Advisors Inc.
55
Performance Equity Management
51
51
PGGM 51
T
Telemus Capital Partners
56
56
Travelers Companies
56
Pictet Asset Management SA
60
52
Pomona Capital
52
53
53
Probitas Partners
67
UBS Investment Bank
60
Unigestion 56
Triago 69
Triginta Capital GmbH
56
69
R
RCP Advisors
53
VCFA Group
56
Rho Fund Investors
53
56
68
Venture Investment Associates
57
53
60
Rosetta Capital Ltd.
60
57
Vision Capital LLP
61
von Braun & Schreiber Private Equity Partners GmbH
57
Vorndran Mannheims Capital Advisors GmbH
61
S
Saints Capital
60
San Francisco Employees Retirement System
53
SCM Strategic Capital Management
54
Secondcap 68
W Capital Partners
61
SecondMarket Inc.
68
WealthCap 57
Setter Capital Inc.
68
57
54
Wilshire Private Markets Group
57
68
Winchester Capital Group
57
SL Capital Partners
54
smac partners GmbH
60
yet2Ventures 61
Sobera Capital
54
68
54
Stanwich Advisors
69
StepStone Group
55
Stratim Capital
60
Stripes Group
55
SunAmerica Asset Management LLC
55
Index by Contact Name

A
Abecassis, Jonathan - Credit Suisse Group AG 64
Abrams, Zachary - Stratim Capital 60
Aerni, Ralph - SCM Strategic Capital Management 54
Ailman, Christopher J. - California State Teachers
Retirement System 39
Biondi Morra di Belforte, Giacomo - Capstone Partners 63

Black, Benjamin - Akkadian Ventures 58
Blitz, Craig - NYPPEX 66
Blmhuber, Claudia - GlobalFinance 64
Bolat, Murat - NYPPEX 66
Bonaventura, Simonetta - IKE Capital Group 44
Akers, Jeff - Adams Street Partners LLC 35
Bonavitacola, Marc - Aberdeen SVG Private Equity 34
Albert, Christian - Bowside Capital 39
Bonfield, Chris - Greenhill Cogent 64
Alfeld, Chad - Landmark Partners 45
Bonnet, Mathieu - BEX Capital 38
Ali, Ahmad - Auldbrass Partners 38
Borok, Dan - Millennium Technology Value Partners 59
Allen, Laurence - NYPPEX 66
Bouch, Romain - ARCIS Group 37
Andrew, Mark - Lexington Partners 45
Bourel, Virginie - Triago 69
Anquillare, Ceasar Nicholas - Winchester Capital Group 57
Bowden, Daniel - Stafford Capital Partners 54
Anthofer, Tom S. - Cipio Partners 58
Bradley, Thomas - StepStone Group 55
Appell, Gordon - Credit Suisse Group AG 64
Brandmeyer, Michael - Goldman Sachs Group Inc. 42
Areson, Chris - Credit Suisse Group AG 64
Bright, Aaron - Permal Capital Management LLC 51
Armstrong, Christopher - NYPPEX 66
Brody, Tim - Auda Private Equity LLC 38
Atterbury, David - HarbourVest Partners LLC 42
Broenden, Christian - Industriens Pensionsforsikring A/S 44
Aubert, Andre - LGT Capital Partners 46
Brophy, Parker - Mustang Capital Partners 48
Auffray, Valerie - Apposite Capital 37
Brown, Simon - Equistone Partners Europe 41
Burch, Mark - ARCIS Group 37
Bader, Hanspeter - Unigestion 56

Barnett, Troy - Adams Street Partners LLC 35
Burstein, Dan - Millennium Technology Value Partners 59

Butler, Ryan - Portfolio Advisors LLC 53
Barrett, Red - Permal Capital Management LLC 51
Bauman, Gina - Institutional Venture Partners (IVP) 58
Cantrell, Allen - MCA Funds 59
Baumgarten, Steven - BlackRock Private Equity Partners 38
Carles, Pierre Henri - Secondcap 68
Beaton, Kirk - Lexington Partners 45
Carr, Dayton - VCFA Group 56
Beckelman, Scott - Greenhill Cogent 64
Cassidy, Martha - Abbott Capital Management 34
Beil, Stefan - Sobera Capital 54
Chambers, Anna - Triago 69
Benedetti, Mark - Ardian 37
Chapman, Duncan - Lexington Partners 45
Benin, Daniel - Committed Advisors 39
Chee, Max - Millennium Technology Value Partners 59
Berkowitz, Fred - Horsley Bridge Partners 43
Cheung, Chi - DB Private Equity 40
Binette, Ryan - Lazard 66
Chow, Richard - Abu Dhabi Investment Authority 34
Cohn, Paul - Fort Washington Capital Partners 41
Colas, Vladimir - Ardian 37
Eftimiu, Emanuel - Alpha Associates AG 36
Coller, Jeremy - Coller Capital 39
Eguiagaray, Gonzalo - Arcano Capital 37
Cooney, Ryan - Hamilton Lane 42
Einarson, Frida - Verdane Capital Advisors 60
Cornelius, Ronn C. - Montauk TriGuard Management LLC 48
Engelhard, Teresa - Jolimont Capital Pty Ltd. 44
Costabile, Steven - PineBridge Investments 52
Engelien, Bernhard - Greenhill Cogent 64
Costello, Jon - Morgan Stanley Alternative

Investment Partners 48
Engler, Mark - AXON Partners AG 62
Costello, Neal - CPP Investment Board 40

Critchell, Bradley - Stanwich Advisors 69
Evain, Frdric - Access Capital Partners 34

Falkove, Ethan - Neuberger Berman 48
Croissant, Ccile - Access Capital Partners 34
Cruttenden, Tim - VenCap International PLC 56
Farooqi, Mohammed Anwer - Abu Dhabi Investment Authority 34
Cuneo, Michael - MidCoast Capital LLC 46
Feinglass, Michael - RCP Advisors 53
Custar, Mike - Credit Suisse Group AG 64
Fenimore, Mitchell - Griffin Financial Group 65
Finigan, Emily-Jane - Landmark Partners 45
DAgostino, Mike - Permal Capital Management LLC 51

Davies, Deirdre - DB Private Equity 40
Dawn, Nigel - Evercore - Private Capital Advisory 64
de Beaupuy, Barthelemy - Committed Advisors 39
de Corainville, Robert - 17Capital LLP 34
de la Infiesta, Pablo - Lazard 66
de Nazelle, Nicolas - Triago 69
de Selancy, Pierre-Antoine - 17Capital LLP 34
Decanniere, Olivier - Ardian 37
Fink, Peter - Kensington Capital Partners Ltd. 45

Finkelstein, Abe - Vintage Investment Partners 57
Flower, Tim - HarbourVest Partners LLC 42
Flynn, Vivian - Pomona Capital 52
Folle, Peter - Triginta Capital GmbH 56
Freda, Adam - Northern Trust 49
Fremuth, Gunnar - PEI Funds 51
Froland, Charles - Performance Equity Management 51
Fuhrman, Glen R. - MSD Capital 48
del Rio, Jose Luis - Arcano Capital 37
Delaney, Paul - Griffin Financial Group 65
Gamblin, Francois - Secondcap 68
Deligny, Jean-Michel - Go4Venture Advisers LLP 64
Gardey, Oliver - Pomona Capital 52
Delos, Alexandre - Access Capital Partners 34
Garton, Anthony - Lexington Partners 45
Denison, Charlie - Adams Street Partners LLC 35
Gatcan, Diana - Triago 69
Desai, Simren - Setter Capital Inc. 68
Gerbracht, Patrick - Portfolio Advisors LLC 53
Dewan, Amant - Annex Capital Group LLC 58
Giannetti, Thomas - Lexington Partners 45
DiGeronimo, Robert - Permal Capital Management LLC 51
Gigliotti, Carmen - DuPont Capital Management 41
Diller, Christian - Montana Capital Partners 46
Gill, Gary - Setter Capital Inc. 68
Doehla, Zak - MCA Funds 59
Gillies, Charles - Jolimont Capital Pty Ltd. 44
Dran, Mathieu - Triago 69
Glass, Jon - Millennium Technology Value Partners 59
Dreesbach, Werner - Cipio Partners 58
Goh, Andress - Allianz Capital Partners GmbH 36
Duhamel, Augustin - 17Capital LLP 34
Goldrick, Joe - Adams Street Partners LLC 35
Duksin, Jeremy - Credit Suisse Group AG 64
Gombault, Vincent - Ardian 37
Dupont, Daniel - Northleaf Capital Partners 50
Goodrich, Tom - Stafford Capital Partners 54
Gordon, Brett - HarbourVest Partners LLC 42

Graev, Adam - DB Private Equity 40
Grant, Charles - Lexington Partners 45
Gravdal, Jakob - Verdane Capital Advisors 60
Green, Holcombe - Lazard 66
Gregory Garrett, Melissa - Private Advisors LLC 53
Grendi, Jeffrey - NYPPEX 66
Gruber, Sascha - LGT Capital Partners 46
I
Isnard, Henri - ARCIS Group 37
J
Janis, Fran - Pomona Capital 52
Jansen, Greg - Commonfund 40
Jaroch, Chris - Newbury Partners 49
Jensen, Philip - Paul Capital 51
Gull, Jason - Adams Street Partners LLC 35
Jinkens, Brenlen - Greenhill Cogent 64
Gunn, Graeme - SL Capital Partners 54
John, Rebecca - Lexington Partners 45
Gutzen, Till - Cubera Private Equity 40
Johnson, Ian - Helmsman Capital 43
Johnson, Phil - Fort Washington Capital Partners 41
Haarmann, Moritz - AssetMetrix GmbH 38
Hadzic, Edin - Paragon Partners GmbH 50
Karabelnik, David - Breslin AG 62
Haimoff, Dana - J.P. Morgan Asset Management 44
Keay, Jeff - HarbourVest Partners LLC 42
Hammer, Jeff - Houlihan Lokey 65
Kellett, Andrew - AXON Partners AG 62
Haniford, Scott - Travelers Companies 56
Kelley, Mary Frances - Invesco Institutional 44
Hansen, Soren Thinggaard Industriens Pensionsforsikring A/S 44
Kelly, Douglas - Pomona Capital 52
Harris, Simon - W Capital Partners 61

Harris, Stephen - MidCoast Capital LLC 46
Harrow, Lisa - Triago 69
Hatch, Nick - Harken Capital 65
Haviv, Joseph - Protostar Partners LLC 60
Hay, Stewart - SL Capital Partners 54
Hepple, Jonathan - Rosetta Capital Ltd. 60
Heston, Blake - W Capital Partners 61
Hilton, James - Secondcap 68
Himmel, Doug - Melville Capital LLC 66
Hliboki, Lorraine - Pomona Capital 52
Kenna, Sam - LLM Capital Partners LLC 59

Kerr, Tom - Hamilton Lane 42
Kheng, Jennifer - Lexington Partners 45
Killilea, Alison - W Capital Partners 61
Knechtli, Patrick - SL Capital Partners 54
Knoell, Gretchen - Lake Street Capital LLC 58
Koch, Hans-Dieter - Cipio Partners 58
Koh, Irene - J.P. Morgan Asset Management 44
Kotwal, Maneck - New Jersey State Investment Council 48
Kroll, Markus - Palomar Capital Advisors 67
Kubo, Tatsuya - HarbourVest Partners LLC 42
Holden, Greg - Adams Street Partners LLC 35
Holden, Richard - Abu Dhabi Investment Authority 34
Landman, William A. - CMS Fund Advisors LLC 39
Holley, Scott - Harken Capital 65
Landress, Scott - Liquid Realty Partners 46
Holmia, Janne - Verdane Capital Advisors 60
Lanel, Nicolas - Evercore - Private Capital Advisory 64
Hope, Harold - Goldman Sachs Group Inc. 42
LaPerla, Stephen - NYPPEX 66
Hortick, Edward - VCFA Group 56
Lauby, Martial - Access Capital Partners 34
Houtteville, Briac - Greenhill Cogent 64
Lawler, Nicholas - Northern Trust 49
Huang, Timothy - Lexington Partners 45
Leader, Tom - Nova Capital Management Ltd. 60
Hunnewell, Luisa - Willowridge Partners Inc. 57
Lee, James - MHT Secondary Advisors 66
Leishman, Philip - Setter Capital Inc. 68
Mock, Ron - Ontario Teachers Pension Plan 50
Lessar, Stephen - Goldman Sachs Group Inc. 42
Moilanen, Mikko - Access Capital Partners 34
Liaudet, Thomas - Campbell Lutyens & Co. Ltd. 63
Monroe, Kevin - Paladin Market Advisors 67
Livingstone, Elly - Pantheon 50
Mooney, Brian - Greenhill Cogent 64
Lo, Bonnie - NewQuest Capital Partners 49
Morgan, Kyle - W Capital Partners 61
Lodge, Cari - Commonfund 40
Mulherin, Harbert - Live Oak Capital 46
Lorgen, Eivind - Nordea 49
Mullen, Geoffrey - Landmark Partners 45
Lottmann, Johanna - Lazard 66
Muradian, Edward - PEI Funds 51
Ludwig, Nils - Paragon Partners GmbH 50
Murphy, Bill - Greenhill Cogent 64
Luscombe, Roger - Continental Capital Partners 64
Murphy, Kara - SunAmerica Asset Management LLC 55
Mabin, Rory - NYPPEX 66
Nahum, Agns - Access Capital Partners 34
Malloy, Fred - Harken Capital 65
Nairn, Richard - F&C Investment Business Ltd. 41
Marino, Ben - Permal Capital Management LLC 51
Navins, David - Permal Capital Management LLC 51
Marks, Joseph - Capital Dynamics 39
Nelson, Don - Harken Capital 65
Markson, David - Triago 69
Newby, Tom - Lexington Partners 45
Marmer, Craig - Probitas Partners 67
Nguyen, Franck - Ardian 37
Marqui, Anthony - Secondcap 68
Nicholls, Lucy - Stafford Capital Partners 54
Maruszewski, Mark - StepStone Group 55
Nick, Andy - Greenhill Cogent 64
Maynard, Fred - HarbourVest Partners LLC 42
Nicklas, Brent - Lexington Partners 45
McArthur, Lex - Jolimont Capital Pty Ltd. 44
Nicum, Pinal - Adams Street Partners LLC 35
McCabe, Michael - StepStone Group 55
Nowak, Magdalena - AXON Partners AG 62
McDonald, Mark - Credit Suisse Group AG 64
Nusseibeh, Saker - Hermes GPE 58
McGill, Mike - MHT Secondary Advisors 66

McGrath, Peter - Setter Capital Inc. 68
McGrath, Robert - Setter Capital Inc. 68
McIntosh, Tim - yet2Ventures 61
McNulty, Lena - Industry Ventures 44
McPhee, Matthew - Stafford Capital Partners 54
O
Olmos, Emilio - Abu Dhabi Investment Authority 34
Orr, Michael - NYPPEX 66
Osterrieth, Robert - Rho Fund Investors 53
Ostin, Olav - DFJ Esprit Secondaries LLP 58
Mengozzi, Katia - Galgano Corporate Finance 41
Meyer, Dominik - AXON Partners AG 62
Pangburn, Len - Abbott Capital Management 34
Migliorino, Bob - W Capital Partners 61
Parke, Marshall - Lexington Partners 45
Miles, Nicholas - Lazard 66
Parshall, David - PEI Funds 51
Miller, Jim - Somerset Capital Ltd. 68
Paul, Aymeric - Access Capital Partners 34
Miller, Todd - Greenhill Cogent 64
Pearce, Ben - Campbell Lutyens & Co. Ltd. 63
Miller, Todd - W Capital Partners 61
Peninon, Dominique - Access Capital Partners 34
Mir Quesada, Ricardo - Arcano Capital 37
Perkins, Tristram - Neuberger Berman 48
Mitra, Abhijit - Lazard 66
Perl, Ben - Neuberger Berman 48
Perloff, Hugh - Portfolio Advisors LLC 53
Santiago, Jason - Stripes Group 55
Perriello, Chris - AlpInvest Partners 36
Schiphorst, Berend - PGGM 51
Perrin, Elvire - Altius Associates 37
Schmitz, Alexandre - Capstone Partners 63
Perrin, David - Campbell Lutyens & Co. Ltd. 63
Schmitz, Jan Philipp - Ardian 37
Petermann, Helge - River Street Capital 68
Schunk, Michael - NYPPEX 66
Pfohl, Edgar J. - Montauk TriGuard Management LLC 48
Schwerin, Sam - Millennium Technology Value Partners 59
Phelan, John C. - MSD Capital 48
Sealey, Andrew - Campbell Lutyens & Co. Ltd. 63
Pigache, Guy - Henderson Global Investors 43
Senequier, Dominique - Ardian 37
Pirzio-Biroli, Carlo - DB Private Equity 40
Shan, Sally - HarbourVest Partners LLC 42
Poggioli, Philippe - Access Capital Partners 34
Shaw, Phillip M. - Invesco Institutional 44
Pollack, Brooke - Greenspring Associates 42
Shen Lefranc, Laura - Headway Capital Partners LLP 43
Porter, David - Apposite Capital 37
Sheoran, Suneel - Secondcap 68
Pugatch, Mike - HarbourVest Partners LLC 42
Sidell, Kathleen - yet2Ventures 61
Q
Quiroga, Victor - Triago 69
Siegel, Bill - SecondMarket Inc. 68

Simon, Christophe - Idinvest Partners 43
Sloan, Stephen - Greenhill Cogent 64
Smith, Brian M. - Montauk TriGuard Management LLC 48
Rabini, Johannes - Sobera Capital 54
Smith, Charles - DB Private Equity 40
Ramachandran, Ashrith - Campbell Lutyens & Co. Ltd. 63
Sodhi, Tina - Triago 69
Ran, Gary - Telemus Capital Partners 56
Somerville, Hunter - Greenspring Associates 42
Reed, Jeffrey - Stafford Capital Partners 54
Soong, Marie - Somerset Capital Ltd. 68
Rerisi, Meredith - Abbott Capital Management 34
Sosa del Valle, Jos - Lexington Partners 45
Revillon, Benjamin - BEX Capital 38
Soulignac, Charles - Fondinvest Capital 41
Riddle, William - Lazard 66
Spencer, Nick - Campbell Lutyens & Co. Ltd. 63
Rigamonti, Francesco - DB Private Equity 40
Spiller, Charles - Commonwealth of PA,

Public School Employees Retirement System 40
Ristvedt, Pl - Lexington Partners 45

Riva, Giorgio - CPP Investment Board 40
Robard, Yann - CPP Investment Board 40
Rocker, Marissa - Auda Private Equity LLC 38
Rorer, Jim - Pomona Capital 52
Roscigno, Anthony - J.P. Morgan Asset Management 44
Rubin, Immanuel - Campbell Lutyens & Co. Ltd. 63
Rudge, John - Lexington Partners 45
Standbridge, Steve - Capstone Partners 63

Stanzel, Matthias - GlobalFinance 64
Stark, Robert - Melville Capital LLC 66
Stephens, John - Pomona Capital 52
Stetson, Chuck - PEI Funds 51
Stewart, Hugh - Shackleton Ventures Ltd. 54
Still, Sonya - NYPPEX 66
Stitch, Katie - W Capital Partners 61
Stock, JB - Committed Advisors 39
Sabassier, Dominique - Natixis Global Asset Management 48
Struve, Kasper - Industriens Pensionsforsikring A/S 44
Salley, Christopher - Auldbrass Partners 38
Such, Craig - Stratim Capital 60
Sanabria, Paul - Houlihan Lokey 65
Sullivan, Carol - Jolimont Capital Pty Ltd. 44
Sanders, Howard - Auldbrass Partners 38
Symon, Warren - Newbury Partners 49
Waxman, David - Azla Advisors 62
Talbot, Brian - Neuberger Berman 48
Wertheimer, Steve - W Capital Partners 61
Tang, Samuel - Montauk TriGuard Management LLC 48
Wigg, Simon - AXON Partners AG 62
Taubman, Steven - VCFA Group 56
Wiley, Nicole - Morgan Stanley Alternative

Investment Partners 48
Terry, Shawn - MHT Secondary Advisors 66

Tesconi, Lee - Lexington Partners 45
Thuet, Lawrence - Park Hill Group LLC 67
Timoll, Garth - Top Tier Capital Partners 56
Williamson, David - Nova Capital Management Ltd. 60

Wilson, Amanda - J.P. Morgan Asset Management 44
Wilson, Ben - PEI Funds 51
Wilson, Peter - HarbourVest Partners LLC 42
Tollette, Wylie A. - California Public Employees

Woessner, Dominik - Greenhill Cogent 64
Tom, David - VCFA Group 56
Wolff, Dylan - NorgesInvestor 49
Toomey, John - HarbourVest Partners LLC 42
Wonnacott, Larry - Symmetry Investment Advisors Inc. 55
Tortora, Daniel - Moelis & Co. 66
Woo, Helen - Protostar Partners LLC 60
Townsend, Dan - Top Tier Capital Partners 56
Woods, Joe - Fort Washington Capital Partners 41
Tsai, Philip - UBS Investment Bank 69
Wu, Victor - Lexington Partners 45

Wulff, Marco - Montana Capital Partners 46
U
Ulczynski, Amanda - Wilshire Private Markets Group 57
Ulmer, Dietrich - smac partners GmbH 60
York, David - Top Tier Capital Partners 56

Young, Mark - MHT Secondary Advisors 66
V
Valdant, Guillaume - Committed Advisors 39
Vallano, Ingmar - Ardian 37
Zhou, Brooke - LGT Capital Partners 46
van Zanten, Mikan - Robeco Private Equity 53
Zimmel, Robert - NYPPEX 66
Veravanich, Pete - Pathway Capital Management LP 51
Zoller, Eric - Sixpoint Partners LLC 68
Verbrugghe, Benoit - Ardian 37
Zur Muhlen, Adriaan - Permal Capital Management LLC 51
Vercoutere, Ivan - LGT Capital Partners 46

Vicinelli, Stephen - Investment Fund for Foundations 44
von Braun, Emmeram - von Braun & Schreiber
Private Equity Partners GmbH 57
von Moeller, Krischan - Paragon Partners GmbH 50
von Wolffradt, Alexander - Partners Group 50
Vorndran, Helmut - Vorndran Mannheims
Capital Advisors GmbH 61
W
Wachter, David - W Capital Partners 61
Wang, Arthur - San Francisco Employees
Wang, Edwin - Accretive Capital Partners/Advisors
35, 62
Warn Schindel, Kevin - HarbourVest Partners LLC 42

Warren, Wilson - Lexington Partners 45
EXPERIENCE IS KEY FOR SUCCESSFUL

SECONDARY TRANSACTIONS
Fondinvest Capital created one of the first dedicated secondary funds in Europe in the early 1990s
and quickly became a leading secondarys 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 mailbox@fondinvest.com.
Creating your private equity performance

www.fondinvest.com
Paris + 33 (0) 1 58 36 48 00
Cogent Partners
is now part of
Greenhill & Co., Inc.
Cogent Partners, a leader in secondary market
advisory, is now part of Greenhill & Co., Inc.
Operating as Greenhill Cogent, we will continue
to provide institutional investors and
general partners with the same independent,
unbiased strategic advice for managing
their alternative assets portfolios that we have
since our founding in 2001.
Dallas | New York | San Francisco | London | Singapore
www.greenhillcogent.com
214 871 5400

Guide To The Secondary Market, 2015

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PRIVATE EQUITY ANALYST

Transforming the alternative asset industry by making risk more

Portfolio Advisory (GPs & LPs)

Independent Portfolio Pricing (Topic 820)

Qualified Matching Services (IRS 1.7704)

Risk Monitoring Analytics

Block Trading (Minimum $10 million)

Independent Due Diligence

Transfer Administration (Issuer Services)

55% recycled fiber

Guide to the Secondary Market

Secondary Market Goes Mainstream, as Deal Volume Hits New High 6

Secondary Market Posts Record Year in 2014, Although Estimates Vary 22

Secondary Market Timeline

Deal Volume and Fundraising, 2002-2014

Real Estate Secondary Volume Continues Growth Trajectory 26

Secondary Buyers Prepare for Wave of Energy Fund Sales 27

Buy-Side Broker Boom Brings Risks and Rewards to Secondary Market 28

Secondary Funds Continue to Reap Rewards of Strong Exit Market

Secondary Direct Manager Listings

Intermediary Firm Listings

B. Secondary Market Buyer, Interests Sought

C. Secondary Market Buyer & Direct Manager, Geographic Preferences

D. Secondary Market Intermediary, Types of Clients Represented

E. Secondary Market Intermediary, Average Size of Deals Represented

Roughly two out

Guide to the Secondary Market

we marveled at how the secondary industry had

market as a sellers market. At the same time,

CREATIVE SOLUTIONS FOR

ILLIQUID FINANCIAL ASSETS

POWERING LIQUIDITY. UNCOVERING OPPORTUNITY.

MERGERS & ACQUISITIONS

FOR INQUIRIES, CALL OUR ILLIQUID FINANCIAL ASSETS PRACTICE CONTACTS:

Guide to the Secondary Market

Secondary Market Goes Mainstream,

to being a record year for

Do You Expect This Year to Be a Record Year

What Percentage of Secondary Deals

Source: Guide to the Secondary Market, 2015 edition

Roughly two out of three survey respondents said they

Source: Guide to the Secondary Market, 2015 edition

The prevalence of large transactions meant that a handful

Guide to the Secondary Market

Roughly two out of three

Guide to the Secondary Market

For its part, Triago estimates transaction volume in

Did You Participate in Any GP or Fund

Percentage of Funds Going to Small/Large Deals

Source: Guide to the Secondary Market, 2015 edition

Stakes With NAVs

Source: Guide to the Secondary Market, 2015 edition

No sophisticated institutional investor today thinks about

Dont Bank On Financial Institutions

Do You See Competition From

Source: Guide to the Secondary Market, 2015 edition

Leading the way

LGT Capital Partners

[ 10 ] Guide to the Secondary Market

Select Secondary Funds in the Market or Recently Closed

Investing Firm Name

Adams Street Partners

Ant No. 2 Greater China Secondary Fund