Approach

Secondaries

The firm acquires secondary direct investments by purchasing entire portfolios of investments and single positions in individual companies. We also create special purpose vehicles (SPVs) to purchase investments with general partners.

  • Seller Profiles:

    • Employees, founders, angel investors

    • Tail-end venture capital funds

    • Strategic and corporate investors

  • How We Structure:

    • One-off secondary purchases of shares

    • Portfolio purchases of directs

    • Flexibility to finance rounds comprised of primary & secondary shares

    • Planned liquidity programs for employees

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LP Interest Secondaries

The firm acquires limited partnership interests in venture capital funds of all types. We purchase unfunded interests in small venture funds as well as more fully funded interests to gain exposure to some of the best venture-backed companies in the market.

  • Seller Profiles:

    • LPs seeking to rebalance portfolio or realize gains/losses

    • LPs seeking to relieve unfunded liability

    • Tail-end venture capital funds

  • How We Structure:

    • One-off and basket purchases of LP interests

    • GP interests

    • Unfunded secondaries

    • Minority or majority interest in a venture fund

    • Joint secondary/primary purchases


Cost and time to keep a legacy fund running:

125
Management Hours

 

$25K
Fund Management

 

$15K
Tax Fees

$5K
Insurance Cost

 
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Primary Commitments

The firm makes primary commitments in select small, early-stage venture capital funds with high-multiple potential.

  • Manager Profiles:

    • $10mm-$250mm seed and early stage funds.

  • How We Structure:

    • Invest as an institutional limited partner at the inception of a fund

    • Capable of taking a lead role and comfortable sitting on LP Advisory Committees

Direct Investments

The firm invests alongside its portfolio of small funds directly in mid- to later-stage rounds of high-growth companies.

  • Company Profiles:

    • High-growth companies raising a new round of growth capital

    • Industry-agnostic, with expertise across technology, consumer, and business services

  • How We Structure:

    • Direct investments in preferred securities

    • SPVs


Tech Buyout

The firm invests in select lower market tech buyout funds that focus on acquiring software companies and VC-backed businesses.

  • Manager Profiles:

    • Leading tech buyout funds <$750M in fund size

  • Company Profiles:

    • $10-$50M of revenue

    • Profitable

  • How We Structure:

    • Direct Co-Investments in Top Companies

    • Primary commitments to lower middle-market tech buyout funds

Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.

-Ayn Rand