dow jones guide to secondary market buyers

Dow Jones Guide To Secondary Market Buyers

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Dow Jones Guide To Secondary Market Buyers

2012 Edition

Dow Jones Guide To Secondary Market BuyersEditorial Laura Kreutzer, David Smagalla, Kiel Porter

Research Victoria Camporeale Bradley, Gina Chan, Maryam Haque

Advertising Joseph Koskuba, James Lindquist

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

Editorial Director Nicholas Elliott

Tel 609.520.7779 or 800.291.1800 | Dowjones.com/privatemarkets.com

ISBN# 1-934391-15-8/978-1-934391-15-0 | Dow Jones Guide To Secondary Market Buyers published May 2012 by Dow Jones & Company, Inc., located at 1211 Avenue of the Americas, New York , New York 10036. Dow Jones & Co. is a News Corporation company. Cover Price: $195. Contact [email protected]. Copyright © 2012 by Dow Jones & Company, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means – graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems – without the express written permission of Dow Jones & Company, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Dow Jones & Company, Inc., its officers, employees, or agents may hold positions in any of the securities mentioned herein. Photo credits - cover: ©iStockphoto.com/Nikada; p7: ©iStockphoto.com/Shannon Stent; p11: ©iStockphoto.com/eva serrabassa; p12: ©iStockphoto.com/Marc Montplaisir; p15: ©iStockphoto.com/ALEAIMAGE; p17: ©iStockphoto.com/Tolimir

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Dow Jones Guide To Secondary Market Buyers | 3

Table Of Contents

I. Introduction

Preface 4

Secondary Buyers Prepare For The Next Global Wave 6 By Laura Kreutzer

Beyond Buyouts: Diversification Of Secondary Assets 14 By Laura Kreutzer and Kiel Porter

Direct Secondary Buyers: An Older Fund’s New Best Friend 17 By Laura Kreutzer

II. Secondary Market Timeline

Fundraising and deal volume, 1999-2011 18

III. Sponsored Articles

Secondary Liquidity Drives Real Benefit For The Venture Capital Ecosystem 20 By Sam Schwerin and Dan Burstein of Millennium Technology Value Partners

Structured Liquidity Solutions In Small Transactions 21 By David B. Parshall, PEI Funds

IV. Firm Listings

Secondary Market Buyers Listings 22

Secondary Direct Manager Listings 56

V. Appendices

A. Investors That Have Backed Secondary Funds 62

B. Secondary Buyer Rankings By Assets Under Management 66

C. Secondary Buyer Rankings By 2011 Capital Invested 67

VI. Indexes

Company Name 68

Contact Name 70

Location 74

Interests Sought 77

Geographic Preferences 79

| Dow Jones Guide To Secondary Market Buyers4

Preface

After two consecutive years of record deal volume, the secondary industry is hoping for a three-

peat in 2012. Certainly, many of the forces that drove record deal volume last year remain in place, including regulatory pressure on financial institutions and a desire among fiduciaries to more actively manage their portfolios.

But as we near the midpoint of the year, it’s far from clear whether buyers and sellers will find as much common ground, particularly as more buyers are forced to return to the fundraising market to refuel.

In the latest edition of our annual secondary market reviews, Dow Jones Guide To Secondary Market Intermediaries and Dow Jones Guide To Secondary Market Buyers, we look at the opportunities and risks facing secondary buyers as the industry enters another big fundraising cycle.

In this volume, we look at the forces that will drive portfolio sales in 2012, not only in North America, already one of the most developed markets for secondary sellers, but also in Europe and Asia. We also dive into the world of direct secondary firms, which have increasingly become a path to liquidity for cash-strapped general partners. For the first time, we also tackle the growing diversification of assets being traded on the secondary market as the industry grows beyond its historic emphasis on traditional buyouts and venture capital.

As always, we include detailed profiles of buyers, both of fund portfolios and direct company interests, that are active on the secondary market, as well as their assets under management, deal activity and future funds.

For information on the intermediaries and statistics related to pricing and structuring, we refer to you to the companion Guide To Secondary Market Intermediaries.

We hope you find the 2012 guides to be a valuable reference. We welcome your feedback and suggestions for how we can improve future editions.

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

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Secondary buyers feasted on a cornu-copia of deal flow in 2011 as

sellers from around the globe served up a variety of port-folio transactions, driving 2011 deal flow to record levels. As 2012 unfolds, many secondary buyers expect to see just as many sellers show up to the dinner table, although it remains to be seen who will actually sit down to eat.

“Last year, there was $25 billion in deal volume because there was enough visibility on assets that people were willing to move forward,” said Hugh Perloff, managing director at Portfolio Advisors. “If something breaks off in the economy, then all bets are off because buyers won’t want to take on the risk of lack of visibility.”

Among firms surveyed for this report, roughly 83% predict that secondary deal volume will yet again break records in 2012. Secondary deal volume hit $25 billion in 2011, according to estimates from both secondary buyer Lexington Partners and intermediary Cogent Partners.

The survey included responses from 38 secondary firms that responded in early 2012.

Many of the forces that drove transaction volume in 2011 remain in place as the industry enters 2012. Financial institutions, namely banks and insurance companies, face regulatory pressures that will require them to reduce their exposure to the asset class, particularly in Europe. Although the credit crisis that characterized 2008 and 2009 is years behind us, the effects of that crisis continue to ripple through the secondary market. More than three quarters of firms in our survey said that they continue to see deal flow as a result of the credit crunch.

But the biggest wild card this year is likely to come from pension funds, endowments and other fiduciaries, who continue to reconfigure portfolios to focus on smaller

numbers of core relationships and to reduce exposure to specific vintage years. Firms in our survey estimate that a median of about one-third of the secondary transactions are for portfolio management reasons, with another 30% estimated to come from regulatory changes.

Buyers say that although many pension funds came out of the boom years with more exposure to mega-buyout funds than they wanted, it has taken several years for these funds to sort through their portfolios. Some pensions spent 2010 or 2011 conducting new asset allocation studies and assessing what they should sell, along with the potential impact of those sales on their portfolios, according to Byron Sheets, a partner at secondary firm Paul Capital. “What we’re seeing now is a number of them begin to figure that out and I think 2012 and 2013 will be the years where they begin to execute against these decisions,” said Sheets.

When investors do sell, increasingly the assets they seek to shed extend well beyond North America’s borders. Fundraising hit record levels in many parts of the globe during the middle of the last decade, sowing the seeds for the globalization of secondary assets over the coming years. European private equity fundraising attracted a total of more than $236 billion in 2007 and 2008, according to Dow Jones LP Source. Asian private equity firms, excluding Japan, attracted more than $68 billion over the same period, according to the Emerging Markets Private Equity Association.

As secondary buyers deploy their newest funds, they expect more of the capital to wind up in non-U.S. deals, including deals involving non-U.S. assets and non-U.S. sellers. Firms surveyed for this report expect to devote a median of 50% of their latest funds to deals outside of the U.S., versus a median of only 37% of their previous funds that went into non-U.S. deals.

Secondary Buyers Prepare For The Next Global WaveBy Laura Kreutzer

Do You Expect 2012 To Be A Record Year For Secondary Deal Volume?

Yes

No

Source: Dow Jones Guide To Secondary Market Buyers, 2012 Edition

83.0%

17.0%

Are You Still Seeing Buying Opportunities As A Result Of The Credit Crunch?

Yes

No


76.0%

24.0%

down completely. Limited partners have good reason to offload these assets as they can drag on overall returns.

“There’s a strong desire to part with these tail-end funds that are in years nine and 10 or into year one or two of their extensions,” said McCabe, who predicts that sales of these types of assets will be a priority for fiduciaries such as pension funds over the next 18 months. “The problem is that the secondary market tends to place a pretty deep discount on these tail-end funds, so there’s a tension there, but it’s a strong tension.”

Calpers in 2012 is floating a large portfolio of these types of funds as the pension system seeks to weed out older funds and legacy relationships, according to secondary

North America: Pension Funds Prepare For Action While Banks Sit TightNorth America, particularly the U.S., continues to be one of the largest markets for secondary transactions, given private equity’s lengthy history in the region and the maturity of many investor programs. Buyers predict that in 2012 pension funds, rather than banks, will dominate North American sellers by dollar volume, although it remains to be seen how much deal volume will actually make it to the finish line.

“It’s difficult to predict, because the banks are pretty well cleaned up, so most of the large scale sales are coming from large public pension funds, who frankly don’t need to sell but will if the price is right,” said Michael McCabe, partner at StepStone Group, who estimates that around 45% of secondary deal flow will come from North America over the next 12 to 18 months.

California Public Employees’ Retirement System, New York City Retirement Systems, Pennsylvania State Employees’ Retirement System and the State of Wisconsin Investment Management Board are only a few U.S. public pension funds shopping private equity portfolios or are expected to do so in 2012.

Many North American pension fund sellers continue to wrestle with portfolios of older funds, typically ones raised between 1994 and 2001, that have yet to wind

Possible Sellers In 2012? Assets Under PE/Alternatives Institutional Investor Management (M) Portfolio (M)Conversus Capital $2,100 $2,100 Pennsylvania State Employees’ Retirement System $24,200 $6,334 State of Wisconsin Investment Management Board $87,900 * $8,196 Verizon Investment Management Corp. (Pension Plan) $24,110 $6,109 *As of June 30, 2011. Dow Jones Guide To Secondary Market Buyers, 2012 Edition


Large banks such as J.P. Morgan Chase & Co., Goldman Sachs Group Inc., Morgan Stanley & Co. and Wells Fargo & Co. still hold fairly sizeable private equity portfolios on their balance sheets and may not be in any rush to sell. In April, the U.S. Federal Reserve announced it would give these banks and others a two-year grace period before they would need to comply with the Volcker Rule. Among the controversial aspects of the legislation, the Volcker Rule restricts banks’ ownership and investment in private equity and hedge funds off of the banks’ own balance sheets.

Europe: Financial Institutions Make Their MoveAcross the Atlantic, European financial institutions are moving to shed large portfolios of assets at a faster clip than their North American peers.

“The U.S. banks finished up a lot of their selling in 2010 and 2011 and the European banks are just starting to get into it,” said Brent Nicklas, managing partner at Lexington Partners. “I would say half of all the selling by banks and financial institutions will come out of Europe, even if it’s not all European private equity.”

buyers and intermediaries. The sale would help free capital for new commitments, as Calpers seeks to expand its portfolio in other areas, including emerging markets private equity, these people say.

Some pension sellers also still want to reduce their exposure to commitments made during the buyout boom of 2005 to 2008, a common thread among several large portfolio sales by pension funds in 2010 and 2011.

Calpers and the New Jersey Division of Investment each sold portfolios in 2011 with the objective of reducing their stakes in a handful of the mega funds raised during the boom. However, in both cases, the pension funds sold down only a percentage of their total commitment to at least some of those funds and continue to hold the remaining stakes, according to people familiar with those deals.

However, exactly how much pension funds and other fiduciaries actually sell will depend heavily on the pricing they get, given that many systems are not selling under duress.

“It depends on the urgency the pension manager feels,” said Jonathan Gutstein, partner at global secondary firm Coller Capital. “It’s a relatively easy decision to leave that capital where it is, if you’re not happy with the pricing.”

North American banks may make less of a splash with secondary sales in 2012 than their pension peers, despite new regulations under the Dodd-Frank Wall Street Reform and Consumer Protection Act that restrict the amount of private equity and hedge fund assets they can keep on their balance sheets, according to secondary buyers. Although some North American banks, including Bank of America Merrill Lynch, Citigroup Inc. and a number of smaller regional banks, moved aggressively to sell private equity portfolios or spin out direct investment teams in 2010 and 2011, others have been slower to act.

“There’s a portion of the market that says ‘we see where this is headed, and we want to be on the right side of regulators and take action now’,” said Gutstein. “But another part of the market says, ‘we’d like to get more clarity about how these regulations will be implemented.’”

Of The Secondary Deals That You Do, What Percentage Would You Estimate Are Due To:

0

10

20

30

40%

Median (%)Mean (%)

OtherIts use as a portfolio

management tool

Regulatorychanges

Economicconcerns of

inexperiencedinvestors/distressed

26.6%29.9%

37.6%

29.9%

25.0%

30.0%33.0%

25.0%


2011-2012 Select Secondary Deals: North America Seller Transaction Size (M) Buyers (if known)Citiigroup Inc. $1,700 Lexington, CIC, StepstoneAlberta Investment Management Corp. $800 N/ACalifornia Public Employees’ Retirement System $800 AlpInvest and othersCalifornia Public Employees’ Retirement System $1,500 N/AHarvard Management Co. $500 (natural resources funds) N/ANew York City Employees’ Retirement System $750 N/ANew Jersey Division of Investment $800 N/ASchool Employees Retirement System of Ohio less than $100 N/ASource: Dow Jones & Co., secondary buyers, intermediaries


“They have some structural motivations to sell, but they are really going after each and every dollar or euro,” said Mathieu Dréan, managing partner at Paris-based intermediary Triago.

Asia: Great Expectations But Low Deal VolumeAlthough secondary buyers expect most of the 2012 deal flow to come from North America and Europe, they are seeing growing opportunities in emerging markets, particularly Asia and Latin America, but it may take several years for that opportunity to materialize.

“The Asian secondary market is only in the early developmental stage in terms of supply,” said Alex Sao-Wei Lee, a partner who leads secondary investments at Axiom Asia Private Capital, which recently wrapped up its third Asia-focused fund of funds at $1.15 billion.

Lee estimates that deal flow involving Asian assets only accounted for about $1 billion of global secondary deal volume in 2011. Part of the challenge for that market is the fact that until only recently Asian funds accounted for only a small portion of global fundraising. Many LPs are still trying to build their exposure and remain underallocated, making them unlikely sellers.

Much of the deal volume that does flow to the market continues to comes from North American or European sellers, according to secondary buyers. As North American and European LPs gain experience backing Asian funds, some have started to put more emphasis on regional- or country-focused funds, which is leading to more secondary interests in large pan-Asian funds that accounted for most of the capital raised earlier in the decade.

That said, a handful of investors in the region have brought fund portfolios to the market. In 2011, Axa Private Equity purchased a nearly $500 million portfolio of U.S. private equity assets from Japan’s Mizuho Financial Group, according to other buyers and

European financial institutions face pressure on capital requirements in the face of regulation tied to the Basel III Accords and, in the case of insurance companies, Solvency II regulations. Uncertain macroeconomic conditions across the European continent are also prompting financial institutions to shore up their balance sheets, according to secondary buyers.

Given that insurance companies and banks historically accounted for a largest portion of the capital committed by European limited partners, many have built up large portfolios, which is starting to translate into larger secondary transactions. Barclays PLC, BNP Paribas, Credit Agricole SA and HSH Nordebank AG are only a few European financial institutions inking large secondary deals in 2011 and early 2012.

However, secondary buyers note that, although European banks are motivated sellers, they don’t expect many fire sales.

Allocations To US/Non-US Deals

0

20

40

60

80%

Prior FundCurrent Fund

Non-U.S. deals U.S. deals

50.0%

62.5%

70.0%

36.5%

Median (%)


2011-2012 Select Secondary Deals: Europe Seller Transaction Size (M) Buyers (if known)Absolute Private Equity Ltd. approx. $806 HarbourVest Partners, HarbourVest Global Private EquityBarclays Bank PLC $740 AXA Private EquityThe Barclays Bank U.K. Retirement Fund £350 N/ABNP Paribas more than $700 N/ACredit Agricole SA €900 Coller Capital FIH Erhvervsbank €180 N/AHSH Nordebank AG €620 AXA Private Equity, LGT Capital PartnersNational Pension Reserves Fund of Ireland N/A N/ALansforsakringar up to €1,500 N/ALloyds Banking Group £470 Lexington PartnersPolygon Investment Partners $400 to $500 Coller Capital, Morgan Stanley Alternative Investment Partners, Pomona CapitalSociete Generale SA €80 to €140 N/AWest LB €330 Partners Group, CS Strategic Partners and other buyersSource: Dow Jones & Co., secondary buyers, intermediaries


“In the mid-2000s, India went through a bit of a golden age with a lot of capital raised,” said Jason Sambanju, also co-head of Asian secondary practice at Paul Capital. “But there were a lot of first-time GPs and relatively inexperienced GPs that were getting funded. One could argue that there are probably more Indian GPs than there needed to be.”

Although secondary volume out of Asia may be modest, buyers and intermediaries continue to bulk up their presence in the region in anticipation of bigger opportunities down the road. In 2011, Lexington Partners and intermediary Cogent Partners both set up new offices in Asia. Greenpark Capital, meanwhile, is

intermediaries familiar with the deal. Meanwhile, Singapore’s GIC Special Investments Pte is shopping a portfolio of some $750 million in fund interests, although buyers say the deal represents an exception among Asian sellers. The sovereign wealth fund ranks among the region’s oldest limited partners.

Buyers also expect to see opportunities flow from spinouts of captive Asian private equity teams housed within financial institutions or large corporations. In 2011, Paul Capital, HarbourVest Partners, LGT Capital Partners and Axiom Asia Private Capital led the spinout of the Asian private equity business of Bank of America Merrill Lynch to form NewQuest Capital.

“A lot of these institutions, strictly speaking, aren’t really affected by the Volcker Rule,” said Lucian Wu, managing director and co-head of the Asia secondary practice at Paul Capital. “We’re getting calls from captive teams seeking advice about what they can do about their future. Typically, these are professionals in their mid-to-late 30s and have a long way to go in their careers. But they sense that the bank is unlikely to continue to support them so they’re looking for spinout opportunities.”

Another opportunity in 2012 may come out of India, where a lack of distributions and growing impatience among LPs in Indian funds makes the market ripe for consolidation.

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

0-1 year1 year

1-2 years

2 years


43.8%18.6%

25.0%

12.5%

seeking $500 million for a fund that will initially focus on opportunities in Asia, U.K. sister publication Private Equity News reported in early 2012.

Some firms have set up base to woo Asian LPs to their next funds. However, given the run-up in Asian private equity fundraising over the past decade, they also want to cultivate relationships with GPs in the region to facilitate deals when they do materialize.

“Asian GPs are just as sophisticated as their U.S. and European counterparts when it comes to the secondary market,” said Axiom Asia’s Lee. “They understand that they have influence over the deal process.”

The Buy Side: Glass Half Empty?As the volume of available assets on the secondary market swells, the big question will be who can step up to buy.

“Quite a few people are fundraising and that can impact who has resources available for transacting,” said Elly Livingstone, head of global secondaries at Pantheon. “2011 was a very active year for the secondary market, and during the year some of the dry powder in the marketplace will have been consumed.”

As deal volume skyrocketed in 2011, fundraising by secondary firms dropped by nearly 20% to just around $10.8 billion worldwide after strong years in 2009 and 2010, according to Dow Jones LP Source. However, fundraising appears to be rebounding in 2012 with secondary firms rounding up $3.8 billion during the first quarter alone, thanks in large part to a $2.9 billion pool raised by Credit Suisse Group.

Meanwhile, Axa Private Equity and Coller Capital this year are each expected to hit, if not surpass, the multi-billion targets for funds they are currently marketing, according to investors, which would put the 2012 tally well past last year’s total volume.

In recent years, secondary strategies have resonated with limited partners, even in a tough fundraising environment. Around 69% of firms surveyed for this report said that it took them one year or less to raise their latest fund. However, some of the respondents raised their last fund in 2009 or 2010, when LP appetite was particularly strong.

Although limited partners this year still have room for their favorite brand-name firms, competition is stiff. At least a half-dozen secondary firms are currently in the market with funds targeting at least $1 billion each, and they must vie for commitments with many more firms seeking smaller amounts, often for small and mid-size transactions.

“There still seems to be appetite out there, but a lot of funds are in the market and have been in the market for a while,” said Priya Pradhan, who oversees secondary fund research at Cambridge Associates. “Fundraising is taking time for a lot of them.”


2011-2012 Select Secondary Deals: Asia/ROWSeller Transaction Size (M) Buyers (if known)GIC Investments $750 N/ABank of America/Merrill Lynch More than 20 growth equity and buyout stakes in Paul Capital Partners, Axiom Asia (NewQuest Capital) Asian companies Mizuho Financial Group $440 Axa Private EquitySource: Dow Jones & Co., secondary buyers, intermediaries

Select Secondary Funds In The Market Or Recently Closed Total Amt. Fund Name Investing Firm Name Fund Type Fund Region Target (M) Clsd. (M)ADCM Secondary Private Abu Dhabi Capital Management LP Secondaries Global $100.0 $45.0 Equity Fund LP* Amberbrook VI LLC Willowridge Partners LP Secondaries U.S. $350.0 N/AArcano Capital Secondaries Fund* Arcano Capital LP Secondaries Western Europe N/A $700.0AXA Secondary Fund V LP Axa Private Equity LP Secondaries Global $3,500.0 $3,000.0Capital Dynamics Global Secondaries III Capital Dynamics LP Secondaries Global $250.0 N/ACipio Partners Fund VI* Cipio Partners Direct Secondaries Global $283.2 $188.1Coller International Partners VI LP Coller Capital LP Secondaries Global $5,000.0 $1,000.0Committed Advisors Secondary Fund I* Committed Advisors Direct Secondaries Western Europe $261.5 $373.3CS Strategic Partners V LP* Credit Suisse Private Equity LP Secondaries U.S. $2,500.0 $2,900.0Cuyahoga Capital Partners IV LP Cuyahoga Capital Partners Direct Secondaries U.S. $125.0 $82.9Delta-v Capital 2011 LP* Delta-v Capital Direct Secondaries U.S. $20.0 $20.0GS Vintage Fund VI LP Goldman Sachs Asset Management LP Secondaries Global $4,000.0 N/AGreenpark International Investors IV LP* Greenpark Capital LP Secondaries Global $1,200.0 $500.0Dover Street Fund VIII LP HarbourVest Partners LP Secondaries U.S. $3,000 $453.0Hamilton Lane Secondary Fund II LP Hamilton Lane LP Secondaries Global N/A N/AHeadway Investment Partners III LP Headway Capital Partners LP Secondaries Global $373.2 N/AHollyport Secondary Opportunities III* Hollyport Capital Direct Secondaries Western Europe $47.9 $47.9Industry Ventures Fund VI LP* Industry Ventures LP Secondaries U.S. $400.0 $400.0Industry Ventures Special Industry Ventures LP Secondaries U.S. $155.0 $155.0 Opportunities Fund LP* Lexington Capital Partners VII LP* Lexington Partners LP Secondaries Global $5,000.0 $7,000.0Montauk TriGuard Fund V LP Montauk TriGuard LP Secondaries U.S. $369.7 N/AMorgan Stanley Global Secondary Morgan Stanley Alternative Opportunities Fund II LP** Investment Partners LP Secondaries Global N/A $40.6 NB Secondary Opportunities Fund III LP Neuberger Berman Group LP Secondaries Global $1,600.0 N/ANordea Private Equity II Nordea Bank AB LP Secondaries Western Europe $50.0 N/A Nordic Secondaries KB Nottingham Capital Partners I Nottingham Capital Management Direct Secondaries Global $100.0 N/ANova Capital Management Fund Nova Capital Management Direct Secondaries Global $379.3 N/APartners Group Secondary 2011 LP Partners Group LP Secondaries Western Europe $2,847.2 N/APaul Capital Partners X LP** Paul Capital Partners LP Secondaries Global N/A N/APermal Private Equity Permal Capital Management LP Secondaries U.S. $350.0 $200.0 Opportunities IV (a) LP PineBridge Secondary Partners II LP* PineBridge Investments Direct Secondaries Global N/A $718.8PineBridge Secondary Partners III LP PineBridge Investments Direct Secondaries Global $1,300.0 N/APortfolio Advisors Secondary Fund II LP Portfolio Advisors Direct Secondaries U.S. $1,000.0 $200.0DB Secondary Opportunities Fund II LP Rreef Alternative Investments LP Secondaries Global $750.0 $25.0Saints Capital VII LP Saints VC Direct Secondaries U.S. $300.0 N/AEnvironmental Energies Fund* Scottish Equity Partners LP Secondaries Western Europe $150.2 $150.2Stepstone Secondary StepStone Group LP Secondaries U.S. $350.0 $115.0 Opportunities Fund II LP Devtec Fund I LP Tempo Capital Partners Direct Secondaries Western Europe N/A N/AWeisel Global Growth Thomas Weisel Global LP Secondaries U.S. $150.0 N/A Partners IV-S LP Growth PartnersW Capital Partners III LP W Capital Partners Direct Secondaries U.S. $750.0 N/A*Fund held final closing. **Expected in the market in 2012 . Source: Dow Jones LP Source and Dow Jones Guide To Secondary Market Buyers, 2012 edition


Several factors are driving sales, including pending regulations such as Basel III and Solvency II that make alternative investments disproportionately expensive.

Pension funds are willing buyers as they look for exposure to assets that offer steady returns with an inflation hedge. Case in point: San Diego City Employees’ Retirement System, which manages around $5 billion in assets, one of a number of pension systems that have added the asset class to their mix in recent years, with plans to invest up to 3% of its portfolio in infrastructure.

One placement agent said the moves marked a “change of pace” in the infrastructure funds market which, partly due to its size, had seen relatively few trades.

Since the beginning of 2012, investors have traded fund interests that include stakes in EQT Infrastructure, Macquarie Infrastructure fund and RREEF Infrastructure – managed by Deutsche Bank AG – which were sold by Svenska Handelsbanken AB, UniCredit SpA and Bank of Tokyo Mitsubishi UFJ Ltd., respectively.

The funds have interests in a range of European infrastructure assets, including Bristol Airport and Peel Ports in the U.K. and Argos Oil Storage in the Netherlands.

Insurance companies have also been among the sellers, with Swedish insurance conglomerate Länsförsäkringar AB understood to be selling its infrastructure fund positions as part of a $2 billion capital-raising effort. All parties declined to comment or did not respond to requests for comment.

Real Estate Secondaries Make Big Ripples In A Small SeaReal estate secondaries, like their private equity counterparts, also produced a banner year in 2011, reaching an estimated $2.2 billion, according to

The secondary market may have started out with

plain vanilla private equity funds but these days the market has taken on more flavors than Baskin Robbins.

“The broadening of the asset class is filtering through the secondary market,” said John Wolak, managing director at Morgan Stanley Alternative Investment Partners. “On one end you have venture capital and buyouts, but add to that energy, infrastructure, royalty funds, shipping funds and a whole variety of niche strategies that have raised capital. They don’t trade very often but when they do trade, not that many groups have the background to look at them and understand them.”

According to a January 2012 report issued by Cogent Partners, funds that fell into the “other” category – including energy funds, mezzanine funds, infrastructure funds and real estate funds – accounted for 23% of total transaction volume the intermediary saw during the second half of 2011.

Diversification of the assets has attracted both new buyers and sellers to the market, although pricing can be trickier given that different assets coming onto the market often have varying risk and return profiles. At the same time, however, market volatility has made the cash flow profiles of some of these strategies more attractive to investors, according to the Cogent report.

Infrastructure Secondaries Take FlightInvestor demand for secure long-term income has helped drive an increase in secondary transactions involving infrastructure assets. During the first few months of 2012, fund stakes worth more than $479 million have changed hands, a sum that industry experts are expecting will multiply rapidly by the end of this year.

Beyond Buyouts: Diversification Of Secondary AssetsBy Laura Kreutzer and Kiel Porter

Select Real Estate Secondary Funds Firm Name Location Fund Name Fund Size or Target (M) Year RaisedClairvue Capital Partners San Francisco Clairvue Capital Partners I LP $250* 2010Credit Suisse Group New York CS Strategic Partners V RE LP at least $200 2012Landmark Partners Simsbury, Conn. Landmark Real Estate Partners VI LP $718 2010Partners Group Zug, Switzerland Partners Group Real Estate Secondary 2009 €750 2010Portfolio Advisors Darien, Conn. Portfolio Advisors Real Estate Fund IV LP** $400 2011*Amount closed so far (fund is still open). **Indicates that vehicle is a fund of funds with an allocation to secondary deals. Source: Dow Jones & Co.


Landmark Partners, and buyers expect deal volume to continue to grow in 2012.

Many of the same forces that drove private equity secondary deals also factor into the real estate side of the table, including heightened regulatory pressure on financial institutions.

“We expect to see financial institutions continue to be active sellers in 2012 due to ongoing regulatory pressures,” said Marc Weiss, head of private real estate secondaries at Partners Group. “In addition, we’ve also observed pension fund capital migrating back to ‘core’ real estate and increasingly considering selling their ‘non-core’ holdings.”

At the same time, growth in fundraising for private real estate funds during the middle of the last decade stands to produce more investment opportunities over the next few years.

The universe of dedicated secondary buyers on the real estate side is also smaller than the community of private equity secondary firms, creating opportunities for less efficient pricing. Partners Group and Landmark Partners join a small handful of firms raising capital exclusively for real estate secondaries in the past few years.

But pricing real estate assets can be risky. The sharp downturn that the real estate market experienced after the collapse of the sub-prime mortgage market increased pressure on managers, leading to heightened turnover.

“I think you’ll see more movement of team members that go out on their own or hook up with other players,” said Bob Dombi, a partner at Landmark Partners, which raised $720 million for its fifth real estate secondary fund back in 2010, the firm’s largest real estate-focused fund to date. “The ability to retain the integrity of the team is being tested. The diligence that we need to do on managers is more significant than it was five to 10 years ago.”

Because real estate portfolios are often highly localized, the value of a portfolio of assets can be much more closely tied to geography, which adds an aspect to due diligence not as prevalent with private equity secondary deals. “Location, location, location,” said Dombi. “Real estate valuations can vary from corner to corner in the same city. That doesn’t really apply in the private equity space. The valuation of a high-tech company in various markets will be the same, regardless of whether it’s East Coast or West Coast.”

Credit Positions and Esoteric AssetsIn addition to the expansion of fund interests in areas such as infrastructure and real estate, secondary buyers and intermediaries see a growing volume of deal flow involving direct assets, including credit portfolios, intellectual property or mineral and mining rights and even life insurance settlements.


to pay a higher sum than the policy’s cash surrender value but a lower amount than the net death benefit. When the original policy holder passed away the investor would collect the benefits. During the early to mid-2000s, a growing number of hedge funds got into the market.

However, a number of these aggregated portfolios ran into trouble during the financial crisis. At around that time, life expectancy providers revised the mortality tables upon which these policies were based.

“People were living longer, so in 2007 they extended life expectancies,” said Jeffrey Hammer, managing director in the secondary advisory group at secondary intermediary Houlihan Lokey. “When they did that, it caused a crisis in the market, because many of these portfolios were levered and equity was wiped out.”

A handful of private equity firms, namely distressed investors, have begun to buy these portfolios. In 2010, Fortress Investment Group purchased a portfolio of life settlements from Belgium bank KBC Groep NV. Apollo Global Management, meanwhile, has also actively pursued investments in the space. Other buyers include insurance companies themselves, sovereign wealth funds and pension funds.

Houlihan Lokey has shopped two life settlement transactions in 2011 and expects to see more in 2012, Hammer said.

Although traditional secondary buyers have looked at these deals, they face several challenges, including the length of time it takes to realize an investment, which may not match the 10-year life span of a typical fund.

“These are very long-tailed assets,” said Hammer. “Even if the average age of an insurer is 80-years old, you’ll be holding these assets for a long period of time.”

An executive at one traditional secondary buyer added that pricing for these types of assets can be fairly efficient, which lowers return prospects.

“If the data can predict what the cash flows will look like there’s not a lot of room for upside surprises,” said this executive said. “I don’t think that stuff will get priced at a private equity like return.”

But Houlihan Lokey’s Hammer counters that pricing is not nearly as efficient as traditional buyers may suspect. Buyers must consistently reevaluate the health profiles of individual policy holders, as well as factor in issues such as the financial position of the insurer and any legal complexities that could impact the cash flow profiles of the portfolios.

“It’s a recovering market, but it’s very attractive from an investor’s standpoint, if you can navigate it,” he said.

Of these, perhaps the largest opportunity lies in the loan portfolio market, as banks and other lenders, particularly those in Europe, seek to clean up their balance sheets.

Lone Star Funds, for one, in 2011 picked up loan portfolios from specialized lender CIT Group, as well as Europe’s Anglo Irish Bank. Meanwhile, Lloyds Banking Group has agreed to sell a £500 million portfolio of loans to distressed-debt investor Sankaty Advisors.

As 2012 unfolds, the pipeline of loan portfolios coming up for sale is expected to swell, particularly from large European financial institutions that face pressure to strengthen their balance sheets. Over the past 18 months, distressed-debt firms such as Apollo Global Management, Avenue Capital Management, Oaktree Capital Management and Oak Hill Advisors have all raised capital to purchase these types of credit portfolios.

But several traditional secondary buyers say that, for them, the opportunity to purchase those credit portfolios at discounts sufficient to produce returns that match those of other private equity assets come along only very rarely.

“If you have debt that’s close to par but trading at 60 cents, it looks attractive,” said Bryon Sheets, partner at Paul Capital. “But once that debt gets up to 80 or 85 cents, the prospects for returns aren’t that great unless you’re going to lever that portfolio up.”

Life Settlements: An Emerging Secondary Market?Another group of assets starting to emerge on the secondary scene are life settlement portfolios.

Starting as early as the 1980s, investors began to purchase life insurance portfolios, typically agreeing

Life Settlements: Notable Transactions Seller Porfolio Size (M) DateCaldwell platform and portfolio $2,100 pendingGlobal Secured $1,600 11/11HM Ruby Fund $1,400 6/11New Stream Secured Capital Inc. $2,500 5/11SageCrest II $500 4/11HM Ruby Fund $1,200 3/11Life Equity & J.P. Morgan portfolio $1,000 3/11KBC Groep NV $6,200 10/10Olive Tree Holdings LLC $500 10/09Ritchie Capital Management $2,200 3/08Ritchie Capital Management $500 3/08Source: Houlihan Lokey Secondary Advisory Group


Time is ticking for a number of private equity

funds raised between 1999 and 2001, but direct secondary firms hope that they can step in to reset the clock.

Direct secondary buyers say that they expect to see growth in deals involving multiple companies from a single fund portfolio, as more funds reach the end of their lives.

“We didn’t see a ton of portfolio deals in 2011, but we think we will in 2012,” said Ken Sawyer, co-founder of Saints Capital, one of only a small number of firms that specializes in direct secondary deals. “The first part of the year is going to be predominately both individual company transactions on the direct side and LP stakes, but we think it’s going to be a very robust part of the market toward the end of this year and going into 2013.”

An increasingly impatient limited partner community is driving the trend, as more investors seek to trim the number of general partner relationships in their portfolios to zero in on their top performers.

“The trend of LPs to elect to end a fund at year 10 or year 12 is becoming very significant,” said David Wachter, managing director at New York-based secondary firm W Capital Partners. “Many LPs are not just in need of capital, but have expanded their relationship base so much in the last 10 years that they just can’t expand their partnership beyond year 12. They have too many balls in the air.”

The potential supply of fund portfolios runs deep. Among the 662 venture capital firms that raised funds between 1999 and 2001, roughly 267 have not raised a follow on

fund or done a deal in at least 18 months, according to data compiled by LP Source. Meanwhile, 99 of 464 buyout firms that raised funds during the same period have yet to raise a subsequent fund or make an investment in the past 18 months.

At press time, for example, Chicago-based Willis Stein & Partners was pitching a portfolio to the secondary market for a fund the firm raised in 2001, according to the fund’s backers.

Deal flow from buyout firms could spike as more firms that raised capital during the recent market boom test the fundraising market.

“If you had a 2006 fund with a five-year investment period, and you didn’t extend it, chances are your fund investment period is coming to an end,” said Julian Mash, chief executive at Vision Capital. “That’s why there are so many more firms on the road fundraising now and more companies sitting in older funds than ever before. All of this means that there is a strategic opportunity, not just in terms of buying assets out of old funds, but in terms of strategic partnerships.”

In June 2011, for example, Vision formed a strategic partnership with health and fitness investor New Evolution Ventures that helped provide capital to support both existing portfolio companies and new platform investments, according to Mash.

That said, portfolio deals are often complex, often requiring negotiations over who from the fund manager, if anyone, will remain involved with the portfolio. Buyers also say that increasingly they must price deals attractively enough to sway sellers who fear taking too big of a haircut on the assets.

“The secondary market is not a place where you’re going to get a bottom-fishing offer,” said W Capital’s Wachter. “The secondary market does offer legitimate liquidity.”

Select Direct Portfolio Deals: 2011-’12Firm Name Portfolio/Transaction Size Location Secondary Buyer BuyoutsBehrman Capital $883 million* New York pendingSpeyside Equity Partners Two companies Philadelphia Vision CapitalWillis Stein & Co. $700 million to $800 million Chicago pending

Venture Capital Oxford Bioscience Partners Six portfolio companies Boston Saints CapitalUnnamed Eight portfolio companies DFJ Espirit/Tempo*Net asset value as of 9/30/2011. Source: Dow Jones & Co.

Direct Secondary Buyers: An Older Fund’s New Best FriendBy Laura Kreutzer

1999 2000 2001 2002 2003 2004 20 05 2006 2007 2008 2009Sources: Lexington Partners Inc., Dow Jones Private Equity Analyst*Includes only dedicated secondary funds.

2010

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

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

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

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

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

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

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

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

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

2009 Goldman Sachs closes the largest secondary fund yet at $5.5 billion.

$2202$3060 $2278 $1961

$6675$6977 $6735

$7920

$11430

$13709

$18241

$148

$30

$2$131

$354

$1403$733

$2355

$1935

$2654

$574($9172)

($16363)

($13365)

($10275)

($7468)

($8380)

($7029)

($2092)($2280)

($3090)

($2350)

$1386 $1733

$5125

$951

$2890

$4702$5425

$8398

$6722

$10038

$11248

$591$712

$2224

$2912

$5289

$4159 $2563

$9202

$3316

($13354)$4450

($15698)

$7519

($14241)

($17600)

($7988)

($8861)

($8180)

($3863)

($7349)

($2445)($1977)

$11427

$5294

($10786)

2011

$8598

$2687

($20927)

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

($24781)

$23170

$1611

$5760

($17187)

$5492

Secondary DirectsSecondary Partnerships

Rest of worldUS Totals(Yearly totals)

(Yearly totals)

Secondary fund-raising (M)

Secondary deal volume (M)*


Secondary Market Timeline 1999-2011


The Dow Jones news department was not involved in the creation of this sponsored article.

SPONSORED ARTICLE

Secondary Liquidity Drives Real Benefit For The Venture Capital EcosystemBy Sam Schwerin and Dan Burstein of Millennium Technology Value Partners

We made our first secondary investment ten years ago, buying shares in a venture-backed company from sellers who needed partial liquidity for some very specific purposes. We also made a bold prediction: The direct secondary market for venture capital assets would grow to become a multibillion dollar market sometime in the next decade.

Back in 2002, the total market size for these types of transactions was less than $250 million. Fast forward a decade: As we celebrate our firm’s 10th anniversary, the direct secondary market for venture capital assets may break through the $10 billion mark in 2012, with volume already reaching $9.3 billion in 2011.

We see many reasons why the secondary market will continue to grow in the coming years. Companies are proactively seeking to stay private longer, and are able to do so by availing themselves of cash liquidity for their constituents as they mature. Indeed, the secondary market has gone from obscure, unloved and sometimes unwelcomed a decade ago, to become a widely accepted and a fundamental part of the venture capital ecosystem today. The era of the “integrated financing” has dawned: Secondary liquidity is increasingly wrapped up with primary financings, pre-IPO strategies, and virtually every part of the process by which emerging companies address their financial needs.

Facebook Inc. tells us much about this history: Since that company’s founding in 2004, significantly more money was invested in secondary purchases of Facebook stock than in all the company’s primary financings put together. (Our firm was among the first institutional buyers of Facebook secondaries, beginning in 2008 with a liquidity program for former employees). Precisely because shareholders could always get cash liquidity from the secondary market, Facebook was able to grow into the market cap giant it is today without facing undue pressure to go public before it was ready.

As the secondary market grows, it is undergoing a maturation process. Just recently, the Securities and Exchange Commission took action against several firms that reportedly engaged in a variety of inappropriate practices in connection with secondary transactions. Clearing out inappropriate and illegal practices from the market, and making sure participants understand relevant securities laws, is beneficial. We believe these actions will further fuel the secondary market’s maturation as an increasingly institutional business.

The recent JOBS Act (and the new SEC regulations that will follow) will lead to the entrance of a more diverse, less traditional population of venture investors. This fact, alongside the proliferation of marketplaces and feeder funds, suggests that the need for liquidity will continue to grow. Yet these same trends are also creating new complexities, requiring operating companies and their liquidity partners to become increasingly sophisticated and best practices-oriented with regard to the secondary sector.

We have consistently emphasized that forward-thinking companies must “get ahead of the curve” and “take control” of the secondary process. We want to see companies set their own rules for how secondary should be done and we want to work with them as a trusted liquidity partner to provide customized solutions.

The growing role played by secondary when it is done right will drive important win-win benefits across the entire spectrum of venture capital participants. Here are some examples:

– Private companies will continue to grow in the relative calm of the private market while still gaining many of the benefits of being a public company, such as access to periodic liquidity and a valid acquisition currency.

– Company capital structures will gain flexibility in emphasizing different types of investors at different stages. For example, angels crucial in the early days can take some chips off the table after a company has demonstrated success and, through secondary transactions, allow in later-stage investors with different valuation expectations and expertise.

– Employees who might previously have had to wait a decade or more for an IPO now have liquidity opportunities along the way. Companies will increasingly see secondary liquidity programs as powerful tools to attract, motivate and retain talent.

– Venture investors can also obtain partial liquidity, allowing them to achieve better, more sustainable performance. A next generation of more flexible venture capital firms will emerge as industry leaders, increasingly able to provide both growth capital and secondary liquidity throughout the lives of the companies in their portfolios.

– Limited partners will discover renewed interest in the venture asset class by virtue of more diverse opportunities for liquidity, as well as improved risk-return dynamics arising with the introduction of alternative liquidity paths.

We expect the secondary market to continue growing. As it evolves, look for the power of liquidity to trigger a new and strongly virtuous cycle in the venture ecosystem.

Sam Schwerin and Dan Burstein founded Millennium Technology Value Partners a decade ago. The firm has close to $1 billion in assets under management, and has made 300 secondary

investments in companies including Facebook Inc., Twitter Inc., Zappos.com Inc., Chegg Inc. and many others. To learn more visit www.MTVLP.com.


The Dow Jones news department was not involved in the creation of this sponsored article.

David B. Parshall is a managing director and co-founder of PEI Funds. Before founding PEI, Parshall was a managing director of Blackstone Group, and prior to that served as a managing director at Lehman Brothers Holdings Inc. Reach him at [email protected].

SPONSORED ARTICLE

Structured Liquidity Solutions In Small Transactions By David B. Parshall, PEI Funds

Total secondary transaction volume reached record levels in 2011, rising to an estimated $25 billion, according to industry analysts. This compares to estimated secondary deal volume five and ten years ago of $10 billion and $2 billion, respectively. In our firm’s 20 years of experience, we have seen year-over-year increases in volume, interrupted by meaningful downturns only in 2001-2002 after the technology bubble burst and in 2009 following the bankruptcy of Lehman Brothers Holdings Inc. The secular trend is clearly upward, as shown below.

We expect that growth in secondary volume will persist in the 5%-10% range, on a secular basis, in the years ahead. Important growth drivers include: (a) an expanding base of invested capital in private alternatives, (b) disruptive opportunities in the venture community, (c) shifts in investment strategy among institutional investors and corporate investment programs over time and (d) an increased breadth of investment strategies and skills, coupled with a proliferation of sectoral and other niche strategies, pursued by firms engaging in secondary transactions.

Secondary transactions take many forms, including the sale of limited partnership interests, the sale of direct investments in one or more private companies, fund terminations or extensions and other forms of fund or company restructuring.

Alongside the expected growth in overall secondary transaction volume, there is a sizable and growing need for creative solutions for small deals (those generally in the range of $3 million to $30 million each). Many secondary firms focused on transactions of this size predominantly handle the purchase of limited partnership interests for cash. In our firm’s experience we have seen a surge in the supply of small deals requiring some form of structuring, and we expect this trend to continue.

The supply of secondary opportunities is largely driven by a desire or need for liquidity. Funds and companies experience two forms

of liquidity constraint – either a lack of cash, or an excessive and unsustainable level of debt. The “no cash” scenario typically originates from VC or other private equity funds lacking sufficient cash to support their portfolio companies. The “excessive debt” scenarios tend to originate in leveraged SBICs that cannot fulfill obligations to service debt to the SBA, or corporations in a similar predicament with lenders. The following case study provides an example in which PEI executed a recapitalization that provided a company with sufficient runway to execute its business strategy.

Case Study – Company TSituation Overview: Company T, a venture-backed telecommunications company formed in the 1990s, is engaged in two broad business areas: consulting services to large enterprises relating to communications needs, and a software platform providing interconnectivity within the enterprise of communication systems and devices of multiple architectural constructs. The company’s software provides greater efficiencies and lower costs to its users compared to alternatives, and the market opportunity is significant.

The problem was that Company T had over $100 million of investor debt with accrued interest and minimal earnings before interest, taxes, depreciation and amortization – an unsustainable capital structure and a roadblock for doing business with large enterprises. The company needed a restructuring of its capitalization that would unlock the well-identified growth opportunities ahead.

Solution: PEI led a recapitalization in which Company T’s existing lenders exchanged senior debt for senior preferred equity and warrants. In addition, all prior rounds of preferred equity were collapsed into a new single series of preferred equity. The restructuring eliminated nearly $100 million of debt obligations and simplified the company’s overall equity capital structure. The cash contributed by PEI and its co-investors, including management of the company, totaled approximately $3.5 million. Concurrently with the recapitalization, Company T executed software license agreements that provided the company with more than $10 million in cash.

Based on what PEI has seen over the last few years in the private equity and secondary markets, we expect there will be more small transactions of this complexity in the months and years ahead.

0

5

10

15

20

$25B

201120102009

20082007

20062005

20042003

20022001

20001999

19981997

Secondary Transaction Volume

$0.7 $1.5$2.4$3.1

$2.3$2.1

$7.0$8.4

$7.5

$10.3

$13.4$16.4

$9.2

$20.9

$25.0

Sources: Dow Jones Private Equity Analyst and Dow Jones Guide to Secondary Market Buyers (with data from Lexington Partners)


Abbott Capital Management1211 Avenue of the Americas, Suite 4300 New York, NY 10036 Phone: 212-757-2700 Fax: 212-757-0835 www.abbottcapital.com [email protected]

Key personnelCharles van Horne, Managing Director [email protected]

Kate Kelly, Marketing Analyst [email protected]

OverviewYear founded 1986

Year began making secondary purchases 1987

Professionals worldwide 12

Total secondary assets under management $148.1 million

Secondary directsDoes your firm participate in secondary direct activities? No

Abu Dhabi Investment Authority211 Corniche Road - P.O. Box 3600 Abu Dhabi, UAE wwww.adia.ae

Key personnelMohammad Anwer Farooqui, Head, Secondaries & Distressed [email protected]

Humaid Bib Bishr, Portfolio Manager [email protected]




Amount is the maximum cash outlay as of 1/31/12. Includes liquidated partnerships. Does not include amounts available for future secondary purchases. Maximum cash outlay equals the aggregate purchase price of all secondary purchases plus the unfunded capital commitments at the time of purchase.

Capital investment plans in 2012 $56.7 million

Investment criteriaMinimum investment N/A

Maximum investment N/A

Participation in syndicates? Yes

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

Secondary Market Buyers Listings

Abu Dhabi Investment Authority 22

Adams Street Partners 23

Allianz Capital Partners 24

Alpha Associates 24

AlpInvest Partners 24

Apposite Capital 26

Arcis Group 26

Auda International 27

AXA Private Equity 27

Bio Equity Capital 28

Coller Capital 29

CPP Investment Board 30

CS Strategic Partners 30

Cuyahoga Capital Partners 31

DB Private Equity 31

Fondinvest Capital 32

Goldman Sachs Group Inc. 32

Greenspring Associates 33

Hamilton Lane 33

HarbourVest Partners 34

Headway Capital Partners 35

Hovde Private Equity Advisors 35

Idinvest Partners 35

Industry Ventures 36

Itaventure Capital Partners 37

Jolimont Capital 37

Kensington Capital Partners 37

Landmark Partners 38

Lexington Partners 38

LGT Capital Partners 39

Liquid Realty Partners 39

MidCoast Capital 40

Morgan Stanley Alternative Investment Partners 40

Mustang Capital Partners 41

Neuberger Berman 41

Newbury Partners 44

Pantheon 45

Partners Group 45

PEI Funds 47

Permal Capital Management 48

PineBridge Investments 48

Pomona Capital 48

RREEF Alternative Investments (DB Private Equity) 50

Thomas Weisel Partners 52

Triginta Capital 52

Unigestion 52

VCFA Group 53

Vintage Investment Partners 54

Willowridge Partners 54

Secondary Buyers Also Investing In Secondary DirectsFirm name Page number Firm name Page number Firm name Page number


Adams Street Partners (Beijing) Co. Ltd. 77 Jianguo Road, Level 24 Tower 3 China Central Place Chaoyang District, Beijing 100025 China Phone: 8610-8587-2312

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

Jeffrey Akers, Partner [email protected]

Troy Barnett, Partner [email protected]

Greg Holden, Partner [email protected]

Pinal Nicum, Partner [email protected]

Joe Goldrick, Principal [email protected]

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



Total secondary assets under management $3,800 million

2010 secondary capital invested $350 million

Funds being investedAdams Street Partnership Funds - Secondary Allocation Size $950 million Year closed 2009-2011

Adams Street Global Opportunities Secondary Fund II Size $738.1 million Year closed 2009

Investment criteriaMinimum investment $10 million

Maximum investment $500 million


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

IT Tower, Avenue Louise 480 Brussels 1050 Belgium Phone: 32-2-290-87-20 Fax: 32-2-290-87-21

Ludwig-Ganghofer-Straße 6 Grünwald D-82031 Germany Phone: 49-89-6938-6220 Fax: 49-89-6938-6228

Key personnelDominique Peninon, Chairman & Managing Partner [email protected]

Agnès Nahum, Managing Partner [email protected]

Philippe Poggioli, Managing Partner [email protected]


Investment criteriaParticipation in syndicates? No

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

Select institutional backersClients include banks, pension funds and individuals.

Adams Street Partners1 North Wacker, Suite 2200 Chicago, IL 60606-2823 Phone: 312-553-7890 Fax: 312-553-7891 www.adamsstreetpartners.com [email protected]

Branch officesAdams Street Partners UK LLP 75 Davies St., Fourth Floor London W1K 5JN U.K. Phone: 44-20-7823-0640 Fax: 44-20-7823-0659

Adams Street Partners Inc. 2500 Sand Hill Rd., Suite 100 Menlo Park, CA 94025 Phone: 650-331-4860 Fax: 650-331-4861

Adams Street Partners LLC (Singapore Branch) 250 North Bridge Road #14-02 Raffles City Tower Singapore 179101 Singapore Phone: 65-6303-8730 Fax: 65-6303-8740



Transaction value of largest deal closed in 2011 $25 million

Investment criteriaMinimum investment $50 million (price+unfunded)



Interests soughtLBO Funds Mezzanine Funds Special Situations Funds (i.e. distressed debt) U.S. Funds Non-U.S. Funds Spinouts

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

Secondary directsDoes your firm participate in secondary direct activities? Yes

Select portfolios acquiredOriginal manager Permira Year acquired 2003

Original manager Hellman & Friedman Year acquired 2003

Original manager Deutsche Bank Year acquired 2007

Investment preferencesMinimum $45 million Maximum $435 million

Access Capital Partners121 Avenue des Champs-Elysees Paris 75008 France Phone: 33-1-5643-6100 Fax: 33-1-5643-6101 www.access-capital-partners.com [email protected]

Branch offices1 Royal Plaza, Royal Avenue St. Peter Port Guernsey GY1 2HL Channel Islands Phone: 44-14-8171-3843 Fax: 44-14-8171-5219


3 Garden Road Central 701 Citibank Tower Hong Kong, China Phone: 852-2878-7099 Fax: 852-2878-7009

Key personnelWouter Moerel, Managing Partner [email protected]

Tjarko Hektor, Managing Partner [email protected]

Chris Perriello, Partner [email protected]

Christophe Nicolas, Partner [email protected]

Neal Costello, Principal [email protected]

Michael Hacker, Principal [email protected]

Philip Viergutz, Principal [email protected]

Julian Rampelmann, Investment Manager [email protected]

Michael Camacho, Investment Manager [email protected]




Total secondary assets under management €8 billion

2011 secondary capital invested €1.3 billion

Capital investment plans in 2012 €1 billion

Transaction value of largest deal closed in 2011 €400 million

Investment criteriaMinimum investment €5 million

Maximum investment €500 million


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


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


Alpha AssociatesTalstrasse 80 Zurich CH-8001 Switzerland Phone: 41-43-244-3100 Fax: 41-43-244-3101 www.alpha-associates.ch [email protected]

Key personnelPeter Derendinger, Partner & CEO [email protected]



Investment criteriaMinimum investment $0.5 million



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

Geographic preferencesUnited States United Kingdom Western Europe Eastern or Central Europe


AlpInvest PartnersJachthavenweg 118 Amsterdam KJ 1081 The Netherlands Phone: 31-20-540-7575 Fax: 31-20-540-7500 www.alpinvest.com

Branch offices630 Fifth Avenue, 28th floor New York, NY 10111 Phone: 212-332-6240 Fax: 212-332-6241

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



Allianz Capital Partners1114 Avenue of the Americas, 31st Floor New York, NY 10036-7703 Phone: 212-739-3400 Fax: 212-739-4400 www.acp.allianz.com [email protected]

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

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

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

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



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




LGT Capital Partners provides portfolio management and liquidity solutions since 1998 and leads secondary investments in:

•BuyoutandVentureCapitalpartnerships•European,USandAsianassets•Specialsituations(unfundedpositions,directsecondaries)

ForfurtherinformationpleasecontactAndréAubert([email protected])orSaschaGruber([email protected])

Pfaeffikon,NewYork,London,Dublin,HongKong,Tokyowww.lgtcp.com,[email protected]

Leading the way in secondary investingLGT Capital Partners is a leading private equity fund of funds manager and secondary specialist with USD 17 billion in commitments and is acquiring private equity interests actively and discretely.

ErasmusHabermel,detailfrom“PerpetualCalendar”,c.1600

©CollectionsofthePrinceofLiechtenstein,Vaduz,LiechtensteinM

useum,Vienna


Branch offices30 rue Galilée Paris 75116 France Phone: 33-1-4723-8862 Fax: 33-1-4723-8855

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

Key personnelHenri Isnard, Managing Partner [email protected]

Mark Burch, Managing Partner [email protected]

Romain Bouché, Partner [email protected]




Total secondary assets under management €500 million

2011 secondary capital invested €50 million

Capital investment plans in 2012 €50 million




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

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


Description of practiceApposite Capital acquires and manages direct secondary assets in health care. Apposite’s secondary activities aim to purchase interests from other venture capital and private equity firms who seek liquidity or wish to restructure their direct investment portfolios.

Apposite seeks to acquire secondary assets across all sectors within health care – biotechnology, pharmaceuticals, medical technology, diagnostics, health care services, medical equipment – globally. Apposite specifically targets secondary opportunities where it can take an active role, provide strategic input and facilitate exit routes.

Funds being investedFriday Street Venture Partners Year closed 2009

Apposite Healthcare Fund Size $200.4 million Year closed 2007




Interests soughtIndustry preferencesHealth care

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


Select portfolios acquiredOriginal manager 3i Group Year acquired 2009


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

Altius Associates20 Grosvenor Place London SW1X7HN U.K. Phone: 44-20-7838-7640 Fax: 44-20-7838-7699 www.altius-associates.com

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



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

Investment criteriaMinimum investment $0


Participation in syndicates? No

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

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

Apposite CapitalBracken House, 1 Friday Street London EC4M 9JA U.K. Phone: 44-20-7090-6190 Fax: 44-20-7090-6022 www.appositecapiatal.com [email protected]

Key personnelValerie Auffray, Investor relations [email protected]

David Porter, Managing Director [email protected]




Funds being investedAXA Secondary Fund I Size $220 million Year closed 1999

AXA Secondary Fund II Size $480 million Year closed 2011

AXA Secondary Fund III Size $1,040 million Year closed 2004

AXA Secondary Fund IV Size $2,854 million Year closed 2006

AXA Secondary Fund V Size $5,000 million expected Year closed 2012

AXA Early Secondary Fund I Size ¤229 million Year closed 2003

AXA Early Secondary Fund II Size $221 million Year closed 2004

AXA Early Secondary Fund III Size ¤600 million Year closed 2005

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


Maximum investment $2 billion


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

Industry preferencesBuyout and growth in terms of strategy, balanced sectorwise

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

Select institutional backersUndisclosed


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

1 Grafton Street London W1S 4FE U.K. Phone: 44-20-7003-1350

Key personnelStéphanie Grace, Head of Communications [email protected]




Total secondary assets under management $13.4 billion

2011 secondary capital invested $3.5 billion

Capital investment plans in 2012 $2 billion-$3 billion

Transaction value of largest deal closed in 2011 $1.7 billion

Description of practiceAXA Private Equity provides investors with funds across the full range of private equity offerings: funds of funds; LBO mid-cap and small-cap; innovation and growth; co-investment; infrastructure; and mezzanine.)

The secondary practice is a key part of the scope of the fund-of-funds team, who is responsible for identifying, reviewing and recommending prospective investment and divestment opportunities to the fund. AXA Private Equity operates on a fully-integrated global basis across its 3 investment platforms: North America, Europe, and Asia. The investment team advises investments in over 800 private equity funds and over 10,000 underlying investments for total assets under management of $17 billion (including primary).

Since 1998, AXA Private Equity has completed 69 secondary transactions involving $7.1 billion of invested and committed funds via its 5 closed generations of funds.

In 2011, it has undertaken some major secondaries transactions: It purchased a $1.7 billion portfolio of private equity assets from Citigroup; a $740 million portfolio of private equity assets from Barclays; a $500 million portfolio of private equity assets from HSH Nordbank and a U.S. private equity portfolio from a major Japanese Bank.

Auda International888 Seventh Avenue, 41st Floor New York, NY 10106 Phone: 212-863-2300 Fax: 212-593-2974 www.auda.com [email protected]

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

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

Marissa Rocker, Marketing Associate [email protected]

Don Rigoni, Senior Vice President, Business Development [email protected]





Funds being investedAuda Secondary Fund II LP

Investment criteriaParticipation in syndicates? Yes


AXA Private Equity20, place Vendôme Paris 75001 France Phone: 33-1-44-45-92-00 www.axaprivateequity.com

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

1 Temasek Avenue Unit 20-02A Millenia Tower Singapore Phone: 65-6513-3410

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


Blue CapitalArabellastraße 14 Munich D-81925 Germany Phone: 49-89-678-2050 Fax: 49-89-6782-05140 www.wealthcap.com

Breslin AGGsteigstrasse 21 Erlenbach 8703 Switzerland Phone: 41-44-386-4020 Fax: 41-44-386-4022 www.breslin.ch [email protected]

Branch officesAm Pfarrhof 4 Maintal/Frankfurt am Main 63477 Germany Phone: 49-6181-4242-760 Fax: 49-6181-4242-762

Key personnelDr. David Karabelnik, CEO & Managing Partner [email protected]

Klaus Berding, Director & Partner [email protected]

Dr. Martin Schnee, Director and Partner [email protected]

Fanina Karabelnik, Assistant [email protected]








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

Key personnelNessan Bermingham, Managing Partner [email protected]

Joseph Siletto, Managing Partner [email protected]



Description of practiceThe firm is a health care-focused special situations investment firm. The firm acquires investments through direct secondary transactions, providing solutions for equity and debt holders in both private and public health-care companies. Typically, these security holders are venture capital and private equity firms and their limited partners, corporations, mutual funds, hedge funds, company founders and executives. The firm evaluates and acquires investment positions in both individual companies and portfolios of companies.

In addition, when security holders want to retain existing positions, but face value erosion in one or more of their investments as a result of follow-on financings in which they are not participating, the firm can preserve the value through a synthetic secondary transaction.

The firm invests broadly across the health-care sector, including medical devices, specialty pharmaceuticals, biotech, diagnostics, health-care IT and services. The firm focuses on mid- to later-stage companies and portfolios.




Interests soughtVenture Funds Special Situations Funds Stakes in Private Companies

Industry preferencesHealth care

Geographic preferencesUnited States United Kingdom Western Europe



Select portfolios acquiredOriginal manager Bank of America Year acquired 2010 Transaction price $1.9 billion

Original manager Citibank Year acquired 2011 Transaction price $1.7 billion

Original manager HSH Nordbank Year acquired 2011 Transaction price €620 million

Original manager Barclays Year acquired 2011 Transaction price $740 million

Investment preferencesMinimum $10 million Maximum $2 billion

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

Key personnelBenjamin Revillon, Managing Partner [email protected]




Capital investment plans in 2012 €20 million




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


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


Branch offices410 Park Avenue New York, NY 10022 Phone: 212-644-8500 Fax: 212-644-9133

Key personnelJeremy Coller, Chief Investment Officer [email protected]

Tim Jones, Deputy CIO [email protected]

Frank Morgan, Partner [email protected]

Susan Flynn, Partner [email protected]

Jon Freeman, Partner [email protected]

Jonathan Gutstein, Partner [email protected]

Axel Hansing, Partner [email protected]

Hiro Mizuno, Partner [email protected]

Erwin Roex, Partner [email protected]

Luca Salvato, Partner [email protected]

Stephen Ziff, Partner [email protected]





Description of practiceColler Capital has over two decades of experience as an investor with a focus on providing customized solutions for sellers of private equity assets.

The firm has a proven capacity and reputation for closing complex transactions, including direct secondaries.

Funds being investedColler International Partners V Size $4,800 million Year closed 2007


Maximum investment $1,000 million





Total secondary assets under management $500 million


Capital investment plans in 2012 $60 million





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


CMS Fund Advisors308 E. Lancaster Ave., Suite 300 Wynnewood, PA 19096-2145 Phone: 610-896-3000 www.cmsco.com

Key personnelWilliam A. Landman, CEO [email protected]


Investment criteriaInterests soughtLBO Funds Special Situations Funds Real Estate Funds U.S. Funds

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

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

Key personnelMargot Wirth, Director



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

Branch offices21 Sackville Street London W1S 3DN U.K. Phone: 44-207-297-0200 Fax: 44-207-297-0299

9 Colmore Row Birmingham B3 2BJ U.K. Phone: 44-121-200-8800 Fax: 44-121-200-8899

645 Madison Avenue, 19th Floor New York, NY 10022 Phone: 212-798-3400 Fax: 212-798-3499

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

16/F Nexxus Building, 41 Connaught Road Central Hong Kong Phone: 852-3757-9818 Fax: 852-3757-9401

Key personnelJoseph Marks, Managing Director [email protected]

Martha Cassidy, Managing Director [email protected]

Sandro Galfetti, Vice President [email protected]

Jochen Mende, Vice President [email protected]

Andrew Beaton, Managing Director [email protected]

Thomas Kubr, Managing Director [email protected]



Investment preferencesMinimum $25 million Maximum >$1 billion

CS Strategic Partners11 Madison Avenue, 16th Floor New York, NY 10010 Phone: 212-538-7680 Fax: 646-935-7048 https://www.credit-suisse.com/us/private_equity/en/strategic_partners.jsp [email protected]

Key personnelStephen Can, Strategic Partners Co-Head and Managing Director [email protected]

Verdun Perry, Strategic Partners Co-Head and Managing Director [email protected]

Peter Song, Partner [email protected]






Capital investment plans in 2012 $1 billion


Description of practiceSince 2000, CS Strategic Partners (SP) has completed over 600 secondary transactions, comprising interests in over 1,200 underlying funds. SP focuses on acquiring interests in a wide range of funds including LBO, mezzanine, real estate, venture capital and special situations. SP has an opportunistic, flexible mandate and can seamlessly complete transactions ranging from $1 million to $1 billion.

Funds being investedCS Strategic Partners V Size $2.4 billion Year closed 2012

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


CPP Investment Board1 Queen Street East, Suite 2600 Toronto, ON M5C2W5 Canada Phone: 416-868-4075 www.cppib.ca

Key personnelYann Robard, Senior Principal [email protected]




Total secondary assets under management $5 billion


Capital investment plans in 2012 $1 billion-$2 billion





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

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

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



Commonfund Capital15 Old Danbury Road Wilton, CT 06897 Phone: 203-563-5000 Fax: 203-563-5581 www.commonfund.org

Key personnelThomas Lenehan, Director [email protected]











Adam Graev, Director [email protected]

Chi Cheung, Director [email protected]





Description of practiceThe Secondaries Group of DB Private Equity invests in secondary opportunities globally. A significant source of proprietary dealflow and an information advantage is gained through DB Private Equity’s 250 GP relationships.

The team uses a value-based investment strategy coupled with rigorous and analytical asset-level due diligence to emphasize pricing discipline over deal volume, with a focus on risk mitigation and portfolio diversification.

Funds being investedDB Secondary Opportunities Fund II, LP Year closed 2012





successfully deployed three secondary funds focused on smaller transactions in addition to building a portfolio of primary fund commitments. The firm brings its extensive primary and secondary relationships to bear in its origination and execution of investments in venture capital funds, LBO funds and funds of funds.

Funds being investedCuyahoga Capital Partners IV Size $125 million target Year closed Raising





Geographic preferencesUnited States United Kingdom Western Europe Canada



DB Private Equity1 Appold Street London EC2A 2UU U.K. Phone: 44-207-545-8000 Fax: 44-207-545-4336 www.dbpe.com

Branch offices345 Park Avenue, Floor 24 New York, NY 10154 Phone: 212-454-1047

Key personnelCarlo Pirzio-Biroli, Managing Director, Co-Head of Global Secondaries [email protected]

Charles Smith, Managing Director, Co-Head of Global Secondaries [email protected]




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

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


Investment preferencesMinimum $1 million Maximum $1 billion

Cuyahoga Capital Partners1660 W. 2nd St., Suite 940 Cleveland, OH 44113 Phone: 216-472-4170 www.cuyahogacap.com

Key personnelChris Hanrahan, Managing Partner [email protected]

Bart Shirley, Managing Partner [email protected]

Michael Griech, Vice President [email protected]





Description of practiceThe firm focuses on acquiring secondary interests in generally, small negotiated transactions below $25 million. The firm became independent in January 2011 following the completion of an amicable spinout from KeyCorp. While part of KeyCorp, the CCP team raised and


68/F, Cheung Kong Center 2 Queen’s Road Central Hong Kong, China

Key personnelMichael Brandmeyer, Managing Director [email protected]

Harold Hope, Managing Director [email protected]





Maximum investment $1 billion+





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

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

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

Investment criteriaParticipation in syndicates? No


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


Fort Washington Capital Partners Group303 Broadway, Suite 1200 Cincinnati, OH 45202 Phone: 513-361-7600 Fax: 513-361-7605 www.fortwashington.com

Key personnelJohn O’Connor, Managing Director [email protected]



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

Branch officesChristchurch Court 10-15 Newgate Street London EC1A 7HD U.K.

555 California Street San Francisco, CA 94104

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

Key personnelCarmen Gigliotti, Managing Director [email protected]



Investment criteriaInterests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds Real Estate Funds Unfunded or Largely Unfunded Interests U.S. Funds Non-U.S. Funds

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

Branch offices101 California Street, Suite 2150 San Francisco, CA 94111 Phone: 415-665-1853 Fax: 415-665-1853

Key personnelCharles Soulignac, Managing Partner [email protected]

Emmanuel Roubinowitz, Partner [email protected]

Catherine Lewis La Torre, Partner [email protected]






Transaction value of largest deal closed in 2011 €24 million


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

Branch offices825 Third Avenue, 35th Floor New York, NY 10022 Phone: 212-752-7667

200 California Street, Suite 400 San Francisco, CA 94111 Phone: 415-365-1056

2 Ice House Street Centralroom 1001-2, 10th Floor St. Georges Building Central Hong Kong, China Phone: 852-3987-7191

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

Key personnelTom Kerr, Managing Director [email protected]

Erik Hirsch, Chief Investment Officer [email protected]

Dennis Scharf, Vice President [email protected]

Keith Brittain, Vice President [email protected]

Mitesh Pabari, Senior Associate (U.K.) [email protected]




Total secondary assets under management $820.2 million in secondary AUM as of Dec. 31, 2011

2011 secondary capital invested $239.5 million



Description of practiceThe firm’s secondary approach is differentiated from traditional secondary market players as a result of its large primary fund business. The firm is able to utilize its relationships with hundreds of private equity fund managers to identify potential secondary opportunities. Through these relationships, it has unique access to information and deal








Interests soughtVenture Funds

Geographic preferencesUnited States Asia (excluding Japan)



Groupama Private Equity148 boulevard Haussmann Paris 75008 France Phone: 33-1-53-93-51-51 Fax: 33-1-53-93-51-52 www.groupama-pe.fr [email protected]

Funds being investedQuartilium II Size $284 million Year closed 2005




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

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

Joanna Jordan, Co-Founder and Operations / Investor Relations Director [email protected]

Andrew French, Co-Founder and Finance Director [email protected]

Daniel Green, Investment Director [email protected]

Philippe Munch, Investment Director [email protected]

Eric Pathe, Investment Director [email protected]

Rob Savage, Investment Director [email protected]

Chin Chin Teoh, Head of Asia [email protected]










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


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

Key personnelAshton Newhall, Co-Founder, General Partner [email protected]



Description of practiceAs a primary, secondary and direct investor, the firm has extensive relationships with the GP community that often makes it a preferred buyer, provide exclusive introductions to sellers, and allow it to formulate offers quickly and confidentially. These broad and deep relationships enable the firm to efficiently evaluate and execute secondary transactions ranging in size, geography, and asset type.

Funds being investedDover Street Investment Program


Maximum investment >$1 billion


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

Industry preferencesHarbourVest invests secondary capital across most industries.

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


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

Branch officesBerkeley Square House 8th Floor, Berkeley Square London W1J 6DB U.K. Phone: 44-20-7399-9820 Fax: 44-20-7399-9840

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

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

Calle 113 No. 7-21 Torre A, Oficina 1101 Bogota, Colombia Phone: 571-658-5848

Key personnelBrett Gordon, Managing Director, Boston [email protected]

John Toomey, Managing Director, Boston [email protected]

Jeff Keay, Managing Director, Boston [email protected]

Fred Maynard, Managing Director, Boston [email protected]

Peter Wilson, Managing Director, London [email protected]

David Atterbury, Managing Director, London [email protected]

Tim Flower, Principal, Hong Kong [email protected]

Tatsuya Kubo, Managing Director, Tokyo [email protected]

Peter Lipson, Managing Director, Bogota [email protected]





flow. Its goal is to provide investors with significant capital appreciation by building a diversified portfolio of secondary investments. With a relatively modest fund size, its strategy includes seeking opportunities to invest in individual funds and small portfolio transactions that are proprietary or fall under the radar of larger secondary fund managers, limiting competition and avoiding broad auctions. The firm believes that this approach, coupled with its proprietary deal flow, creates a platform for selecting better risk-adjusted opportunities.

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

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

Future fund-raising plansHamilton Lane Secondary Fund III Size $650 million Anticipating close date April 1, 2012









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

HorsleyBridge International IV Size $1,000 million Year closed 2006

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

Hovde Private Equity Advisors 1826 Jefferson Place NW Washington DC 20036 Phone: 202-822-8117 Fax: 202-822-8432 www.hovde.com

Key personnelEric D. Hovde, CEO [email protected]

Joseph Thomas, Managing Director [email protected]



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

Key personnelChristophe Simon, Partner [email protected]









Investment preferencesMinimum €1 million Maximum €30 million

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

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

Key personnelGuy Pigache, Partner [email protected]

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

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

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

Key personnelDan Reeve, Managing Director [email protected]



Headway Capital Partners25 Maddox St. London W1S 2QN U.K. Phone: 44-20-7518-8887 Fax: 44-20-7900-3160 www.headwaycap.com [email protected]





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

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

Future fund-raising plansHeadway Investment Partners III LP Anticipating close date 2012





Industry preferencesAll industries


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

Key personnelMary Frances Kelley, General Partner [email protected]

Ray Maxwell, Venture Partner [email protected]

Phillip M. Shaw, General Partner [email protected]


Investment Fund for Foundations200 Barr Harbor Drive, Suite 100 West Conshohocken, PA 19428 Phone: 610-684-8000 Fax: 610-684-8080 www.tiff.org [email protected]

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

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

Key personnelStephen Vicinelli, Deputy CIO [email protected]






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


specializing in venture capital exclusively and has developed an extensive relationship network, which fuels significant proprietary deal flow and due diligence capabilities.

In secondaries, Industry Ventures is differentiated by a unique focus on venture capital investments in both limited partnership interests and secondary direct investments with an emphasis on transactions from $1 million to $20 million where competition is more limited. Industry Ventures’ funds of funds, known as Partnership Holdings, is differentiated by a focus on smaller venture capital funds less than $250 million in size. The firm believes that only smaller funds are right-sized to produce outsized returns in an exit environment which has been dominated by M&A since the early 2000s.

Funds being investedIndustry Ventures Fund VI Size $404 million Year closed 2011

Industry Ventures Special Opportunities Size $156 million Year closed 2011

Industry Ventures Fund V Size $267 million Year closed 2008

Industry Ventures Fund IV Size $108 million




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



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

Geographic preferencesUnited Kingdom Western Europe Eastern or Central Europe


Industry Ventures750 Battery St, 7th Floor San Francisco, CA 94109 Phone: 415-273-4232 www.industryventures.com [email protected]

Branch offices201 North Union Street, Suite 300 Alexandria, VA 22314 Phone: 703-519-3026 Fax: 703-837-6036

Key personnelRoland Reynolds, Managing Director [email protected]








Description of practiceIndustry Ventures is a leading investment firm focused on inefficiencies in venture capital and technology growth equity. The firm manages six secondary funds and two funds of funds with $1 billion of institutional capital. With investments in over 100 venture capital limited partnerships and 90 companies, Industry Ventures maintains one of the most comprehensive databases of limited partnership and company performance data which provides a significant information advantage. In addition, Industry Ventures is one of the few firms





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

Geographic preferencesUnited States Canada Australia Asia (excluding Japan) Japan


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

Key personnelBrendan McBride, Analyst [email protected]

Suganya Tharmalingam, Principal [email protected]





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

Investment criteriaMaximum investment $20 million







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

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


Jolimont CapitalLevel 1, 133 Flinders Lane Melbourne, Victoria 3000 Australia Phone: 61-38-320-5130 Fax: 61-396-395-228 www.jolimontcapital.com.au

Key personnelCharles Gillies, Managing Partner [email protected]

Lex McArthur, Managing Partner [email protected]

Teresa Engelhard, Managing Partner [email protected]

Carol Sullivan, Chief Financial Officer [email protected]





Transaction value of largest deal closed in 2011 $9.8 million

Itaventure Capital Partnersvia Pianeta Venere 25 Rome 144 Italy Phone: 39-06-529-0186 Fax: 39-06-529-0186 www.itaventure.it [email protected]

Key personnelMichele Gardelli, Managing Director [email protected]




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


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

Geographic preferencesUnited States Western Europe Italy


J.P. Morgan Chase & Co.270 Park Ave., 25th Floor New York, NY 10017 Phone: 212-648-2279 Fax: 212-648-2323 www.jpmorgan.com

Branch officesFinsbury Dials, 20 Finsbury St. London EC2Y-9AQ U.K. Phone: 207-742-3754 Fax: 207-742-3563

Key personnelJarrod Fong, Portfolio Manager [email protected]

Tyler Jayroe, Portfolio Manager [email protected]

Dana Haimoff, Portfolio Manager [email protected]

Irene Koh, Portfolio Manager [email protected]


Pål Ristvedt, Partner [email protected]

John Rudge, Partner [email protected]

Lee Tesconi, Partner [email protected]

Wilson Warren, Partner [email protected]






Description of practiceLexington’s secondary acquisition funds acquire diversified portfolios of private equity interests through secondary market transactions. Lexington Partners screens all transactions in the secondary market from complex, multi-billion dollar portfolio acquisitions to single interest purchases, direct and co-investment secondaries, and focuses on assets offering the most attractive risk-adjusted returns throughout the economic cycle. Lexington Partners has built a diversified global portfolio of private equity investments with meaningful participation in each of the major sectors of private equity. Lexington Partners has acquired secondary interests managed by over 500 private equity managers.

Funds being investedLexington Capital Partners VII Size $7 billion Year closed 2010

Lexington Middle Market Investors II Size $650 million Year closed 2009




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

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

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


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

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

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

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

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

Key personnelBrent Nicklas, Managing Partner [email protected]

Duncan Chapman, Partner [email protected]

Thomas Giannetti, Partner, CFO [email protected]

Charles Grant, Partner [email protected]

Rebecca John, Partner [email protected]

Tom Newby, Partner [email protected]

Marshall Parke, Partner [email protected]


Geographic preferencesCanada


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

Branch officesOne Federal Street, 21st Floor Boston, MA 02110 Phone: 617-556-3910

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

Key personnelNancy Airhart, Marketing Administrator [email protected]






Funds being investedLandmark Equity Partners XIV Size $2.0 billion Year closed 2010

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


Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds (i.e. distressed debt) Real Estate Funds


Liquid Realty Partners44 Montgomery Street, Suite 3701 San Francisco, CA 94941 Phone: 415-875-7500 Fax: 415-875-7550 www.LiquidRealty.com [email protected]

Key personnelScott Landress, CEO [email protected]





Description of practiceLeading purchaser of stakes in real estate funds, properties and porfolios.




Interests soughtReal Estate Funds U.S. Funds Non-U.S. Funds

Industry preferencesReal Estate

Geographic preferencesUnited States United Kingdom Western Europe Canada Australia


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

Key personnelHarbert Mulherin, Managing Partner [email protected]




Description of practiceTargeted and selective secondary strategy:

–Focuses on mid-sized transactions

–Emphases middle market buyout funds and established managers

–Pursues a balanced mix of early and mature secondaries

–Selects high quality assets through bottom-up analysis

–Leverages LGT CP’s primary activities to gain access to proprietary information

Future fund-raising plansCrown Global Secondaries III Size $1.5 billion Anticipating close date Jan. 31, 2012








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

Select institutional backersOver 240 corporate and public pension funds, sovereign wealth funds, insurance companies, financial institutions, endowments, foundations and family offices from more than 25 countries.


LGT Capital PartnersLGT Capital Partners Ltd. Schuetzenstrasse 6 Pfaeffikon CH-8808 Switzerland Phone: 41-55-415-9600 Fax: 41-55-415-9699 www.lgtcp.com

Branch officesLGT Capital Partners (USA) Inc. 1133 Avenue of the Americas New York, NY 10036

LGT Capital Partners (U.K.) Ltd. 35 Dover Street London W1S 4NG U.K.

LGT Capital Partners (Ireland) Ltd. Segrave House, 19/20 Earlsfort Terrace Dublin 2 Ireland

LGT Capital Partners (Asia-Pacific) Ltd. Suite 4203, Two Exchange Square 8 Connaught Place Central, Hong Kong

LGT Investment Management (Japan) Co. Ltd., 8th Floor, Pacific Century Place, 1-11-1, Marunouchi, Chiyoda-ku Tokyo 100-6208 Japan

Key personnelJim Kosters, Associate Director [email protected]







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

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

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



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

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




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

Morgan Stanley Alternative Investment Partners100 Front Street, Suite 400 West Conshohocken, PA 19428 Phone: 610-260-7642 Fax: 610-260-8382 www.morganstanleyaip.com

Branch offices25 Cabot Square, Canary Wharf London E14 4QA U.K. Phone: 44-20-7425-2221 Fax: 44-20-7425-3474

Key personnelJohn Wolak, Managing Director & Head of Secondary Team [email protected]

Jonathan Costello, Executive Director [email protected]

Nash Waterman, Vice President [email protected]

Brian Towsen, Executive Director [email protected]

Funds being investedDiversified Private Equity Investors II LP Size $3.1 million Year closed 2005

Diversified Private Equity Investors IV LP Size $2.8 million Year closed 2011

Investment criteriaMinimum investment No minimum



Interests soughtVenture Funds LBO Funds Mezzanine Funds Real Estate Funds Stakes in Private Companies U.S. Funds Non-U.S. Funds

Industry preferencesNone

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

Select institutional backersTDH Capital Partners


Select portfolios acquiredOriginal manager Washington Mutual Year acquired 2003 Transaction price private

Investment preferencesMinimum $0 Maximum $10 million

Montauk TriGuard Management2 San Joaquin Plaza, Suite 260 Newport Beach, CA 92660-6397 Phone: 949-219-3767 Fax: 949-219-5076 www.montauktriguard.com

Key personnelSamuel Tang, Cofounder & Principal [email protected]

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




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

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

Key personnelStephen Harris, Managing Principal [email protected]

Michael Cuneo, Managing Principal [email protected]





2011 secondary capital invested $350,000

Capital investment plans in 2012 $700,000

Transaction value of largest deal closed in 2011 $0.2 million

Description of practicePurchaser of smaller secondary interests, those most well-known acquirers won’t consider. As longtime managers of a family of direct investment venture funds, The firm has a much higher comfort level and interest in secondary directs than most secondary purchasers.



Investment preferencesMaximum $200 million

Natixis Private Equity5-7 rue de Monttessuy Paris, Cedex 07 75340 France Phone: 33-1-5819-2000 Fax: 33-1-5819-2010 www.natixis-pe.com

Key personnelDominique Sabassier, CEO [email protected]

OverviewYear began making secondary purchases 2003


Maximum investment €10 million+

Neuberger Berman605 Third Avenue, 22nd Floor New York, NY 10158 Phone: 800-223-6448 www.nb.com

Branch officesLansdowne House, 57 Berkeley Square London W1J 6ER U.K.

325 North St Paul, Suite 4700 Dallas, TX 75201

Jardine House, 20th Floor Suites 2010-2020 1 Connaught Place Central Hong Kong

Key personnelBrian Talbot, Managing Director [email protected]

Tristram Perkins, Managing Director [email protected]

Ethan Falkove, Managing Director [email protected]

Ben Perl, Vice President [email protected]



Professionals worldwide 30+


MSD Capital645 Fifth Ave., 21st Floor New York, NY 10022-5901 Phone: 212-303-1650 Fax: 212-303-1634 www.msdcapital.com [email protected]

Key personnelGlen R. Fuhrman, Managing Partner

John C. Phelan, Managing Partner


Mustang Capital Partners4582 S. Ulster St., Suite 1600 Denver, CO 80238 Phone: 303-298-1490 www.mustangcapital.com

Branch officesMarkt 18 Eersel 5521 AL The Netherlands

Key personnelParker Brophy, Managing Director [email protected]



Investment criteriaMaximum investment $250 million


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

Industry preferencesCommunications, technology, media and entertainment, natural resources and energy

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








Funds being investedMorgan Stanley Global Secondary Opportunities Fund I LP Size $585 million Year closed 2009

Future fund-raising plansMorgan Stanley Global Secondary Opportunities Fund II LP Size $600 million Anticipating close date 2012








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CM

MY

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

Boston111 Huntington AvenueSuite 3020Boston, MA 02199617 247 7010

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

London42 Berkeley SquareLondon, W1J 5AWUnited Kingdom44 20 7318 0888

New York660 Madison Avenue23rd FloorNew York, NY 10065212 754 0411

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

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

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

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

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

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

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

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

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





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



NorgesInvestor Opportunities II ASP.O. Box 1863 Vika Oslo 124 Norway Phone: 47-2201-9335 www.norgesinvestor.com [email protected]

Key personnelDylan Wolff, Managing Director [email protected]







Interests soughtNordic buyout funds Secondary directs

Does your firm participate in secondary direct activities? No

New Jersey State Investment CouncilP.O. Box 290 Trenton, NJ 08625-0290 Phone: 609-292-5106 Fax: 609-396-1073 www.state.nj.us/treasury/doinvest

Key personnelManeck Kotwal, Investment Officer [email protected]

Newbury Partners100 First Stamford Place Stamford, CT 06902 Phone: 203-428-3600 Fax: 203-428-3610 www.newbury-partners.com

Key personnelJustin Pollack, Managing Director [email protected]








Description of practiceWith experience spanning nearly 150 secondary transactions and nearly 20 years as secondary specialists, Newbury Partners works with sellers and funds to create liquidity solutions across the global private equity market. While the firm’s team actively reviews secondary transaction opportunities ranging up to $250 million in value, it has no minimum deal size. The firm aims to provide investors with the greatest flexibility in considering strategic alternatives – everything from wholesale changes to minor sell-downs can be accomplished.

Funds being investedNewbury Equity Partners II LP Size $1 billion Year closed 2010




Description of practiceNeuberger Berman manages over $12 billion in private equity, including over $2.5 billion dedicated to secondary investment opportunities. The principals that lead Neuberger’s secondary fund have worked together for over 15 years, have more than 52 years of cumulative investing experience and have a secondary investing track record dating back to 1991. The principals are supported by approximately 30 mid- and junior-level investment professionals.

Funds being investedNB Secondary Opportunities Fund LP Size $800 million Year closed 2005

NB Secondary Opportunities Fund II LP Size $1.7 billion Year closed 2008




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

Industry preferencesNone

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




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




Interests soughtLBO Funds

Select institutional backersAlpinvest, HarbourVest

Parish Capital Advisors5915 Farrington Road, Suite 202 Chapel Hill, NC 27517 Phone: 919-401-4949 Fax: 919-489-9500

Branch offices11 St. James’s Place London SW1A 1NP U.K. Phone: 44-20-7399-8888 Fax: 44-20-7399-8899

1500 Broadway, 14th Floor New York, NY 10036 Phone: 212-324-2203 Fax: 212-324-2230

Key personnelCharles Merritt, Managing Partner [email protected]

Wendell McCain, Managing Partner [email protected]

James Mason, Managing Partner [email protected]


Partners GroupZugerstrasse 57 Baar-Zug 6341 Switzerland Phone: 41-41-784-65-00 Fax: 41-41-784-65-01 www.partnersgroup.com [email protected]

Branch offices150 Spear Street, 18th Floor San Francisco, CA 94105 Phone: 415-537-8585 Fax: 415-537-8558

The Grace Building 1114 Avenue of the Americas 37th Floor New York, NY 10036 Phone: 212-908-2600 Fax: 212-908-2601

Description of practiceLeading global secondary investment practice, with a 30-year track record of investing in secondaries.

Funds being investedPantheon Global Secondary Fund IV Year closed 2010


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



Paragon PartnersLeopoldstrasse 12 Munich 80802 Germany Phone: 49-89-3888-7020 Fax: 49-89-3888-7015 www.paragon-partners.de [email protected]

Key personnelEdin Hadzic, Managing Partner [email protected]

Krischan von Moeller, Managing Partner [email protected]

Stefan Winterling, Managing Partner [email protected]

Nils Ludwig, Investment Director



Northern Trust Alternatives50 South La Salle Street, M-14 Chicago, IL 60603 Phone: 312-557-2600 www.northerntrust.com [email protected]

Key personnelBrad Dorchinecz Director of Private Equity [email protected]








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


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

Branch officesNew York San Francisco Hong Kong

Key personnelCarsten Huwendiek, Mr [email protected]



Professionals worldwide 31 (incl. 10 in support)






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

Select institutional backersIowa Public Employees, Washington State Investment Board, Los Angeles County Employees

Paul Capital 50 California Street, Suite 3000 San Francisco, CA 94111 Phone: 415-283-4300 Fax: 415-283-4301 www.paulcap.com

Branch offices140 E. 45th Street, 44th Floor New York, NY 10017 Phone: 646-264-1100 Fax: 646-264-1101

22 Sackville Street, 4th Floor London W1S 3DN U.K. Phone: 44-20-7514-0750 Fax: 44-20-7514-0751

57, avenue Franklin Roosevelt Paris 75008 France Phone: 33-1-5353-0606 Fax: 33-1-5353-0607

Citibank Tower, Suite 3208 Central, Hong Kong Phone: 852-3521-2200 Fax: 852-3521-2201

Rua Samuel Morse, 120 São Paulo, SP 04576-060 Brazil Phone: 55-11-5105-1510 Fax: 55-11-5105-1525

Key personnelDavid de Weese, Partner [email protected]

Bryon Sheets, Partner [email protected]

Elaine Small, Partner [email protected]

Guy Rico, Partner [email protected]

Duncan Littlejohn, Managing Director [email protected]

prices through an edge in sourcing, structuring and closing transactions. Partners Group has a long standing track record in secondary investments spanning 5 dedicated programs and has made more than $8.3 billion in secondary investments and saw over $70 billion in deal flow in 2011 alone.





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

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

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

Key personnelAlbert M. Clerc, Senior Managing Director

Vincent P. Dee, Director [email protected]

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

71 Robinson Road, Level 13 Singapore 68895 Phone: 65-6671-3500 Fax: 65-6671-3501

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

Key personnelStefan Näf, Partner [email protected]

Scott Higbee, Partner [email protected]

Robert Collins, Managing Director [email protected]

Sergio Jovele, Managing Director [email protected]

Stephan Schäli, Partner [email protected]

Adam Howarth, Senior Vice President [email protected]

Jared Barlow, Senior Vice President [email protected]

Philipp Schnyder, Managing Director [email protected]

Martin Ruetz, Senior Vice President [email protected]



Professionals worldwide Over 200 private equity professionals, out of which 120 are involved in private equity secondaries

Total secondary assets under management $ 9.6 billion figure as of 12/31/2010 (1/31/12 not available)


Capital investment plans in 2012 $2 billion

Description of practicePartners Group pursues a value-based investment strategy to acquire secondary investments at attractive discounts relative to their intrinsic values. Partners Group seeks (1) to invest in high-quality funds and managers, based on an accurate assessment of intrinsic value, and (2) to obtain favorable deal flow and purchase









Description of practiceThe firm is a specialist in small private equity secondary purchases (typically transactions less than $50 million in net asset value) of limited partnership interests in venture capital, growth equity, buyout and mezzanine funds and portfolios of direct private holdings. Historically, the firm has completed purchases of more than 250 LP interests in 130 different fund groups and 90 direct company interests.

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







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

Key personnelDavid Fann, President & CEO

Michelle Davidson, Managing Director

Mark Nydam, Managing Director


PEI Funds505 Park Avenue, 4th Floor New York, NY 10022 Phone: 212-750-1228 Fax: 212-750-2685 www.peifunds.com [email protected]

Branch offices220 Montgomery St., Suite 417 San Francisco, CA 94104 Phone: 415-782-1414 Fax: 415-782-1415

23 Braeburn Lane Barrington, IL 60010 Phone: 847-854-2673 Fax: 847-658-4918

Jitsugetsukan Kojimachi Building 1-3-7 Kojimachi Chiyoda-ku, Tokyo 102-0083 Japan Phone: 81-03-5210-3601 Fax: 81-03-5210-3160

Key personnelGunnar Fremuth, Managing Director [email protected]

David Parshall, Managing Director [email protected]

Chuck Stetson, Managing Director [email protected]

Lucien Ruby, Regional Partner [email protected]

William Robb, Regional Partner [email protected]

Koichiro Watanabe, Regional Partner [email protected]

Richard Vietor, Venture Partner [email protected]

Kenneth Rind, Venture Partner [email protected]

Ben Wilson, Principal [email protected]

Jeanne Liou, Controller [email protected]

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

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

Joshua Glaser, Director of Investor Relations [email protected]








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


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

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

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


Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds Real Estate Funds Stakes in Private Companies U.S. Funds Non-U.S. Funds

Industry preferencesOpportunistic




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

Branch offices15 Portland Place London W1B 1PT U.K. Phone: 44-207-268-6350 Fax: 44-207-206-2060

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

Key personnelFran Janis, Senior Partner [email protected]

Lorraine Hliboki, Partner [email protected]

Oliver Gardey, Partner [email protected]

Greg Walters, Principal [email protected]

Doug Kelly, Principal [email protected]


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

Geographic preferencesUnited States


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

Key personnelDavid Jiang, Chief Executive Officer



Description of practiceThe firm has a dedicated secondaries team of 10 professionals who provide investment advice and liquidity solutions for fund commitments and portfolio company investments. The team has executed a diverse array of private transactions, including portfolios of limited partnership interests, stand-alone LP interests, synthetic/direct secondaries and top-up vehicles. Transactions are executed either through traditional purchases or joint venture arrangements across vintage years, geographies and strategies.

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




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

Key personnelCharles Froland, Chief Executive Officer [email protected]


Permal Capital Management800 Boylston Street, Suite 1325 Boston, MA 02199 Phone: 617-587-5300 Fax: 617-587-5301 www.permalcapital.com [email protected]

Branch offices900 Third Avenue, 25th Floor New York, NY 10022 Phone: 212-418-6500 Fax: 212-418-6610

Key personnelMichael D’Agostino, Principal [email protected]




Total secondary assets under management $756.2 million

2011 secondary capital invested $218.8 million

Description of practicePermal Capital Management’s secondary investment strategy emphasizes the purchase of smaller, single interests and occasional portfolio transactions. PCM has employed the same differentiated secondary strategy since it began purchasing secondary private equity interests in 2001. PCM’s approach utilizes a diverse and global deal sourcing capability developed over the last 11 years, which specifically targets small (generally less than $20 million), negotiated transactions.





Investment CriteriaMinimum Investment $1 million

Maximum Investment $500 million

Participation in syndicates Yes

Interests sought Buyout Funds Venture Funds Special Situations Funds (Distressed, Mezzanine) Real Estate Funds Fund-of-Funds Interests Direct Investments Structured Transactions

Geographic CoverageGlobal

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

Key personnelCharlie Huebner, Managing Principal [email protected]

Jon Madorsky, Principal [email protected]

Tom Danis, Managing Principal [email protected]

Michael Feinglass, Principal [email protected]









Interests soughtLBO Funds U.S. Funds


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



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

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

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

Key personnelHugh Perloff, Managing Director [email protected]

Ryan Butler, Senior Vice President [email protected]

Patrick Gerbracht, Vice President [email protected]

OverviewYear Founded 1994





Jim Rorer, Principal [email protected]

Sebastien Bowen, Investment Director, Europe [email protected]

Michael Romano, Marketing & Business Development Associate [email protected]






Description of practiceThe firm invests across the spectrum of private equity from early-stage venture to late-stage buyout, distressed and mezzanine. In its 17 year history, the firm has analyzed over $150 billion in secondary transactions and purchased $2.1 billion in secondary interests in over 500 funds with investments in over 5,000 companies. The firm has successfully executed transactions ranging from straightforward sales of single fund interests to large and complex multiple interest transactions. The firm has built a niche as a differentiated secondary firm, focusing on inefficient opportunities where pricing is more elastic, competition is reduced and the assets are less correlated with macro-economic events.

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

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

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

Future fund-raising plansPomona Capital VIII LP





advantage is gained through DB Private Equity’s 250 GP relationships.

The team uses a value-based investment strategy coupled with rigorous and analytical asset-level due diligence to emphasize pricing discipline over deal volume, with a focus on risk mitigation and portfolio diversification.

Funds being investedDB Secondary Opportunities Fund II, LP Year closed 2012





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

Branch officesOne Beacon Street, 34th Floor Boston, MA 02108-3107 Phone: 617-720-7900 Fax: 617-720-7924

Key personnelPatrick Knechtli, Investment Director [email protected]

Graeme Gunn, Partner [email protected]

Jamie Ebersole, Senior Investment Director [email protected]



Future fund-raising plansRobeco SAM Clean Tech Private Equity III Size $500 million




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

RREEF Alternative Investments (DB Private Equity)1 Appold Street London EC2A 2UU U.K. Phone: 44-207-545-8000 Fax: 44-207-545-4336 www.dbpe.com

Branch offices345 Park Avenue, Floor 24 New York, NY 10154 Phone: 212-454-1047

Key personnelCarlo Pirzio-Biroli, Managing Director, Co-Head of Global Secondaries [email protected]

Charles Smith, Managing Director, Co-Head of Global Secondaries [email protected]

Adam Graev, Director [email protected]

Chi Cheung, Director [email protected]





Description of practiceThe Secondaries Group of DB Private Equity invests in secondary opportunities globally. A significant source of proprietary dealflow and an information

Rho Capital Partners152 W. 57th St., 23rd Floor New York, NY 10019 Phone: 212-751-6677 Fax: 212-751-3613 www.rho.com [email protected]

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

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

Key personnelGordon Hargraves, Consultant [email protected]






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


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

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

Josefstrasse 218 Zurich CH-8005 Switzerland Phone: 414-4653-1506

Key personnelMikan van Zanten, Partner [email protected]

Roland Pfeuti, Head, Switzerland [email protected]




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

SVG Advisers 61 Aldwych London WC2B 4AE U.K. Phone: 44-20-7010-8900 www.svgcapital.com

Branch offices1 Boston Place, Suite 3875 Boston, MA 02108 Phone: 617-292-2550

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




Total secondary assets under management Approx. $1,000 million




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

Select institutional backersThe firm has many well-known European institutions in its base of investors including insurance companies, pension funds and family offices.







Stripes Group70 E. 55th St., 11th Floor New York, NY 10022 Phone: 212-823-0720 www.stripesgroup.com

Key personnelJason Santiago, Vice President, Business Development [email protected]






Interests soughtStakes in Private Companies



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







Interests soughtLBO Funds Unfunded or Largely Unfunded Interests


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

Branch offices505 5th Ave., 17th Floor New York, NY 10017 Phone: 212-750-0330 Fax: 212-750-0332

1 Guang Hua Road, North Tower 20th Floor, Suite 2005-2007 Beijing 100020 China Phone: 86-10-8529-8784

Key personnelMark Maruszewski, Partner [email protected]

Tom Bradley, Partner [email protected]

Mike McCabe, Partner [email protected]

Jim Gamett, Partner [email protected]








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

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

Key personnelClemens von Berger, Managing Partner & CEO [email protected]

Peter Folle, Managing Partner & CFO [email protected]

Matthias Graat, Managing Partner [email protected]



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

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

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

Key personnelHanspeter Bader, Managing Director [email protected]



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



Key personnelGary Ran, Chairman [email protected]

Catherine Farley, Chief Financial Officer [email protected]


The Credit Advisors LLC100 Federal Street, 18th Floor Boston, MA 02110 Phone: 617-434-6447

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

Branch offices2 International Place, 26th Floor Boston, MA 02110 Phone: 617-488-4100 Fax: 617-488-4620

Key personnelClifford Meijer, Managing Partner [email protected]



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




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

Geographic preferencesUnited States Canada


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

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

Key personnelLarry Wonnacott, Principal [email protected]

Marshall Greenwald, Principal [email protected]



Investment criteriaMinimum investment $0.5 million



Interests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds U.S. Funds


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

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

4400 Post Oak Parkway, Suite 1450 Houston, TX 77027 Phone: 713-621-1777 Fax: 713-621-1774





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


Venture Investment Associates88 Main St., P.O. Box 131 Peapack, NJ 07977 Phone: 908-532-0020 Fax: 908-532-0040 www.viafunds.com

Key personnelJason Andris, Managing Director [email protected]

Stathis Andris, President [email protected]

Cliff Gilman, Managing Director [email protected]

Jennifer Ayer, Principal [email protected]









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


Description of practiceFounded in 1982, VCFA Group pioneered the concept of secondary purchases of limited partnership interests, providing liquidity to investors in private equity. Over the years, VCFA Group and then the secondary industry have both grown in size and significance. To date, VCFA Group has raised nine funds totaling over $730 million dedicated to the purchase of interests in venture capital, leveraged buyout and mezzanine funds, as well as direct interests in operating companies.

Funds being investedVCFA Private Equity Partners IV Size $250 million Year closed 2004

VCFA Venture Partners V Size $250 million Year closed 2006





Geographic preferencesUnited States Canada Asia (excluding Japan) Japan



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

Key personnelTim Cruttenden, CEO [email protected]



Interests soughtVenture Funds LBO Funds Special Situations Funds Stakes in Private Companies U.S. Funds Non-U.S. Funds


Select portfolios acquiredOriginal manager Siemens Year acquired 2007

Original manager AEA Technologies Year acquired 2006

Original manager Northern Foods Year acquired 2006

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

Branch officesOne Sansome Street, Suite 3680 San Francisco, CA 94104 Phone: 415-296-0660 Fax: 415-296-0990

Key personnelDayton Carr, Founder [email protected]

Edward Hortick, Managing Director [email protected]

Steven Taubman, Managing Director [email protected]

Kevin Monroe, Managing Director [email protected]

David Tom, Director [email protected]

Rich Capen, Director [email protected]

Hans Wu, Director [email protected]













Description of practiceWillowridge focuses on smaller transactions of multiple or single interests with the goal to create a diversified portfolio of mature private capital fund interests. A 50-50 venture buyout mix in terms of underlying fund exposure is targeted.

Funds being investedAmberbrook V LLC Size $301 million Year closed 2008

Future fund-raising plansAmberbrook VI LLC Size $350 million Anticipating close date 2012

Investment criteriaMinimum investment $750,000



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

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

Select institutional backersHamilton College, Sentry Insurance, American Legacy Foundation

Geographic preferencesIsrael


von Braun & Schreiber Private Equity Partners Promenadeplatz 12 Munich BY 80333 Germany Phone: 49-89-286-952-0 Fax: 49-89-286-952-10 www.braunschreiber.com [email protected]

Key personnelTimothy Reynolds, Managing Director [email protected]








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


Willowridge Partners25 East 86th Street New York, NY 10028 Phone: 212-369-4700 Fax: 212-369-5661 www.willowridge.com [email protected]

Key personnelJerrold Newman, Founder [email protected]

Vintage Investment Partners12 Abba Eban, 10th Floor Herzylia Pituach, Israel Phone: 972-9-954-8464 Fax: 972-9-954-1012 www.vintage-ip.com [email protected]

Key personnelAlan Feld, Founder & Managing Partner [email protected]

Abe Finkelstein, General Partner [email protected]

Amit Frenkel, General Partner [email protected]





Description of practiceThe firm manages two active Israeli-focused secondary funds. Vintage Investments acquires:

– Limited partnership interests in Israeli venture and private equity funds

– Direct portfolios of Israel-related venture or private equity-backed companies

– Individual holdings of Israeli-related private companies, including shares and options

– Creating side or annex funds for existing portfolios and funds

The firm currently manages approximately $190 million of active capital in its secondary fund activities.

Funds being investedVintage III Size $125 million Year closed 2007


Interests soughtVenture Funds Stakes in Private Companies Unfunded or Largely Unfunded Interests Non-U.S. Funds Focused on Israel and Israel Related VC and PE Funds and Israeli Private Companies


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

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

Key personnelCeasar Nicholas Anquillare, President & CEO




Investment preferencesMinimum $750,000 Maximum $25 million

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

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

Key personnelAmanda Ulczynski, Associate [email protected]



Investment criteriaInterests soughtVenture Funds LBO Funds Mezzanine Funds Special Situations Funds U.S. Funds Non-U.S. Funds



Annex Capital Advisors126 E. 56th St., 28th Floor New York, NY 10022 Phone: 212-644-3510 Fax: 212-554-5808 www.annexcapital.com [email protected]

Key personnelAmant Dewan, Principal [email protected]



Description of secondary practiceThe firm has acquired secondary assets out of Dresdner Bank and Citigroup.

Number of secondary investment portfolios worldwide 8


Select portfolios acquiredOriginal manager Citicorp Venture Capital Year acquired 2009 Transaction price $50 million

Original manager Dresdner Bank Year acquired 2004 Transaction price $100 million

Investment criteriaMinimum $300 million Maximum $450 million


Select institutional backersColler Capital

Endeavor Capital Management49 Richmondville Ave., Suite 215 Westport, CT 6880 Phone: 203-341-7788 Fax: 203-341-7799 www.endeavorcap.com [email protected]

Key personnelAnthony Buffa, Managing General Partner [email protected]

Nancy Haar, General Partner [email protected]

Keith Burge, General Partner

Sean Drake, Partner



Description of secondary practiceThe firm originates direct secondary investments in one company or very small portfolio situations of less than ten companies. The firm targets companies with between $2 million and $200 million in revenue, which may or may not be operating profitably. The firm strives to acquire through secondary investments and appropriate primary investments an ownership position of at least 15% in each of its targeted investments.

Funds being investedEndeavor Opportunity Partners LP Size $20 million Year closed 2004

Endeavor Opportunity Partners II LP Size $100 million Year closed 2008

Investment criteriaMinimum $500,000 Maximum $25 million

Cipio PartnersPalais am Lenbachplatz, Ottostrasse 8 Munich D-80333 Germany Phone: 49-89-5506-960 Fax: 49-89-5506-9699 www.cipiopartners.com [email protected]

Branch offices560 S. Winchester Blvd., Suite 500 San Jose, CA 95128 Phone: 408-236-7654 Fax: 408-236-7651

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

Maximilian Schroeck, Managing Partner [email protected]

Werner Dreesbach, Managing Partner [email protected]

Hans-Dieter Koch, Managing Partner [email protected]


Description of secondary practiceInternational investment firm exclusively focused on the secondary direct market.

Select portfolios acquiredOriginal manager Corporate venture assets of Infineon Technologies

Investment criteriaMinimum $5 million Maximum $100 million+

Industry preferencesVenture (technology, media, communications, business services, advanced materials, clean technology, life sciences); growth, select mid-market segments

Secondary Direct Manager Listings



Investment criteriaGeographic preferencesUnited States

Millennium Technology Value Partners747 Third Avenue, 38th Floor New York, NY 10017 Phone: 646-521-7800 Fax: 646-521-7878 www.mtvlp.com [email protected]

Key personnelSamuel Schwerin, Managing Partner [email protected]

Daniel Burstein, Managing Partner [email protected]

Jonathan Glass, CFO [email protected]

Alex Ferrara, Partner [email protected]

Max Chee, Partner [email protected]







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

Select portfolios acquiredOriginal manager Synchronoss, Business.com

Investment criteriaIndustry preferencesInformation Technology


Lake Street Capital655 Montgomery St., Suite 540 San Francisco, CA 94111 Phone: 415-291-0500 www.lakestreetcapital.com

Key personnelGretchen Knoell, General Partner [email protected]



Description of secondary practiceThe firm focuses on direct secondaries in late-stage/expansion-stage technology, health care, business and financial services companies.


Investment criteriaGeographic preferencesUnited States

Select institutional backersPantheon Ventures Pomona Capital

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

Branch offices225 Bush Street, 16th Floor San Francisco, CA 94101 Phone: 415-439-8315 Fax: 415-439-8316

Key personnelSamuel Kenna, Principal [email protected]

Industry preferencesOpportunistic around information, energy and environmental technology, and other sectors with technology content. Avoid medical and biotechnology, or other areas in which team has limited experience.

Geographic preferencesUnited States Canada

Hermes Private EquityLloyds Chambers, 1 Portsoken St. London E1 8HZ U.K. Phone: 44-20-7702-0888 www.hermes.co.uk

Key personnelSaker Nusseibeh, Acting Chief Executive

Jon Mould, Chief Operating Officer


Description of secondary practiceThe firm originates and leads mid-market buyouts and later stage development capital deals in the U.K. In particular, secondary buyouts and recapitalizations are of great interest to the firm.

The firm is prepared to buy companies from other private equity firms in a secondary buyout transaction. Moreover, the firm is also prepared to recapitalize companies already in private equity ownership, investing alongside the original private equity company producing a partial exit for the original investor.

Institutional Venture Partners3000 Sand Hill Road Building 2, Suite 250 Menlo Park, CA 94025 www.ivp.com

Key personnelGina Bauman, Director, Marketing [email protected]



Description of secondary practiceProviding liquidity for founders and early investors.



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Select portfolios acquiredOriginal manager CIT Group Year acquired 2004

Original manager Blue Point Capital Year acquired 2008

Funds being investedProtostar Equity Partners LP Year closed 2004

Protostar Equity Partners II LP Year closed 2008

Investment criteriaIndustry preferencesPrimary focus is on consumer and industrial businesses. Secondary focus on food, financial services, business and consumer services.

Geographic preferencesUnited States United Kingdom Western Europe Canada

Saints Capital475 Sansome Street, Suite 1850 San Francisco, CA 94111 Phone: 415-773-2080 Fax: 415-835-5970 www.saintsvc.com [email protected]

Key personnelBob Keppler, CFO [email protected]

Ken Swayer, Managing Director [email protected]



Description of secondary practiceSaints invests exclusively on the direct secondary market. Saints pursues opportunities where the existing owner is motivated to divest some or all of its investments for strategic, competitive, liquidity, tax, accounting, risk management or administrative reasons. Investment opportunities are concentrated on companies with $20 million-$200 million in revenue, across multiple industries and geographies. Additionally, Saints creates separate investment vehicles to acquire assets in large portfolios.

Nova Capital ManagementCayzer House 30 Buckingham Gate, First Floor London SW1E 6NN U.K. Phone: 44-20-7901-1760 Fax: 44-20-7901-1761 www.nova-cap.com [email protected]

Branch offices67 S. Main St. Essex, CT 06426

Key personnelDavid Williamson, Managing Partner [email protected]

Tom Leader, Investment Partner [email protected]

Dennis Powers, Operating Partner [email protected]



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

Protostar Partners13 W. 54th St., Fourth Floor New York, NY 10019 Phone: 646-273-5200 Fax: 646-273-5210 www.protostarpartners.com [email protected]

Key personnelJoseph Haviv, Managing Partner [email protected]

Robert O’Connor, Partner

Galeazzo Scarampi, Partner

Helen Woo, Partner

Kevin Haines, Partner



Description of secondary practiceThe firm purchases portfolios of direct investments, with a particular focus on the purchase of multiple control positions of consumer and industrial assets.


Morning Street Capital130 W. 42nd St., 11th Floor New York, NY 10036 Phone: 212-996-7770 Fax: 212-996-7778 www.morningstreet.com

Key personnelWilliam Sanford, Chief Financial Officer [email protected]

Greg Rorke, Managing Partner [email protected]

Paul Misir, Managing Partner [email protected]



Description of secondary practiceThe firm specializes in acquiring illiquid equity and debt investments. The firm provides immediate liquidity to private equity and hedge funds, and other institutional investors at any point in the investment lifecycle. The firm acquires venture and buyout equity investments, and distressed and mezzanine debt across a variety of industries.



Select portfolios acquiredYear acquired 2006 Transaction price $40 million

Investment criteriaMinimum $20 million Maximum $1,000 million

Industry preferencesAny



capital into the companies. Both investments in individual companies as well as the acquisition of several companies from private equity funds or the acquisition of private equity fund investments are investigated.

Funds being investedVentizz Capital Fund II LP Size €60 million Year closed 2005

Verdane Capital AdvisorsVika Atrium, Munkdamsveien 45 F P.O. Box 1216 Vika Oslo 110 Norway Phone: 47-23-13-7000 Fax: 47-23-13-7001 www.verdanecapital.com [email protected]

Branch officesBirger Jarlsgatan 32B, Fifth Floor Stockholm 11429 Sweden Phone: 46-84-07-4200 Fax: 46-84-07-4210

Key personnelFrida Einarson, Investor Relations Director [email protected]

Bjarne K. Lie, Chief Investment Officer [email protected]



Description of secondary practiceThe firm is a Nordic independent manager of secondary direct funds. Since 2003, the firm has organized four secondary direct funds & co-investment pools, and currently has nearly €500 million of assets under management. The funds’ main focus is buying Nordic portfolios of direct investments in attractive sectors such energy, ICT and general industries. The funds will also consider investing directly in selected smaller growth-stage companies.



Funds being investedVerdane Capital VII Size €160 million Year closed 2010

Industry preferencesEnergy related (renewable /oil and gas technology), ICT and industrial



Select portfolios acquiredOriginal manager Vertex Israel Year acquired 2007

Original manager Stratos Ventures Year acquired 2008

Original manager ID Tech Ventures Year acquired 2010

Funds being investedsmac partners Fund II Year closed 2007

smac partners Fund III Year closed 2008

Investment criteriaMinimum $500,000 Maximum $25 million

Industry preferencesInformation and telecommunications including semiconductor, software, mobile & online infrastructure and services

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

Select institutional backersGreenpark, Headway

Ventizz Capital PartnersGraf-Adolf-Straße 18 Düsseldorf D-40212 Germany Phone: 49-211-862-869-10 Fax: 49-211-862-869-77 www.ventizz.de [email protected]

Key personnelDr. Helmut Vorndran, CEO & Managing Partner [email protected]

Willi Mannheims, Managing Partner


Description of secondary practiceThe firm’s investment focus has been placed on technology-oriented growth companies. The firm strives for majority holdings and buys both shares from shareholders prepared to sell (secondary) and shares as part of capital increases (primary) in the form of injections of





Select portfolios acquiredOriginal manager Boston Scientific Year acquired 2008

Original manager Oxford Bioscience Year acquired 2011

Funds being investedSaints Capital VI Size $300 million Year closed 2008


Industry preferencesTechnology, health care, industrial, business services, clean technology

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

smac partnersOttobrunner Strasse 41 Unterhaching 82008 Germany Phone: 49-89-55-06-88-0 Fax: 49-89-55-06-88-50 www.smacpartners.com [email protected]

Key personnelMichael Hock, Director, Finance [email protected]

Dietrich Ulmer, Managing Director [email protected]

Oliver Kolbe, Managing Director [email protected]



Description of secondary practiceThe firm is specialized on secondary direct investments. The firm invests in venture-backed companies in the ICT segment worldwide, with a special focus on Europe.


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

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

W Capital Partners1 East 52nd Street New York, NY 10022 Phone: 212-561-5240 Fax: 212-561-5241 www.wcapgroup.com [email protected]

Key personnelDavid Wachter, Managing Director [email protected]







Funds being investedW Capital Partners II LP Size $700 million Year closed 2007

W Capital Partners, LP Size $250 million Year closed 2003


Geographic preferencesUnited States United Kingdom Western Europe

Geographic preferencesWestern Europe Other The Nordic region (Denmark, Finland, Norway, Sweden)

Select institutional backersAmongst others; AP3, Finnish Industry Investment and Argentum.

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

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



Description of secondary practiceThe firm’s focus is on buying groups of businesses at a time. Not a pure secondaries player, the firm buys from banks, companies and other PE firms. The firm’s established focus on operational experience can unlock value as the businesses it buys have often been unable to thrive under their current ownership.


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

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

Original manager Bridgepoint Year acquired 2006

Funds being investedVision Capital Partners VII LP Size €680 million Year closed 2009

Investment criteriaMinimum $100 million Maximum $1,000 million

Industry preferencesConsumer, industrials, financial services & property, energy, business services


3M Co. St. Paul, Minn. 651-733-1110Abbey National Treasury London 44-870-607-6000Abu Dhabi Investment Authority Abu Dhabi 971-2-415-0000AEGON USA Investment Management LLC Louisville, Ky. 502-560-2825AFA Stockholm 46-8-696-40-00Alameda County Employees’ Retirement Association Oakland, Calif. 510-628-3000Alfred I. duPont Testamentary Trust Jacksonville, Fla. 904-394-9800AlpInvest Partners NV Amsterdam 31-205-407-575American Family Insurance Group Madison, Wis. 608-249-2111American Trading and Production Corp. Baltimore 410-347-7150AP Fonden 3 Stockholm 46-8-555-17-100Argentum Fondsinvesteringer Bergen, Norway 47-55-54-70-00Arizona State Retirement System Phoenix 602-240-2000Auda International LP New York 212-863-2300AXA Equitable Life Insurance Co. New York 212-554-1234BAE Systems Pensions London 44-207-654-2500BancBoston Capital Boston 617-434-2509Barclays Bank PLC London 44-207-116-1000Barings Venture Partners St. Louis 314-993-0007Baxter International Inc. Deerfield, Ill. 847-948-2000BIP Investment Partners Luxembourg 352-26-00-261Boston Retirement System Boston 617-635-4500C.V. Starr & Co. New York 212-230-5050Caisse de dépôt et placement du Québec Montreal 514-842-3261California Public Employees’ Retirement System Sacramento, Calif. 916-795-3829California State Teachers’ Retirement System Sacramento, Calif. 916-229-3541Canada Pension Plan Investment Board Toronto 416-868-4075Capvent Zurich 41-4-35-00-50-70Castle Private Equity Pfaffikon, Switzerland 41-55-415-9600Charles A. Dana Foundation New York 212-223-4040China Investment Corp. Beijing 86-10-64086167Cincinnati Bell Cincinnati 513-397-9900Citi Capital Advisors New York 212-816-8984CMS Companies Wynnewood, Pa. 610-896-3000Coller Capital London 44-207-631-8500Colorado Public Employees’ Retirement Association Denver 303-832-9550Columbia University New York 212-854-1754Compagnia Di San Paolo Turin, Italy 39-11-5596-911Connecticut Retirement Plans and Trust Funds Hartford, Conn. 860-702-3126Cornell University Ithaca, N.Y. 607-254-1150Cranbrook Educational Community Bloomfield Hills, Mich. 248-645-3000Dana Foundation New York 212-223-4040Danske Private Equity Copenhagen 45-33-44-63-00DeA Capital Milan 39-02-624-99-51Denver Public Schools Retirement System Denver 303-398-7699DuPont Pension Fund Wilmington, Del. 302-477-6000Employees’ Retirement System of Rhode Island Providence, R.I. 401-222-2203Employees Retirement System of Texas Austin, Texas 512-867-7711Ewing Marion Kauffman Foundation Kansas City, Mo. 816-932-1000F&C Investments London 44-207-628-8000Finnish Industry Investment Ltd. Helsinki 358-9-6803-680Fire & Police Pension Association of Colorado Greenwood Village, Colo. 303-770-3772Firemen’s Annuity & Benefit Fund of Chicago Chicago 312-726-5823Flintshire County Council Pension Plan Mold, Wales 44-135-275-2121Florida State Board of Administration Tallahassee, Fla. 850-488-4406Fondinvest Capital Paris 33-1-58-36-48-00Fort Washington Capital Partners Group Cincinnati 513-361-7600Fresno County Employees’ Retirement Association Fresno, Calif. 559-457-0681Friends Provident Salisbury, U.K. 44-870-607-1352Gjensidige Forsikring ASA Lysaker, Norway 47-22-96-8000

Investors That Have Backed Secondary FundsAppendix A

LP Name Location Phone


Golden LEAF Foundation Inc. Rocky Mount, N.C. 252-442-7474Goldman Sachs Private Equity Group New York 212-902-1000Government of Singapore Investment Corp. Singapore 65-6889-8888Greater Manchester Pension Fund Ashton-under-Lyne, U.K. 44-161-342-2880Groupama Private Equity Paris 33-1-53-93-51-51Groupama SA Paris 33-1-53-93-51-51Hafslund Pension Fund ASA Oslo 47-92-08-70-07Hamilton Lane Advisors Bala Cynwyd, Pa. 610-934-2222Hannover Rueckversicherung AG Hannover, Germany 49-5-115-60-40HarbourVest Partners Boston 617-348-3707Hartford Municipal Employees’ Retirement Fund Hartford, Conn. 860-757-9100Haverford College Haverford, Pa. 610-896-1223Headway Capital Partners London 44-207-518-8888Health Care Foundation of Greater Kansas Kansas City, Mo. 816-241-7006Houston Firefighters’ Relief & Retirement Fund Houston 281-372-5100Hughes Investment Management Culver City, Calif. 310-568-7121Illinois Municipal Retirement Fund Oak Brook, Ill. 630-368-1010Illinois Student Assistance Commission Deerfield, Ill. 847-831-8500Ilmarinen Mutual Pension Insurance Co. Helsinki 358-1-0284-11Indiana Public Retirement System Indianapolis 317-233-4162Indiana State Teachers’ Retirement Fund Indianapolis 317-232-3860Indiana University Foundation Bloomington, Ind. 812-855-8311Industriens Pensionsforsikring A/S Copenhagen 45-33-66-80-80International Finance Corp. Washington 202-473-6456Invesco Private Capital New York 212-278-9000John S. and James L. Knight Foundation Miami 305-908-2600Kenmont Capital Partners Houston 713-223-9922Kenyon College Gambier, Ohio 740-427-5172KLP Forsikring Oslo 47-22-03-35-00Kuwait Financial Centre Sharq, Kuwait 965-22248000Landmark Partners Simsbury, Conn. 860-651-9760-Lexington Partners New York 212-754-0411LGT Capital Partners Pfaeffikon, Switzerland 41-5-54-15-96-00Liberty Mutual Group Boston 617-357-9500London Pensions Fund Authority London 44-207-369-6100Los Angeles County Employees Retirement Association Pasadena, Calif. 626-564-6132Los Angeles Fire & Police Pensions Los Angeles 213-978-4464Lothian Pension Fund Edinburgh 44-131-469-3862Lutheran Church-Missouri Synod St. Louis 314-965-9000Maryland State Retirement & Pension System Baltimore 410-625-5555Massachusetts Pension Reserves Investment Management Board Boston 617-946-8401Master Superannuation Fund Perth, Australia 61-8-9422-2418Memorial Sloan Kettering Cancer Center New York 212-639-3413Merseyside Pension Fund Liverpool, U.K. 44-151-242-1391MetLife Inc. New York 212-578-2211Michelin North America Inc. Greenville, S.C. 864-458-6399Michigan Department of Treasury Lansing, Mich. 517-373-4330MIT Investment Management Co. Cambridge, Mass. 617-253-4900Montana Board of Investments Helena, Mont. 406-444-0001Municipal Employees’ Fund of Chicago Chicago 312-236-4700Mutual of Omaha Insurance Co. Omaha, Neb. 402-351-2508Natixis Private Equity Paris 33-1-58-19-20-00New Jersey State Investment Council Trenton, N.J. 609-292-5106New Mexico Educational Retirement Board Santa Fe, N.M. 505-827-8030New Mexico State Investment Council Santa Fe, N.M. 505-476-9500New York City Retirement Systems New York 212-669-3916New York State Common Retirement Fund Albany, N.Y. 518-474-4003New York State Teachers’ Retirement System Albany, N.Y. 518-447-2900NIBC Bank NV The Hague 31-703-425-425Nordea Bank AB Stockholm 46-8-614-70-00Northern States Power Co. Minneapolis 612-330-5500Oak Hill Capital Management Menlo Park, Calif. 650-234-0500Ohio Bureau of Workers’ Compensation Columbus, Ohio 800-644-6292Ohio Carpenters Health & Welfare Fund Niles, Ohio 330-652-3475Ohio Police & Fire Pension Fund Columbus, Ohio 614-228-2975Ohio Public Employees Retirement System Columbus, Ohio 614-222-0379


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Ohio State University Columbus, Ohio 614-292-6048Oklahoma Police Pension & Retirement System Oklahoma City 405-840-3555Ontario Municipal Employees Retirement System Toronto 416-369-2400Oregon Public Employees Retirement System Salem, Ore. 503-378-3730Oregon State Treasury Salem, Ore. 503-378-4000Overseas Asset Management (Cayman) Ltd. George Town, Grand Cayman, Cayman Islands 345-745-8787Pacific Corporate Group La Jolla, Calif. 858-456-6000Pacific Life Insurance Co. Newport Beach, Calif. 949-219-3011Pantheon Ventures London 44-207-484-6200Paragon Advisors Shaker Heights, Ohio 216-491-3990Paris Orleans (Rothschild) Paris 33-1-53-77-65-10Partners Group Baar-Zug, Switzerland 41-41-784-60-00Paul Capital Partners San Francisco 415-283-4300Pennsylvania Public School Employees’ Retirement System Harrisburg, Pa. 717-787-8540Pennsylvania State Employees’ Retirement System Harrisburg, Pa. 717-787-9657PenSam Farum, Denmark 45-44-39-39-39Pentegra Retirement Services Inc. White Plains, N.Y. 800-433-4422Perennius Capital Partners SGR Milan 39-2-8883691Promark Global Advisors New York 212-418-6473Public Employee Retirement System of Idaho Boise, Idaho 208-334-3365Public Employees Retirement Association of New Mexico Albuquerque, N.M. 505-883-4503Qwest Communications Denver 303-992-1400RenditeWertBeteiligungen AG Oberhaching, Germany 49-89-666-69-40Rhode Island State Treasury Providence, R.I. 401-222-2287S. C. Johnson & Son Inc. Racine, Wis. 262-631-7900Sal. Oppenheim Private Equity Partners Luxembourg 352-27048083-00Salient Partners Houston 713-993-4675San Bernardino County Employees’ Retirement Association San Bernardino, Calif. 909-885-7980San Diego County Employees Retirement Association San Diego 619-515-6800San Francisco Employees’ Retirement System San Francisco 415-487-7000Santa Barbara County Employees’ Retirement System Santa Barbara, Calif. 805-568-2940School Employees Retirement System of Ohio Columbus, Ohio 614-222-5853SL Capital Partners Edinburgh 44-131-245-0055South Carolina Retirement Systems Columbia, S.C. 803-737-6800State of Wisconsin Investment Board Madison, Wis. 608-266-2381State Teachers Retirement System of Ohio Columbus, Ohio 614-227-4090Storebrand Kapitalforvaltning (Alternative Investments) Oslo 47-22-31-50-50Strategic Investment Solutions Inc. San Francisco 415-362-3484Strathclyde Pension Fund Glasgow 44-845-213-0202Suffolk County Council Pension Fund Ipswich, U.K. 44-845-606-6067SunAmerica Ventures Los Angeles 310-772-6000SVG Advisers London 44-207-010-8900Teacher Retirement System of Texas Austin, Texas 512-542-6400The Minnesota State Board of Investment Saint Paul, Minn. 651-296-3328The Phoenix Companies Inc. Hartford, Conn. 860-403-5594The Public School and Education Employee Retirement Systems of Missouri Jefferson City, Mo. 573-634-5290The Regents of the University of California Oakland, Calif. 510-987-9220The Rockefeller Foundation New York 212-869-8500TIAA-CREF Individual & Institutional Services LLC New York 212-490-9000Unigestion SA Geneva 41-22-704-4111University of Pittsburgh Pittsburgh 412-624-6620University of Puget Sound Tacoma, Wash. 253-879-3224University of Richmond Richmond, Va. 804-289-8150University of Texas Investment Management Co. Austin, Texas 512-225-1600University of Toronto Asset Management Corp. Toronto 416-673-8400University of Vermont Burlington, Vt. 802-656-2214University of Washington Seattle 206-685-1822Van Leer Group Foundation Amstelveen, Netherlands 31-20-645-32-31Veritas Pension Insurance Turku, Finland 358-10-55-010Vermont Pension Investment Committee Montpelier, Vt. 802-828-2301Virginia Retirement System Richmond, Va. 888-827-3847Vital Forsikring Bergen, Norway 47-55-17-80-90Wesleyan University Endowment Middletown, Conn. 860-685-2488West Midlands Pension Fund Wolverhampton, U.K. 44-190-255-4600Westscheme Perth, Australia 618-9218-4000YMCA Retirement Fund New York 800-738-9622



Secondary Buyer Rankings By Assets Under Management

Appendix B

Total Assets Rank/Firm Name Location Phone Under Mgmt. (M)

1 Lexington Partners New York 212-754-0411 $18,000

2 AXA Private Equity Paris 33-1-44-45-92-00 $13,400

3 Goldman Sachs Group Inc. New York 212-902-1000 $13,000

4 Coller Capital London 44 -207-631-8500 $11,500

5 CS Strategic Partners New York 212-538-7680 $11,100

6 HarbourVest Partners Boston 617-348-3707 $11,000

7 AlpInvest Partners Amsterdam 31-20-540-7575 $10,700 1

8 Partners Group Baar-Zug, Switzerland 41-41-784-6500 $9,600

9 Landmark Partners Simsbury, Conn. 860-651-9760 $8,700

10 Pantheon London 44-207-484-6200 $6,300

11 CPP Investment Board Toronto 416-868-4075 $5,000

12 Paul Capital San Francisco 415-283-4300 $4,500

13 LGT Capital Partners Pfaeffikon, Switzerland 41-55-415-9600 $4,000

14 Neuberger Berman New York 800-223-6448 $2,500

15 Greenpark Capital London 44-207-647-1400 $2,100

16 Morgan Stanley Alternative Investment Partners West Conshohocken, Pa. 610-260-7642 $1,700

Newbury Partners Stamford, Conn. 203-428-3600 $1,700

18 Liquid Realty Partners San Francisco 415-875-7500 $1,500

19 Auda International LP New York 212-863-2300- $1,100

20 DB Private Equity London 44-207-545-8000 $1,000

Industry Ventures San Francisco 415-273-4232 $1,000

22 Fondinvest Capital Paris 33-1-58-36-48-00 $869 2

23 Hamilton Lane Bala Cynwyd, Pa. 610-934-2222 $820

24 Permal Capital Management Boston 617-587-5300 $756

25 VCFA Group New York 212-838-5577 $730

26 PEI Funds New York 212-750-1228 $684

27 ARCIS Group London 44-207-494-2110 $668 3

28 Willowridge Partners New York 212-369-4700 $510

29 Capital Dynamics Zug, Switzerland 41-41-748-8444 $500

30 Abbott Capital Management New York 212-757-2700 $148

31 Northern Trust Alternatives Chicago 312-557-2600 $100

32 MidCoast Capital Radnor, Pa. 610-687-8580 $10 The ranking is based on self-reporting by firms. Assets include only capital invested or available for secondary purchases. (1) Converted from €8B using 2011 average annual exchange rate. (2) Converted from €650M using 2011 average annual exchange rate. (3) Converted from €500M using 2011 average annual exchange rate.


2011 Secondary Rank/Firm Name Location Phone Capital Invested (M)

1 Landmark Partners Simsbury, Conn. 860-651-9760 $6,200

2 AXA Private Equity Paris 33-1-44-45-92-00 $3,500

3 Partners Group Baar-Zug, Switzerland 41-41-784-6500 $2,500

4 Lexington Partners New York 212-754-0411 $1,900

5 AlpInvest Partners Amsterdam 31-20-540-7575 $1,738 1

6 HarbourVest Partners Boston 617-348-3707 $1,300

7 Auda International LP New York 212-863-2300 $850

8 CPP Investment Board Toronto 416-868-4075 $800

9 LGT Capital Partners Pfaeffikon, Switzerland 41-55-415-9600 $704

10 CS Strategic Partners New York 212-538-7680 $700

Neuberger Berman New York 800-223-6448 $700

12 Morgan Stanley Alternative Investment Partners West Conshohocken, Pa. 610-260-7642 $450

13 Newbury Partners Stamford, Conn. 203-428-3600 $250

14 Hamilton Lane Bala Cynwyd, Pa. 610-934-2222 $240

15 Permal Capital Management Boston 617-587-5300 $219

16 Industry Ventures San Francisco 415-273-4232 $133

17 Greenpark Capital London 44-207-647-1400 $126

18 Fondinvest Capital Paris 33-1-58-36-48-00 $94 2

19 Willowridge Partners New York 212-369-4700 $68

20 ARCIS Group London 44-207-494-2110 $67 3

21 Capital Dynamics Zug, Switzerland 41-41-748-8444 $60

22 PEI Funds New York 212-750-1228 $53

23 BEX Capital Paris 33-1-45-20-89-22 $13 4

24 MidCoast Capital Radnor, Pa. 610-687-8580 $0.35 The ranking is based on self-reporting by firms. Assets include only capital invested or available for secondary purchases. (1) Converted from €1.3B using 2011 average annual exchange rate. (2) Converted from €70M using 2011 average annual exchange rate. (3) Converted from €50M using 2011 average annual exchange rate. (4) Converted from €10M using 2011 average annual exchange rate.

Secondary Buyer Rankings By 2011 Capital Invested

Appendix C


AAbbott Capital Management 22

Abu Dhabi Investment Authority 22

Access Capital Partners 23

Adams Street Partners 23

Allianz Capital Partners 24

Alpha Associates 24

AlpInvest Partners 24

Altius Associates 26

Annex Capital Advisors 56

Apposite Capital 26

Arcis Group 26

Auda International 27

AXA Private Equity 27

BBEX Capital 28

Bio Equity Capital 28

Blue Capital 28

Breslin AG 28

CCalifornia State Teachers’ Retirement System 29

Capital Dynamics 29

Cipio Partners 56

CMS Fund Advisors 29

Coller Capital 29

Commonfund Capital 30

CPP Investment Board 30

CS Strategic Partners 30

Cuyahoga Capital Partners 31

DDB Private Equity 31

DuPont Capital Management 32

EEndeavor Capital Management 56

FFondinvest Capital 32

Fort Washington Capital Partners Group 32

GGoldman Sachs Group Inc. 32

Greenpark Capital 32

Greenspring Associates 33

Groupama Private Equity 33

HHamilton Lane 33

HarbourVest Partners 34

Headway Capital Partners 35

Henderson Global Investors 35

Hermes Private Equity 57

Horsley Bridge Partners 35

Hovde Private Equity Advisors 35

IIdinvest Partners 35

Industry Ventures 36

Institutional Venture Partners 57

Invesco Institutional 36

Investment Fund for Foundations 36

Itaventure Capital Partners 37

JJ.P. Morgan Chase & Co. 37

Jolimont Capital 37

KKensington Capital Partners 37

LLake Street Capital 57

Landmark Partners 38

Lexington Partners 38

LGT Capital Partners 39

Liquid Realty Partners 39

Live Oak Capital 39

LLM Capital Partners 57

MMidCoast Capital 40

Millennium Technology Value Partners 57

Montauk TriGuard Management 40

Company Index


TTelemus Capital Partners 52

The Credit Advisors LLC 52

Thomas Weisel Partners 52

Triginta Capital 52

UUnigestion 52

VVCFA Group 53

VenCap International 53

Ventizz Capital Partners 60

Venture Investment Associates 53

Verdane Capital Advisors 60

Vintage Investment Partners 54

Vision Capital 61

von Braun & Schreiber Private Equity Partners 54

WW Capital Partners 61

Willowridge Partners 54

Wilshire Private Markets Group 55

Winchester Capital Group 55

Morgan Stanley Alternative Investment Partners 40

Morning Street Capital 59

MSD Capital 41

Mustang Capital Partners 41

NNatixis Private Equity 41

Neuberger Berman 41

New Jersey State Investment Council 44

Newbury Partners 44

NorgesInvestor Opportunities II AS 44

Northern Trust Alternatives 45

Nova Capital Management 59

PPantheon 45

Paragon Partners 45

Parish Capital Advisors 45

Partners Group 45

Pathway Capital Management 46

Paul Capital 46

PCG Asset Management 47

PEI Funds 47

Performance Equity Management 48

Permal Capital Management 48

PineBridge Investments 48

Pomona Capital 48

Portfolio Advisors 49

Protostar Partners 59

RRCP Advisors 49

Rho Capital Partners 50

Robeco Private Equity 50

RREEF Alternative Investments (DB Private Equity) 50

SSaints Capital 59

SL Capital Partners 50

smac partners 60

StepStone Group 51

Stripes Group 51

Susquehanna International Group 51

SVG Advisers 51

Symmetry Investment Advisors 52


AAirhart, Nancy, Landmark Partners 38

Akers, Jeffrey, Adams Street Partners 23

Andris, Jason, Venture Investment Associates 53

Andris, Stathis, Venture Investment Associates 53

Anquillare, Ceasar Nicholas, Winchester Capital Group 55

Anthofer, Tom S., Cipio Partners 56

Atterbury, David, HarbourVest Partners 34

Auffray, Valerie, Apposite Capital 26

Austen, Patrick, Nova Capital Management 59

Ayer, Jennifer, Venture Investment Associates 53

BBader, Hanspeter, Unigestion 52

Barlow, Jared, Partners Group 45

Barnett, Troy, Adams Street Partners 23

Bauman, Gina, Institutional Venture Partners 57

Beaton, Andrew, Capital Dynamics 29

Berding, Klaus, Breslin AG 28

Bermingham, Nessan, Bio Equity Capital 28

Bishr, Humaid Bib, Abu Dhabi Investment Authority 22

Bliss, Simon, Nova Capital Management 59

Bob, Keppler, Saints Capital 59

Bonavitacola, Marc, SVG Advisers 51

Bouché, Romain, Arcis Group 26

Bowen, Sebastien, Pomona Capital 48

Bradley, Tom, StepStone Group 51

Brandmeyer, Michael, Goldman Sachs Group Inc. 32

Brittain, Keith, Hamilton Lane 33

Brody, Tim, Auda International 27

Brophy, Parker, Mustang Capital Partners 41

Buffa, Anthony, Endeavor Capital Management 56

Burch, Mark, Arcis Group 26

Burstein, Daniel, Millennium Technology Value Partners 57

Butler, Ryan, Portfolio Advisors 49

CCamacho, Michael, AlpInvest Partners 24

Can, Stephen, CS Strategic Partners 30

Capen, Rich, VCFA Group 53

Carr, Dayton, VCFA Group 53

Cassidy, Martha, Capital Dynamics 29

Chapman, Duncan, Lexington Partners 38

Chee, Max, Millennium Technology Value Partners 57

Cheung, Chi, DB Private Equity, RREEF Alternative Investments 31, 50

Clerc, Albert M., Pathway Capital Management 46

Coller, Jeremy, Coller Capital 29

Collins, Robert, Partners Group 45

Cornelius, Ronn C., Montauk TriGuard Management 40

Costello, Neal, AlpInvest Partners 24

Costello, Jonathan, Morgan Stanley Alternative Investment Partners 40

Cruttenden, Tim, VenCap International 53

Cuneo, Michael, MidCoast Capital 40

DD’Agostino, Michael, Permal Capital Management 48

Danis, Tom, RCP Advisors 49

Davidson, Michelle, PCG Asset Management 47

de Lint, Christiaan, Headway Capital Partners 35

de Weese, David, Paul Capital 46

Dee, Vincent P., Pathway Capital Management 46

Derendinger, Peter, Alpha Associates 24

Dewan, Amant, Annex Capital Advisors 56

Dorchinecz, Brad, Northern Trust Alternatives 45

Dreesbach, Werner, Cipio Partners 56

EEbersole, Jamie, SL Capital Partners 50

Einarson, Frida, Verdane Capital Advisors 60

Einarson, Lars B., Verdane Capital Advisors 60

Engelhard, Teresa, Jolimont Capital 37

Ewan, Simon, Hermes Private Equity 57

FFalkove, Ethan, Neuberger Berman 41

Fann, David, PCG Asset Management 47

Farley, Catherine, Telemus Capital Partners 52

Farooqui, Mohammad Anwer, Abu Dhabi Investment Authority 22

Feinglass, Michael, RCP Advisors 49

Feld, Alan, Vintage Investment Partners 54

Ferrara, Alex, Millennium Technology Value Partners 57

Finkelstein, Abe, Vintage Investment Partners 54

Flower, Tim, HarbourVest Partners 34

Contact Index


Hansing, Axel, Coller Capital 29

Hargraves, Gordon, Rho Capital Partners 50

Harris, Stephen, MidCoast Capital 40

Haviv, Joseph, Protostar Partners 59

Hektor, Tjarko, AlpInvest Partners 24

Higbee, Scott, Partners Group 45

Hirsch, Erik, Hamilton Lane 33

Hliboki, Lorraine, Pomona Capital 48

Hock, Michael, smac partners 60

Holden, Greg, Adams Street Partners 23

Hope, Harold, Goldman Sachs Group Inc. 32

Hortick, Edward, VCFA Group 53

Hovde, Eric D., Hovde Private Equity Advisors 35

Howarth, Adam, Partners Group 45

Huebner, Charlie, RCP Advisors 49

Huwendiek, Carsten, Pantheon 45

IIsnard, Henri, Arcis Group 26

JJanis, Fran, Pomona Capital 48

Jayroe, Tyler, J.P. Morgan Chase & Co. 37

Jiang, David, PineBridge Investments 48

John, Rebecca, Lexington Partners 38

Jones, Tim, Coller Capital 29

Jordan, Joanna, Greenpark Capital 32

Jovele, Sergio, Partners Group 45

Junoy, Sebastian, Headway Capital Partners 35

KKarabelnik, Dr. David, Breslin AG 28

Karabelnik, Fanina, Breslin AG 28

Keay, Jeff, HarbourVest Partners 34

Kelley, Mary Frances, Invesco Institutional 36

Kelly, Kate, Abbott Capital Management 22

Kelly, Doug, Pomona Capital 48

Ken, Swayer, Saints Capital 59

Kenna, Samuel, LLM Capital Partners 57

Kerr, Tom, Hamilton Lane 33

Knechtli, Patrick, SL Capital Partners 50

Knoell, Gretchen, Lake Street Capital 57

Koch, Hans-Dieter, Cipio Partners 56

Koh, Irene, J.P. Morgan Chase & Co. 37

Kolbe, Oliver, smac partners 60

Kosters, Jim, LGT Capital Partners 39

Flynn, Susan, Coller Capital 29

Folle, Peter, Triginta Capital 52

Fong, Jarrod, J.P. Morgan Chase & Co. 37

Freeman, Jon, Coller Capital 29

Fremuth, Gunnar, PEI Funds 47

French, Andrew, Greenpark Capital 32

Frenkel, Amit, Vintage Investment Partners 54

Froland, Charles, Performance Equity Management 48

Fuhrman, Glen R., MSD Capital 41

GGalfetti, Sandro, Capital Dynamics 29

Gamett, Jim, StepStone Group 51

Gardelli, Michele, Itaventure Capital Partners 37

Gardey, Oliver, Pomona Capital 48

Gerbracht, Patrick, Portfolio Advisors 49

Giannetti, Thomas, Lexington Partners 38

Gigliotti, Carmen, DuPont Capital Management 32

Gillies, Charles, Jolimont Capital 37

Gilman, Cliff, Venture Investment Associates 53

Glaser, Joshua, Paul Capital 46

Glass, Jonathan, Millennium Technology Value Partners 57

Goh, Andress, Allianz Capital Partners 24

Goldrick, Joe, Adams Street Partners 23

Gordon, Brett, HarbourVest Partners 34

Graat, Matthias, Triginta Capital 52

Grace, Stéphanie, AXA Private Equity 27

Graev, Adam, DB Private Equity, RREEF Alternative Investments 31, 50

Grant, Charles, Lexington Partners 38

Green, Liora, Annex Capital Advisors 56

Green, Daniel, Greenpark Capital 32

Greenwald, Marshall, Symmetry Investment Advisors 52

Griech, Michael, Cuyahoga Capital Partners 31

Groen, Marleen, Greenpark Capital 32

Gull, Jason, Adams Street Partners 23

Gunn, Graeme, SL Capital Partners 50

Gutstein, Jonathan, Coller Capital 29

HHacker, Michael, AlpInvest Partners 24

Hadzic, Edin, Paragon Partners 45

Haimoff, Dana, J.P. Morgan Chase & Co. 37

Haines, Kevin, Protostar Partners 59

Hanrahan, Chris, Cuyahoga Capital Partners 31


Newhall, Ashton, Greenspring Associates 33

Newman, Jerrold, Willowridge Partners 54

Nicklas, Brent, Lexington Partners 38

Nicolas, Christophe, AlpInvest Partners 24

Nicum, Pinal, Adams Street Partners 23

Nydam, Mark, PCG Asset Management 47

OO’Connor, John, Fort Washington Capital Partners Group 32

O’Connor, Robert, Protostar Partners 59

PPabari, Mitesh, Hamilton Lane 33

Parke, Marshall, Lexington Partners 38

Parshall, David, PEI Funds 47

Pastore, Christine, New Jersey State Investment Council 44

Pathe, Eric, Greenpark Capital 32

Peninon, Dominique, Access Capital Partners 23

Perkins, Tristram, Neuberger Berman 41

Perl, Ben, Neuberger Berman 41

Perloff, Hugh, Portfolio Advisors 49

Perriello, Chris, AlpInvest Partners 24

Perrin, Elvire, Altius Associates 26

Perry, Verdun, CS Strategic Partners 30

Pfeuti, Roland, Robeco Private Equity 50

Pfohl, Edgar J., Montauk TriGuard Management 40

Phelan, John C., MSD Capital 41

Pigache, Guy, Henderson Global Investors 35

Pirzio-Biroli, Carlo, DB Private Equity, RREEF Alternative Investments 31, 50

Poggioli, Philippe, Access Capital Partners 23

Pollack, Justin, Newbury Partners 44

Porter, David, Apposite Capital 26

Powers, Dennis, Nova Capital Management 59

RRampelmann, Julian, AlpInvest Partners 24

Ran, Gary, Telemus Capital Partners 52

Reeve, Dan, Horsley Bridge Partners 35

Revillon, Benjamin, BEX Capital 28

Reynolds, Timothy, von Braun & Schreiber Private Equity Partners 54

Reynolds, Roland, Industry Ventures 36

Rico, Guy, Paul Capital 46

Rigoni, Don, Auda International 27

Rind, Kenneth, PEI Funds 47

Ristvedt, Pål, Lexington Partners 38

Kotwal, Maneck, New Jersey State Investment Council 44

Kubo, Tatsuya, HarbourVest Partners 34

Kubr, Thomas, Capital Dynamics 29

LLandman, William A., CMS Fund Advisors 29

Landress, Scott, Liquid Realty Partners 39

Lawrence, Chris, Auda International 27

Leader, Tom, Nova Capital Management 59

Lenehan, Thomas, Commonfund Capital 30

Lewis La Torre, Catherine, Fondinvest Capital 32

Lie, Bjarne K., Verdane Capital Advisors 60

Liou, Jeanne, PEI Funds 47

Lipson, Peter, HarbourVest Partners 34

Littlejohn, Duncan, Paul Capital 46

Löchner, Reinhard, Ventizz Capital Partners 60

Ludwig, Nils, Paragon Partners 45

MMadorsky, Jon, RCP Advisors 49

Mannheims, Willi, Ventizz Capital Partners 60

Marks, Joseph, Capital Dynamics 29

Maruszewski, Mark, StepStone Group 51

Mason, James, Parish Capital Advisors 45

Maxwell, Ray, Invesco Institutional 36

Maynard, Fred, HarbourVest Partners 34

McArthur, Lex, Jolimont Capital 37

McBride, Brendan, Kensington Capital Partners 37

McCabe, Mike, StepStone Group 51

McCain, Wendell, Parish Capital Advisors 45

Meijer, Clifford, Thomas Weisel Partners 52

Melvin, Colin, Hermes Private Equity 57

Mende, Jochen, Capital Dynamics 29

Merritt, Charles, Parish Capital Advisors 45

Misir, Paul, Morning Street Capital 59

Mizuno, Hiro, Coller Capital 29

Moerel, Wouter, AlpInvest Partners 24

Monroe, Kevin, VCFA Group 53

Morgan, Frank, Coller Capital 29

Mulherin, Harbert, Live Oak Capital 39

Munch, Philippe, Greenpark Capital 32

NNäf, Stefan, Partners Group 45

Nahum, Agnès, Access Capital Partners 23

Newby, Tom, Lexington Partners 38


Teoh, Chin Chin, Greenpark Capital 32

Tesconi, Lee, Lexington Partners 38

Tharmalingam, Suganya, Kensington Capital Partners 37

Thomas, Joseph, Hovde Private Equity Advisors 35

Tom, David, VCFA Group 53

Toomey, John, HarbourVest Partners 34

Towsen, Brian, Morgan Stanley Alternative Investment Partners 40

UUlczynski, Amanda, Wilshire Private Markets Group 55

Ulmer, Dietrich, smac partners 60

Vvan Horne, Charles, Abbott Capital Management 22

van Tuyll, Julia, Vision Capital 61

van Zanten, Mikan, Robeco Private Equity 50

Vicinelli, Stephen, Investment Fund for Foundations 36

Viergutz, Philip, AlpInvest Partners 24

Vietor, Richard, PEI Funds 47

von Berger, Clemens, Triginta Capital 52

von Moeller, Krischan, Paragon Partners 45

Vorndran, Dr. Helmut, Ventizz Capital Partners 60

WWachter, David, W Capital Partners 61

Walters, Greg, Pomona Capital 48

Warren, Wilson, Lexington Partners 38

Watanabe, Koichiro, PEI Funds 47

Waterman, Nash, Morgan Stanley Alternative Investment Partners 40

Williamson, David, Nova Capital Management 59

Wilson, Peter, HarbourVest Partners 34

Wilson, Ben, PEI Funds 47

Winterling, Stefan, Paragon Partners 45

Wirth, Margot, California State Teachers’ Retirement System 29

Wolak, John, Morgan Stanley Alternative Investment Partners 40

Wolff, Dylan, NorgesInvestor Opportunities II AS 44

Wonnacott, Larry, Symmetry Investment Advisors 52

Woo, Helen, Protostar Partners 59

Woodbury, Paul, Henderson Global Investors 35

Wu, Lucian, Paul Capital 46

Wu, Hans, VCFA Group 53

ZZellner, Claus, Allianz Capital Partners 24

Ziff, Stephen, Coller Capital 29

Robard, Yann, CPP Investment Board 30

Robb, William, PEI Funds 47

Rocker, Marissa, Auda International 27

Roex, Erwin, Coller Capital 29

Romano, Michael, Pomona Capital 48

Rorer, Jim, Pomona Capital 48

Rorke, Greg, Morning Street Capital 59

Roubinowitz, Emmanuel, Fondinvest Capital 32

Ruby, Lucien, PEI Funds 47

Rudge, John, Lexington Partners 38

Ruetz, Martin, Partners Group 45

SSabassier, Dominique, Natixis Private Equity 41

Salvato, Luca, Coller Capital 29

Sambanju, Jason, Paul Capital 46

Sanford, William, Morning Street Capital 59

Santiago, Jason, Stripes Group 51

Savage, Rob, Greenpark Capital 32

Scarampi, Galeazzo, Protostar Partners 59

Schäli, Stephan, Partners Group 45

Scharf, Dennis, Hamilton Lane 33

Schnee, Dr. Martin, Breslin AG 28

Schnyder, Philipp, Partners Group 45

Schroeck, Maximilian, Cipio Partners 56

Schwerin, Samuel, Millennium Technology Value Partners 57

Shaw, Phillip M., Invesco Institutional 36

Sheets, Bryon, Paul Capital 46

Shen, Laura, Headway Capital Partners 35

Shirley, Bart, Cuyahoga Capital Partners 31

Siletto, Joseph, Bio Equity Capital 28

Simon, Christophe, Idinvest Partners 35

Small, Elaine, Paul Capital 46

Smith, Charles, DB Private Equity, RREEF Alternative Investments 31, 50

Smith, Brian M., Montauk TriGuard Management 40

Song, Peter, CS Strategic Partners 30

Soulignac, Charles, Fondinvest Capital 32

Stetson, Chuck, PEI Funds 47

Sullivan, Carol, Jolimont Capital 37

TTalbot, Brian, Neuberger Berman 41

Tang, Samuel, Montauk TriGuard Management 40

Taubman, Steven, VCFA Group 53


AustraliaMelbourneJolimont Capital 37

SydneyPartners Group 45

BelgiumBrusselsAccess Capital Partners 23

BrazilSao PauloPaul Capital 46

CanadaOntarioTorontoCPP Investment Board 30Kensington Capital Partners 37

QuebecMontrealRho Capital Partners 50

Channel IslandsGuernseyAccess Capital Partners 23

ChinaBeijingAdams Street Partners 23StepStone Group 51

Hong KongAlpInvest Partners 24Capital Dynamics 29Greenpark Capital 32Hamilton Lane 33HarbourVest Partners 34Henderson Global Investors 35Lexington Partners 38LGT Capital Partners 39Neuberger Berman 41Pantheon 45Paul Capital 46Pomona Capital 48Portfolio Advisors 49

ItalyMilanAXA Private Equity 27

RomeItaventure Capital Partners 37

JapanTokyoHarbourVest Partners 34LGT Capital Partners 39PEI Funds 47

NetherlandsAmsterdamAlpInvest Partners 24

RotterdamRobeco Private Equity 50Mustang Capital Partners 41

NorwayOsloNorgesInvestor Opportunities II AS 44Verdane Capital Advisors 60

SingaporeAdams Street Partners 23Allianz Capital Partners 24AXA Private Equity 27Partners Group 45PCG Asset Management 47

SwedenStockholmVerdane Capital Advisors 60

SwitzerlandBaar ZugPartners Group 45

ErlenbachBreslin AG 28

GenevaUnigestion 52

PfaeffikonLGT Capital Partners 39

ColombiaBogotaHarbourVest Partners 34

FranceParisAccess Capital Partners 23Arcis Group 26AXA Private Equity 27BEX Capital 28Fondinvest Capital 32Groupama Private Equity 33Idinvest Partners 35Natixis Private Equity 41Paul Capital 46

GermanyBerlinTriginta Capital 52

DusseldorfTriginta Capital 52Ventizz Capital Partners 60

FrankfurtAXA Private Equity 27Breslin AG 28

GrunwaldAccess Capital Partners 23

MunichAllianz Capital Partners 24Blue Capital 28Cipio Partners 56Paragon Partners 45von Braun & Schreiber Private Equity Partners 54

Unterhachingsmac partners 60

IrelandDublinLGT Capital Partners 39

IsraelHerzylia PituachVintage Investment Partners 54

Location Index


Wheat RidgeSymmetry Investment Advisors 52

ConnecticutDarienPortfolio Advisors 49

EssexNova Capital Management 59

GreenwichPerformance Equity Management 48

New HavenWinchester Capital Group 55

SimsburyLandmark Partners 38

StamfordNewbury Partners 44

WestportEndeavor Capital Management 56

WiltonCommonfund Capital 30

DelawareWilmingtonDuPont Capital Management 32

District of ColumbiaHovde Private Equity Advisors 35

GeorgiaAtlantaInvesco Institutional 36

IllinoisBarringtonPEI Funds 47

ChicagoAdams Street Partners 23Northern Trust Alternatives 45RCP Advisors 49

GlencoeSymmetry Investment Advisors 52

MassachusettsBostonBio Equity Capital 28HarbourVest Partners 34Landmark Partners 38Lexington Partners 38LLM Capital Partners 57Permal Capital Management 48SL Capital Partners 50

ScotlandEdinburghSL Capital Partners 50

United StatesCaliforniaIrvinePathway Capital Management 46

La JollaPCG Asset Management 47

Menlo ParkAdams Street Partners 23Capital Dynamics 29Institutional Venture Partners 57Lexington Partners 38

Newport BeachMontauk TriGuard Management 40

Palo AltoInvestment Fund for Foundations 36Rho Capital Partners 50

SacramentoCalifornia State Teachers’ Retirement System 29

San DiegoStepStone Group 51

San FranciscoFondinvest Capital 32Hamilton Lane 33Horsley Bridge Partners 35Industry Ventures 36Lake Street Capital 57Liquid Realty Partners 39LLM Capital Partners 57Pantheon 45Partners Group 45Paul Capital 46PEI Funds 47Saints Capital 59Thomas Weisel Partners 52VCFA Group 53

San JoseCipio Partners 56

Santa MonicaWilshire Private Markets Group 55

ColoradoDenverMustang Capital Partners 41

ZugCapital Dynamics 29

ZurichAlpha Associates 24Portfolio Advisors 49Robeco Private Equity 50

United Arab EmiratesDubaiAbu Dhabi Investment Authority 22

United KingdomEnglandBirminghamCapital Dynamics 29

LondonAdams Street Partners 23Altius Associates 26Apposite Capital 26Arcis Group 26AXA Private Equity 27Capital Dynamics 29Coller Capital 29DB Private Equity 31Greenpark Capital 32Hamilton Lane 33HarbourVest Partners 34Headway Capital Partners 35Henderson Global Investors 35Hermes Private Equity 57J.P. Morgan Chase & Co. 37Landmark Partners 38Lexington Partners 38LGT Capital Partners 39Morgan Stanley Alternative Investment Partners 40Neuberger Berman 41Nova Capital Management 59Pantheon 45Parish Capital Advisors 45Partners Group 45Pathway Capital Management 46Paul Capital 46Pomona Capital 48RREEF Alternative Investments 50SVG Advisers 51Unigestion 52Vision Capital 61Wilshire Private Markets Group 55Winchester Capital Group 55

OxfordVenCap International 53


Paul Capital 46PCG Asset Management 47PEI Funds 47Permal Capital Management 48PineBridge Investments 48Pomona Capital 48Protostar Partners 59Rho Capital Partners 50Robeco Private Equity 50RREEF Alternative Investments 50StepStone Group 51Stripes Group 51VCFA Group 53W Capital Partners 61Willowridge Partners 54

North CarolinaChapel HillParish Capital Advisors 45

OhioCincinnatiFort Washington Capital Partners Group 32

ClevelandCuyahoga Capital Partners 31

PennsylvaniaBala CynwydHamilton Lane 33Susquehanna International Group 51

RadnorMidCoast Capital 40

West ConshohockenInvestment Fund for Foundations 36Morgan Stanley Alternative Investment Partners 40

WynnewoodCMS Fund Advisors 29

Rhode IslandWest WarwickPathway Capital Management 46

TexasDallasLive Oak Capital 39Neuberger Berman 41

HoustonTelemus Capital Partners 52

VirginiaAlexandriaIndustry Ventures 36

SVG Advisers 51The Credit Advisors LLC 52Thomas Weisel Partners 52

CambridgeInvestment Fund for Foundations 36

DanversPCG Asset Management 47

MarylandOwings MillsGreenspring Associates 33

MichiganAnn ArborTelemus Capital Partners 52

SouthfieldTelemus Capital Partners 52

New JerseyJersey CityUnigestion 52

PeapackVenture Investment Associates 53

TrentonNew Jersey State Investment Council 44

New YorkNew YorkAbbott Capital Management 22Allianz Capital Partners 24AlpInvest Partners 24Annex Capital Advisors 56Arcis Group 26Auda International 27AXA Private Equity 27Capital Dynamics 29Coller Capital 29CS Strategic Partners 30DB Private Equity 31Goldman Sachs Group Inc. 32Hamilton Lane 33J.P. Morgan Chase & Co. 37Lexington Partners 38LGT Capital Partners 39Millennium Technology Value Partners 57Morning Street Capital 59MSD Capital 41Neuberger Berman 41Pantheon 45Parish Capital Advisors 45Partners Group 45


Abbott Capital Management, 22 • • • • • •

Abu Dhabi Investment Authority, 22 • • • • • •

Access Capital Partners, 23 • • • •

Adams Street Partners, 23 • • • • • • • • •

Allianz Capital Partners, 24 • • • • •

Alpha Associates, 24 • • • • • • •

AlpInvest Partners, 24 • • • • • • •

Altius Associates, 26 • • • • • •

Arcis Group, 26 • • • • • • • •

Auda International, 27

AXA Private Equity, 27 • • • • • •

BEX Capital, 28 • • • •

Bio Equity Capital, 28 • • •

Breslin AG, 28 • • • • • • •

Capital Dynamics, 29 • • • • • •

CMS Fund Advisors, 29 • • • •

Coller Capital, 29 • • • • • • • • •

Commonfund Capital, 30 • • • • • • •

CPP Investment Board, 30 • • •

CS Strategic Partners, 30 • • • • • • • •

Cuyahoga Capital Partners, 31 • • • • • • •

DB Private Equity, 31 • • • • • • •

DuPont Capital Management, 32 • • • • • • • •

Fondinvest Capital, 32 • • • • • • •

Goldman Sachs Group Inc., 32 • • • • • • • • •

Greenpark Capital, 32 • • •

Greenspring Associates, 33 •

Groupama Private Equity, 33 • • • • •

Hamilton Lane , 33 • • • • • • •

HarbourVest Partners, 34 • • • • • • • • • •

Headway Capital Partners, 35 • • • • • • •

Horsley Bridge Partners, 35 • • • •

Idinvest Partners, 35 • • • • •

Industry Ventures, 36 • • • • •

Investment Fund for Foundations, 36 • • • • • •

Itaventure Capital Partners, 37 • • • • •

J.P. Morgan Chase & Co., 37 • • • • • • • •

Jolimont Capital, 37 • • •

Kensington Capital Partners, 37 • • • • • • •

Landmark Partners, 38 • • • • • • • •

Lexington Partners, 38 • • • • • • • • • •

LGT Capital Partners, 39 • • • • • • • • •

Liquid Realty Partners, 39 • • •

Live Oak Capital, 39 • • • •

Interests Sought Index Special Real Stakes Unfunded Venture LBO Mezz. situations estate in private or largely U.S. Non-U.S. Company name, page number funds funds funds funds funds cos. unfunded funds funds Other


MidCoast Capital, 40 • • • • • • •

Montauk TriGuard Management, 40 • • • • • • •

Morgan Stanley Alternative Investment Partners, 40 • • • • • • • • •

Mustang Capital Partners, 41 • • • • • • • •

Natixis Private Equity, 41 • • • • • •

Neuberger Berman, 41 • • • • • •

Newbury Partners, 44 • • • • • • • •

Northern Trust Alternatives, 45 • • • • •

Pantheon, 45 • • • • • • •

Paragon Partners, 45 •

Partners Group, 45 • • • • • • • • •

Pathway Capital Management, 46 • • • • •

Paul Capital , 46 • • • • • • • • • •

PEI Funds, 47 • • • • • • •

Permal Capital Management, 48 • • • • • •

PineBridge Investments, 48 • • • • • • • •

Pomona Capital, 48 • • • • • • • •

Portfolio Advisors, 49 • • • • • •

RCP Advisors, 49 • •

Rho Capital Partners, 50 • • • •

Robeco Private Equity, 50 • • • • •

RREEF Alternative Investments (DB Private Equity), 50 • • • • • • •

SL Capital Partners, 50 • •

StepStone Group, 51 • • • • • • • • •

Stripes Group, 51 •

Susquehanna International Group, 51 • • • • • •

SVG Advisers , 51 • • • • •

Symmetry Investment Advisors, 52 • • • • •

Thomas Weisel Partners, 52 • • •

Unigestion, 52 • • • • • •

VCFA Group, 53 • • • • • • •

VenCap International, 53 • • •

Venture Investment Associates, 53 • • • •

Vintage Investment Partners, 54 • • • • •

von Braun & Schreiber Private Equity Partners, 54 • • • • • •

Willowridge Partners, 54 • • • • • • •

Wilshire Private Markets Group, 55 • • • • • •

Interests Sought Index Special Real Stakes Unfunded Venture LBO Mezz. situations estate in private or largely U.S. Non-U.S. Company name, page number funds funds funds funds funds cos. unfunded funds funds Other


Abu Dhabi Investment Authority, 22 • • • • • • • • •

Adams Street Partners, 23 • • • • • • • • • •

Alpha Associates, 24 • • • •

Altius Associates, 26 • • • • • •

Annex Capital Advisors, 56 •

Apposite Capital, 26 • • • • • • • •

Arcis Group, 26 • • • • • •

AXA Private Equity, 27 • • • • • •

Bio Equity Capital, 28 • • •

Coller Capital, 29 • • • • • • • • • •

CPP Investment Board, 30 • • • • • • • • •

CS Strategic Partners, 30 • • • • •

Cuyahoga Capital Partners, 31 • • • •

DB Private Equity, 31 • • • • • • • • • •

Endeavor Capital Management, 56 • •

Fondinvest Capital, 32 • • • • • • •

Goldman Sachs Group Inc., 32 • • • • • • • • • •

Greenspring Associates, 33 • •

Hamilton Lane, 33 • • • • • • • • • •

HarbourVest Partners, 34 • • • • • • • • • • •

Headway Capital Partners, 35 • • • • • • • • • •

Idinvest Partners, 35 • • •

Industry Ventures, 36 • • • • • • • • • •

Institutional Venture Partners, 57 •

Itaventure Capital Partners, 37 • • •

J.P. Morgan Chase & Co., 37 • • • • • • • •

Kensington Capital Partners, 37 •

Lake Street Capital, 57 •

Landmark Partners, 38 • • • • • • • • •

Lexington Partners, 38 • • • • • • • •

LGT Capital Partners, 39 • • • • • • • • • •

Liquid Realty Partners, 39 • • • • •

LLM Capital Partners, 57 •

MidCoast Capital, 40 • • • • • • • •

Millennium Technology Value Partners, 57 • • • • • • • • • • •

Morgan Stanley Alternative Investment Partners, 40 • • • • • • • • • •

Morning Street Capital, 59 • • • • • • •

Mustang Capital Partners, 41 • • • • • • • •

Neuberger Berman, 41 • • • • • • • •

Newbury Partners, 44 • • • • • • •

Nova Capital Management, 59 • • • • •

Pantheon, 45 • • • • • • • • • •

Partners Group, 45 • • • • • • • • • •

Permal Capital Management, 48 •

West. Central & Asia (exc. Latin Middle Company name, page number U.S. U.K. Europe East. EU Canada Australia Japan) Japan America East Other

Geographic Preference Index


PineBridge Investments, 48 • • • • • • • • • •

Pomona Capital, 48 • • • • • • • • • •

Portfolio Advisors, 49 • • • • • • • • • •

Protostar Partners, 59 • • • •

RREEF Alternative Investments (DB Private Equity), 50 • • • • • • • • • •

Saints Capital, 59 • • • • •

smac partners, 60 • • • •

Stripes Group, 51 •

Thomas Weisel Partners, 52 • •

VCFA Group, 53 • • • •

Verdane Capital Advisors, 60 • •

Vintage Investment Partners, 54 •

Vision Capital, 61 • • • • • • •

W Capital Partners, 61 • • •

Willowridge Partners, 54 • • • • • •

West. Central & Asia (exc. Latin Middle Company name, page number U.S. U.K. Europe East. EU Canada Australia Japan) Japan America East Other

Geographic Preference Index

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