Our services
Liquidity, on your terms.
Institutions have used these services for years. We're bringing them to LPs.
The platform is live. Services are next.
The three services below open as our AFM authorisation is granted. That process is under way; leave your email below and we'll tell you when they open.
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Secondaries
In preparationSell on your timeline. Find your next position.
We will broker direct transactions for LPs selling one position or several. A sale can rebalance your portfolio, reduce unfunded commitments or free up capital for a new investment. Buyers get access to Private Equity deal flow that smaller LPs rarely see.
- One clear process from first conversation to closing
- Pricing based on NAV, unfunded commitments and recent fund activity
- The portfolio data and context you need to assess an offer
NAV lending
In preparationAccess capital and keep your positions.
A NAV loan lets you borrow against the value of your existing Private Equity portfolio. Use the capital for a new commitment, a capital call or something else entirely. You keep every position and its future upside.
- Keep ownership of every position and its future upside
- Repayment designed around distributions from your funds
- Terms matched to the timelines of your underlying funds
Capital call facilities
In preparationPlan your capital calls.
Capital calls follow each fund's schedule and may arrive before you are ready. A capital call facility brings them into a predictable payment schedule, so you can keep the rest of your capital invested until then.
- One facility covering calls across your commitments
- A predictable payment schedule across different funds
- You keep your capital invested until a payment is due
The secondary market
How the secondary market works.
Private Equity is illiquid by design. Commit to a fund and you commit for its full life: often ten years or more, with capital calls arriving when the fund decides. The secondary market is where a position changes hands before that life is over.
What an LP position is
As a limited partner (LP) you don't own the fund's companies directly. You own a position in the fund: the capital you have paid in, your share of what the fund holds, and the commitment you still owe when the next capital call arrives. That whole package is what changes hands.
What a secondary is
A secondary is the sale of that position from one LP to another, before the fund winds down. The buyer takes your place: the remaining commitment transfers to them, and so do the distributions that would have come to you. The fund itself carries on unchanged, and its manager (GP) has to consent to the transfer.
Why LPs sell
LPs often sell to rebalance a portfolio that has grown lopsided, reduce unfunded commitments before they are called, free up capital for a new fund or settle an estate. Some sell a single position, others a whole portfolio.
How the price is set
The starting point is net asset value (NAV): the manager's own valuation, usually a quarter old by the time you read it. Buyers price from there and adjust for what has happened since, for the unfunded commitment they take on, and for how long they expect to wait. The result is a discount, or for sought-after funds a premium. Two positions in the same fund can price differently.
This is background, not advice. Whether a secondary suits you depends on your portfolio and your plans.
How we work
From first conversation to closing.
Tell us what you need
We start with the position you want to sell, the portfolio you want to borrow against or the fund you want to finance. One conversation is enough.
We assess and structure
We assess the portfolio, structure the transaction and show you the available options.
You decide
You get the information you need to decide in your own time.
Once the services open, we will work independently and without conflicts of interest throughout the process.
Hear when services open.
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