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Secondary & Advisory

Campbell Lutyens’ team has advised on more than $77 billion in transactions, completing over 110 successful secondary portfolio sales and advisory mandates.

A UNIQUELY POSITIONED SPECIALIST SECONDARY ADVISORY FIRM

Campbell Lutyens acts for institutions wishing to actively manage their private equity, private debt and infrastructure holdings by selling direct and fund portfolios, with or without managers. We assist investors to achieve best value for their portfolio of assets efficiently and discreetly, having successfully completed some of the largest secondary transactions globally.

Campbell Lutyens advises clients at each stage, including the following:

  • Strategic options
  • Optimal sale strategy
  • Identification of, and outreach to, investors
  • Secondary offering
  • Transaction structure
  • Payment terms

We manage the auction process by co-ordinating the marketing and legal processes, datarooms and the production of marketing materials. The firm also advises on key negotiations with transaction counterparties and third-parties such as fund managers and their advisors. 

FUND & DIRECT PORTFOLIO SECONDARY SALES

Campbell Lutyens advises institutions on the sale of single interests through to large, diversified portfolios, across a wide range of vintages and investment strategies.  The firm has advised on both classic and highly complex transactions, including deferred consideration, managed funds, vehicle liquidation and advisor-led syndication.

In addition, Campbell Lutyens advises on the sale of single / large / cornerstone funds interests when they are to be divested from a balance sheet, a third-party investment program or a third-party client feeder fund. Those transactions may be run as a straight secondary sale or as a liquidity offering, with or without structuring.

MANAGER-LED LIQUIDITY SECONDARY OFFERINGS

Campbell Lutyens provides advice to both institutional investors and fund managers on the restructuring, renegotiation, refocusing or resizing of global private equity, private debt and infrastructure funds.

Campbell Lutyens’ approach to manager led transactions includes thorough analyses of all stakeholder interests, evaluation of potential options and negotiations between various counterparties. We also advise on the associated auction and stand-by offering processes as well as any restructuring of the terms and potential adjacent transaction features, such as follow-on or additional blind pool capital.

MANAGER SPIN-OUTS & CAPTIVE PORTFOLIO SECONDARY SALES

Campbell Lutyens advises on the spin-out of both fund and fund of funds managers from their parent organisations, and has completed a number of spin-outs from financial institutions, listed private equity firms and family offices.

We typically advise parents and managers on portfolio valuations, strategic options and secondary processes to actively manage those transactions, which may involve an element of additional financing under the form of follow-on, co-investment and/or blind pool capital. Through its unique market positioning, Campbell Lutyens is ideally placed to deliver an integrated transaction to all stakeholders. Campbell Lutyens also provides merger and acquisition advisory services to managers with direct assets and fund of funds portfolios.

PORTFOLIO REFINANCING

As an alternative to a sale, some investors might prefer to complete a refinancing of a portfolio of funds or direct investments. Campbell Lutyens provides creative solutions to those investors by accessing alternative sources of funding to refinance or recapitalise investment programmes with specialist investors including secondary funds.

We have proudly advised some of the most prestigious institutional investors and managers on their secondary transactions; please do contact one of our Partners for a confidential discussion about your objectives.