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Secondary & Advisory

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 portfolios whether they be direct portfolios, fund portfolios or hybrid portfolios and with or without managers.

Campbell Lutyens advises on the strategic options, the optimal sale strategy, the secondary offering, the transaction structure, the payment terms as well as manages the auction process by co-ordinating the marketing process, the legal process, datarooms and the production of marketing materials. It also advises on key negotiations with transaction counterparties and third-parties such as fund managers and their advisors. Campbell Lutyens assists investors to achieve best value for their portfolio of assets efficiently and discreetly, having successfully completed some of the largest global secondary transaction ever closed for private equity, private debt and infrastructure portfolios.

With a unique independent, primary and secondary focused global footprint, supported as required by its primary and infrastructure specialists, Campbell Lutyens 18 strong professional secondary advisory team has a track-record of advising on a range of global secondary transactions as described further on this page.

FUND & DIRECT PORTFOLIO SECONDARY SALES

Campbell Lutyens advises institutions on the sale of portfolio comprising a few to hundreds of underlying assets, local or global assets, relatively recent or more mature assets, concentrated or diversified portfolios. Portfolios may include assets with the same investment strategy ie. Buy-out, Venture, Integrated Finance, PPP/PFI, Energy, etc. or a truly diversified mix of strategies. Campbell Lutyens has advised on the sale of thousands of limited partnerships / funds / fund of funds / co-investments and portfolios of direct interests including both classic and highly complex transactions.

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 as described below and with or without structuring.

MANAGER LED LIQUIDITY SECONDARY OFFERINGS

Campbell Lutyens provides advice to both institutional investors and managers (General Partners / GPs) 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. Furthermore, Campbell Lutyens advises 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. Having completed its first such transaction in 2000, it has since then advised on the largest private equity / private debt and infrastructure manager led transactions.

MANAGER SPIN-OUTS & CAPTIVE PORTFOLIO SECONDARY SALES

Campbell Lutyens advises on the spin-out of fund managers (General Partners / GPs) and fund of funds managers from their parent organisations. Campbell Lutyens has completed a number of spin-out from financial institutions, listed private equity firms and family offices. Campbell Lutyens typically advises parents and managers on portfolio valuations, strategic options and secondary processes to actively manage those transactions. Those transactions 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 its clients and all the stakeholders an integrated transaction. 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.