Our team has advised on more than $110 billion in transactions, completing over 270 successful secondary portfolio sales and advisory mandates.
GP / Manager-led liquidity offerings
We provide advice to both fund managers and institutional investors on the realisation, renegotiation, refocusing or resizing of alternative investment funds. These GP / manager-led transactions can be continuation funds (with transfers at the asset level), liquidity tenders (at the fund level) as well as partial realisations (strip sales or preferred financing structures). Transactions might include diversified portfolios as well as concentrated ones, including sizeable single-asset secondary transactions.
Our approach to GP / manager-led transactions includes thorough analyses of all stakeholder interests, evaluation of potential options and negotiations between various counterparties, including interactions with the LPAC. We also advise on the associated auction and stand-by offering processes as well as any renegotiation of the terms and potential adjacent transaction features, such as follow-on or additional blind pool capital. Through our uniquely integrated primary / secondary platform we can optimise all aspects of a transaction, including global distribution to primary investors.
Transactions may include managed funds for independent managers as well as for captive investment platforms. For captive managers, Campbell Lutyens has enjoyed great success advising on highly structured strategic transactions that accelerate the development of third party asset management capabilities and associated funding capacity.
LP-led secondary sales
We advise institutions and asset managers on the sale of diversified portfolios across a wide range of vintages and investment strategies. These range from streamlined sale processes to highly complex transactions. They may also include additional advisory elements such as structuring, deferred consideration, vehicle liquidation and advisor-led syndication.
We also advise on the sale of single, large or cornerstone funds interests that need to be divested from a plan, a balance sheet, a third-party investment program or a third-party client feeder fund. These transactions may be run as a straight secondary sale or as a liquidity offering, with or without structuring.
As an alternative to a sale, some investors might consider a refinancing of a portfolio of funds or direct investments. We provide creative solutions to those investors by accessing alternative sources of funding to refinance or recapitalise investment programmes with specialist investors including secondary funds and specialist preferred equity providers.
Manager spin-outs & captive portfolio secondary sales
We advise on the spin-out of both direct investment fund managers and fund of funds managers from their parent organisations. Since 2000, we have completed a wide range of spin-outs from financial institutions, asset managers, listed alternatives firms and family offices. Through our uniquely integrated primary / secondary platform, we are ideally placed to deliver a transaction optimised for multiple goals and for all stakeholders.