OUR MID-MARKET PANEL
(Managing Director – Wind Point Partners)
Principal and CFO – Cloverlay
(CFO – XPV Water Partners)
(President – Littlejohn & Co)
(Founder and CIO – Vector Capital)
(Co-CEO – The Riverside Company)
(CEO – MidOcean Partners)
Are you launching a secondaries process to provide liquidity to investors?
Nathan Brown: We closed a secondaries process on a 2006 vintage fund last year. We had three portfolio companies remaining and had recently recruited new CEOs and developed a new value-creation plan at each company.
We were able to get an attractive offer from a new investor that ended up being a win-win-win-win solution for the original LPs, the new LP, the GP and the portfolio management teams. We don’t see a need to launch another process in the near future as we are seeing some early liquidity events on our more recent funds and hope to manage those to a 10-year life.
Béla Szigethy: We have provided investors in older funds some assistance in finding buyers for their positions. We would like to do more here, since investors in general are seeking liquidity more often.