Criteria for Secondary Direct into companies:

  • Owner-managers who are driven and aligned
  • Attractive growth prospects, competitive advantage and sustainable profit margins
  • Strategy based on business performance, not on financial engineering
  • Board representation and clear understanding / acceptance of TR involvement
  • Private equity-held companies that have been owned by private equity firms for more than 3 years
  • Holding period up to 5 years, with defined exit routes
  • Downside protection schemes

 

Criteria for secondary funds:

  • Funds >$75m and at least 75% invested, with no J-curve
  • Attractive discount to intrisic value and significant NAV upside
  • At least 2/3 of the NAV made of attractive companies
  • For Venture Capital funds, vintages older than 5 years and with underlying companies that have transitioned from early stage to growth
  • Strong visibility of underlying companies with an exit timeframe within 3 years