Secondaries Investors in North America

Adams Street Partners is a leading global private markets investment manager headquartered in Chicago. Established in 1972, the firm has over five decades of experience in private equity, offering a comprehensive suite of investment strategies including venture capital, growth equity, buyouts, private credit, and secondary investments. The firm is 100% employee-owned, fostering a culture of alignment and long-term commitment to its clients. With a presence in more than 30 countries across five continents, Adams Street Partners leverages its extensive network and deep industry insights to identify and capitalize on investment opportunities. The firm's global footprint includes offices in key financial centers such as Austin, Beijing, Boston, London, Menlo Park, Munich, New York, Seoul, Singapore, Sydney, Tokyo, and Toronto, enabling it to maintain close relationships with portfolio companies and investors worldwide. Managing approximately $62 billion in assets under management, Adams Street Partners serves a diverse client base comprising corporate and public pension plans, foundations, family offices, and endowments. The firm's commitment to excellence and innovation in private markets investment management has solidified its reputation as a trusted partner for institutional investors seeking long-term value creation.

AllianceBernstein (AB) is a global investment management firm that provides diversified investment solutions to a wide array of clients, including institutions, pension funds, private wealth managers and individual investors. Tracing its roots to 1967 and now headquartered in Nashville, Tennessee, AB manages around US$829 billion across equity, fixed‑income, multi‑asset, hedge‑fund and private‑credit strategies. The firm’s research‑driven approach emphasizes fundamental analysis, global macro insights and quantitative techniques to construct portfolios that seek superior risk‑adjusted returns. AB operates over 45 offices worldwide, enabling local market insights and client service across the Americas, Europe, Asia and the Middle East. Products range from actively managed mutual funds and separately managed accounts to alternative strategies and bespoke solutions for large institutions. AB is also recognized for its sell‑side research franchise, Bernstein Research, which provides market‑leading insights and analysis. The firm prioritizes responsible investing, integrating environmental, social and governance considerations into its investment processes and engaging with companies to improve long‑term performance. With a workforce of more than 4,000, AllianceBernstein aims to deliver consistent investment excellence while fostering a culture of collaboration, diversity and integrity.

Ardian is a leading global private investment house headquartered in Paris, France. Founded in 1996 by Dominique Senequier as AXA Private Equity, the firm became independent in 2013 and rebranded as Ardian. Today, it is majority-owned by its employees, reflecting a commitment to long-term alignment with clients and stakeholders. With over $176 billion in assets under management or advisement, Ardian operates across private equity, real assets, and credit. Its private equity expertise includes buyouts, expansion capital, and secondaries, while its real assets portfolio encompasses infrastructure and real estate investments. Ardian also offers customized solutions tailored to institutional and private wealth clients. Ardian maintains a global presence with 19 offices across Europe, the Americas, Asia, and the Middle East, employing over 1,050 professionals. The firm's investment approach emphasizes sustainability, innovation, and value creation, aiming to support companies in achieving long-term growth and positive impact.

Bratenahl Capital Partners is a single family office established in 2003 and based in Cleveland, Ohio. The firm operates as a trusted partner for private equity sponsors, focusing on investing in and alongside these partners. Bratenahl Capital Partners manages the wealth and investments of the Howley family and The Howley Foundation, emphasizing long-term capital stewardship and multigenerational wealth preservation.The firm's investment strategies are diversified, encompassing primary commitments to funds managed by high-quality general partners, co-investments in individual deals alongside their partners, and participation in secondary transactions. Bratenahl Capital Partners seeks to build a diversified, "best-of-breed" private equity investment portfolio. While the firm does not have explicit sector preferences, it shows interest across a broad range of industries and prefers companies with diversified customers and experienced management teams.Bratenahl Capital Partners' direct investment practice typically seeks to commit between $500,000 and $15 million per transaction, though investments can range from $2 million to $30 million in certain situations. The firm has a significant investment history, with over 131 total funds and investments to date. Notable areas of interest include business services, education, manufacturing, technology, and various industrial sectors.The team at Bratenahl Capital Partners includes Mike Howley as the Founder and Managing Partner, Chris Hanrahan as Partner, and Dan Kozlowski as Partner & COO. The firm also has a Vice President, Associate, Chief Financial Officer, and Firm Administrator, bringing diverse experience from private equity, investment banking, and financial advisory roles.

Cat Trail Capital is a single-family office established in 2004, dedicated to managing and growing the capital of the Dekker family. The firm operates as a private investment company, engaging in a diverse range of investment activities. Its strategy includes taking strategic positions in publicly traded securities, making placements with specialized fund managers, and actively managing a portfolio of real assets. Additionally, Cat Trail Capital occasionally invests in small private companies, demonstrating a flexible approach across various asset classes.The firm's origins trace back to the acquisition of Marcel Dekker, Inc. at the end of 2003. Marcel Dekker, Inc. was a prominent scientific, technological, and medical (STM) publishing company founded in 1964 by Marcel Dekker, the father of David and Russell Dekker. Following the sale of the publishing business, David Dekker founded Cat Trail Capital in 2004 to serve as a full-service investment boutique for the family's wealth.Cat Trail Capital's investment mandate is broad, encompassing both fund commitments and direct investments. The firm shows an appetite for private equity, real estate, venture capital, secondaries, private credit, and hedge funds. On the direct investment side, Cat Trail Capital targets venture capital opportunities at the seed stage, with investments potentially reaching up to $10 million, and private equity deals ranging from $10 million to $50 million. The firm also supports emerging managers and impact investments.The leadership team includes David Dekker, who serves as Managing Partner and founded the firm. Russell Dekker is a Partner and sits on the investment committee. Andrew Budinoff is the Director of Portfolio Management and Trading, responsible for developing and executing internal trading strategies, managing asset allocation models, and overseeing portfolio risk and performance analytics.

Coller Capital, established in 1990 by Jeremy Coller, is a pioneering specialist investor in the secondary market for private assets. With over 30 years of experience, the firm has helped industrialise secondaries into a mainstream asset class and remains a trusted partner for institutional and private investors worldwide. The firm operates flagship private equity secondaries funds (Coller International Partners I–VIII) alongside private credit secondaries vehicles like Coller Credit Opportunities I & II. As at March 31, 2025, its assets under management total approximately USD 40 billion. Coller consistently delivers through innovation, rigorous ESG integration, and deep sector expertise. Coller Capital employs around 318 professionals across global hubs including London, New York, Hong Kong, Zurich, Seoul, Luxembourg, Melbourne, and Montreal. Its culture is rooted in diversity, thought leadership, responsible investing and client partnership. The firm is widely recognised for its industry awards and thought-leadership initiatives.

DFO Management, LLC, serves as the dedicated family investment office for Michael Dell, the founder, Chairman, and CEO of Dell Technologies, and his family. The firm employs a multi-disciplinary investment strategy with a primary focus on maximizing long-term capital appreciation. Its investment activities span a broad spectrum of asset classes, including equities of both public and private companies, credit, real estate, and other securities. DFO Management is known for its flexible and long-term approach, often targeting high-growth, founder-led companies across various sectors.The Dell family office was initially established in 1998 as MSD Capital, L.P., with Michael Dell recruiting John C. Phelan and Glenn R. Fuhrman to manage his family's wealth. For over two decades, MSD Capital operated with a broad investment mandate. In December 2022, the entity underwent a restructuring and was rebranded as DFO Management, LLC, continuing its mission as a prominent single-family office.DFO Management's portfolio includes significant equity stakes in public companies such as PVH Corp. (known for Calvin Klein and Tommy Hilfiger) and Dine Brands Global (parent company of IHOP and Applebee's). In the private markets, the firm has invested in companies like East West Manufacturing, West Monroe Partners, Owl Rock Capital Corp, Ultimate Fighting Championship, and WIRB-Copernicus Group. Its real estate holdings feature luxury resorts such as Four Seasons Resort Maui and Four Seasons Resort Hualalai, Fairmont Miramar, and The Boca Raton. Historically, the firm was also involved in the acquisition of IndyMac Bank (renamed OneWest Bank) and the take-private of Dell Inc.The leadership team at DFO Management brings extensive experience from the financial industry. Gregg Lemkau serves as Chairman and CEO, having previously held a senior role at Goldman Sachs. Alisa Mall is the Chief Investment Officer, with a background that includes Foresite Capital, Carnegie Corporation of New York, and Tishman Speyer. Marc Lisker holds the position of President and Chief Legal Officer, bringing legal expertise from his time at Mayer Brown LLP. John C. Phelan, a co-founder of the original MSD Capital, continues to be associated as Chairman Emeritus.

Forum Capital Partners is a leading independent placement agent and fundraising advisor that partners with both established and emerging private investment managers. The firm specializes in assisting these managers to diversify and enhance their investor base by raising institutional capital across a global spectrum. Their services encompass comprehensive fund advisory and placement for primary, direct, and secondary mandates, covering a wide array of private investment strategies.Founded in 2001 by Jeffrey Stern and Robert Schwabe, Forum Capital Partners was established as the successor to the private equity business they previously built and managed at CIBC Oppenheimer and its predecessor firm. Stern and Schwabe have a long-standing partnership, having worked together since 1994. Over their careers, they have collectively raised more than $11 billion in institutional capital for various private investment funds, direct private equity deals, and secondary transactions globally.As a placement agent, Forum Capital Partners primarily facilitates capital raising for other fund managers rather than directly managing a portfolio of companies. However, they do advise on direct and co-investment opportunities. The firm's focus areas for fundraising include buyout, growth equity, real estate, infrastructure, natural resources, and secondary strategies. Forum Capital Securities, LLC, an affiliate, is a registered Broker-Dealer and a member of FINRA and SIPC, underscoring their regulated and professional approach to financial services.The leadership team, comprising managing partners Jeffrey Stern and Robert Schwabe, brings extensive experience to the firm. Mr. Stern has over 40 years of experience in the financial services industry, previously heading the Private Equity Group at CIBC Oppenheimer. Mr. Schwabe also has over 35 years of experience, having served as Managing Director of the Private Equity Group at CIBC Oppenheimer. Their combined expertise and long history in the industry are central to the firm's advisory and fundraising capabilities.

IDG Capital is a world-leading private equity investment institution that has been a pioneer in developing venture capital business in China since 1993. The firm maintains a long-term global outlook, partnering with founders and teams to build lasting companies. With over 30 years of investment experience, IDG Capital has cultivated a diverse portfolio of more than 1800 companies and achieved over 600 successful exits through IPOs and M&A activities across various global capital markets.Founded in Boston in 1993, IDG Capital established its roots in China in the same year, becoming one of the earliest foreign-backed venture investors in the region. The firm's strategic evolution included the acquisition of International Data Group's (IDG Group) investment business in 2017, which further expanded its global investment reach and cross-border resource integration capabilities. This move solidified IDG Capital's independence from IDG Group's publishing, data research, and exhibition businesses.IDG Capital's investment focus spans a wide array of sectors, including consumer, technology, healthcare, and business services. Notable portfolio companies include Acne Studios, a contemporary fashion house; Bambu Lab, a leader in high-performance desktop 3D printers; and Circle, a global financial technology firm known for issuing the USDC stablecoin. The firm actively supports its portfolio companies through strategic development, global expansion, e-commerce growth, and executive recruitment, aiming to foster sustainable growth and market leadership.The firm boasts an experienced and diverse professional team with backgrounds in technology, marketing, finance, legal, management consulting, and investment banking. This expertise allows IDG Capital to provide comprehensive support to its portfolio companies, ranging from branding and marketing to human resources and overseas expansion. As of 2021, IDG Capital managed over US$23 billion in assets, underscoring its significant presence and influence in the global investment landscape.

Industry Ventures is a venture capital platform offering innovative investment solutions across the venture ecosystem. Founded in 2000, the firm specializes in secondary investments, early-stage funds, and direct co-investments. By operating at multiple stages of the venture lifecycle, Industry Ventures provides liquidity and growth capital to both emerging and established venture-backed companies and funds.The firm’s strategy is built around long-term partnerships with fund managers, entrepreneurs, and institutional investors. Industry Ventures is known for its expertise in secondary transactions, where it acquires interests in existing venture funds or portfolios of companies, offering flexible liquidity solutions. Additionally, the firm supports emerging managers through primary fund investments and enhances portfolio value through selective direct co-investments.Headquartered in San Francisco, with offices in Washington, D.C., and London, Industry Ventures maintains a global perspective with a primary focus on the U.S. venture ecosystem. The team brings together deep experience across investment, operations, and technology, managing over $7 billion in assets. Industry Ventures is widely recognized as a trusted partner in navigating the evolving venture capital landscape.

Lombard Odier is an independent Swiss banking group with a rich history dating back to 1796. The firm operates as a global wealth and asset manager, serving both private and institutional clients. Their core offerings encompass private banking, comprehensive wealth management, and sophisticated asset management solutions. A distinctive aspect of Lombard Odier's approach is its strong emphasis on sustainable investing, aiming to align client objectives with positive environmental and social outcomes.Founded in Geneva, Switzerland, Lombard Odier has maintained its independence through a unique partnership model, where the firm is wholly owned and managed by its Senior Managing Partners. This structure fosters a long-term perspective and a client-centric approach, allowing for stability and continuity across generations. The firm has consistently evolved, integrating cutting-edge banking technology not only for its own operations but also offering these solutions to other financial institutions.While Lombard Odier focuses on a broad range of traditional and alternative investments, specific notable investments or portfolio companies are not publicly highlighted in the provided information, as their primary business revolves around managing client wealth and assets rather than direct venture capital investments in specific startups. Their investment strategies span various asset classes, including private equity, real estate, infrastructure, and natural resources, often with a sustainable lens.The team at Lombard Odier comprises experienced professionals across wealth management, asset management, and technology. The firm emphasizes a culture of excellence, innovation, respect, integrity, and teamwork. With a global presence across more than 25 offices in 19 jurisdictions, their experts provide local expertise combined with an international outlook, ensuring tailored solutions and a deep understanding of diverse market dynamics for their discerning clientele.

Maihar Capital, operating under Maihar Capital Strategies, LLC, is a private investment firm established in 2008. The firm functions as a single-family office, managing the assets and investments of a private family. Its core focus is on capital preservation while evaluating a diverse range of investment opportunities across various asset classes and geographies. Maihar Capital employs a disciplined approach to portfolio construction and asset allocation, seeking to generate long-term, risk-adjusted returns for future generations.The firm engages in both investment management and merchant banking activities. They are known for their solutions-oriented approach, particularly in secondary or illiquid interests, where they aim to add value beyond just capital. Maihar Capital considers opportunities in private equity and infrastructure funds, specifically targeting those with substantial assets under management, and private companies in developed markets with high valuations.While specific notable investments and portfolio companies are not publicly detailed, the firm's strategy indicates an interest in a broad spectrum of investments. They are not restricted by typical constraints of holding period, style, or geography, allowing for flexibility in their investment decisions. Their focus is on creating mutually beneficial relationships with counterparties by helping them resize positions and costs, rebalance exposures and cash flows, and reduce various investment and portfolio risks.The executive management team oversees the firm's assets. Sonny Saksena is identified as the CIO and MD for Maihar. His background includes principal investing combined with strategic and restructuring advisory for corporations, investment firms, and family offices globally. He is noted for pioneering innovative methodologies and utilizing big data analytics to solve complex problems, with expertise spanning fund selection, direct investments, arbitrage trades, digital assets, and niche assets. At Maihar, he focuses on building bespoke portfolios, incorporating innovative strategies and analytics, and targeting proprietary deal flow.

Miras Management is an institutional investor with a multi-generational legacy, established in 1980. The firm operates with a structure akin to an endowment, combining long-term capital and robust governance with the agility typically found in a family office. They aim to partner with leading investment minds globally, maintaining a diverse portfolio and demonstrating a proven commitment to various asset classes through their partnerships and returns. Miras Management seeks investment partners who exhibit strong alignment, a focus on capital gains, and demonstrated area expertise.The firm's investment strategy encompasses a broad range of asset classes. For growth assets, they embrace opportunities across markets, with a significant focus on Private Equity, Venture Capital, and Public Equity as key drivers for generating returns. Beyond growth assets, Miras Management also allocates capital to diversifiers such as Hedge Funds, Private Debt, and Real Estate, seeking assets where returns are uncorrelated to the broader equity market. This diversified approach underscores their commitment to long-term partnerships with both individuals and managers.Miras Management operates with a global perspective, maintaining offices in key financial hubs including Dubai, London, and New York. While some sources indicate a primary base in Muscat, Oman, the firm's website highlights its presence in DXB, LDN, and NYC. They manage a substantial multi-asset portfolio across both public and private markets, with reported assets under management of $600 million. The firm's team comprises approximately 23 members, including partners and principals, reflecting their dedication to a comprehensive investment approach.

Founded in 1939, Neuberger Berman is a private, independent, and employee-owned investment management firm headquartered in New York City. With a commitment to active management and long-term client partnerships, the firm offers a broad range of investment strategies, including equities, fixed income, private equity, hedge funds, and multi-asset solutions. Neuberger Berman serves a diverse clientele comprising institutions, advisors, and high-net-worth individuals globally. The firm's investment philosophy emphasizes fundamental research and a client-centric approach. Its private equity division, NB Private Markets, has a team of over 300 professionals across 17 offices worldwide, focusing on co-investments, secondaries, and direct investments. In 2025, Neuberger Berman closed its NB Strategic Capital Fund II with over $4 billion in commitments, underscoring its leadership in GP-led secondary transactions. Operating from offices in 39 cities across 26 countries, Neuberger Berman's global presence enables it to access a wide array of investment opportunities. The firm's dedication to sustainability is evident through its commitment to the Net Zero Asset Managers Initiative, aiming for net-zero emissions by 2050. With a workforce of approximately 3,100 employees, Neuberger Berman continues to prioritize delivering superior investment outcomes for its clients.

New Vintage Partners is an investment firm specializing in the Venture Capital and Growth Equity ecosystem, primarily operating within the secondary markets. The firm focuses on creating portfolios of Limited Partner (LP) stakes in best-in-class venture capital and growth equity assets, funds, and managers. They aim to address the liquidity challenges faced by LPs in the venture and growth landscape by providing flexible and dynamic liquidity solutions. These solutions include outright LP stake purchases, LP strip purchases, preferred equity, risk transfer, capital call financing, and other innovative structured solutions, tailored for both Limited Partners and General Partners.Founded in 2023 by Charles Jaskel and Ben Slome, New Vintage Partners emerged from their observation of persistent inefficiencies in the secondary market, particularly concerning venture capital and growth equity. Jaskel's background includes investment banking, private equity, and managing sponsor liquidity in public markets, while Slome brought a complementary perspective to the market. The firm recently announced the final close of its inaugural fund, Fund I, with $82 million of committed capital, positioning them to continue their disciplined investment strategy.While New Vintage Partners primarily invests in LP stakes rather than direct company investments, they have successfully closed multiple transactions involving complex LP portfolios. Their strategy focuses on LP-led secondary transactions, complemented by selective GP-led and direct opportunities, providing exposure to later-stage companies with significant revenue and defensible business models. The firm emphasizes fundamental underwriting of underlying companies and portfolio exposures to invest at attractive entry points.The team at New Vintage Partners includes founders Charles Jaskel and Ben Slome, along with key personnel such as Lindsay Tragler (Partner, Head of Capital Formation), Brian Downs (Investment Team Principal), and Greg Doyle (Chief of Staff). The advisory team comprises Jason Gull, Marc Fuller, Liza Gold, Aaron Rinberg, Jared Stone, and Connor Theilmann. The firm's managers leverage extensive experience in private equity, having executed numerous deals across North America and Europe, with a focus on healthcare and technology sectors.

Ruttenberg Gordon Investments (RGI) is a private investment firm that specializes in a diverse range of investment opportunities, primarily focusing on multifamily real estate and private businesses. The firm invests across the entire capital stack, engaging in direct investments in real assets and operating businesses. RGI also provides recapitalization financing to fund management companies and independent sponsors, and seeds funds. The firm is known for its multi-industry expertise and speed in securing deals and supporting various businesses and funds.RGI's investment strategy in real estate centers on acquiring high-quality assets at a discount to replacement cost, with a current emphasis on multifamily properties, though they opportunistically invest across all real estate asset classes. Their private equity activities span from pre-profit startups to later-stage pre-IPO investments. The firm's lending platform originates senior secured and mezzanine loans, collateralized by both real estate and esoteric assets such as art and gold mines.The firm's current portfolio includes general partner stakes in over 20,000 apartment units. Their private business investments encompass a wide array of industries, including entertainment, deep tech, fintech, clean tech, green energy, oil and gas, rare-earth metals and mining, hospitality, AI, e-commerce, logistics, sports, and sports tech. RGI has made over 100 investments, totaling more than $3 billion in transaction volume.David Ruttenberg serves as a Managing Partner at Ruttenberg Gordon Investments and is a key member of RGI's investment committee. He leads the firm's acquisitions, institutional joint ventures, financings, strategy, and structuring. Mr. Ruttenberg holds a BA in Quantitative Economics from Tufts University and a Master of Science in Real Estate Economics and Finance from the London School of Economics.

Wendel Group is a prominent European investment firm specializing in private assets, operating through two complementary business lines: third-party private asset management and proprietary investments. The firm is committed to a philosophy of active and engaged ownership, aiming to create long-term value for its clients and shareholders. With a strategic focus on mid-market opportunities, Wendel deploys capital across various private asset classes, leveraging its extensive experience and global network.The origins of Wendel trace back to 1704 as a steelmaking enterprise in Lorraine, France. Over centuries, the company evolved, eventually transitioning its core focus to investment activities. While its industrial heritage spans over 270 years, Wendel Group, as an investment firm, was founded in 1957. This transformation has allowed the firm to adapt and thrive, building a robust investment ecosystem in Europe and North America.Wendel's proprietary investment portfolio targets leading companies with strong sustainable growth potential across key sectors. Notable investments include ACAMS, Crisis Prevention Institute, and Globeducate in the education, professional training, and technology sectors; Bureau Veritas and Scalian in business services; and Stahl and Tarkett in industrials. The firm also holds a significant stake in IHS Towers, a leading provider of digital infrastructure. Through its multi-affiliated private asset management platform, Wendel Investment Managers, the firm addresses the needs of institutional investors in private equity, private debt, and secondary markets, including partnerships with firms like IK Partners and Monroe Capital.The firm's leadership team includes Laurent Mignon as Chairman of the Executive Board and Group CEO, and David Darmon as Group Deputy CEO. Harper Mates leads Wendel North America as CEO, reflecting the firm's commitment to its transatlantic strategy. With over 600 employees across 12 countries, Wendel's teams bring diverse and complementary expertise, united by a shared ambition to foster sustainable growth and value creation within its portfolio companies and for its clients.