I saw on LinkedIn these guys just raised $5.8 billion. Apparently their hard cap was at $3 billion, but they went way past that. These guys seem legit. Anyone know more info about them? Would love to know about wlb, comp, culture.
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They were acquired by CVC a year or two ago. They used to do just gp led but have since diversified into buying LP stakes as well.
Very interesting. Do you know anything else?
They just raised a massive fund. Why? Not sure since they have no edge
What do you mean by “no edge”?
Not the previous poster, but this is how I see it:
At larger fund sizes, most deals (especially LP interests) are widely marketed and go through a highly competitive bidding process, which means that you are not going to get a substantial discount to NAV (relative to market) for LP interests. Price-wise, there is not much of an edge. Glendower is unlikely to have much of an edge on information and access as well as Glendower is pure-play secondaries without a primary commitment programme (which may limit access and information. Easier to get whitelisted/more info on underlying companies if you're already an LP on the primaries side).
That being said, they are one of the best players in GP-led secondaries in Europe, but GP-leds for large deals tend to be quite competitive as well.
So on price, information and access, Glendower doesn't seem to have that big an edge compared to a Strat Partners or Ardian. That being said, if you're a junior, usually the larger the fund the better the pay. So good brand name, good pay, if you get an offer from Glendower and you like secondaries you should seriously consider it
Thank you! This was very insightful
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