Small GP-led secondary deals (LMM)
Our fund is about 400mm in size and we typically do 3-4% per company in single asset GP-led deals. Finding it tough to get access to many intermediaries to take us seriously. Most groups, even in the LMM, are willing to write bigger cheques and the syndicate ends up being quite thin.
Curious if anyone has any feedback on which intermediaries are easier to work with when it comes to smaller tickets? Sadly, for the small end of the GP-led market there seems to be a real gap in quality.
Analyst 1 in PE - Other, bummer your thread hasn't had a response yet. Sometimes bots are smarter than humans anyways:
More suggestions...
Fingers crossed that one of those helps you.
Would you be open to jumping on the phone to talk about this space? I'm particularly interested in how a fund like yours can target GP-leds with independent sponsors and search funds.
What size continuation funds are you taking about?
Sub 40mm.
I'm not sure those exist to be honest
Probably if you're some schlub firm like Commonfund that targets lower end GPs to do a restructuring of their failing manufacturing business for 4x EBITDA.
These transactions do exist. They're typically proprietary. Banks naturally like bigger transactions as they can get away with charging higher fees :)
A few groups are coming to market with smaller CVs: Baird, William Blair, Triago, Mozaic, Raymond James, Lincoln International, among others.
I fellow analyst in secondaries at an intermediary, please DM.
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