Any insight into Whitehorse Liquidity Partners? (Toronto)
Secondary PE shop focused on preferred equity structures for LPs.
Read all of the news articles and company site - a rapidly growing firm with sizable AUM (~US$4-5B now), wondering if anyone had any insight into culture, lifestyle, work, comp, and the people.
Have met them once before - personally find the strategy quite fascinating and culture seems great. A bunch of ex-CPPIB guys and they really seem to take a "Canadian way of doing business" (their words, not mine). They've been growing like crazy as you alluded to and with all the struggles going on in the market, my guess is they're going to be seeing a lot of activity as firms struggle with managing their own cash flow / liquidity / rebalancing issues.
Culture seems really healthy and from what I have heard the people are sharp.
The work isn't dull. Secondaries has the reputation of being less exciting than traditional private equity, but I think the breadth of structures that exist out there and the increasing prevalence of GP-led secondary transactions is starting to combat that.
Couple that with an environment like the one we're in where allocators may increasingly value the option of liquidity and I think it's a really interesting time in the space.
They have great momentum. Leadership is a strong team with shared experience, and they've parlayed that into great fundraising velocity.
I haven't asked anyone about comp.
My data points come from a guy a little older than me who did a deal with them out of his portfolio, watching Yann speak at SALT, and a friend who works on a weird financing desk at a bulge bracket and mentioned running into them on deals repeatedly.
Care to expand on what kind of “weird financing desk” you buddy’s on that would touch secondaries?
Bump
Bump
Returns are 💩
Can you expand?
On their returns? Look on Preqin or check anyone of their public LPs. Some of their funds are gonna be sub 10% IRR when they're said and done.
There is an extremely long thread on this site dedicated to them haha
It depends what your objectives are. If you want to work somewhere that pays very well and where you'll get good experience then it's a good place for you. If you care about being treated well or doing good investments then it's not a good place for you. Staff are treated poorly and their returns are laughable.
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