Private Equity
The illiquidity premium, earned with discipline.
Long-term ownership of private companies, accessed through carefully selected managers and diversified across strategy and vintage.
Strategy
Patient capital, deployed where it is scarce.
Private equity rewards investors for accepting illiquidity and for the operational value that skilled managers create in the companies they own. Over long horizons, and with the right managers, that combination has produced returns above public markets.
It is also unforgiving of poor selection and impatience. The dispersion between the best and worst managers is far wider than in public markets, which is precisely why access without selection is worth little.
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How we access it
Three complementary routes.
Primary funds
Commitments to managers we have underwritten, giving diversified exposure to a portfolio of private companies as it is assembled.
Co-investments
Direct positions alongside managers in individual companies, typically at reduced cost, for clients seeking concentration and control.
Secondaries
Purchases of existing fund interests, often at a discount and with greater visibility, shortening the path to returns and mitigating the early drag on performance.
Illustrative pacing
Committed steadily, drawn over time.
A private equity allocation is built through commitments across several years, so that capital is deployed across differing market conditions rather than in a single vintage. The bars below illustrate how commitments and drawn capital typically accumulate.
Illustrative only. Actual pacing depends on fund draw-downs and is not a forecast.
Suitability & risk
Who it is for, and what to weigh.
Long horizons
Suited to investors who can commit capital for a decade or more and who do not need the money in the interim.
Illiquidity
Interests cannot be readily sold. Liquidity must be planned for elsewhere in the portfolio.
Dispersion
Manager selection dominates outcomes. Concentrated, well-diligenced exposure is preferable to broad, undifferentiated access.
Capital at risk
Private companies can and do fail. Diversification across managers, sectors and vintages is essential.
Questions
What clients ask us first.
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Related capabilities.
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