AGC has a well-established, dedicated secondaries program, investing in limited partnerships, direct company holdings and complex secondaries transactions.
We recognise the tremendous opportunity in this niche asset class as liquidity concerns brought substantial supply to the market. This market has grown rapidly, developing into a fully-fledged asset class with transactions over $25 billion per annum.
With regard to limited partnership secondaries, we typically acquire North American or European funds managed by top-tier managers with a focus on mega buy-out funds but have flexibility to look at other situations.With directs, we take a flexible and opportunistic approach and are able to acquire single company holdings or larger portfolios. We are able to consider a wide range of situations and think creatively to structure complete solutions. We prefer to take meaningful positions in companies, ensuring alignment with other stakeholders, in order to best utilise our private equity expertise in order to drive businesses to exit.