Secondary advisory

We advise across a wide range of secondary mandates, assisting investors to achieve best value for their portfolio of assets efficiently and discreetly. Our approach to tailoring transactions according to our client’s objectives, combined with our deep market knowledge and process fundamentals, have enabled us to successfully complete some of the largest and most innovative secondary transactions globally. Our dedicated secondary team operates across the US, Europe and Asia.

Campbell Lutyens advises clients at each stage of the process, including advice on strategic options, organisation of the auction or transaction process and syndication.

Transaction types:

GP / manager-led liquidity offerings

We provide advice to both fund managers and institutional investors on the realisation, renegotiation, refocusing or resizing of alternative investment funds. These GP / manager-led transactions can be continuation funds (with transfers at the asset level), liquidity tenders (at the fund level) as well as partial realisations (strip sales or preferred financing structures). Transactions might include diversified portfolios as well as concentrated ones, including sizeable single-asset secondary transactions.

Our approach to GP / manager-led transactions includes thorough analyses of all stakeholder interests, evaluation of potential options and negotiations between various counterparties, including interactions with the LPAC. We also advise on the associated auction and stand-by offering processes as well as any renegotiation of the terms and potential adjacent transaction features, such as follow-on or additional blind pool capital. Through our uniquely integrated primary / secondary platform we can optimise all aspects of a transaction, including global distribution to primary investors.

Transactions may include managed funds for independent managers as well as for captive investment platforms. For captive managers, Campbell Lutyens has enjoyed great success advising on highly structured strategic transactions that accelerate the development of third party asset management capabilities and associated funding capacity.

LP-led secondary sales

We advise institutions and asset managers on the sale of diversified portfolios across a wide range of vintages and investment strategies. These range from streamlined sale processes to highly complex transactions. They may also include additional advisory elements such as structuring, deferred consideration, vehicle liquidation and advisor-led syndication.

We also advise on the sale of single, large or cornerstone funds interests that need to be divested from a plan, a balance sheet, a third-party investment program or a third-party client feeder fund. These transactions may be run as a straight secondary sale or as a liquidity offering, with or without structuring.

As an alternative to a sale, some investors might consider a refinancing of a portfolio of funds or direct investments. We provide creative solutions to those investors by accessing alternative sources of funding to refinance or recapitalise investment programmes with specialist investors including secondary funds and specialist preferred equity providers.

Manager spin-outs & captive portfolio secondary sales

We advise on the spin-out of both direct investment fund managers and fund of funds managers from their parent organisations. Since 2000, we have completed a wide range of spin-outs from financial institutions, asset managers, listed alternatives firms and family offices. Through our uniquely integrated primary / secondary platform, we are ideally placed to deliver a transaction optimised for multiple goals and for all stakeholders.

Collaborative services with JP Morgan – single and multi-asset continuation funds

Following the announcement of our strategic collaboration with JP Morgan in early 2023, we are pleased to offer clients joint advice on GP-led single-asset and multi-asset continuation fund secondary transactions.

The collaboration will allow clients, across all regions and sectors, to benefit from Campbell Lutyens’ and J.P. Morgan’s global, market leading secondary and investment banking advisory practices, respectively.

The benefits of this best-in-class global offering include:

• A tried-and-tested approach with an established track record: Campbell Lutyens and JP Morgan have a joint track record of advising on continuation fund transactions, resulting in an established and efficient team providing execution.
• Industry oversight and tailored advice: Comprehensive view of transaction types and their complexities in order to provide the best advice regarding current and future exit option
• A combined team approach: The best of investment banking, M&A, and secondary and fund placement expertise, delivered through a single, confidential relationship.
• Unparalleled reach and trusted relationships: The best of investment banking, M&A, and secondary and fund placement expertise, delivered through a single, confidential relationship.
• End-to-end service provision: From positioning your equity story, leading on due diligence, and management of all steps of secondary execution, to optimised financing solutions from the world’s largest debt platform globally, and impartial strategic advice on value maximising options