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Clean up your illiquid portfolio

Your smallest position may be your most expensive. We buy what’s left, so the structure can close.

Discuss a portfolio See what it really costs

Everything else in the fund has been sold. One position is left, marked at $200k.

To hold it, the fund stays open: administration, audit, reporting. $25k a year.

The feeder keeps its own books, its own auditor, its own tax filings. Another $10k.

And 20 investors hold through SPVs you never see. Another $60k, outside your accounts.

$95k a year to keep a $200k mark alive. 3.8× what the fund’s accounts show.

On paper, $200k. An offer arrives: $40k, today.

Hold 3 more years and sell at the mark. After the fund’s costs, $125k is left. The offer looks low.

Now count the feeder and the 20 SPVs. The same 3 years end $85k in the red. The offer is the only gain on the table.

Same asset. Same offer. Opposite decision.

Selling at 20% of the mark can be the best trade a fund makes, once everyone paying $95k a year is in the picture.

Run your own numbers

Illustrative figures. Assumes a sale at the full mark after 3 years and constant costs that stop with the last asset; excludes wind-down costs, taxes and the time value of money.

  • Not every residual is a write-off.

    Running costs are one reason to move on. Timelines, focus and plain fatigue are others. Each calls for a different kind of liquidity.

  • Fair value, wrong clock.

    A company with a future, in a fund that needs to return capital.

    A direct secondary at a considered price.

    Direct secondaries

  • The tail holding a fund open.

    A handful of positions keeping the fund, and everything above it, in extension.

    One transaction for the whole tail, or the part you choose.

    Tail-end portfolios

  • A vehicle that outlived its purpose.

    An SPV whose administration costs more than its assets can justify.

    We acquire what it holds, so your advisers can wind it down.

    SPV & legacy holdings

  • Written off, still on your desk.

    Marked at nothing, yet still sending board packs, consent requests and the odd claim.

    We take it over, monitoring included. If value ever resurfaces, we have the time to crystallise it.

    Discuss a written-off position

Every residual needs liquidity.

Then it needs tidying.

Liquidity, tidied.

We buy what’s left, so you can close what’s open and get back to what’s next.

Tell us what’s left. We map the whole structure, from the fund to your investors’ own vehicles, and design the exit around it. All of it or part of it. A price today, or a price today and a share of what comes later. Then everything above the last position can close.

No company names needed to start, and an NDA can come first. Every transaction remains subject to diligence and the necessary consents.

What’s still open on your side?

Tell us what’s left: the positions, the vehicles around them and your timing. A high-level overview is all we need to begin.

Tell us what’s left Run your own numbers

A direct conversation with a potential buyer.

Tick whatever sounds familiar.