Secondaries
Select strategically. Profit faster.
For us, secondaries are a targeted instrument to capitalize on market cycles, unlock inefficiencies, and actively support the development of successful mid-sized companies.
Richard Wilmes
Partner · Head of Secondaries
1 bn
€ AuM
Two transaction types. One clear approach.
We invest with focus in strong, established companies in the European mid-market – where substance meets true growth. Our core targets are profitable small and mid-cap businesses from resilient sectors such as technology and B2B services. Companies with clear direction, a solid business model and value drivers that make a real difference.
We invest only with fund managers who convince – not through promises, but through performance. Long-standing relationships, real alignment and a shared understanding of quality form the foundation.
Our focus lies on transactions with early access and real influence – through mature fund relationships or direct connections to decision-makers. We invest where the best companies are consistently developed further – with a clear strategy, strong governance and a long-term value creation perspective.
Our secondaries approach is deliberately focused: unlevered, structured, quality-driven.
- LP-led Secondaries: Acquisition of high-quality fund interests with attractive entry windows and immediate cash flows
- GP-led Continuation Vehicles: Selective participation in continuation vehicles with existing managers including growth capital
These formats combine visibility, stability and flexibility into a portfolio approach that consistently puts quality at the center.
In touch with the market. Access to what matters.
Our long-standing relationships with fund managers, investors and intermediaries give us access to high-quality, often proprietary secondary transactions. The integrated collaboration across our teams provides information advantages that are crucial in the opaque small- and mid-cap segment.
We provide investors with selective access to a complex and opaque market segment while offering sellers an experienced and reliable transaction partner.
Thomas Hallinger
Managing Director · Secondaries
Sustainable Investing – A return driver for secondary investments.
ESG has been an integral part of our secondary investment processes for many years. We focus on both the ESG maturity of fund managers and the material sustainability aspects of individual portfolio companies.
This dual perspective enables a differentiated risk assessment and identifies potential for sustainable value creation. Sustainable investing not only helps mitigate risk but also actively contributes to value creation.
Our secondaries fund is classified as an Article 8 fund under SFDR.
Solutions with clarity.
- Secondaries-Funds: Diversified portfolio of European small- and mid-cap buyout secondaries
- Direct Transactions: Participation in selected fund transactions
- Individual Mandates: Tailored allocations with clear cash flow profiles, structural specialized solutions and ESG integration
Your team for Secondaries.
Risk notice
Investing in Secondaries also involves risks.
- There can be no guarantee that a specific return or earnings target will be achieved. Past returns and forecasts are no guarantee of future success.
- Minority shareholders who are not involved in the management of a fund have no or only limited influence over the fund manager.
- At fund level, the use of not inconsiderable external financing (leverage) is often permitted and common. Although the use of leverage can improve performance, it also increases the potential for loss.
- The market values of funds may be subject to significant fluctuations due to macroeconomic factors and/or other changing market conditions.
- Funds are usually unregulated investment vehicles that offer only limited investor protection.
- The investor bears the risk of the tax and regulatory structure of the funds and the investments made.
- If risks materialise, investors in the funds may suffer losses in value up to the amount of the total loss of the invested capital.
Details risk information can be found in the issue document of the respective investment programs.