Secondaries by: Cattegatt

Alternatives by:

Cattegatt

Primaries & Secondaries since 2010
Active across the alternative funds spectrum
Extensive & deep rooted relationships

Secondaries Pricing |APPROACH |TRANSACTION & PROCESS Email
+44 (0)20 3950 0393


Cattegatt offers anonymous, conflict free and transparent liquidity solutions for limited partners and illiquid hedge funds investors.
We put in place a time defined bid auction process for each sale, small and large, in order to maximize seller’s objectives, ensuring ”best pricing” from competitive, qualified investors.

  • 1. Works with GPs to ensure transfer approval and success
  • 2. Only works with buyers with proven track records
  • 3. LP sales, preferred equity, structured solutions
  • 4. Single fund lines and baskets
  • 5. Counterparties remain anonymous at all times until closing

The pricing data below (% of NAV) is indicative on the website. The table shows pricing two NAV dates back as well as liquidity profiles which depends on fund size, GP, strategy and vintage. (Of note, the C19 pandemic has not yet been discounted for which will crystalize coming quarters.)

 

“Strong Interest” indicates buyers’ level of interest, however, no precise pricing have been presented, but assumed to be +90. “General Interest” mainly refers to tail end funds which may require higher level of discounts. “Premium” indicates at least par or premium to NAV. “Tbn” indicates interest for many / all of a GPs’ funds, to be negotiated upon sales request. Pricing by numbers are levels seen in the market, either transacted or presented bids.


By no means is the list complete but shows a sample of the fund interests we intermediate. For any other titles please let us know.


For current market levels, data, research, performance investors, buyers and sellers, are welcome to contact Cattegatt specialist brokers.

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FUND NAMEVINTAGEFUND SIZE (mn)PRICING - CASHLIQUIDITY
Abac Solutions I2010€320104%Very Good
Abenex V2009€495106%Very Good
Accent Equity 20082005€380General InterestGood
Accent Equity 20122010SEK 3,80097%Good
Activa Capital Fund II2008€320General InterestModerate
Activa Capital Fund III2015€20496%Good
Active Partners II2017£3098%Moderate
Active Partners III2019£100108%Very Good
Adcuram Fund I2013€15096%Moderate
Adelis II2016€600106%Very Good
Advent Global Private Equity VII2012€8,500PremiumModerate
Advent Global Private Equity, any--tbnGood
Afinum Fund V2007€23094%Good
Afinum Fund VIII2017€41098%Very Good
Agilitas Fund 20132013€250102%Moderate
Alantra Private Debt II2018€4,00096%Good
Alchemy Special Opp. II2010€4,00096%Good
Alcuin Fund IV2015€4,000104%Good
Alder II2018SEK1,500Strong InterestGood
Alinda Infrastructure Fund III2016$1,000Strong InterestVery Good
Alpha Private Equity Fund 52006EUR720General InterestModerate
Alpha Private Equity Fund 72017€900100%Very Good
Altor IV2014€2,124106%Very Good
Apax Europe VIII2012$7,51790%Very Good
Apax France IX2016€1,000102%Very Good
Apollo Investment Fund VII2008$14,676Strong InterestVery Good
Apposite Healthcare Fund II2016£144102%Moderate
ArcLight Energy Partners Fund VI2015$5,60091%Good
Ardian Expansion Fund IV2016€1,00096%Good
Ardian LBO Fund VI2016€4,00096%Very Good
Ares Corp. Opp. Fund V2017$7,85095%Very Good
Argan Capital I2006€425General InterestGood
Astorg IV2008€704General InterestGood
Astorg V2010€1,00094%Good
Astorg VI2015€2,00096%Very Good
Atena II Fund2019€7595%Good
Atlas Capital Investors V2017$318Strong InterestGood
Atlas I2008€87General InterestModerate
Auctus III2011€155102%Good
Auctus IV2015€230103%Good
August Equity Partners II2008£15582%Good
August Equity Partners III2013£20092%Very Good
August Equity Partners IV2017£224104%Very Good
Autonomy, any--tbnGood
Avedon II (NIBC Growth Fund)2011€190101%Moderate
AXA Expansion II2006€353General InterestModerate
AXA Expansion III2012€50094%Very Good
AXA LBO Fund IV2007€1,600General InterestModerate
AXA LBO Fund V2012€2,41094%Good
Axa, any--tbnVery Good
Axcel IV2010DKK 3,632100%Moderate
Bain Capital Europe III2008€3,50094%Moderate
Bain Capital Europe IV2014€3,750103%Very Good
Bain Capital Europe V2018€4,350107%Very Good
Bain Capital Fund X2010$10,00090%Moderate
Bain, any--tbnVery Good
Baring Asia V2011$2,460Strong InterestGood
Baring Asia VI2015$3,988PremiumVery Good
BC European Capital IX2011€6,50090%Good
Bencis IV2011€400100%Good
Bencis V2016€425102%Very Good
Berkshire Fund IX2017$5,500100%Very Good
Berkshire Fund VIII2011$4,500Strong InterestVery Good
Blackstone Capital Partners VI2011$15,11492%Very Good
Blackstone Capital Partners VII2016$18,000114%Very Good
Blackstone Capital Partners VIII2018$26,000106%Very Good
Blackstone Real Estate Partners Europe VI2019$10,639Strong InterestVery Good
Blackstone, any--tbnVery Good
BlueGem II2014€370General InterestGood
Bregal Partners Fund II2019$650PremiumGood
Bridgepoint Europe IV2008€4,83594%Very Good
Bridgepoint Europe V2016€4,000102%Very Good
Brockhaus III2014€108General InterestModerate
BWB Partners II2008DKK 1,000General InterestModerate
Capidea Kapital II2012DKK 74483%Good
Capidea Kapital III2018DKK 850Strong InterestModerate
CapMan X2013€244Strong InterestGood
Capvis IV2014€72095%Very Good
Carlyle Asia Partners IV2013$3,90089%Good
Carlyle Asia Partners V2018$6,550106%Good
Carlyle Europe III2007€5,300General InterestGood
Carlyle Europe IV2014€3,870104%Very Good
Carlyle, any--tbnVery Good
Cerberus, any--tbnVery Good
Cerea Capital II2016€22594%Good
Chequers Capital XVI2011€85091%Very Good
Chequers Capital XVII2017€1,090105%Very Good
Cheyne European Strategic Value Credit Fund2018€1,000Strong InterestGood
Cinven VI2017€7,000104%Very Good
Cinven, any--tbnVery Good
CMP German Opportunity III2017€250100%Moderate
Columna Capital Fund I2018€200100%Good
Corpfin IV2014€25594%%Good
CS Capital Partners III2006£300General InterestGood
CS Capital Partners V2015£31094%Good
CVC European Equity Partners IV2005€6,000General InterestVery Good
CVC European Equity Partners V2008€10,75078%Very Good
CVC European Equity Partners VI2014€10,907105%Very Good
CVC, any--tbnVery Good
DE Shaw, any--tbnGood
Dunedin Buyout II2006£250General InterestModerate
Dunedin Buyout III2013£300Strong InterestGood
ECI 82005£258General InterestModerate
ECI 92010£43794%Very Good
EQT VI2011€4,75096%Very Good
EQT VII2015€6,750106%Very Good
EQT, any--tbnVery Good
Graphite Capital Partners IX2019£50395%Good
Graphite VIII2013£457General InterestGood
IK VII2013€1,356Strong InterestVery Good
IK VIII2016€1,850PremiumVery Good
IK, any--Strong InterestVery Good
KKR Europe III2008€4,00080%Good
KKR, any--Strong InterestVery Good
Lion Capital III2010€1,525Strong InterestGood
Madison Dearborn Capital Partners VII2015$4,430107%Very Good
Madison Dearborn Capital Partners, any--Strong InterestVery Good
Mentha Capital Fund IV2014€10792%Moderate
Montagu V2016€2,690102%Very Good
Montagu, any--tbnVery Good
Nordic Capital VIII2013€3,59198%Good
OCM Opportunity Fund IX2013$5,00082%Very Good
OCM, any--tbnVery Good
PAI Europe VI2014€3,291103%Good
PAI Europe, any--tbnVery Good
Palamon European Equity III2014€402103%Good
PE Fund of funds, any--tbnGood
Permira V2014SEK 5,300104%Very Good
Permira, any--tbnVery Good
Priveq IV2011SEK 1,800Strong InterestGood
Priveq V2015SEK 2,300103%Very Good
Providence Equity Partners VI2007$12,00085%Good
Providence Equity Partners VII2012$5,00097%Very Good
Providence Equity Partners, any--tbnVery Good
Segulah V2015SEK 2,380110%Very Good
Segulah, any--tbnGood
Silver Lake Partners IV2013$10,300107%Very Good
Sovereign Capital IV2014£395PremiumGood
Summit Partners Growth Equity VIII2012$2,70090%Very Good
Summit Partners, any--tbnVery Good
TDR Capital III2013$2,00097%Very Good
TowerBrook V2018$4,250PremiumVery Good
TPG VI2008$18,87388%Very Good
TPG VII2015$10,500100%Very Good
TPG, any--tbnVery Good
Triton Fund IV2013€3,300105%Good
Verdane IX2016SEK 3,132PremiumGood
Verdane, any--tbnGood
ViewPoint Growth III2013€175General InterestModerate
Warburg Pincus X2007$15,00098%Very Good
Warburg Pincus XII2015$13,40095%Very Good
Waterland VI, VII2017€2,056PremiumGood
WCAS Capital XIII2018$4,330105%Very Good
WCAS, any--tbnVery Good
Zeus Private Equity Fund I2007£100General InterestLow

The pricing on the website dates back two NAV dates and serves as indications only. The pricing does not take into consideration the most recent fund events which may have affected pricing. The pricing has been collected from the global universe of leading secondaries investors who are part of Cattegatt’s networks and who closely monitors specific interests to acquire.


Furthermore, buyers comprising all the well known mega secondaries funds as well as respected niche investors have been segmented according to their specific investment criteria, for example, strategy, geography, bite size, tail end, sub asset class. This means that at all times we are able to pinpoint the most qualified and competitive buyer(s) for any specific interest and size.


Please note, even though the brokerage process in many parts can be managed by online features we prefer to pay personal attention to each trade. The illiquid nature of the interests require a detailed handling in order to understand and maximize sellers’ and buyers’ objectives and expectations. We put great emphasis on adequately factoring in considerations which affect pricing e.g. specific share class series, distributions, capital allocations and to manage term sheet procurement.