GP-led secondary — institutional co-investment

Situation

An institutional investor received an invitation to participate in a GP-led secondary transaction alongside a lead sponsor. The timeline was compressed — four weeks to commitment with limited initial disclosure. The investor's internal team had no prior exposure to the underlying portfolio and lacked capacity to run independent diligence within the window. Walking away was the default path.

What we did

Mobilised a two-person deal team within 48 hours of engagement. Ran parallel commercial and legal diligence workstreams. Stress-tested the GP's pricing framework against comparable secondary transactions and independent valuation benchmarks. Identified and negotiated improved information rights, tag-along provisions, and governance terms that were absent from the initial term sheet. Prepared a committee-ready investment memo with scenario analysis covering downside, base, and upside cases.

Outcome

The investor committed $15M on an accelerated timeline with governance protections that matched their fiduciary requirements. The transaction closed within 5 weeks of initial invitation. Post-close, the enhanced information rights have provided materially better visibility into portfolio performance than what was originally offered.

Detail and references available under NDA for qualified counterparties.