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Secondary Funds

geometric shape Overview

We acquire attractive secondary positions in private equity investments with superior risk-adjusted return potential.1

The secondary market provides buyers with the opportunity to access funds and direct investments which are further along in their investment cycle, offering several desirable benefits. Secondary transactions generally allow for reduced blind pool risk and a muted J-curve. The secondary market has grown significantly in recent years. Active portfolio management on the part of large limited partners has provided a steady flow of traditional secondary fund opportunities. The rapid growth of the GP-led secondary market (through single-asset or multi-asset continuation vehicles) provides additional attractive deal flow.

The secondary market is an exclusive space, which highlights the importance of RCP’s relationships in the small buyout sector. Approximately half of our secondary purchase volume is either sourced through our network of GPs and sellers or is conducted in partnership with existing manager and LP relationships.

The RCP Advantage

Our relationships and data result in deal sourcing and underwriting advantages. Our investors benefit from a less efficient market where superior relationships and information matter.

Access

RCP’s strong relationships with general and limited partner sellers in the small buyout sector provide significant advantages in sourcing attractive opportunities.1

Process

RCP’s market intelligence and systematic process provide the framework for consistent analysis. RCP marries its proprietary data with a rigorous and consistent analytic investment process to yield attractive returns.  

Execution

RCP is a preferred buyer, working alongside limited partners, advisors, and general partners to manage expectations through every step of the secondary investment process.

Who we invest with

We purchase private equity assets or fund interests with deal sizes between ~$10 million and $50 million.  

We are active investors in both traditional secondary limited partner positions and in GP-led single asset and multi-asset transactions.3 

Meet Our Secondary Funds’ Portfolio Managers

Our team brings decades of experience to our investors.

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1. RCP does not guarantee access. 2. Past performance does not predict, and is not a guarantee, of future results. 3. Targets and/or projections are only estimates of future results based upon assumptions made at the time the projections are developed. There can be no assurance that the projected results are correct or will be obtained, and actual results may vary significantly from the projections.