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GP Focused Secondary Solutions

Tail End Capital Partners is focused on providing solutions for independent sponsors and managers of mature PE and VC  funds to provide liquidity to their investors and portfolio companies while offering the ability to maximize the tail end value of their investment(s).

Every situation is a bit different and we seek to provide a flexible solution that provides a win/win for the GP/Sponsor and their investors. We pride ourselves on being good listeners to deliver a solution that fits your situation.

 
 

Solutions

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Fund Recapitalizations / Lift-Outs

A critical mass of LPs is looking for liquidity but the GP wants to maximize the value of the tail end of their fund portfolio.  Tail End Capital Partners can acquire the remaining assets of the fund in collaboration with the GP.   The assets will be contributed to a new fund that the GP manages with a refreshed incentive structure.

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Fund Limited Partner Tender Offers

Existing LPs seek liquidity.  Tail End Capital Partners will work with the GP to purchase the LP interests and establish a new incentive structure for the GP related to the interests purchased.  Remaining LPs will generally need to approve an extension of the fund to give the GP enough time to maximize the value of the tail end of the portfolio.

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Independent Sponsor Investment Recapitalizations

Some investors in a company want liquidity but the lead investor is not ready to sell the company.  Tail End Capital Partners can purchase the shares of investors looking for liquidity and establish an SPV to hold these investments.  The lead investor will become the GP of the SPV and be incentivized within the SPV structure.

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Secondary Direct

A GP wants to fully liquidate its position in a portfolio company with no continued investment.  Tail End Capital Partners can purchase the fund's interest.

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Fund Level Loans

A GP needs dry powder to invest into its portfolio to enhance the value creation of the fund.   Tail End Capital Partners can provide a loan at the fund level.

Solutions

Puzzle - two guys holding pieces.jpg

Fund Recapitalizations / Lift-Outs

A critical mass of LPs is looking for liquidity but the GP wants to maximize the value of the tail end of their fund portfolio.  Tail End Capital Partners can acquire the remaining assets of the fund in collaboration with the GP.   The assets will be contributed to a new fund that the GP manages with a refreshed incentive structure.

Puzzle four pieces.png

Fund Limited Partner Tender Offers

Existing LPs seek liquidity.  Tail End Capital Partners will work with the GP to purchase the LP interests and establish a new incentive structure for the GP related to the interests purchased.  Remaining LPs will generally need to approve an extension of the fund to give the GP enough time to maximize the value of the tail end of the portfolio.

Puzzle - two pice.png

Independent Sponsor Investment Recapitalizations

Some investors in a company want liquidity but the lead investor is not ready to sell the company.  Tail End Capital Partners can purchase the shares of investors looking for liquidity and establish an SPV to hold these investments.  The lead investor will become the GP of the SPV and be incentivized within the SPV structure.

Puzzle - 3 piece.png

Secondary Direct

A GP wants to fully liquidate its position in a portfolio company with no continued investment.  Tail End Capital Partners can purchase the fund's interest.

Puzzle - one piece.png

Fund Level Loans

A GP needs dry powder to invest into its portfolio to enhance the value creation of the fund.   Tail End Capital Partners can provide a loan at the fund level.

Solutions

Puzzle - two guys holding pieces.jpg

Fund Recapitalizations / Lift-Outs

A critical mass of LPs is looking for liquidity but the GP wants to maximize the value of the tail end of their fund portfolio.  Tail End Capital Partners can acquire the remaining assets of the fund in collaboration with the GP.   The assets will be contributed to a new fund that the GP manages with a refreshed incentive structure.

Puzzle four pieces.png

Fund Limited Partner Tender Offers

Existing LPs seek liquidity.  Tail End Capital Partners will work with the GP to purchase the LP interests and establish a new incentive structure for the GP related to the interests purchased.  Remaining LPs will generally need to approve an extension of the fund to give the GP enough time to maximize the value of the tail end of the portfolio.

Puzzle - two pice.png

Independent Sponsor Investment Recapitalizations

Some investors in a company want liquidity but the lead investor is not ready to sell the company.  Tail End Capital Partners can purchase the shares of investors looking for liquidity and establish an SPV to hold these investments.  The lead investor will become the GP of the SPV and be incentivized within the SPV structure.

Puzzle - 3 piece.png

Secondary Direct

A GP wants to fully liquidate its position in a portfolio company with no continued investment.  Tail End Capital Partners can purchase the fund's interest.

Puzzle - one piece.png

Fund Level Loans

A GP needs dry powder to invest into its portfolio to enhance the value creation of the fund.   Tail End Capital Partners can provide a loan at the fund level.

Solutions

Puzzle - two guys holding pieces.jpg

Fund Recapitalizations / Lift-Outs

A critical mass of LPs is looking for liquidity but the GP wants to maximize the value of the tail end of their fund portfolio.  Tail End Capital Partners can acquire the remaining assets of the fund in collaboration with the GP.   The assets will be contributed to a new fund that the GP manages with a refreshed incentive structure.

Puzzle four pieces.png

Fund Limited Partner Tender Offers

Existing LPs seek liquidity.  Tail End Capital Partners will work with the GP to purchase the LP interests and establish a new incentive structure for the GP related to the interests purchased.  Remaining LPs will generally need to approve an extension of the fund to give the GP enough time to maximize the value of the tail end of the portfolio.

Puzzle - two pice.png

Independent Sponsor Investment Recapitalizations

Some investors in a company want liquidity but the lead investor is not ready to sell the company.  Tail End Capital Partners can purchase the shares of investors looking for liquidity and establish an SPV to hold these investments and provide dry powder to the company.  The lead investor will become the GP of the SPV and be incentivized within the SPV structure.

Puzzle - 3 piece.png

Secondary Direct

A GP wants to fully liquidate its position in a portfolio company with no continued investment.  Tail End Capital Partners can purchase the fund's interest.

Puzzle - one piece.png

Fund Level Cash Injection

A GP / sponsor needs dry powder to invest into its portfolio to enhance the value creation of the fund or company.   Tail End Capital Partners can provide a preferred investment or loan at the fund / SPV level.

TEAM

 
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Paul Cohn, Managing Partner

Paul is a successful private equity professional with over thirty  years of experience.  Paul has worked in all facets of private equity and venture capital as a secondary investor, limited partnership investor, co-investor, direct investor and leveraged buyout lender.

Prior to founding Tail End Capital Partners, was a Managing Director and a member of the Investment Committee of Fort Washington Capital Partners (“FWCP”).  FWCP manages more than $3.8 billion in private equity commitments across more than a dozen funds with three exclusively focused on secondary investing. 

 

Prior to leaving FWCP in 2018, Paul led all efforts focused on investments in GP-led Secondaries, including deal sourcing, deal execution and post investment management.  Paul was on the boards or advisory boards of nine Secondary related investments.  Additionally, while at FWCP, Paul served on the board of advisors of eleven additional private equity limited partnerships.

Previously, Paul founded and managed a boutique investment consulting organization called Navigation Capital Partners.  Earlier in his career, Paul was a Partner with Mellon Ventures, Mellon Bank’s private equity affiliate.  Paul was a founding team member and by the time he left, Mellon Ventures had $1.3 billion invested and committed to over 100 portfolio companies and over 70 funds.  Paul started his career and was an Investment Manager at Westinghouse Credit Corporation acting as a lender into leveraged buyouts.

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Bob McGuire, Managing Director

Bob joined Tail End Capital Partners in 2019 as a Managing Director bringing over forty years of private equity experience. 

Prior to joining Tail End Capital Partners, Bob co-founded North Park Capital Partners in 2016 and 3 Rivers Capital in 2005.

 

North Park Capital a special situation investment firm that focused on investing primarily in rustbelt companies.  North Park Capital leverages decades of experience to bring financial resources and business acumen to companies in challenging situations.

3 Rivers Capital is a Pittsburgh-based private equity firm focused on controlled acquisition and recapitalizations of small private companies with EBITDA between $4-$10 Million. 3RC's primary focus is on acquiring family and entrepreneur-owned businesses to rapidly create value by removing barriers to growth. Bob transitioned in April 2018 from an active partner to a partner focused on an advisory role for the existing portfolios.

Prior to 2005 Mr. McGuire spent over 25 years working for major financial institutions, including Bank of America, GE capital, and JP Morgan. While at these institutions he led development of new markets in the Midwest that generated over $2 Billion in transactions across a wide variety of industries, primarily in the areas of metals, mining and automotive.

Bob currently serves as a director of Pat Tank, AGS, Snap-Tite Hose, Tomanetti Food Product, Meritach, the Turnaround Management Association Pittsburgh chapter and The Carnegie Boys and Girls Club of Western PA.   

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Mike Blume, Vice President

Mike joined Tail End Capital Partners as a Vice President in August 2020.

Prior to joining Tail End Capital Partners, Mike spent three years at Incline Equity Partners as an Associate.  At Incline Mike was responsible for evaluating and executing new investments and managing existing portfolio companies.  Incline Equity Partners is a lower-middle market private equity firm managing over $2.8 billion making control investments in distribution, manufacturing and service businesses.

Prior to Incline, Mike spent two years in PNC's Asset Backed Finance group as an Investment Banking Analyst where he focused on the origination, structuring and execution of securitizations for large corporate events.

 

Mike graduated with a BBA in Finance cum laude from the University of Notre Dame.

Advisors

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Denise joined Tail End Capital Partners in 2021 as the Operations Manager focusing on business development, investor relations and overall firm operations.

Prior to joining the Tail End Capital team, Denise was part of the Enrollment Management Group (EMG) at Duquesne University from 2008 to 2021. In her latest position, she served as the Director for Business and Administration managing the operating, endowed and resource budgets, human resource affairs, audit compliance and contractual agreements for departments within the EMG.

Prior to working at Duquesne, Denise left USAir's Material Services department as an inventory analyst to enjoy raising her three children as a stay-at-home mom while operating a home-based dog grooming business. 

Denise graduated with a BS in Organizational Leadership summa cum laude from Duquesne University.

Denise Faix, Operations Manager

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Michael Cronin

Managing Partner, Weston Presido

Michael is a Co-Founder and Managing Partner of Weston Presidio Partners

 

Weston Presidio, founded in 1991, has raised over $3.2 billion across five funds with a focus on growth equity and growth buyout investments.  Weston Presidio focused its investments in the consumer, business services and industrial growth sectors.  Some of the more recognizable investment by Weston Presidio over the years are Jimmy Johns, Lion Brewery, Party City, Restoration Hardware, Robb Report, Wild Oats Markets, BlueArc, Evenflo, Fender Musical Instruments Corporation, JetBlue Airways, Hunter Fan, Fresenius Vascular Care and MapQuest.

 

Prior to co-founding Weston Presidio, Michael was a  Managing Director in the Boston office of Security Pacific Capital making venture capital investments.

 

Michael is currently on the Board of Directors of DISYS, ipCapital Group, Xenon Arc and dataCon.  He is Chairman of Harvard Student Agencies, a Director of Beth Israel Deaconess Medical Center  Treasurer of the Harvard Club of Boston and a Trustee of Loeb Classical Library.

Jack Glover

Managing Partner, Incline Equity Partners

John (Jack) Glover is a founding partner of Incline Equity Partners ("Incline").  Incline, with offices in Pittsburgh and New York, has raised $2.3 billion across four private equity funds since 2013.

Jack is responsible for all aspects of investment management including sourcing and executing new investments, and managing existing portfolio company performance.  Jack is also responsible for firm management including strategic direction and talent.  

Prior to forming Incline Equity, Jack was a Partner at PNC Equity Partners having joined there in 1996.  Previously, Jack was a Senior Associate in the investment banking division of Wheat First Securities.  Jack began his career at Westinghouse Credit Corporation.

Jack currently serves as a director of Hartland Controls, AFC Holdings, Midwest Industrial Rubber Inc., Continental Batteries, P.T. International, Charter Industries, Caldwell & Gregory, Profile Products, Unified Power, Brown & Joseph and Wholesale Supplies Plus.

 

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