©2019 by Tail End Capital Partners

Blurred Busines People

GP Focused Secondary Solutions

Tail End Capital Partners is focused on helping managers of mature PE and VC funds provide liquidity to their investors while offering the ability to maximize the tail end value of the fund.

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

 
 

Solutions

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.

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.

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.

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.

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

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.

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.

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.

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.

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

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

TEAM

 

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.

Bob McGuire, Managing Director

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

Prior to joining Tail End Capital Partners, Bob founded North Park Capital Partners a special situation investment firm that focused on investing primarily in rust belt companies.    Bob is also an Advisor to 3 Rivers Capital (3RC), a firm that he co-founded in 2005.

 

3RC is a Pittsburgh based independent sponsor private equity firm that focuses on controlled acquisition of small businesses with EBITDA between $3-$10 Million. Bob transitioned in April 2018 from an active partner to a partner focused on 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, Rhodes Manufacturing, AGS, All American Hose, Tomanetti Food Product, and the Turnaround Management Association Pittsburgh chapter.

 

Contact