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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

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 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

 

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.  Bob is also a member of the Tail End Capital Partners' Limited Partner Advisory Committee. 

Advisors

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.

 

Contact

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