A secondary private equity transaction is when a new investor buys an interest in a private equity fund or a stake in a private company from the original investor. In essence, purchasing a “second hand” stake in private equity, as compared to investing into a company sponsored fundraise or an investment (limited partnership commitment) to a new fund.

Secondary investors purchase interests in companies and funds from their original investors and in some cases purchase entire or portions of funds from fund managers (GPs) seeking liquidity for their investors.

Founded in 1982 by Dayton Carr, VCFA is known as the pioneer of the secondary private equity market. We believe the firm was the first of its kind, formed solely to purchase secondary private equity interests.