About VCFA Group

A Leader in Secondary markets for over 4 decades

Our Story
Our Team
About Secondaries
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our story

VCFA pioneered the secondary private equity market with its founding in 1982. We believe VCFA was the first firm formed to provide previously unavailable liquidity options to private equity investors. Founded by Dayton Carr, VCFA was initially focused solely on the acquisition of limited partnership interests in venture capital and growth equity funds. As the private equity landscape grew, so did the acceptance and demand for secondary private equity transactions. Dayton Carr and VCFA not only helped shape the secondary market and innovate the various types of secondary transactions that exist today; he also helped many other firms get started and helped build an industry. Today, volume in the secondary private equity market is estimated to exceed $150 billion annually.

While many new firms and funds have entered the market and scaled into very large asset management firms, VCFA Group has stayed small, remaining focused on its original core strategy. The Firm specializes in smaller, complex secondary transactions, including LP- and GP-led deals and direct secondary equity purchases in private, venture-backed companies. VCFA continues to be driven by our late Founder’s simple philosophy towards venture and growth equity investing, “buy later and cheaper.” Since its inception, VCFA has raised ten venture / growth equity secondary funds totaling over $1 billion of cumulative AUM.

The firm is now led by David Tom and Andrew Reilly, both with extensive secondary experience and long histories with VCFA and Dayton Carr. Under their ownership, VCFA continues to lead and innovate in its small niche of the secondary private equity industry.

Imagine being able to place a $1.00 bet in the third turn of the horse race, for 60 cents

The late, Dayton Carr, founder & Managing Director of VCFA Group

Strategic Focus

Our firms 40+ years of experience, disciplined investment process and proprietary deal sourcing capabilities have kept VCFA in a leadership position in the secondary market since its inception. Our strategic focus on smaller opportunities and our expertise in closing more complex transactions have carved out a special niche in the secondary market that tends to be a less competitive segment of the market and allows us to capitalize on attractive opportunities often overlooked by large firms due to size.

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industry pioneers

Meet Our Team

Andrew K. Reilly

Managing Director

Andrew K. Reilly is a highly experienced buyer of private equity on a secondary basis. He was a Managing Member of the General Partner for the two Prior Funds. Mr. Reilly joined VCFA in 2017 primarily to focus on the origination and development of secondary opportunities as well as new investor relationships. He brings over twenty years of private equity experience as a Limited Partner, General Partner and operator.

From 2007 through 2015 Mr. Reilly was a Trustee and Chairman of Alternative Assets for the State Investment Commission, with oversight of an $8 billion pension fund benefiting the state employees of Rhode Island. Mr. Reilly also co-founded and was Managing Director of Accretive Exit Capital, LLC, a private equity firm focused on secondary direct and GP-Led Transactions. Mr. Reilly also co-founded and held management roles in several technology companies focused on big data, enterprise software and mobile and satellite telecommunications.  He serves on the Board of the University Rhode Island Graduate School of Oceanography and on advisory boards of several early stage companies.

Mr. Reilly graduated from Boston College with a Bachelor of Sciences Degree.

David B. Tom

Managing Director

David B. Tom is a highly experienced buyer of private equity on a secondary basis. He was a Managing Member of the General Partner for the two Prior Funds. Mr. Tom joined VCFA in 2006 and was instrumental in developing the investment strategy and focus for VCFA Venture Partners V, L.P., which preceded the two Prior Funds. Mr. Tom focuses on the sourcing of secondary purchase opportunities and evaluating, negotiating, and closing investments. He has a particular expertise in complex transactions, including GP-Led Transactions, having led many of these transactions. Mr. Tom’s writings regarding the private equity and secondaries industry have been featured in industry publications such as Buyouts, Venture Capital Journal, peHUB, and PE Week Wire. He has appeared at numerous panels and speaking engagements including acting as the featured sourcing expert at the Deal Flow Media Secondaries Conference.

Prior to joining VCFA, Mr. Tom was a consultant with Dynasty Capital Services, a financial advisory firm that focuses on Asian Markets. Mr. Tom began his career as an Investment Banker in the Goldman Sachs High Technology Group, where he participated in M&A transactions and equity offerings from 1998 – 2000. He also served in the strategic planning group of Sphera Optical Networks, a venture-backed telecommunications start-up.

Mr. Tom graduated Phi Beta Kappa and Magna Cum Laude from Brown University and received an M.B.A. from Harvard Business School. As an undergraduate, Mr. Tom was the founder and Editor-In-Chief of Around & About Providence: The Unofficial Guide to Brown and Beyond. At Harvard, Mr. Tom was a runner-up in the HBS New Ventures Competition. Mr. Tom is also a CFA charterholder. 

William R. Harman

Managing Director

William R. Harman is an experienced executive with over fifty years of experience in the financial services and investment industries. Mr. Harman’s experience in secondaries began in 2006 when he invested with VCFA. He joined VCFA as a Senior Advisor in 2017.
 
Mr. Harman is a former Managing Director of Morgan Stanley where he worked for 26 years. Following several years of corporate and securities law practice in New York, he joined Morgan Stanley as Secretary and General Counsel. He organized and managed the legal department of 40 professionals and chaired a number of financial services industry committees addressing legal and regulatory issues.  Mr. Harman was active in advising the firm and its clients on legislative and regulatory developments, which had significant impact on the financial markets, particularly in the areas of trade, taxation, energy, telecommunications, healthcare and financial services. Mr. Harman was also a consultant and worked with Tiger Management to help navigate potential regulation of hedge funds.
 
As a private investor, particularly in the healthcare field, Mr. Harman has been involved with several companies in cancer research. He currently serves as Vice Chairman of a bioinformatics company that focuses on rapid identification of infectious disease for healthcare providers and pharmaceutical companies.
 
Mr. Harman has been on the board of a number of not-for-profit institutions, including the National Archives Foundation, the American Council on Germany, the Hispanic Society Museum and Library, the Institute for Integrative Genomics at Princeton University, the Venter Institute and AMDeC, a consortium of 19 New York research hospitals. He currently serves on the investment committees of several foundations, including the American Society for Microbiology.
 
Mr. Harman is a graduate of Princeton University and the University of Michigan Law School and served with the United States Marine Corps Reserves from 1966 to 1972.

Deena Seelenfreund

CFO/COO

Deena B. Seelenfreund is an experienced administrator of secondary private equity funds. Ms. Seelenfreund joined VCFA in 1990 where her responsibilities have included preparing the financial statements for VCFA funds, coordinating the year-end audits with independent accountants, overseeing tax filings for the domestic funds and budget forecasting and implementation. Ms. Seelenfreund has also been responsible for administering compliance policies and procedures and compliance program. Prior to joining VCFA, Ms. Seelenfreund was a Senior Auditor for Arthur Andersen & Co., where she gained diverse experience managing audits in various industries including the retail, telecommunications and investment sectors.

Ms. Seelenfreund received a B.S. from the Leonard M. Stern School of Business at New York University, is a member of the Private Equity CFO Association, the American Institute of Certified Public Accountants, the New York State Society of Certified Public Accountants and currently serves on the National Venture Capital Association CFO Task Force. Ms. Seelenfreund is a Certified Public Accountant Licensed in the states of New York and New Jersey.

kevin P. Monroe

Head of Capital Formation

Kevin P. Monroe, rejoined VCFA in March 2026 and is focused on capital formation and investor relations. Kevin brings over two decades of experience in the private markets. Most recently, he spent 10 years at Champlain Advisors, a global placement firm, where he led capital raising efforts across diverse private equity strategies. Kevin previously served as Managing Director at VCFA Group from 2007 to 2012, working closely with the current leadership team. Earlier in his career Kevin was an equity research analyst covering multiple industry sectors at Thomas Weisel Partners.

Mr. Monroe graduated from Fordham University with a Bachelor of Science degree.

Andrew Coke

Vice President

Andrew R. Coke assists the partners with the deal process. Mr. Coke joined VCFA in 2019 as an associate to assist in evaluating investment opportunities, conducting due diligence and financial modeling.

Prior to joining VCFA, Mr. Coke was an equity research associate for Deutsche Bank where he focused on the retail sector. Previously, Mr. Coke held an equity research position at Janney Montgomery Scott where he specialized in the travel, lodging & leisure sector.

Mr. Coke graduated from Brown University with a Bachelor of Arts Degree where he was a member of the varsity football team. Mr. Coke was named to the National Football Foundation Hampshire Honor Society, which honors college football players for outstanding academic performance during their college career.

Colin Moffet

Associate

Colin Moffet  assists the partners with the deal process and supports the investment and reporting teams. He joined VCFA in 2021 as an analyst primarily to assist in evaluating new investment opportunities, conducting due diligence, financial modeling and preparing investor relations materials.

Prior to joining VCFA, Mr. Moffet interned at the ifo Institute for Economic Research in Munich, Germany, where he worked with professors at the LMU Munich on their research and co-authored a report that was published in ifo’s quarterly journal.

Mr. Moffet graduated from Princeton University with a Bachelor of Arts in Economics, with certificates in Finance and German. Mr. Moffet was also a member of the Princeton Men’s Rugby Team.

Sean Brown

Analyst

Sean Brown supports the investment and reporting teams through all stages of the deal process. Since joining VCFA in 2025, his primary focus has been financial modeling, conducting due diligence, and assisting in the evaluation of new investment opportunities and investor relations materials.

Prior to VCFA, Mr. Brown completed co-ops at General Atlantic, focusing on growth equity valuations and financial modeling, Bain Capital, where he supported the Co-Invest Finance team; and HarbourVest Partners where he supported the portfolio analytics team.

Mr. Brown graduated from Northeastern University with a B.S. in Economics and Finance, and a minor in Data Science. He was a member of the Alexander Hamilton Society and studied at John Cabot University.

Rivka Weinberger

Accountant

Rivka P. Weinberger, CPA, MBA, is a senior member of VCFA’s accounting and finance team, where she has served for more than thirty years. Throughout her tenure, she has played an integral role in the firm’s financial operations and administration. Her responsibilities include overseeing accounts payable and receivable, human resources administration, tax compliance, and a broad range of accounting functions that support the firm’s ongoing operations. Rivka prepares financial statements, reports, and analytical schedules while managing accounting systems and databases that provide accurate and timely information for both internal management and external reporting. She also plays a key role in supporting the firm’s regulatory compliance efforts, helping ensure that VCFA meets the financial reporting, record keeping, and operational requirements applicable to its status as a registered investment adviser.

Rivka graduated summa cum laude from the City University of New York – Brooklyn College and earned an M.B.A. with a concentration in Accounting, with honors, from the University of Phoenix. As a Certified Public Accountant, Rivka combines decades of practical financial management experience with extensive technical expertise in accounting, taxation, and regulatory compliance.

Susan Harris

Office Manager

Susan C. Harris has worked for VCFA Group since August 1992, currently as the Chief Administrative Officer and previously as the Office Manager. She serves as the liaison between VCFA’s limited partners and Carta Fund Administration, oversees office services, special projects, and the day-to-day operations of the firm. Before joining VCFA, Susan worked at Bridge Information Systems, Bull & Bear Group, Inc., The Hampton Group, and Doremus & Co. Susan attended The College of Wooster in Ohio. She lives in New Jersey and is an active volunteer in her community.

secondary Investments 101

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Why VCFA

Contact Us

New York
Headquarters
​126 East 56th Street
​Suite 420
New York, NY 10022
Newport,
Rhode Island

Bowens Wharf
55 Americas Cup Ave
Newport, RI 02840

Call us

Phone: (212) 838-5577
Office Manager:
Susan Harris
(sharris@vcfa.com)

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