AlpInvest former managing director starts new firm – exclusive

Tjarko Hektor, who worked on North American secondaries at Carlyle's fund of funds until last year, has launched New 2nd Capital, focusing on GP-centred transactions.

Tjarko Hektor, who left fund of funds AlpInvest Partners last year, has started his own firm, New 2nd Capital, Secondaries Investor has learned.

New 2nd Capital focuses on GP-centered transactions, including spin-outs, staple transactions, and GP-led restructurings, according to a source familiar with the new venture.

The launch is coming at a time when general partners are increasingly driving activity in the secondaries market, where dealflow has traditionally been spurred by limited partners. Some firms like New 2nd Capital has identified an opportunity to focus on smaller GP-centered transactions in that growing part of the market, said the source.

GP-focused transactions represent about 25 percent, or about $10 billion, of the secondaries market, according to market sources.

New 2nd Capital will focus on transactions at the lower end of the secondaries market between $10 million and $50 million, mainly in North America, said the source. It is currently working on a couple of opportunities that are likely to close before the end of the year, the source said, but added that the firm had not yet launched fundraising.

Hektor, who declined to comment, is currently the sole partner at the firm, although New 2nd Capital plans add a handful of professionals before the end of the summer, according to the source.

Hektor joined AlpInvest in 2000 from the firm’s predecessors Parnib and NIB Capital, Secondaries Investor reported in April 2015 when he left. He was also chairman of AlpInvest’s investment committee.