General Atlantic and French asset manager Carmignac have emerged as investors in Clipway, the secondaries firm launched by former Ardian and Coller Capital executives.
The pair made minority investments in the firm to help support its growth plans, according to a statement. Secondaries Investor understands that GA’s capital came from the firm itself and its principals.
Clipway launched this year and uses artificial intelligence and machine learning to price LP portfolios, as Secondaries Investor reported. It is led by secondaries investors and managing partners Vincent Gombault and Ingmar Vallano. Gombault helped build out the secondaries strategy at Ardian before leaving in late 2020.
The firm is targeting $4 billion for its debut fund and was expecting to have raised around $1 billion at the end of July, Secondaries Investor reported over the summer.
Clipway’s proprietary Tech-Enabled Secondaries System uses a variety of machine learning models and data analytics, according to the statement. TESS automates portfolio data extraction and analysis, allowing the investment team to optimise pricing and monitoring of LP portfolios that comprise hundreds of underlying assets.
“The secondaries industry has historically been slow to innovate,” Gombault said in the statement. “Clipway was purpose-built to leverage technology, which enables us to apply the full potential of data analytics and machine learning techniques to secondaries investing, without needing to overhaul complex legacy systems.”
New York-headquartered General Atlantic had more than $77 billion in assets under management inclusive of all products as of 30 June. Carmignac is an independent asset management firm based in Paris.
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