Golding Capital Partners, a Munich-headquartered asset manager, wants to launch its first dedicated secondaries fund to focus on complex deals.
The firm, which invests in private equity, private debt and infrastructure, aims to launch the fund later this year and will seek between €250 million to €300 million, the firm’s managing partner, Jeremy Golding, told Secondaries Investor.
“We see sufficient dealflow for these complex, structural types of secondaries, and we’re considering raising a dedicated secondaries fund for such deals,” Golding said. “We’re looking primarily at those complicated, structural-type solution deals where we think we can add value as opposed to single-line plain vanilla deals.”
The fund’s main focus will be on buyout opportunities although it will also be able to make investments in other asset classes. Up until now, the firm’s approach has been to blend secondaries opportunities into its flagship funds, which include mezzanine/debt and fund of funds vehicles.
Complex secondaries deals may involve tax, regulatory or structural issues and can take between six to 12 months to complete, Golding said. The firm typically focuses on deals below $15 million or the same number in euros or pounds.
“Some LPs, especially the large LPs, may have tax or structural considerations, regulatory issues, or multi-layered vehicles around [their investments such as] SPVs or feeder vehicles which need to be dismantled in order to free up any underlying value,” he said.
Golding Capital has over €4.9 billion in assets under management and employs more than 65 professionals in New York and Luxembourg, in addition to its German headquarters, according to its website.