W Capital Partners has hired former Paul Capital executive Todd Miller as a managing director.
Miller will focus on sourcing and developing direct secondariesinvestments, providing liquidity to general partners invested in private companies and providing growth capital to those companies.
He was previously a managing director at Paul Capital, where he had responsibility for sourcing and structuring financing and liquidity for general partners, financial institutions, family offices, hedge funds and non-institutional investors. Shortly before joining W Capital, Miller led a large restructuring of a direct portfolio for a financial institution.
Prior to Paul Capital, Miller was a partner at family office AEP Capital. He previously worked for eight years at TH Lee Putnam, a growth equity and buyout fund sponsored by Thomas H Lee Partners.
“[Miller]’s experience in the secondary industry and deep understanding of providing liquidity driven solutions for private equity investors is highly complementary to our model,” said David Wachter, managing director of W Capital, in a statement.
Miller’s hiring brings the number of managing directors at W Capital to five.
W Capital closed its third fund on its hard-cap of $750 million last July. The firm specialises in direct secondaries and restructuring aging private equity funds and has invested $1 billion in total capital since inception. Its previous fund closed on $700 million in 2008.
W Capital has $1.7 billion in assets under management and has completed more than 70 transactions. The firm provides exit and partial exit options for buyout, growth capital and venture investments.