In Deal Flow in LTM - 6/30/25
Committed Across 470+ Transactions
Years of Secondaries Investing Experience
A shorter duration complement to an overall private markets portfolio
We are fully immersed in the market, have the tools and expertise to execute and the flexibility to invest in all segments and geographies, with a rigorous diligence process supported by proprietary tools and global resources.
Favorable positioning in an evolving market
We believe today’s market conditions, characterized by the global growth of private markets and more active management of private market allocations, lend themselves to the strengths of our differentiated approach to secondary investments. With 25+ years of experience in this market, we remain focused on finding value in more complex and innovative secondary opportunities.
Market-leading data for more informed insights
Our relationships, technology and information advantage shine in the current market environment, helping us to uncover opportunities with embedded value. We combine cutting-edge private markets technology with in-depth industry data to access unique opportunities, to better understand the value drivers within a given investment, and ultimately, to make data-driven decisions at each step of the investment process. Get to know our Technology Solutions, anchored by our proprietary Cobalt platform.
Leadership Team
Deal Spotlights
Project Vertical
Who they are
Acquisition of a differentiated asset within the commercial aviation aftermarket industry through a single-asset GP-led transaction alongside a high-quality, lower-middle-market sponsor.
Why it matters
The company provides highly engineered parts and repairs to the commercial aviation aftermarket industry, which continues to benefit from multiple structural tailwinds. It has an industry-leading financial profile, characterized by strong organic and acquisition-driven revenue growth and high free cash flow margins. Additionally, the company benefits from valuable IP and regulatory dynamics that create significant barriers to entry and support the company’s strong competitive position in its niche end-market.
The HL advantage
Our familiarity with both the company and the broader sector provided strong conviction in the business and its forward value creation potential. An established dialogue with the GP, coupled with its interest in expanding our relationship ahead of fundraising, allowed us to pre‑empt a broader process and take a leadership role in the transaction. Alignment was supported by the GP rolling 100% of its carried interest and making a new commitment to the CV.
The bottom line
The company reached an agreement to be sold to a strategic acquiror in early 2026 for over 20x EBITDA, compared to an entry valuation of ~12x EBITDA. This sale is expected to generate attractive returns over a shorter-than-expected 2.5-year hold period and highlights our ability to access attractive GP-led opportunities at favorable valuations.
Past performance is not an indicator of future results.
Project Taurus
Description
A single asset GP-led transaction involving the acquisition of a leading European SaaS business alongside a reputable GP.
Why it matters
The company is a market-leading cloud software provider targeting the high-growth European GovTech market. The business has a track record of strong growth and limited churn, while it benefits from multiple, clearly identifiable value-creation levers that are expected to drive significant upside.
The HL advantage
We have had a long-standing investment relationship with the GP and a deep familiarity with the asset. Through ongoing dialogue with the GP regarding secondaries, we were well-positioned to lead the transaction in partnership with a highly aligned GP.
The bottom line
The investment is being made alongside a high-quality, technology-focused GP with a proven track record of executing similar buy-and-build strategies. Our relationship advantage and asset-level familiarity enabled us to approach the opportunity with strong conviction and position us as the ideal buyer.
Project Statue
Who they are
A joint effort between our Secondary and Venture Investment teams to provide a comprehensive liquidity solution across an LP interest portfolio of buyout, growth and venture funds.
Why it matters
Securing access to premium companies through the diversified pool of interests in funds positions us to capture high upside potential while reducing risk. The portfolio’s concentration around top-performing companies and the maturity of the holdings could allow for early liquidity and accelerated returns.
The HL advantage
Our long-standing relationship with the GPs and deep internal knowledge of key portfolio drivers provided unique insights into a sale process where information for buyers was highly limited. This positioned us as the preferred buyer from several GPs, enabling privileged access and securing assets under strict transfer restrictions.
The bottom line
Advantaged diligence angles and a collaborative effort leveraging unique venture insights and secondary expertise enabled us to quickly and thoroughly underwrite a broad portfolio of assets, build strong conviction and offer a compelling price to the seller. This ability to offer the seller a scaled, comprehensive solution across our traditional secondary and venture portfolios ultimately enabled us to secure the transaction at an attractive price that provides for significant upside from our conservative underwriting.
