Venturing far into the forest for a longer trip should bring with it commensurate rewards.
We invest in and represent illiquid funds with high absolute return potential, usually in markets with non-economic or distressed sellers, and high barriers to entry. Such illiquid strategies should have defensible and preferably growing information advantages that reward investors in a fund with deeper margins of safety and ownership of more robust businesses and assets.
We focus on managers that have strong competitive advantages, a leadership position in their sector, and appropriate investment structures to match the liquidity of the underlying investments. Our primary illiquid focus has been on secondary VC investments, including both LP interests and direct investments, and certain other VC related strategies. We've also immersed ourselves at times in corporate and structured credit, specialty finance, distressed real estate, and litigation finance, among other niche areas.