London-based Headway Capital Partners has announced the closing of its second private equity secondaries fund, Headway Investment Partners II, with EUR150m in capital commitments, exceedin
London-based Headway Capital Partners has announced the closing of its second private equity secondaries fund, Headway Investment Partners II, with EUR150m in capital commitments, exceeding its original target of EUR100m to EUR120m and in line with its hard cap. The fund follows Headway’s debut secondaries fund Headway Investment Partners, which raised EUR52m in June 2005.
‘We are very grateful for the extraordinary support and vote of confidence from investors in our first fund, all of whom committed to our second fund,’ says Headway Capital partner Sebastian Junoy. ‘We are also pleased to welcome a great group of new family office investors with whom we look forward to developing strong relationships.’
Like its predecessor, Headway Investment Partners II pursues a broad range of secondary investments including purchases of limited partnership positions in private equity funds, portfolios of direct private equity investments and minority positions in single companies. The fund invests globally but focuses on European and North American assets.
Headway, which was founded in early 2004 by Laura Shen Lefranc, Christiaan de Lint and Junoy, says it differentiates itself from other secondaries buyers by focusing on smaller and more complex transactions and by creating liquidity solutions tailored to the specific needs of each seller.
‘With its second fund, Headway will continue to provide a full range of solutions to investors with specific liquidity needs, often on the smaller and more complex end of the spectrum,’ de Lint says.
‘These investors typically find their needs under-addressed by larger secondaries buyers, but we work closely with them to structure and execute attractive secondary transactions that achieve their goals.’
Adds Lefranc: ‘Most sellers have a number of different goals, including but not limited to an attractive valuation for their assets. A successful secondary transaction must effectively address each of these goals.
‘Sometimes this requires creative structures that are not outright asset sales but that are more like joint ventures. We leverage our deep experience in complex secondary transactions to be flexible and to think outside of the box.’
