Investment Focus
One position. A portfolio.
A broader ownership transition.
Stoneledge Capital evaluates secondary opportunities across venture capital, private equity, and private credit. Our scope extends from individual LP interests and one-off assets to portfolio acquisitions, roll-ups, and structured liquidity transactions.
LP and fund interests
We consider existing limited partner interests in venture capital, private equity, growth equity, private credit, and other selected private market funds. Opportunities may involve one fund position, several fund interests, or a portfolio spanning managers and vintages. We assess underlying exposure alongside remaining commitments, fees, transfer terms, and expected distributions.
Direct company and single-asset interests
We evaluate individual stakes in private companies, including common and preferred equity, co-investments, and interests held through SPVs. We also consider one-off purchases of existing credit assets or fund positions. A transaction does not need to involve an entire portfolio to merit consideration.
Private credit secondaries
We consider existing private loans, loan participations, debt portfolios, and interests in private credit funds or vehicles. Opportunities may include senior secured, unitranche, subordinated, mezzanine, and other privately negotiated credit exposures. We assess contractual economics, borrower performance, collateral where applicable, seniority, transferability, and repayment or recovery prospects.
Portfolio acquisitions
We evaluate purchases of multiple company stakes, fund interests, credit exposures, or mixed portfolios from one owner. We assess each material position and the portfolio's overall concentration, obligations, liquidity profile, and cost of ownership.
Portfolio roll-ups and ownership consolidation
We consider coordinated acquisitions from multiple sellers, including fragmented interests in the same business, fund, or selected group of assets. Where practical, we seek to simplify administration, improve oversight, and build positions with a clear economic purpose.
GP-led and continuation transactions
We evaluate secondary purchases through continuation vehicles, portfolio strip sales, and other sponsor-led transactions. We assess underlying assets together with transaction pricing, governance, fees, incentives, and stakeholder alignment.
Tail-end, legacy, and non-core positions
We consider remaining fund holdings, legacy SPVs, corporate investment portfolios, and other exposures an owner wishes to sell. Our interest depends on asset quality, available information, obligations assumed, and feasibility of transfer.
Structured and partial liquidity
We consider partial sales, staged acquisitions, and selected arrangements allowing sellers to retain exposure. We seek to align terms with the assets and the parties' objectives.
Situations we welcome
Where a conversation makes sense.
- An LP seeking liquidity from one fund interest or a portfolio of fund positions.
- A VC or PE manager evaluating a sale of individual holdings or selected assets.
- A private lender seeking to transfer an existing loan or credit portfolio.
- A sponsor exploring a continuation transaction or portfolio strip sale.
- Multiple holders considering coordinated sales or a portfolio roll-up.
- A family office, corporate investor, or institution reviewing non-core assets.
- An owner seeking a one-off asset sale or partial liquidity.
Fit
What helps establish fit.
A clear reason for sale
Sufficient information to underwrite the assets
Identifiable rights and obligations
A workable transfer process
And pricing supported by the underlying economics.