NewGlobe Capital Announces Launch of Firm with Support from Hamilton Lane and Vanterra to Acquire Secondary Interests in End-of-Life and Disrupted-Cycle Private Equity Funds
Investment Focus Creates New Opportunity for General Partners of Mature Funds to Recapitalize and Release Liquidity to Limited Partners
NEW YORK, January 24, 2013-- NewGlobe Capital today announced its official launch. NewGlobe is an independent secondaries investment firm focused on buying limited partnership interests in mature private equity funds and on leading fund recapitalization deals.
NewGlobe has established new strategic investment partnerships with Hamilton Lane and Vanterra Capital. The NewGlobe vehicle will acquire interests in end-of-life and “disrupted-cycle” private equity funds to provide liquidity to limited partners and reset the investment time horizon for general partners (GPs) and their portfolio companies.
Hamilton Lane will provide capital for NewGlobe transactions. Hamilton Lane is an independent financial institution with more than $171 billion under management and supervision.
Vanterra Capital will provide financial, strategic and operational support to NewGlobe and invest alongside Hamilton Lane. Vanterra focuses on building specialized private equity fund platforms that have a unique competitive advantage within specific strategies. The firm brings a strong track record in fund restructuring deals.
NewGlobe estimates the current market for end-of-life and disrupted-cycle funds to be more than $75 billion in assets in the US and Europe. “End-of-life” funds refers to the increasing number of private equity funds which are approaching the end of their 10-year life cycles still holding sizable portfolios of assets. “Disrupted-cycle” funds are those managed by firms who have faced a challenging traditional fundraising environment and are seeking to recapitalize and to deliver some liquidity options to LPs.
NewGlobe was founded by Andrew Hawkins in 2012. Christophe Browne has become a Founding Partner, having worked with Andrew for the last six years. The NewGlobe team has significant experience in both the private equity secondaries market and direct investing.
Andrew Hawkins, CEO and Founder of NewGlobe Capital said, “We are introducing a true alternative solution to LPs in illiquid and older PE funds and an attractive partnership option to GPs in need of regeneration. As the fund vintages from the boom years of 2005-08 start to mature, we are convinced that the market will grow exponentially and PE investors will continue to seek to rationalize portfolios.”
He added, “We are thrilled to be executing this strategy with such strong partners as Hamilton Lane and Vanterra. Both institutions bring significant access to capital and unique expertise in private equity investing.”
Erik Hirsch, Chief Investment Officer of Hamilton Lane, said, "We are delighted to support NewGlobe. They are a strong team and well positioned to identify and deliver these opportunities for our investors.”
Shad Azimi, Managing Partner at Vanterra Capital commented, “There are a growing number of older funds that have been negatively impacted by market forces and/or have been unable to engage in new fundraising - leaving few attractive options. Our focus is to work with incumbent GPs to enable them to recapitalize, realize the value of their funds and allow them to release liquidity to their LPs. In essence, we are becoming buyers for situations where there are no buyers."
About Hamilton Lane
Hamilton Lane is an independent financial institution that provides discretionary and non-discretionary private equity asset management services to sophisticated investors worldwide. With offices throughout the U.S., London, Hong Kong, Rio de Janeiro, Tel Aviv, Tokyo and Singapore, Hamilton Lane offers a full range of investment products and services that enable clients to participate in the private equity asset class on a global and customized basis. Founded in 1991, Hamilton Lane has more than 190 employees and more than $171 billion in total assets under management and supervision. For more information please visit www.hamiltonlane.com.
About Vanterra Capital
Founded in 2008, Vanterra Capital is a global private equity firm that manages assets for a diverse investor base of ultra high net worth partners and leading institutions. Vanterra focuses on building specialized fund platforms that have a unique competitive advantage within specific strategies. For more information please visit www.vanterra.com.
About NewGlobe Capital Partners
NewGlobe is an independent secondaries investment firm founded in 2012. The firm seeks to buy LP interests in older and end-of-life private equity funds. NewGlobe will focus on leading fund recapitalization deals. NewGlobe is led by a team of experienced investment professionals who previously worked together for over 6 years. Andrew Hawkins is the CEO and Founder together with Founding Partner Christophe Browne. Ricardo Lombardi is a Principal. The NewGlobe team operates out of offices in New York and London. For more information please visit www.newglobecapital.com.
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