February 2022: Secondary Market Insights

Event Description:

Secondary transactions are growing in popularity.  What started out as a liquidity solution for private equity funds has started to impact almost every alternative asset class from real assets to private debt. A class of successful fund managers now caters to the estimated $100 billion+ secondary market.   Join PAIA in its latest panel webinar to learn more about secondaries – from some of the transaction risks to be wary of to market trends.  Industry experts Gary Gill from Brant Street Capital and Calvin Marks from Felicitas Global Partners will share their perspectives and answer questions.

Panelists:

Calvin Marks – Director, Felicitas Global Partners 

Calvin Marks is a Director at Felicitas Global Partners, a California-based $650m AUM asset manager that focuses on niche segments of the private equity secondaries market. He assists in all facets of the business, such as sourcing, evaluation, execution, and active monitoring of investments. Previously, Calvin spent five years on the investment team at Overbay Capital Partners, a Toronto-based $1.4bn AUM private equity secondaries firm, where he was instrumental in building all facets of the business from its inception. While at Overbay, Calvin executed 49 transactions, which led to unrecycled net fund returns to investors of 2.01x TVPI, 0.40x DPI, and 40.0% IRR (data as of June 30, 2021, the last reported period prior to Calvin’s departure). Calvin started his career in corporate development at ION Investment Group, a portfolio company of TA Associates, where he focused on corporate strategy, restructuring, and M&A for middle market financial technology firms. Calvin received his undergraduate degree from the University of Toronto and resides in Toronto with his family.

Gary Gill - Managing Partner - Brant Street Capital 

Gary Gill is the Managing Partner at Brant Street Capital, which is an advisory firm specializing in the secondary market for private funds and direct investments. Our team has over 35 years of experience in secondary transactions, working with institutional investors and fund managers globally to monetize illiquid investment portfolios. Since its formation in late 2018, Brant Street Capital has completed over 120 transaction representing over $1.5B in transaction volume. Previously, Gary spent nine years at an independent secondary market advisory firm in Toronto, and held the role of Senior Vice President. Gary received his undergraduate degree from the McMaster University and resides in Toronto.

Moderator:

Kat Miller – Senior Associate Attorney, K&L Gates 

Kat Miller is a senior associate attorney at K&L Gates specializing in asset management and investment funds.  She is also a board member of the Portland Alternative Investment Association. In her practice at K&L Gates, Kat advises domestic and offshore private fund managers as well as institutional investors regarding investments in hedge, private equity, venture capital and other hybrid funds. She assists investment managers form funds, including master-feeder fund structures in the U.S. and overseas, and helps them to navigate complex regulatory requirements, including compliance with securities laws, SEC and CFTC rules and the Investment Advisers Act. Kat also has a strong background in corporate mergers and acquisitions, which she uses to assist clients navigate secondary transactions for fund interests.  Kat received her BA from the University of South Carolina (summa cum laude) and her J.D. from the University of California Hastings College of the Law (magna cum laude).