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Managed by Goodhart, the VPC Fund invested in established General Partners (“GPs”) of
private capital funds, targeting the small to low-mid GP market ($500m-$3bn AUM).
Having invested in a universe of 1000+ GPs that remains underserved by the market, VPC
structured attractive investments in high quality, valuable businesses that have strong collateral.
The VPC Fund is now closed to new investments.
OBJECTIVE
20%+ gross IRR with
compelling risk profile
OPPORTUNITY
Vast and underserved investment universe of high quality GPs
GEOGRAPHY
GPs headquartered in
North America and Europe
GP STAKES
INVESTMENTS
where a perpetual equity stake
in the GP is acquired
GP FINANCING
INVESTMENTS
where non-dilutive financing
is provided to the GP
HOW DOES VPC INVEST IN GPs?
Portfolio
GP Financing
GP FINANCING OVERVIEW
Redeemable Preferred Equity
These transactions finance predictable cash flows from specific Collateral Assets of a GP
(typically management fees, GP commitments and carried interests of existing Funds).
GPs favour non-dilutive financing where VPC's interest is redeemed upon
the achievement of a specified IRR and MOIC return hurdle.
Senior right to cash flows
from Collateral Assets
Substantial,
high quality collateral
Self-liquidating with exits
in the short to mid-term
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