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Managed by Goodhart, the VPC strategy invests in established General Partners (“GPs”) of
private capital funds. VPC targets the small to low-mid GP market ($500m-$3bn AUM).
This universe of 1000+ GPs is vastly underserved by the market, enabling VPC to structure attractive investments in high quality, valuable businesses that have strong collateral.
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?
VPC'S CURRENT PORTFOLIO
As of January 2022, VPC has acquired 2 GP stakes and made 3 GP financing investments.
VPC's typical ticket size has ranged from $5 - $10 million, investing just under $30 million in total.
GP FINANCING INVESTMENTS
GP STAKES INVESTMENTS
VPC'S NEXT VINTAGE
From Q2 2022 onwards, VPC is looking to make 12-15 GP financing investments ($5m-$20m ticket sizes).
TARGETING 12-15
GP FINANCING
INVESTMENTS
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
CLICK HERE
IF YOU ARE AN INVESTOR
INTERESTED IN THE STRATEGY
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