Multiplicity provides liquidity solutions to investors and fund managers across all private market asset classes and globally. We are particularly interested in special situations and more niche opportunities shunned by traditional secondary buyers.
PROVIDING LIQUIDITY WHERE OTHERS DON'T
Multiplicity has been active in the secondary market since 2010 and built a track record as a reliable counterparty by successfully completing over 500 transactions. As a small and nimble organization, we are fast decision-makers. Our flexible mandate allows us to tailor creative liquidity solutions even in the most challenging situations.
We are currently investing through LTO Fund IV LP, a Jersey-domiciled investment fund, as well as through select co-investment opportunities and have both Accredited Investor and Qualified Purchaser status.
Multiplicity is active in both LP-led and GP-led secondaries.
LP-led solutions
Our primary focus in LP-led transactions is on tail-end “clean-up” opportunities, where institutional investors are looking to exit portfolios of funds that have exceeded their planned ten-year life. We are particularly drawn to special situations where value is driven by complexity rather than EBITDA multiples—scenarios that require creative structuring rather than traditional growth underwriting, which is not our core focus.
-
Portfolio solutions
Tail-end clean-ups
-
Single fund transactions
Mature, tail-end, liquidations
-
Fund-of-funds interests
Non-mainstream, emerging markets
-
Structured solutions
Earn-outs, deferred payments
Read our Multiplicity Perspectives article “Private Equity Secondaries from a Seller’s Vantage Point” here.
GP-led solutions
When partnering with a GP, we typically focus on smaller funds managing more complex or overlooked assets. Our aim is to structure solutions that create a win-win-win outcome – for exiting LPs seeking liquidity, for the GP aiming to maximize value and continuity, and for us as the buyer identifying attractive, underappreciated opportunities.
-
Continuation funds
Funds in extension
-
Tender offers
Comprehensive liquidity solution
-
Preferred equity
Late-stage add-on capital
-
Structured solutions
Earn-outs, carve-outs
-
Read our Multiplicity Perspectives article on Continuation Funds here
“We pride ourselves on being reliable, fast and flexible - and to tackle even the hairiest secondary deals.”
Transaction examples
We have successfully closed transactions across a diverse range of asset classes, regions and financial instruments. While the specifics of each deal vary, they are always focus on uncovering value in complex or encumbered assets. Below is a selection of our historical transactions, showcasing the breadth of our experience and our commitment to delivering tailored liquidity and investment solutions.
-
Private Equity - Asia
Lead investor in a GP-led restructuring of a pan-Asian buyout fund
-
Real Estate - Europe
Tender offer and recapitalization (preferred equity) of a legacy property fund
-
Real Assets - Global
Clean-up deal for portfolio of LP interests in energy infrastructure funds
-
Insurance-Linked - Global
Continuation fund to acquire shares in ILS SPVs from liquidating funds
-
Private Debt - North America
Liquidity solution for an open-end private debt fund that had suspended redemptions
-
Private Equity - Emerging Market
Tail-end LP portfolio, mozaic deal, mainly distressed and complex assets
-
Special Situation - Europe
Investment alongside a fund-less sponsor
-
Special Situation - Global
Acquisition of crypto fund insolvency claim
-
Private Equity - Emerging Markets
Acquisition of tail-end portfolio from a development finance institution (DFI)
-
Real Estate - Europe/Asia
Acquisition of tail-end real estate funds from legacy fund-of-funds