Liquid Courage

Data center owners are turning to the infrastructure secondaries market for capital, and getting pushback over unrealistic valuations, says Eddie Keith, Partner and Head of Infrastructure Secondaries in the Ares Secondaries Group.  In a fascinating conversation, Keith tells Liquid Courage how digital infrastructure has rapidly evolved from a fringe asset class into one of the most active and compe...

The private equity market has a zombie-firm problem, and in some cases, chronic misalignment that develops between LPs and GPs can best be remedied by the removal and replacement of the GP team. But how is this complicated and sensitive task accomplished? James O’Donnell of Gibson Dunn, Joncarlo Mark and Eric Green of Upwelling Capital walk through the full lifecycle of a GP transition — from the...

What are the benefits of a private equity firm with a history of primary, direct investing combining with a secondaries specialist? Chris Jaroch and Pete Labbat of Bridgepoint count the ways. In a fascinating conversation with Liquid Courage’s Joncarlo Mark and David Snow, Jaroch and Labbat discuss the 2025 merger of Bridgepoint, a $98 billion private marketts asset manager, with Newbury Partners,...

The best time to take on a zombie fund is early in its long, nearly interminable life, is the key finding of this deep dive into private equity and private credit zombie funds.  Indeed, it is possible to spot the potential for long-term underperformance in private equity and private credit fund as early as year five, according to new research from Upwelling Capital, led by Joncarlo Mark and Eric G...

All about the rise of continuation vehicles in private equity from the limited partner point of view. This deep-dive Liquid Courage conversation includes Sarah Farrell, Managing Principal and Head of Private Equity Europe and Asia at Allstate, Katrina Liao, a Partner at Coller Capital, Joncarlo Mark, Founder of Upwelling Capital and host David Snow. CVs have given LPs genuine optionality at the as...

As the investing public is now learning, “credit” and “liquidity” do not always pair well. This and many other facets of the rapidly growing credit secondary market are discussed in this Liquid Courage conversation between Ed Goldstein, Partner and CIO of Coller Credit Secondaries, and Eric Green, a Partner at secondaries advisory firm Upwelling Capital.  Among the key takeaways: • Credit secondar...

GP demand for private equity secondary solutions is more about upside maximization than liquidity, says Nate Walton, the head of Ares Management's $42 billion secondaries business. In a wide-ranging and enjoyable conversation with Liquid Courage's Joncarlo Mark and David Snow, Walton,  Partner and Head of Private Equity in the Ares Secondaries Group, talks about why his team looks for high-quality...

In the booming structured-solutions segment of the private capital secondary market, “having your cake and eating it too” means gaining liquidity while also staying exposed to additional upside, say experts from Dawson Partners, Crestline Investors and Upwelling Capital. In this episode of Liquid Courage, we take a deep dive into preferred-equity solutions and NAV loans with Yann Robard, Founder o...

Venture capital is a massive, diverse market that has a massive, diverse liquidity problem, secondaries experts tell Liquid Courage. Employees of large, private tech companies are seeking liquidity for their shares; limited partners in venture capital funds want to be bought out; venture capitalists want to ride their winning investments further into the future while allowing investors to hop off...

Continuation-vehicle investments are often more attractive at the smaller end of the private equity market, where capital for continued growth is scarce, GP alignment is material and exit routes are plentiful, secondary experts at Neuberger Berman, Piper Sandler and Upwelling Capital tell Liquid Courage. One key challenge with down-market CVs is that investors are simply less familiar with the man...

Having been present at the infancy of private capital secondaries, John Robertshaw and Ryan Schlitt of Piper Sander nevertheless remain awe-struck at the continued growth of the market, they tell Liquid Courage. In this episode, Liquid Courage interviews the leaders of Piper Sandler's private capital advisory business to learn why they remain bullish on the growth of alternative investments genera...

When should you sell your interest in a private equity fund? Around year nine, according to new research from Upwelling Capital. Allow Liquid Courage to explain.  This fascinating conversation among secondaries market insiders includes Ryan Binette, Managing Director and Co-head of Secondary Capital Advisory at Piper Sandler, Tom Kerr, Managing Director and Head of Secondaries at Hamilton Lane, Jo...