Secondary / Private Equity
Key Features
The Secondary / Private Equity strategy seeks to provide asymmetric risk-return opportunities with a shorter investment horizon, mitigating the opportunity cost of capital.
The strategy targets mature and cash-generative traditional Private Equity assets combined with selected non-traditional, shorter duration and sometimes more liquid alternatives.
Strong Downside Protection
- Often attractive discounts at purchase
- Strong diversification (across managers, geographies, industries and vintages)
- Mature / de-risked assets and bottom-up valuations
- Quality assets / managers
Shorter Duration / Low Opportunity Cost of Capital
- Target repayment of capital within 3 years
- Allowing quick re-investment of proceeds / compounding of returns
- Minimising opportunity cost of capital
Minimizing J-Curve
- Almost immediately 100% invested (unlike traditional secondaries strategies, where average is only around 60%)
Alignment
- Strong alignment of interest through substantial team commitments
Portfolio Manager
Gunter Waldner
Head of Private Equity
Gunter joined Tyrus Capital in August 2012 as Head of Private Equity. Prior to Tyrus Capital, Gunter spent five years in senior positions in AlpInvest Partner's European secondaries team, where he was responsible for deal sourcing, structuring and execution of transactions, portfolio management as well as developing and raising AlpInvest's first co-mingled secondaries fund. His previous experience includes 10 years in investment banking at Lehman Brothers. Gunter holds a master's degree in Business Administration and Economics from the Vienna University of Economics and Business Administration.
Mario Kozma
Portfolio Manager, Private Equity
Mario joined Tyrus Capital in November 2015 as Portfolio Manager. Prior to that, he was Chief Investment Officer at Dubai-based Belhoul Investment Office and before that, Investment Manager at Waterloo-based Inter-IKEA Treasury. Mario has developed a 17-year track record in Private Equity spanning across sourcing, analysing, structuring and executing primary and secondary transactions covering developed and emerging markets. Prior to that, from 2001 to 2003, he worked as Investment Analyst in the Merchant Banking team at Lehman Brothers in London. Mario holds a bachelor degree in Civil and Environmental Engineering and a master degree in Business Administration from Ecole Superieure des Sciences Economiques et Commerciales (ESSEC) in Paris.