Manage recurring liquidity objectives, not one-off fire drills.
Our specialized OCIO Secondary consulting team partners with your investment staff to analyze portfolios, create and implement recurring secondary liquidity processes.
Built for High Performance LPs & GPs
We work directly with:
- Endowments and foundations seeking liquidity, vintage rebalancing, and cleaner tail portfolios.
- Public and corporate pensions managing aging PE, VC, and private credit books under governance and funding pressure.
- Insurers and balance‑sheet investors optimizing capital charges and asset‑liability profiles across private assets.
- Private capital funds to assist in providing recurring exit events and distributions for their LPs
Caldwell Partners operates as your dedicated secondaries consulting partner—aligned solely with your institution.
Experienced across the LP, GP, legal, and Banking landscape
Caldwell Partners is comprised of former limited partners, general partners, attorneys, and investment bankers with over 20 years of experience in private markets. Collectively, our team has completed numerous secondary transactions across:
- Interests in private capital funds, including buyout, venture capital, growth equity, real estate, fund‑of‑funds, and offshore structures.
- Direct and structured interests in securities of private companies.
- Multiple secondary deal types, including secondary sales, net asset value-based loans, structured transactions (e.g. JVs), and continuation funds for both single interests and diversified portfolios.
Specialized OCIO Secondary Consulting
We focus exclusively on secondary market portfolio consulting and structured sale support for both private capital fund interests and private company securities. Our services include:
Portfolio diagnostics and strategy
Secondary market pricing and scenario analysis
Tail‑end portfolio clean‑up and vintage rebalancing
Process design and implementation
Ongoing oversight of liquidity needs
We are not a broker‑dealer and do not act as principal. We are a consulting firm focused on portfolio analytics, decision support, and process design for institutional LPs and GPs.
Our Role alongside existing OCIOs, Advisors etc.
Complement, don’t compete
Many of our clients already retain a full‑service OCIO or investment consultant. Caldwell Partners plugs into that ecosystem rather than replacing it.
- We focus on secondaries; while your OCIO or Consultant retains responsibility for overall asset allocation, policy, and manager selection.
- We coordinate closely with existing advisors to align each evaluation and process with your liquidity policy and long‑term objectives.
- We bring specialized tools, data, and process expertise that most generalist platforms do not build internally.
Our “secondary niche” OCIO approach for illiquid assets lets you keep your core relationships in place while adding a dedicated secondaries consulting function.
Your Path to Smarter Liquidity Decisions
1. Portfolio diagnostics and strategy consulting
We provide a clear, actionable view of your private markets portfolio:
- Comprehensive mapping of funds, vintages, GPs, and exposures
- Cash‑flow, NAV, and liquidity scenario modeling
- Hold‑versus‑sell decision analysis at asset, fund, and portfolio levels
- Identification of tail positions, over‑weights, and concentration risks
The result is a strategic roadmap for where to exit, where to hold, and how to redeploy capital over time.
2. Secondary pricing, analytics, and market insight
We combine deep transactional experience with modern data and analytics:
- Discount and pricing scenario analysis under multiple market environments
- Sensitivity to macro, fundraising, and exit‑market conditions
- Comparative views across structures, timing options, and potential buyer profiles
You gain a fact‑based valuation and risk framework before engaging with counterparties.
3. Process and sale design
We design and support disciplined, transparent processes tailored to private fund interests and private company securities.
We analyze a full range of secondary deal types:
- Broad auction, targeted auction, or bilateral sale approach.
- Lot construction, portfolio packaging, and high‑level buyer universe mapping.
- Design and support for processes involving secondary sales, net asset value based loans, structured transactions (e.g. JVs) and continuation funds for both single interests and portfolios.
- Preparation of materials, support for data rooms and Q&A.
- Evaluation frameworks to compare bids, structures, and counterparties, working alongside your internal team and counsel.
We provide consulting, analytics, and process support; secondary transaction execution with buyers, lenders and JV partners is handled by you and your chosen intermediaries in line with applicable regulations.
4. Ongoing “illiquid OCIO” oversight
For institutions with recurring needs, Caldwell Partners offers an ongoing consulting mandate for the illiquid part of your portfolio:
- Periodic portfolio reviews and sale opportunity screens
- Monitoring of GP‑led processes and continuation vehicles
- Integration of secondary activity with future commitment pacing and liquidity plans
- Board‑ and committee‑ready reporting and education on secondary markets
You retain control; we provide continuous, specialized consulting on the most complex part of your private markets program.
Why LPs & GPs hire Caldwell Partners
Independent. Secondary Specialist. Alignment of Incentives.
Client first
When we work for an organization, our incentives are fully aligned with your objectives.
Deep secondary consulting and legal‑aware expertise
With a track record across numerous secondary transactions and multiple deal types, and a team that includes former LPs, GPs, attorneys, and investment bankers, we bring practical, market‑tested insight to each portfolio and process.
OCIO‑compatible model
We integrate with your existing OCIO, consultant, and internal staff, respecting their remit while solving problems they often cannot address at scale.
Outcome‑oriented
We measure success in terms of improved liquidity, cleaner portfolios, and better future return/risk—not just headline pricing.
How We Work
OCIO secondary consulting agreements
- Secondary liquidity oversight typically on a recurring basis
- Collaborative relationships with investment, fund administration, treasury staffs, and existing OCIOs.
Let’s talk about your private markets portfolio
If you seek to manage recurring liquidity objectives and stop one-off fire drills, Caldwell Partners can help.