A WORLD LEADER IN PRIVATE EQUITY FUND ADVISORY

TRIAGO PROVIDES PRIVATE EQUITY FUNDRAISING SERVICES, SECONDARY TRANSACTION ADVISORY AND STRATEGIC SOLUTIONS FOR GENERAL PARTNERS AND LIMITED PARTNERS SEEKING TO OPTIMIZE SUCCESS IN THE GLOBAL PRIVATE EQUITY MARKET

Founded in 1992 as one of the first private equity fund placement agents, we have completed over 140 fundraisings on five continents and advised on the transfer of more than 1,200 secondary positions in private equity funds. Triago has also undertaken 30 strategic advisory mandates for GPs and LPs looking to launch, boost, or restructure PE fund operations. The hallmarks of our service are alignment with client interests, independence, creativity and confidentiality.

Fundraising

Matching smart money with superior private equity plays.

Secondary transfers

Maximizing value in a highly inefficient marketplace.

Strategic advisory

Industry knowledge and experience set us apart.

The Triago quarterly
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Thoughts from our roundtable contributors
Thoughts from our roundtable contributorsThe Triago Quarterly invites leading business figures to comment and exchange ideas on key questions facing the world of private equity.
  • “It might make sense to follow an index strategy in asset classes where the difference between the best and the worst is small, but spending time and money to weight your portfolio towards exceptional managers will always be the surest way to achieve optimum returns in private equity.”

    CHUCK FLYNN
    CHUCK FLYNNBREGAL PRIVATE EQUITY PARTNERS, MANAGING DIRECTOR
  • “It’s counterintuitive, but covenant-lite loans have positively impacted fund performance and the ability of challenged private equity-backed companies to bounce back.”

    STEVE PAGLIUCA
    STEVE PAGLIUCABAIN CAPITAL, MANAGING DIRECTOR
  • “Not all real assets always work as an inflation hedge, so that shouldn’t be a principle reason why investors buy them.”

    MARK BARNARD
    MARK BARNARDHOWARD HUGHES MEDICAL INSTITUTE, MANAGING DIRECTOR
  • “In such a complicated investment class, you should be devoting years to getting to know managers before you invest with them.”

    MICHAEL LINDAUER
    MICHAEL LINDAUER ALLIANZ CAPITAL PARTNERS, GLOBAL CO-HEAD OF FUND INVESTMENTS
  • “Unorthodox PE structures often mean GPs sell services too cheaply to build sustainable businesses, or to deliver returns that satisfy investors.”

    CONNI JONSSON
    CONNI JONSSONEQT PARTNERS, MANAGING PARTNER & CHAIRMAN OF THE BOARD
  • “It strikes me as reasonable for retail investors to have the opportunity to access private equity, since it has substantially outperformed almost every other asset class.”

    DAVID JEFFREY
    DAVID JEFFREYSTEPSTONE GROUP, PARTNER, HEAD OF EUROPE
  • “Another big challenge today is communications. At the best-run firms, the once generally accepted ad-hoc approach to investor relations has morphed into a formal, broad public relations function.”

    COLIN BLAYDON
    COLIN BLAYDON TUCK SCHOOL OF BUSINESS AT DARTMOUTH, PROFESSOR OF MANAGEMENT AND DIRECTOR OF THE CENTER FOR PRIVATE EQUITY AND ENTREPRENEURSHIP
  • “An average annual return of slightly more than 10 percent on secondaries is realistic in this new world.”

    VINCENT GOMBAULT
    VINCENT GOMBAULTAXA PRIVATE EQUITY, MANAGING DIRECTOR
  • “Recapitalizing general partners who have had trouble monetizing assets post-financial crisis, and who can’t raise capital in a traditional manner, could become a large part of secondary market volume in the next few years.”

    JONATHAN COSTELLO
    JONATHAN COSTELLOMORGAN STANLEY ALTERNATIVE INVESTMENT PARTNERS, EXECUTIVE DIRECTOR
  • “Performance has almost nothing to do with the discount or premium paid relative to declared net asset value, though performance does correlate strongly with buyer ability to conduct analysis and forecast the value creation potential of all investments.”

    PHILIPP SCHNYDER
    PHILIPP SCHNYDERPARTNERS GROUP, MANAGING DIRECTOR, CO-HEAD OF PRIVATE EQUITY SECONDARIES
  • “The sovereign debt crisis increases the appeal of investment in Europe, provided you can find the right GPs.”

    DAVID ALLEN
    DAVID ALLENCANADIAN PENSION PLAN INVESTMENT BOARD, MANAGING DIRECTOR OF PRIVATE DEBT
  • “Macro-economic issues and market volatility should not impact a good general partner’s ability to produce superior long-term returns.”

    ALASTAIR GIBBONS
    ALASTAIR GIBBONSBRIDGEPOINT CAPITAL, SENIOR PARTNER
  • “Private equity performance in emerging markets is more negatively impacted by macro crisis than it is in developed markets.”

    FRANCESCA CORNELLI
    FRANCESCA CORNELLILONDON BUSINESS SCHOOL, CHAIR OF THE FINANCE FACULTY AND ACADEMIC DIRECTOR OF THE COLLER INSTITUTE OF PRIVATE EQUITY
  • “In 2000 there were 741 active venture capital GPs, and today there are 357. Annual capital flows in 2012 are again in the $15 billion to $20 billion range. Those figures are a better indicator of the opportunity to make good returns today than lagging indexes.”

    NORM FOGELSONG
    NORM FOGELSONGINSTITUTIONAL VENTURE PARTNERS, GENERAL PARTNER
  • “Good GPs in venture capital are optimists, and good GPs in buyouts are cynics.”

    PETER LAWRENCE
    PETER LAWRENCEFLAG CAPITAL MANAGEMENT, FOUNDING PARTNER
  • “As an LP, we don’t try to adjust the risk profile of our existing private equity portfolio because GPs and portfolio company managements already do that.”

    DAVID TURNER
    DAVID TURNER GUARDIAN LIFE INSURANCE COMPANY OF AMERICA, HEAD OF PRIVATE EQUITY
  • “There’s a degree of irony in reducing the relative importance of judgment to a percentage, but I’d say seventy percent of your final decision is based on qualitative judgments and only thirty percent on numbers you can crunch.”

    MICHAEL STUDER
    MICHAEL STUDERPARTNERS GROUP, HEAD OF PORTFOLIO & RISK MANAGEMENT
  • “Organizational stability and generational transition were always risks that the industry needed to address, but the 2008 financial crisis amplified this.”

    CHRISTOPHER KOJIMA
    CHRISTOPHER KOJIMAGOLDMAN SACHS, GLOBAL HEAD OF THE ALTERNATIVE INVESTMENTS & MANAGER SELECTION GROUP
  • “If you don’t seek out the best GPs, adding private equity to your overall portfolio is not going to improve your risk/return profile.”

    DAVID BELMONT
    DAVID BELMONTCOMMONFUND, CHIEF RISK OFFICER
  • “We’ve learned that the best protection against losses, particularly in difficult markets, is making sure a GP has enough of his own capital invested in his fund so that a loss hurts.”

    JAN FABER
    JAN FABERBREGAL INVESTMENTS, MANAGING DIRECTOR
  • “LPs looking to do co-investments must be able to identify the transactions where the GP has a real edge.”

    TOM KECK
    TOM KECKSTEPSTONE GROUP, CHIEF INVESTMENT OFFICER
  • “Across all emerging markets we want exposure to burgeoning consumer demand – this is the core appeal of developing economies.”

    JUAN DELGADO-MOREIRA
    JUAN DELGADO-MOREIRAHAMILTON LANE, MANAGING DIRECTOR
  • “If you look at the relative promise of developed markets versus emerging markets, the latter are on every level where I want to be going forward.”

    SIMON MURRAY
    SIMON MURRAY GEMS, FOUNDER AND EXECUTIVE CHAIRMAN
  • “There are some [frontier market] economies that are interesting, where you don’t see a lot of private equity activity. To justify more investment, there must first be more good GPs operating in these markets.”

    ERNEST LAMBERS
    ERNEST LAMBERSEMALTERNATIVES, CO-FOUNDER AND CIO
  • “A good investment all boils down to the price you pay, whether you are talking about fast or slow growing economies.”

    JEAN ERIC SALATA
    JEAN ERIC SALATA BARING PRIVATE EQUITY ASIA, FOUNDING PARTNER & CEO
  • “When you acquire mining assets it often takes years to develop cash-flow and profit. We couldn’t invest in mines with consistent success without private equity strategy.”

    ROSS BHAPPU
    ROSS BHAPPURESOURCE CAPITAL FUNDS, SENIOR PARTNER
  • “The issue of doing deals for fee flow is linked with secondary buyouts, which reached the shocking record of nearly 60 percent of total buyout value in 2010.”

    JON MOULTON
    JON MOULTONBETTER CAPITAL, CHAIRMAN
  • “One useful priority could be lowering the hurdle rate significantly. That could keep GPs and LPs better aligned in what is likely to be a relatively low-return environment going forward.”

    CHARLIE AYRES
    CHARLIE AYRESTRILANTIC CAPITAL PARTNERS , CHAIRMAN
  • “Changing rules for corporate competition is the most risky thing in the directive for private equity and for the European economy.”

    JAVIER ECHARRI
    JAVIER ECHARRITHE EUROPEAN VENTURE CAPITAL ASSOCIATION, SECRETARY GENERAL
  • “By placing a discount or premium on assets, secondary market investors already give you an independent assessment of the accuracy of GP valuations.”

    KLAUS BJØRN RÜHNE
    KLAUS BJØRN RÜHNEATP PRIVATE EQUITY PARTNERS, PARTNER
  • “With infrastructure, you can safely enhance returns with the same leverage levels as in traditional buyouts or, in some cases, with even more leverage.”

    KATHRYN LEAF WILMES
    KATHRYN LEAF WILMESPANTHEON VENTURES, HEAD OF GLOBAL INFRASTRUCTURE