Traveller Capital and the funds we manage acquire limited partnership interests in private funds from their original investors – including individuals, family offices, funds of funds and other institutional investors.
Through our acquisition of these partnership interests, Traveller Capital provides liquidity to investors seeking to sell private equity holdings prior to full maturity, whether for purposes of rebalancing an investment portfolio, reallocating committed capital to other opportunities, or reducing the administrative burden of long-held fund positions. In doing so, Traveller and other secondary market buyers enable investors to actively manage their illiquid private fund holdings as their portfolios and strategies evolve.
Traveller Capital is differentiated within the secondary market by pursuit of smaller transactions – defined generally as mature capital accounts with net balances below $2 million. We believe that most large secondary market buyers are not positioned to efficiently pursue such transactions on a regular basis, making small limited partnership interests an underserved segment of the secondary market. Traveller was founded to focus on this segment, and our entire investment process is designed to provide fair and transparent pricing for partnership interests.
We execute our investment strategy through three types of transactions: