Watch as our Partner Andres Hefti and our Director Christoph Landolt elaborate on the firm's longer-term opportunistic approach toward litigation finance, but also more esoteric strategies such as, but not limited to, trade finance, shipping, or side pockets of insurance-linked securities funds. With regard to niche alternative secondaries, Multiplicity operates with a flexible mandate in a space where others have none or are not comfortable operating due to a lack of specialization. #liquidity #litigationfinance #shipping #ils #secondaries Thomas Ritter Roger Rüegg Pirmin Stutzer Yannick Nordmann Andreas Baumann Marco Marzagalli
Multiplicity Partners
Investment Management
Providing liquidity and creating value in illiquid assets. We are long-term and opportunistic investors.
Info
Multiplicity Partners is an investment firm specialised in providing liquidity solutions to holders of private market funds and distressed assets. The firm also offers a range of advisory and governance services across alternative assets. Multiplicity Partners has been an active participant in the secondary market for fund interests and distressed assets since 2010. The team has successfully completed more than a hundred transactions across a wide range of illiquid and complex financial assets. Each partner contributes more than 20 years of relevant experience, giving us the collective capabilities to effectively identify, analyse and execute attractive investment opportunities in hard-to-value assets. Multiplicity Partners is an independent and management-owned company. Personal accountability of senior professionals ensures quality of work, reliability and attention to details.
- Website
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http://www.mpag.com
Externer Link zu Multiplicity Partners
- Branche
- Investment Management
- Größe
- 2–10 Beschäftigte
- Hauptsitz
- Zurich
- Art
- Privatunternehmen
- Gegründet
- 2010
- Spezialgebiete
- private markets transactions, secondaries, advisory in alternative investments, distressed, real estate funds, private debt funds, nichealternatives, specialsituations, infrastructure funds und real assets funds
Orte
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Primär
Bodmerstrasse 5
Zurich, 8002, CH
Beschäftigte von Multiplicity Partners
Updates
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Great to see an independent confirmation of our strong results!
Our investment approach with a focus on opportunistic secondaries is paying off. The LTO Fund family has been ranked #1 in the PitchBook Global Manager Performance League Tables! The LTO Fund family was launched by Multiplicity Partners in 2016 and we are currently investing with our fourth fund. The consistently strong returns across all LTO Funds, paired with high DPI bring us to the top spot. #privatemarkets #privatequity #secondaries https://lnkd.in/erSN5WVP
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Liquidity continues to be a hot topic!
Interesting to read that Rede Partners LLP find a rise in confidence that distributions to LPs finally rebound - fingers crossed that this holds true. At the same time, LPs increase their allocation to secondaries funds as those can offer liquidity solutions to both LPs and GPs when traditional exit routes remain challenging. Should this increased allocation be seen as a hedge against a continued difficult exit market? Multiplicity Partners manages a range of shorter duration secondaries funds that focus on DPI and returning cash to investors - irrespective of the exit environment. #privateequity #privatemarkets #secondaries https://lnkd.in/eSh2f6Y3
Rede Partners | PUBLICATION: Rede Liquidity Index 1H 2024
rede-partners.com
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We are not the only ones prioritizing DPI over IRR before a fund is materially realized.
Thanks to Moonfare for summarizing the understanding that private market investors prioritize cash returns over paper gains with the sharp formula "IRR < DPI". That is probably the shortest way to express Limited Partner’s frustration that some private market funds generate fantastic returns on paper with an IRR that is based on rather subjective accounting values but fail to distribute real cash that is urgently needed to cover future capital calls. At Multiplicity Partners we focus on DPI and consider IRR primarily relevant for more mature funds where DPI is moving towards TVPI. #privatemarkets #privateequity #secondaries
Why "IRR < DPI" is the new reality and what private equity is doing about it | Moonfare
moonfare.com
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LPs realise that synthetic DPI is not real DPI...
Thanks a lot, Rede Partners LLP for sharing your report on NAV financing - a hot topic right now when distributions to LPs are drying up. What I consider the most relevant finding is that LPs clearly differentiate between "money-in" (financing of new investments) and "money-out" (dividend recap at the fund level) NAV financing. Essentially "money-in" delays capital calls - something that LPs apparently appreciate - while "money-out" is a synthetic distribution to artificially boost DPI - when LPs would rather see real DPI. And to make matters worse: synthetic distributions are often recallable, so LPs are still on the hook for that cash! I have the strong view that synthetic distributions distort DPI, the otherwise reliable cash-on-cash private equity performance measurement of choice, making it as subjective as IRR or RVPI/ TVPI. At Multiplicity Partners, we manage funds investing at the intersection between private market secondaries and special situations with a focus on delivering real DPI and returning cash to investors quickly. #privateequity #secondaries #privatemarkets https://lnkd.in/ePEF7seM
Rede Partners | PUBLICATION: NAVigating NAV Financing: LP perception survey and lender market report
rede-partners.com
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Thank you to CAIA Zurich for the opportunity to share our insights on the “The Importance of Due Diligence” panel discussion. I hope we provided some insights on how to avoid losses in the future. Although history won’t repeat itself, it’s still worth studying the investment industry's past failures (Madoff, Abraaj, Greensill,…) to avoid pitfalls in the future.
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Another validation that our focus on DPI is an actual investor need.
...just coming back from the SuperReturn in Berlin, and I definitely agree with Citywire that liquidity is at the top of everybody's mind. Investors want distributions to cover those capital calls, and slowly but steadily DPI is replacing IRR as the performance measure of choice. At Multiplicity Partners, we see cash as king and DPI has always been our top priority, particularly for shorter duration funds, including secondary funds. #privateequity #privatemarkets #secondaries #superreturn
Liquidity and private wealth are top of mind ahead of PE industry conference
citywire.com
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I am looking forward to seeing everyone at SuperReturn International in June! Please reach out if you would like to connect! Multiplicity Partners #SuperReturn #Secondaries #PrivateMarkets
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There is a lot of talk about the PE industry not delivering the exits they promised. PitchBook succinctly put it with the title “Behind the J-curve” in its recent in-depth analysis of distribution activity in private market funds. Another side of that story, particularly relevant for secondary buyers like us, is that many private market funds hold their assets at seemingly inflated valuations. TVPI numbers look great for most funds, but they can’t monetize their holdings anywhere near their current NAV, indicating their estimate of “fair market value” is way too optimistic. There is always a market, the price may just not be where you wish it. To a large degree, the reluctance to exit companies results from having them marked too high. Assets were aggressively written up to look good in the short-term, impressing LPs with “paper gains” to raise the next, much bigger fund. #secondaries #privatemarkets
Q2 2024 PitchBook Analyst Note: Behind the J-Curve | PitchBook
pitchbook.com
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Multiplicity Partners hat dies direkt geteilt
Is there persistence in private equity returns? Interesting findings by Schroders - past performance might still be an indication of future performance, at least in private markets. And most interestingly - good performance persists for small and medium managers, while less so for large managers. And still do allocators chase the largest funds... Multiplicity Partners manages a range of smaller funds investing in niche secondary transactions - and we certainly strive to continue delivering top quartile results. #privatemarkets #privateequity #secondaries https://lnkd.in/emPsebnd
Is there persistence in private equity returns?
schroders.com