Coller Capital

Coller Capital is one of the world’s leading and longest-established secondary market investors in private equity, managing approximately $35 billion in committed capital. Founded in 1990 by Jeremy Coller and headquartered in London, the firm was among the first dedicated secondaries investors and has played a foundational role in the development of the global secondary market.

Investment Strategy

Coller Capital focuses exclusively on acquiring existing interests in private equity funds and other alternative investment vehicles on the secondary market. The firm purchases portfolios from limited partners seeking liquidity, portfolio rebalancing, or regulatory capital relief. Coller also participates in GP-led secondary transactions, including continuation vehicles, tender offers, and preferred equity solutions.

The firm’s investment approach emphasizes thorough portfolio analysis, including detailed underwriting of underlying fund positions, portfolio companies, and GP quality. Coller’s global team evaluates transactions across all private equity strategies, including buyout, growth equity, venture capital, real estate, and infrastructure, providing broad diversification within each secondary fund.

Coller Capital’s scale and reputation in the secondary market generate significant proprietary deal flow. The firm is frequently approached by sellers seeking discretion, certainty of execution, and structured solutions for complex portfolio situations.

Private Markets Approach

Coller Capital’s secondary market focus offers investors structural advantages compared to primary private equity investing. Secondary portfolios typically provide accelerated capital deployment, reduced J-curve effects, enhanced vintage year diversification, and the potential for acquisition discounts to net asset value. These characteristics make secondaries an attractive complement or substitute for primary fund-of-funds programs.

The firm has been an active participant in the evolution of the secondary market, from simple LP portfolio sales to complex GP-led restructurings, preferred equity, and multi-asset transactions. Coller publishes the semi-annual Coller Capital Global Private Equity Barometer, a widely cited survey of LP sentiment and trends in private equity.

Coller Capital operates from offices in London, New York, and Hong Kong. The firm serves institutional investors including pension funds, sovereign wealth funds, endowments, and insurance companies through its flagship secondary fund series.