Overview
Triago was founded in 1992 in Paris, making it one of the pioneering independent placement agents in the European market. The firm was established by Antoine Dréan, who built Triago into a recognized name in both primary private equity fundraising and secondary market advisory.
Over more than three decades, Triago has raised tens of billions of dollars in capital commitments and advised on numerous secondary transactions. The firm operates from offices in Paris and New York, providing coverage across European and North American markets.
Triago’s team of approximately 20 to 30 professionals brings a combination of fundraising expertise, secondary market knowledge, and cross-border advisory capabilities. The firm’s French heritage gives it a distinctive position in the market, with deep relationships in the French and broader Continental European institutional investor community.
The firm has been a consistent voice in the private equity industry, publishing market commentary and research on fundraising trends, secondary market pricing, and LP allocation patterns. Triago’s visibility at industry conferences and in trade publications has contributed to its brand recognition across the global alternatives market.
Strategy Focus
Triago operates across two primary business lines: primary fundraising (placement agency) and secondary advisory. This dual focus gives the firm a comprehensive perspective on the private markets that pure-play primary agents may lack.
On the primary side, Triago places capital across private equity (buyout, growth, and venture), real estate, private credit, and infrastructure. The firm works with GPs across a range of fund sizes, with capabilities spanning mid-market vehicles to larger institutional funds. They have experience with both established managers and newer teams, and their European heritage makes them a natural fit for Continental European GPs.
The secondary advisory business is a key differentiator. Triago advises LPs on portfolio sales and helps GPs structure continuation vehicles, tender offers, and other secondary transactions. Their early entry into the secondaries market (which was a niche activity in the 1990s but has since grown into a major market segment) gives them deep expertise and relationships with the major secondary buyers globally.
Triago’s cross-border capabilities are particularly valuable for GPs seeking to raise capital across multiple geographies. The firm understands the regulatory, cultural, and operational differences between European and North American fundraising markets and helps GPs navigate these complexities.
LP Network
Triago’s LP network reflects its Franco-European origins and global expansion. The firm has deep relationships with French institutional investors (including insurance companies, pension funds, and family offices), as well as broader Continental European and UK investors.
Their European LP coverage extends to pension funds, insurance companies, and sovereign wealth funds across France, Germany, the Nordics, Switzerland, and the Benelux countries. Many of these relationships have been built over decades and are maintained through regular market intelligence sharing and ongoing dialogue.
In North America, Triago’s New York office covers U.S. and Canadian institutional investors, including public pension plans, endowments, foundations, and fund-of-funds. The firm’s cross-Atlantic positioning is valuable for GPs seeking to bridge European and North American capital pools.
Triago also maintains relationships with Middle Eastern sovereign wealth funds, Asian institutional investors, and large global family offices. The firm’s secondaries business provides an additional layer of LP connectivity, as many of the same institutional investors who allocate to primary funds are also active in the secondary market.
Working With Triago
Triago takes a relationship-driven approach to GP engagements, emphasizing long-term partnerships over one-off transactions. The firm’s evaluation process includes a thorough assessment of the GP’s investment strategy, team, track record, and market positioning.
Placement agent fees typically range from 1.5-2.5% success fee plus retainer. Contact Triago directly for current terms. For secondary advisory mandates, fee structures may differ from primary placement fees.
The firm provides pre-marketing advisory services including materials review, fund terms benchmarking, and LP targeting. During the active fundraise, Triago manages LP outreach, coordinates meetings, and provides ongoing market feedback.
For GPs considering secondary transactions (whether selling a GP stake, restructuring a legacy fund, or running a continuation vehicle), Triago’s dual capability in primary and secondary markets is a genuine advantage. The firm can advise on how secondary transactions interact with ongoing fundraising activity and help GPs think through the strategic implications.
Triago’s smaller size relative to the largest global agents means GPs get a more personalized service. The firm’s senior partners are directly involved in mandate execution, and the team’s cross-border expertise is particularly relevant for GPs navigating the complexities of raising capital across Europe and North America simultaneously.
Frequently Asked Questions
What is Triago best known for?
Triago is well known for its expertise in both primary fundraising and secondary market transactions. The firm was an early mover in the private equity secondaries market and has built significant capabilities in advising on LP portfolio sales, GP-led transactions, and direct secondaries. Their dual focus on primary placement and secondaries gives them a broad view of the private markets ecosystem.
Does Triago focus on European GPs?
Triago has strong European roots with its Paris headquarters, but the firm works with GPs globally. Their New York office provides North American coverage, and the firm has placed capital for managers across Europe, North America, and other regions. Their cross-border expertise is particularly valuable for European GPs seeking North American capital and vice versa.
What are Triago's placement fees?
Placement agent fees typically range from 1.5-2.5% success fee plus retainer. Contact Triago directly for current terms. For secondary advisory mandates, fee structures may differ from primary placement fees and are typically structured based on transaction size and complexity.
