Ex-AlpInvest secondaries exec raises at least $175 mln for debut fund

  • Firm launched debut fund
  • Invests in complex secondaries like restructurings, spinouts
  • Formed by ex-AlpInvest senior executive

New 2nd Capital, the secondaries firm launched by former AlpInvest senior executive Tjarko Hektor in 2015, has raised at least $175 million for its debut fund, sources told Buyouts.

N2C Opportunities Fund had raised around $49 million as of May, according to a Form D. That filing did not list a target.

Hektor formed New 2nd Capital in 2015 after leaving AlpInvest, where he co-led the secondaries program. The firm staffed up over the past few years and has been investing using capital from a dedicated group of investors, sources said.

New 2nd Capital invests in middle-market companies through secondary transactions like spinouts and restructurings, the firm’s website says. The firm seeks transactions valued at $10 million to $150 million across all industries, primarily for companies located in North America.

Other New 2nd Capital executives include Jordan Bradley, also formerly at AlpInvest; Dan Townsend, former secondaries chief at fund of funds Top Tier Capital Partners; former AlpInvest associate Clay Cole, now a partner, and Kate Merli, CFO and COO, who joined from Snow Park Capital Partners.

Hektor did not return a call for comment.

Action Item: Check out New 2nd Capital’s Form ADV here: https://bit.ly/2IhDpdY