Fairway Capital Management has launched the Fairway private equity and venture capital opportunities fund. The fund will provide investors exposure to venture capital and private equity investments through primary, secondary and co-investment strategies that are typically available only to large institutional investors. Based in Chicago, Fairway was founded by five colleagues that formerly worked together at Adams Street Partners.
Fairway Capital Management www.fairwaycapm.com (“Fairway”), an investment management firm founded by a team of five colleagues that formerly worked together at Adams Street Partners, announced the launch of Fairway Private Equity & Venture Capital Opportunities Fund (the “Fund”), a closed-end fund registered under the Investment Company Act of 1940 (the “ ‘40 Act”).
The Fund will provide qualified investors exposure to venture capital and private equity investments through primary, secondary and co-investment strategies that are typically available only to large institutional investors.
Fairway Founding Partner Kevin Callahan issued the following statement:
“Our investment team, led by Kathy Wanner, Tom Gladden and Laura Milligan have relationships that go back decades with some of the most sought-after venture capital and private equity managers in the world. At Fairway, we have invested with several established venture firms with highly recognizable franchises. In addition, we have invested with some newer funds raised by experienced managers that we believe are well-positioned to deliver excellent performance.
Historically, it may have been difficult for qualified individual investors to access high-quality private equity and venture capital investments, let alone in what we believe is a user-friendly structure. We are very excited to deliver these investment opportunities in a ’40 Act fund structure.”
As a ‘40 Act fund, Fairway Private Equity & Venture Capital Opportunities Fund will offer greater flexibility than a traditional, institutionally-oriented private equity investment vehicle. The minimum initial investment for the Fund’s Class I shares is $250,000, and follow-on investments can be made starting at $10,000.
Investments can be made on a quarterly basis. The Fund’s redemption feature allows for liquidity on a quarterly basis, subject to limitations. Importantly, the Fund features Form 1099 tax reporting, simplifying the tax return process.
Fairway’s approach emphasizes three key elements:
1. Focus on investment performance – Fairway’s strategies expect to provide access to many leading IT and healthcare venture capital funds as well as buyout and special situation private equity funds. Co-investments and secondaries will provide additional exposure to select transactions and managers.
2. Experienced, diverse team – Fairway team members worked together closely at Adams Street Partners for nearly 15 years. Importantly, the Firm’s commitment to 50%+ female/minority ownership provides valuable diversity of thought, leading to what we believe can be better decision making and investment results.
3. Alignment of interest – Fairway’s team members personally invest meaningful amounts in its strategies. To ensure that clients’ interests are paramount, Fairway’s fee schedules emphasize performance over management fees.
The Fairway team includes veteran private equity professionals with total collective experience of 100+ years and deep relationships with many leading private equity and venture capital General Partners. Team members are:
1. Tom Gladden was the Founder of Macrosight LLC (2017-2019) and previously was a Partner on the Adams Street Partners Primary Investment Team (2002-2016).
2. Kathy Wanner was an advisor to private equity firms (2016-2019) and previously was a Partner and Manager of the Adams Street Partners U.S. Primary Investment Team (1993-2015).
3. Laura Milligan was Director of Private Equity for The Boeing Company (2014-2019). In addition, she worked at Mercer Investment Consulting (2010-2014) and Adams Street Partners (2005-2008).
4. Kai Moon, Investment Analyst, is a 2020 graduate from Binghamton University’s School of Management.
5. Lauren Bozzelli was a Partner on the Client Service, Corporate and Fund Accounting teams at Adams Street Partners (2007-2017). In addition, she worked at KPMG (2004-2007).
6. Kevin Callahan was the Chief Operating Officer at Adams Street Partners (1994-2016).
7. Patrick McGarvey was a Managing Director at GCM Grosvenor, and previously spent 17 years on Wall Street with senior roles at Goldman Sachs, Merrill Lynch and DLJ.
About Fairway Capital Management
Fairway Capital Management is an investment manager focused on private equity and venture capital investments, headquartered in Chicago. The firm seeks to deliver attractive investment returns utilizing its access-driven strategy while providing excellent client service. For more information about Fairway Capital Management, please visit fairwaycapm.co