1. Describe the situation
Start with why you are exploring liquidity. Is a fund approaching the end of its term? Is an SPV becoming burdensome to administer? Are you seeking an exit from one investment or a group of holdings?
Explain your role and who would need to be involved in a decision. A manager, investor and adviser may each be approaching the same assets from a different perspective.
2. Give a high-level portfolio overview
- The number of positions and whether they are VC, PE or a mix.
- Approximate aggregate NAV, currency and valuation date.
- Broad sectors, investment stages and geographies.
- The type of vehicle holding the investments and its domicile.
For an initial enquiry, estimates are acceptable and company names are unnecessary. Avoid sending confidential documents before agreeing how information will be shared.
3. Make the objective clear
Outline your preferred timing and what a useful outcome would look like. An entire portfolio sale, an exit from a single position and a staged process may involve different practical considerations.
If ongoing costs are part of the motivation, map the full structure: asset-holding SPVs, the fund, feeders and any LP-owned vehicles above it. Ask investors or their administrators about costs outside the fund’s accounts. Identify which entities could close after an exit, which expenses would cease and which would remain. Count shared or passed-through costs only once. Our holding cost guide can help compare the fund’s visible costs with the wider cost to investors.
4. Flag known transfer constraints
At a later stage, a buyer will need to understand consent requirements, rights of first refusal, pre-emption provisions and any other restrictions affecting a transfer. Flag the constraints you already know about; your advisers can help establish the detail.
5. Agree the next step before sharing more
If there is a potential fit, discuss an NDA and an appropriate channel for diligence materials. A structured request for information is more useful than sending everything at once.
Our initial enquiry form asks for the essentials. We can build the picture together from there.