As vendors are exploring the secondary direct market to exit investments, Cipio Partners has participated in a range of transaction structures, the most established and workable ones can be summarized as follows:

• Acquisition of entire portfolios of direct investments, typically by way of purchase of a fund entity
• Acquisition of individual, also single-company assets, either through a fund vehicle or individual transfers
• Acquisition of portions of a portfolio – as a vendor may wish to retain ownership of certain assets or a stake in the fund entity sold
• Purchase of a mixed portfolio, combining direct investments and fund interests, often found in vendor situations where a full exit from the private equity asset class is desired
• Transfer of management control, rather than full ownership, of a portfolio or parts thereof – largely driven by accounting and valuation considerations