Funds  |  Headway for Sellers  |  Headway for General Partners : GENERAL PARTNERS General Partners are participating increasingly in secondary transactions either indirectly through LP position transfers within their funds and co-investment transfers within their portfolio companies or directly through sales of their own tail end fund portfolios. Headway is an ideal partner in all of these situations. LP Positions Headway is a helpful replacement limited partner who has no conflicts of interest and who may be supportive in future fund raisings through its exclusive family office investor base. Headway is able to execute LP position transfers smoothly and is currently a replacement LP in a number of venture capital and buyout funds in Europe and the US. Co-investment Secondaries Headway also purchases co-investments or minority stakes in single portfolio companies alongside an established private equity fund. Co-investors may prefer a different timeline to exit than a general partner and Headway is a supportive replacement co-investor. Portfolio Liquidity Needs Headway has deep experience in evaluating and executing secondary purchases of direct portfolios and has already provided liquidity to a number of general partners by purchasing their tail end fund portfolios. Headway has a flexible approach and can continue to retain a general partner for ongoing management of a tail end portfolio or if required, Headway is able to provide skilled, board-level oversight and additional follow on financing capacity. 25 Maddox Street, 2nd floor, London, W1S 2QN England. Main: +44 20 7518 8888 Fax: +44 20 7900 3160. info@headwaycap.com Authorised and Regulated by the Financial Services Authority. Copyright © Headway Capital Partners LLP, 2008. All Rights Reserved.