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head-way (hěd’wā’) - noun

1. Forward movement or the rate of forward movement, especially of a ship

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head-way (hěd’wā’) - noun

2. Progress towards a goal

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head-way (hěd’wā’) - noun

3. Provider of liquidity solutions for private investments

Headway Capital Partners

Founded in 2004, Headway Capital is an independent investment firm providing a full range of liquidity solutions to investors seeking exits or alternatives for their private equity assets.

Headway Capital purchases limited partnership positions in private equity funds, portfolios of direct private equity investments, and minority stakes in single companies. Headway Capital also leads and participates in tail end transactions, provision of liquidity facilities for private equity portfolios, fund restructurings and GP led transactions. We specialise in small to mid size secondary transactions (< €50 million) and invest globally with a focus on Western Europe and North America.

Overview

Headway Capital provides effective, customised liquidity solutions tailored to meet each seller's unique needs and objectives. We have significant experience structuring and executing complex secondary transactions, particularly secondary direct portfolios and structured secondary transactions.

Headway Capital has a broad investment mandate and invests across all geographies, sectors and investment stages which allows us to provide liquidity solutions for a full range of private equity assets:

Complex Liquidity Solutions
Secondary Directs: Headway Capital purchases portfolios of direct private equity investments, including tail end funds, corporate venture portfolios and spin outs.
Structured Secondaries: For certain investors, an outright sale may not be the optimal solution and Headway Capital is also able to provide bespoke structured liquidity solutions.
GP Restructurings: Headway Capital supports general partners in various GP led transactions, such as fund restructurings.
Co-investment Secondaries: Headway Capital also purchases minority share holdings in single companies.
Traditional Secondary Transactions
LP Positions: Headway Capital purchases LP positions or portfolios of LP positions in venture capital, growth equity, buy out, mezzanine, infrastructure and other funds, including funds of funds.

Headway Capital for Sellers

Headway Capital understands that each seller is different and focuses on creating effective solutions tailored to meet each seller’s unique needs and objectives.

All types of private equity investors actively use the secondary market to achieve liquidity for a wide range of strategic and financial reasons:

Sellers
point Private equity funds
point Hedge funds
point Banks
point Corporations
point Insurance companies
point Pension funds
point Endowments and foundations
point Family offices and individuals
Reasons for Selling
point Reduce unfunded commitments
point Reduce private equity exposure
point Refocus on core businesses
point Rebalance portfolios
point Redeploy capital to other investments or opportunities
point Reduce administrative burden
point Reduce volatility of earnings
point Meet current cash needs

From a seller's perspective, Headway Capital's broad secondary investment mandate enables us to provide liquidity for all types of private equity investments: portfolios of direct investments, co-investments and limited partnership positions. Headway Capital invests across all geographies, industry sectors and investment stages from venture to buyout. Leveraging our deep experience in structuring secondary transactions, Headway Capital works in partnership with sellers to understand their unique needs and objectives in order to create mutually beneficial solutions through tailored solutions. We also pride ourselves on our ability to efficiently and effectively evaluate and execute any type of secondary investment opportunity.

Headway Capital for Investors

Headway Capital provides a unique secondary investment opportunity for investors and focuses on developing value-added long term investor relationships.

Headway Capital currently advises 5 funds and several co-investment vehicles with over $850 million of combined commitments and has additional co-investment capital available from its investors. All funds are focused on private equity secondary transactions:

Headway Investment Partners L.P.: €52 million closed in 2005

Fully invested in 22 secondary transactions

Headway Investment Partners II L.P.: €150 million closed in 2008

Fully invested in 26 secondary transactions

Headway Investment Partners II-A L.P.: $26 million closed in 2009

Special purpose vehicle

Headway Investment Partners III L.P.: €175 million closed in 2013

Fully invested in 35 secondary transactions

Headway Co-investments: $80 million committed to date

Headway Investment Partners IV L.P.: €372 million closed in 2019

Currently Investing
Headway Capital's investors consist of institutional investors and family offices from Europe, the US and around the world. Headway Capital works closely with its investor base to leverage synergies across activities.

Headway Capital for General Partners

Headway Capital understands general partners’ concerns and is a supportive replacement limited partner, value-added business partner and liquidity provider.

General partners are increasingly participating 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 Capital's broad secondaries mandate and long experience makes us an ideal partner in any of these situations.

Portfolio Liquidity Needs

Headway Capital 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 Capital has a flexible approach and can continue to retain a general partner for ongoing management of a tail end portfolio or, if required, Headway Capital is able to provide skilled, board-level oversight through outsourced third party managers. If required, Headway Capital is also able to support portfolio companies with additional follow-on investment.

GP Restructurings

Headway Capital is a supportive investor in various GP led transactions, including fund restructurings. Given Headway Capital’s broad mandate and experience in all types of secondary transactions, we can be a valuable partner in structuring transactions to meet a GP’s goals.

Co-investment Secondaries

Headway Capital also purchases co-investments or minority stakes in single portfolio companies who have at least one established private equity or venture capital investor. Certain co-investors may prefer a different timeline to exit than a lead private equity investor and Headway Capital is a supportive replacement co-investor.

LP Positions

Headway Capital is a helpful replacement limited partner who has no conflicts of interest and who may be supportive in future fund raisings through our unique investor base. Headway Capital is able to execute LP position transfers efficiently and is currently a replacement LP in a number of venture capital, private equity and infrastructure funds and funds of funds in Europe, the US and abroad.

Why Headway Capital

Headway Capital is an ideal secondary partner for investors, sellers, general partners and portfolio companies.

Having closed over 90 secondary transactions, Headway Capital offers certainty of closure, efficiency of process, fast reaction and skilled execution.

  • Given Headway Capital's single focus on secondaries and the team's deep experience, Headway Capital is able to effectively and efficiently evaluate, structure, execute and close both simple and complex transactions
  • Headway Capital is able to provide value-added board level oversight and follow-on financing capabilities to portfolio companies
  • Headway Capital's investors are large, sophisticated family office and institutional investors and Headway Capital therefore has access to significant pools of additional capital

Headway Capital is dedicated to building long term relationships and often works with repeat sellers and repeat secondary direct managers.

  • Headway Capital treats all portfolio companies, sellers, transactions and information with the utmost confidentiality
  • Relationship building is key to Headway Capital's strategy and we pride ourselves on professionalism and fairness in dealing with all parties, be they investors, sellers, general partners, portfolio companies, intermediaries, co-investment partners, competitors, employees or service providers

Team

Team Members

  • Ulrich Hardt
    Investment Director
  • Christopher Hardy
    Fund Accountant
  • Jason Howard
    Chief Financial Officer
  • Jerome Huget
    Associate
  • Sebastian Junoy
    Partner
  • Aan Son Khoo
    Vice President
  • Christiaan de Lint
    Partner
  • Cliff Meijer
    Managing Director
  • Rina Noto
    Office Manager
  • Amelia Offer
    Investor Relations Manager
  • Agne Raulinaitiene
    Fund Controller
  • Laura Shen
    Partner
  • Lawrence Terracciano
    Associate
  • Clare Webber
    Financial Controller
  • Zoe Yeo
    Investment Director

News and Careers

News :

Careers :

Currently no openings.

Investor Relations


For investors, updated reports and other information will be posted to PEARonline. This area is for use by Limited Partners of Headway advised funds only.

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Contact Us

Registered Office

Headway Capital Partners LLP
250 Tottenham Court Road
London
W1T 7QZ

Main : +44 20 7518 8888
Fax : +44 20 7900 3160
E-mail : info@headwaycap.com

US Office

HCP US, Inc.
30 Monument Square, Suite 302
Concord, MA 01742

Main : +1 617 899 8946