Private Funds
We look to invest in leading private capital funds as a limited partner and seek co-investment opportunities alongside the fund managers we invest with.
In addition to making direct private equity or private credit investments in operating companies, White Wolf also looks to invest with other private fund managers as a limited partner, or as a financing partner.
Our Private Funds strategy is primarily focused on two different business lines: investing in private capital vehicles (Private Fund Investing), and providing fund financing to third party investment managers, general partners and limited partners (Fund Liquidity Solutions).
Through proactive sourcing, a strong market reputation, and extensive middle market networks, we are able to gain access to high-quality funds, co-sponsor opportunities, and fund financing opportunities that span a broad range of market segments and strategies.
With deep experience in the middle market, a disciplined approach and longstanding relationships with other fund managers, we seek to offer investors a differentiated exposure to private fund investing.
Private Fund Investing
General Investment Criteria
TARGET FUND SIZE UP TO
$500M
COMMITMENT SIZE UP TO
$10M
(Per Fund)
FUND STRATEGY
Private Credit
Private Equity
SBIC
Secondary
The Private Fund Investing strategy provides our investors with the opportunity to gain exposure to a highly diversified basket of assets with meaningful current income generation and long-term capital appreciation.
Targeted investment candidates are North American private funds looking to raise $50 million to $500 million in assets under management, with a focus on the lower-middle and middle-market. Commitments will typically range between $1 million to $10 million.
GENERAL CRITERIA
- Funds focused on U.S. and Canadian markets
- Broad range of private credit and equity strategies
- Managers with successful track record
- Potential for co-investment opportunities
- Spin-outs and first-time funds considered
FUND ATTRIBUTES
- Long-tenured, cohesive teams
- Institutional-quality platforms
- Robust back office and reporting capabilities
- Meaningful alignment of GP/LP interests
- Projecting meaningful periodic distributions
FUND LIQUIDITY SOLUTIONS
SUMMARY OF INVESTMENT CRITERIA
TRANSACTION VALUES UP TO
$50M
(LARGER WITH CO-INVEST)
LOAN TYPE
NAV LOAN
FUND LOAN
MANAGEMENT COMPANY LOAN
FUND STRATEGY
PRIVATE CREDIT
PRIVATE EQUITY
Our Fund Liquidity Solutions strategy offers flexible, creative, and solution-oriented fund liquidity and financing solutions for lower-middle and middle market funds and private capital management companies.
Transactions would include NAV loans, fund loans as well as management company loans to help sponsors fund increased GP commitments and grow their platform.
Deals are financed through a proprietary network of investors and institutional capital partners who commit funds on a deal-by-deal basis. Our target investment size for Fund Liquidity Solutions ranges between $10 million to $50 million.
SITUATIONS
- Financing for funds and management companies
- General partner restructuring transactions
- Buying out other limited partners
- Continuation fund financing needs
- SPV financing needs
STRUCTURE
- Senior and junior loans
- Flexible, non-dilutive capital
- Non-amortizing loans plus ECF sweep
- Cash and Paid-In-Kind interest
- LTV depending on underlying
Relevant Transactions
Committed
$1,000,000
To
Confidential Private Credit Fund
| Fund Size: | $150,000,000 |
|---|---|
| Fund Strategy: | Private Credit |
| Fund Focus: |
|
| Fund Location: | New York, NY |
August 2024
Committed
$3,000,000
To
Confidential SBIC Fund
| Fund Size: | $180,000,000 |
|---|---|
| Fund Strategy: | Private Credit |
| Fund Focus: |
|
| Fund Location: | Philadelphia, PA |
October 2022
Committed
$1,500,000
To
Confidential SBIC Fund
| Fund Size: | $150,000,000 |
|---|---|
| Fund Strategy: | Private Credit |
| Fund Focus: |
|
| Fund Location: | New York, NY |
September 2022
Committed
$2,500,000
To
Confidential SBIC Fund
| Fund Size: | $275,000,000 |
|---|---|
| Fund Strategy: | Private Credit |
| Fund Focus: |
|
| Fund Location: | Chicago, IL |
July 2022
Committed
$1,000,000
To
Confidential SBIC Fund
| Fund Size: | $262,500,000 |
|---|---|
| Fund Strategy: | Private Credit |
| Fund Focus: |
|
| Fund Location: | New York, NY |
March 2022
Committed
$5,550,000
To
Confidential SBIC Fund
| Fund Size: | $400,000,000 |
|---|---|
| Fund Strategy: | Private Credit |
| Fund Focus: |
|
| Fund Location: | Indianapolis, IN |
December 2021
Committed
$1,000,000
To
Confidential SBIC Fund
| Fund Size: | $275,000,000 |
|---|---|
| Fund Strategy: | Private Credit |
| Fund Focus: |
|
| Fund Location: | New York, NY |
November 2021
Committed
$5,000,000
To
Confidential Direct Lending Fund
| Fund Size: | $750,000,000 |
|---|---|
| Fund Strategy: | Private Credit |
| Fund Focus: |
|
| Fund Location: | New York, NY |
November 2021
Committed
$4,500,000
To
Confidential SBIC Fund
| Fund Size: | $150,000,000 |
|---|---|
| Fund Strategy: | Private Credit |
| Fund Focus: |
|
| Fund Location: | Atlanta, GA |
April 2021
Committed
$2,500,000
To
Confidential Secondaries Fund
| Fund Size: | $500,000,000 |
|---|---|
| Fund Strategy: | Private Credit |
| Fund Focus: |
|
| Fund Location: | New York, NY |
October 2020
Committed
$1,200,000
To
Confidential SBIC Fund
| Fund Size: | $291,000,000 |
|---|---|
| Fund Strategy: | Private Credit |
| Fund Focus: |
|
| Fund Location: | New York, NY |
October 2020