PRIVATE MARKETS
Selectivity matters when capital is illiquid.
LIAM evaluates private-market opportunities through disciplined underwriting, portfolio-fit analysis and a clear understanding of liquidity, duration, structure and downside risk.
AREAS OF FOCUS
Access private opportunities with disciplined underwriting.
Private Equity
Growth, buyout and selected direct or co-investment opportunities where business quality, valuation and alignment can be assessed.
Real Assets
Infrastructure, property and other tangible-asset opportunities where long-term cash flows, scarcity or structural demand may support investment value.
Private Credit
Senior, structured, opportunistic and asset-backed credit where risk can be evaluated against contractual cash flows, collateral and borrower fundamentals.
Special Situations
Complex or time-sensitive opportunities requiring careful analysis of structure, catalyst, downside protection and exit pathways.
UNDERWRITING LENS
Illiquidity demands deeper analysis.
Business Quality
Durability of the underlying business model and competitive position.
Cash-Flow Durability
Quality, predictability and resilience of operating cash flows.
Capital Structure
Debt, leverage, seniority and the distribution of risk among stakeholders.
Valuation
Entry price relative to fundamentals, growth potential and comparable opportunities.
Downside Scenarios
What could go wrong, how severe the impact could be, and what protections exist.
Sponsor & Management Alignment
The degree to which incentives are aligned with investors.
Governance
Decision rights, transparency, reporting and investor protections.
Exit Pathways
Realistic routes to liquidity, including sale, refinancing or public-market access.
Liquidity & Duration
Expected holding period, capital-call obligations and limitations on early exit.
PRIVATE CAPITAL IN CONTEXT
Private capital should earn its illiquidity.
A private investment should offer a compelling reason to exchange liquidity and flexibility for long-term return potential. LIAM evaluates each opportunity in the context of the investor’s total portfolio, objectives and future capital requirements.