Key Takeaways
- • Cantilever Group has made a minority equity investment in Ghost Tree Partners, an Irvine, California-based private credit firm, with stake size and financial terms undisclosed.
- • Ghost Tree, founded in 2021 by Mark Fox, Scott Warner, and Jeff Willardson, provides senior secured, collateral-focused financing to lower middle-market companies through its GT Partners – Lone Cypress Fund, a private evergreen structure.
- • Cantilever, an independent investment firm specializing in middle-market GP stakes, targets alternative-asset managers with $500 million to $5 billion in assets.
- • MSCI estimates annual flows into evergreen vehicles rose from $10 billion in 2020 to a projected $74 billion in 2025.
- • S&P Global reported announced minority investments in private-equity and venture firms exceeded $2.5 billion since 2022, more than twice the total for the prior five years.
Summary
Cantilever Group has made a minority equity investment in Ghost Tree Partners, an Irvine, California-based private credit firm, according to the source article. Cantilever, an independent investment firm specializing in middle-market GP stakes, did not disclose the size of the stake or the financial terms of the transaction.
Ghost Tree was founded in 2021 by Mark Fox, Scott Warner, and Jeff Willardson, who worked together for more than 20 years, most recently at PAAMCO Prisma. The firm provides senior secured, collateral-focused financing to lower middle-market companies. Its flagship vehicle, the GT Partners – Lone Cypress Fund, is a private evergreen structure.
Cantilever backs alternative-asset managers in the $500 million to $5 billion range, providing capital to accelerate growth, fund acquisitions, or provide liquidity to founders. Scott Warner, co-founder of Ghost Tree, said the partnership is "about more than just growth capital," adding that Cantilever's "patient, minority-oriented approach" fit the firm's long-term plans.
The transaction reflects growing investor interest in evergreen vehicles. According to MSCI, annual flows into such structures rose from $10 billion in 2020 to a projected $74 billion in 2025, as private credit expands. The deal also fits a broader pattern of minority investments in alternative-asset managers. S&P Global reported that announced minority investments in private-equity and venture firms exceeded $2.5 billion since 2022, more than twice the total for the prior five years.
Ghost Tree was founded in 2021 by Mark Fox, Scott Warner, and Jeff Willardson, who worked together for more than 20 years, most recently at PAAMCO Prisma. The firm provides senior secured, collateral-focused financing to lower middle-market companies. Its flagship vehicle, the GT Partners – Lone Cypress Fund, is a private evergreen structure.
Cantilever backs alternative-asset managers in the $500 million to $5 billion range, providing capital to accelerate growth, fund acquisitions, or provide liquidity to founders. Scott Warner, co-founder of Ghost Tree, said the partnership is "about more than just growth capital," adding that Cantilever's "patient, minority-oriented approach" fit the firm's long-term plans.
The transaction reflects growing investor interest in evergreen vehicles. According to MSCI, annual flows into such structures rose from $10 billion in 2020 to a projected $74 billion in 2025, as private credit expands. The deal also fits a broader pattern of minority investments in alternative-asset managers. S&P Global reported that announced minority investments in private-equity and venture firms exceeded $2.5 billion since 2022, more than twice the total for the prior five years.
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