Key Takeaways
- • Mubadala Capital, the alternative asset management subsidiary of Mubadala Investment Company, has entered into a definitive agreement to acquire a minority ownership stake in LSV Advisors, a New York-based GP-led secondaries manager with approximately $5 billion in assets and commitments.
- • LSV, founded in 2005, has completed more than 75 transactions since executing one of the industry's earliest GP-led investments in 2011, with a focus on single-asset continuation vehicles for middle-market companies.
- • Mubadala Capital manages, advises, and administers more than $755 billion in assets, with its core alternatives operations managing more than $60 billion across private equity, venture capital, credit, and special opportunities.
- • LSV's principals intend to reinvest the majority of their net proceeds into future funds, and the firm will continue under its existing management team and investment strategy.
- • The transaction is expected to close in the first half of 2027, subject to customary regulatory approvals; Evercore advised Mubadala Capital and Houlihan Lokey advised LSV.
Summary
Mubadala Capital has agreed to acquire a minority ownership stake in LSV Advisors, the New York-based investment manager specializing in general partner-led secondary transactions, according to the company's announcement. LSV manages approximately $5 billion in assets and commitments. The firm was founded in 2005 and has built a specialized strategy around GP-led continuation vehicles, particularly single-asset transactions involving middle-market companies. It has completed more than 75 transactions since executing one of the industry's earliest GP-led investments in 2011.
Continuation vehicles have become an increasingly important segment of the private equity secondary market. They allow general partners to transfer investments from an existing fund into a new vehicle, often giving existing limited partners the option to take liquidity or retain exposure to the underlying business, and giving managers additional time to execute growth strategies at portfolio companies. LSV focuses on established, cash-generative businesses and emphasizes governance, risk management, and stakeholder alignment. The firm also provides restructuring and liquidity solutions involving different types of investment funds and serves institutional investors, family offices, and other clients internationally.
Mubadala Capital, a subsidiary of Abu Dhabi-based Mubadala Investment Company, manages, advises, and administers more than $755 billion in assets through its core alternative investment businesses and strategic partnerships, with core alternatives operations managing more than $60 billion. It maintains offices in Abu Dhabi, London, New York, Rio de Janeiro, and Menlo Park, with more than 250 professionals. The LSV investment adds GP-led secondaries expertise to its platform and is part of a strategy to build long-term relationships with specialized alternative managers, with Mubadala Capital planning to add partnerships selectively in complementary asset classes each year.
LSV's principals intend to reinvest the majority of their net proceeds into future funds, a structure the companies say maintains alignment between leadership, investment strategies, and limited partners. David G. Tisch, Founder and CEO of LSV Advisors, said the firm remains steadfast in the approach that has defined it over the past 17 years. Oscar Fahlgren, President and Chief Investment Officer, Private Equity at Mubadala Capital, said the firm takes a governance-centered approach and seeks to empower GPs through LP capital and access to its global network, including private wealth relationships. Evercore is exclusive financial advisor to Mubadala Capital and Houlihan Lokey is exclusive financial advisor to LSV. The transaction is expected to close in the first half of 2027, subject to customary regulatory approvals.
Continuation vehicles have become an increasingly important segment of the private equity secondary market. They allow general partners to transfer investments from an existing fund into a new vehicle, often giving existing limited partners the option to take liquidity or retain exposure to the underlying business, and giving managers additional time to execute growth strategies at portfolio companies. LSV focuses on established, cash-generative businesses and emphasizes governance, risk management, and stakeholder alignment. The firm also provides restructuring and liquidity solutions involving different types of investment funds and serves institutional investors, family offices, and other clients internationally.
Mubadala Capital, a subsidiary of Abu Dhabi-based Mubadala Investment Company, manages, advises, and administers more than $755 billion in assets through its core alternative investment businesses and strategic partnerships, with core alternatives operations managing more than $60 billion. It maintains offices in Abu Dhabi, London, New York, Rio de Janeiro, and Menlo Park, with more than 250 professionals. The LSV investment adds GP-led secondaries expertise to its platform and is part of a strategy to build long-term relationships with specialized alternative managers, with Mubadala Capital planning to add partnerships selectively in complementary asset classes each year.
LSV's principals intend to reinvest the majority of their net proceeds into future funds, a structure the companies say maintains alignment between leadership, investment strategies, and limited partners. David G. Tisch, Founder and CEO of LSV Advisors, said the firm remains steadfast in the approach that has defined it over the past 17 years. Oscar Fahlgren, President and Chief Investment Officer, Private Equity at Mubadala Capital, said the firm takes a governance-centered approach and seeks to empower GPs through LP capital and access to its global network, including private wealth relationships. Evercore is exclusive financial advisor to Mubadala Capital and Houlihan Lokey is exclusive financial advisor to LSV. The transaction is expected to close in the first half of 2027, subject to customary regulatory approvals.
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