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    Lombard Odier Secondaries

    A hybrid strategy targeting best-of-breed GP-led, direct and concentrated LP-led deals.

    We apply a direct, asset-focused mindset and disciplined underwriting playbook to transact on the most compelling opportunities in the thriving secondaries market. With a track record dating back to 2009, we have proven our ability to generate attractive risk-adjusted returns across cycles.

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    overview
    overview·philosophy·universe·process·key figures·investment team ·insights·get in touch

    overview.

    capitalising on the best attributes of secondary and direct investing
    Applying a proven playbook benefitting from deep partner networks, diverse sourcing channels and asset-focused transactional capabilities – with the added advantage of being backed by a broad private assets (PA) platform – our hybrid strategy offers diversified exposure to highly selective GP-led, concentrated LP-led and direct secondary transactions across the global late-stage growth and mid-market buyout universe.

    loim/strategy-pages/PE-secondaries/KPI-1
     

    of track record since our 2009 inception1

    loim/strategy-pages/PE-secondaries/KPI-2


    capital deployed to date1

    loim/strategy-pages/PE-secondaries/KPI-3
     

    gross MOIC on mature vintages2

    why invest?

    A fast-growing market entering its defining era
    The secondary market is experiencing the fastest growth rate among private asset sectors3, having evolved into a strategic liquidity tool addressing both GP and LP needs.

    Superior risk/reward balance compared to other private markets
    The asset class generally outperforms most others in private markets4, delivering attractive risk/return profiles with lower loss ratios and benefiting from the solid tailwinds of asset quality and liquidity demand.

    Robust franchise with attractive returns across market cycles
    Proven by the strategy’s 20% gross internal rate of return (IRR) and 1.7x multiple on invested capital (MOIC) across four funds since 2009, with mature vintages delivering more than 3x MOIC.2

    A differentiated strategy for harnessing the key benefits of secondaries
    Favouring mid-market GP-led and direct deals – a competitive sweet spot – provides exposure to hard-to-access, high-quality assets at discounted entry prices. This offers the potential for faster capital deployment, J-curve mitigation, enhanced portfolio visibility and accelerated returns.

    Synergistic platform
    A relationship-driven approach, primarily via our extensive Lombard Odier Private Assets platform, allows us to source deals broadly and invest selectively in the most attractive opportunities across our network.

    a highly attractive risk/reward balance.

    For almost two decades, secondaries have outperformed most private asset sectors with the lowest level of risk, as indicated by standard deviations from net IRR.4,5

    The growth and mid-market buyout segment offers greater alpha potential – especially for investors with sourcing, valuation and transactional expertise.6

    philosophy.

    We believe a hybrid approach to secondaries – enhanced by the broader Lombard Odier Private Assets platform and our transactional expertise – optimises the inherent performance benefits of the asset class and consistently generates alpha potential. Our differentiated strategy complements a core focus on mostly mid-market buyout GP-led transactions, offering steady value accretion and breakout potential, with an allocation to alpha-seeking growth-stage investments accessed via direct channels. The ultimate objective is to build a portfolio of best-in-class private companies alongside top-tier sponsors and management teams.

    Asset-centric philosophy
    Our direct, asset-focused mindset and underwriting approach enables us to invest in best-in-class companies alongside top-tier partners through GP-led and direct transactions. In doing so, our strict underwriting criteria and extensive due diligence focus on fundamentals and price discipline to secure discounted entry prices relative to our view of intrinsic valuations.

    Focused on a secondaries sweet spot
    We are focused on mid-market GP-led and direct investments – thereby avoiding the most competitive segments of LP-led and larger GP-led deals, which typically have limited upside potential. This allows us to be highly selective in entering transactions, take an active role and leverage proprietary access to generate above-average returns. 

    Our hybrid strategy provides differentiated access to the mid-market GP-led segment, complementing exposure to larger GP-led and LP-led offerings. This helps secondaries investors to avoid asset overlaps, diversify private equity exposures and achieve highly attractive return profiles.

    How can secondaries benefit your portfolio?

    Speak with our dedicated team to discuss your investment needs and potential solutions.

    contact us

    universe.

    We primarily focus on GP-led and direct secondary transactions within the buyout and growth equity universe, targeting deals mainly in Europe and North America across a range of industries – with a focus on technology. 

    Global mandate with European focus
    While we have the flexibility to invest globally, we believe the European market has clear advantages: 

    • Fewer domestic players and less competition
    • Greater complexity given regional variations
    • Higher growth potential.

     

    Technology is a key portfolio theme
    Opportunities are driven by growth potential and liquidity demand – the characteristic drivers of secondary deals: 

    • Early investors are increasingly seeking liquidity 
    • Fast-growing firms are disrupting traditional business models
    • Rapid scaling and large addressable markets underpin return potential.

    process.

    First, we identify potential acquisition targets within our investment universe. We access these opportunities through one of three types of relationships:

    loim/strategy-pages/PE-secondaries/num/icon-1-blue
     

    Core relationships with private-equity sponsors

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    Proprietary relationships through the Lombard Odier Private Assets platform

    loim/strategy-pages/PE-secondaries/num/icon-3-blue


    Broker relationships with our banking and financing partners

    Portfolio construction guidelines
    We aim to build a portfolio of 25-30 secondary transactions, resulting in diversified investment among 75-100 underlying companies.7

    Target allocations4.

    key figures.

    loim/strategy-pages/PE-secondaries/keyfig-1
     

    Expected global secondary transaction volumes in 2025

    loim/strategy-pages/PE-secondaries/keyfig-2
     

    Total capital committed by LOSF strategy since 2009

    loim/strategy-pages/PE-secondaries/keyfig-3

     

    Vintages since 2009

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    Deals completed since 2009

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    LOSF company exposures since inception in 2009

    loim/strategy-pages/PE-secondaries/keyfig-6
     

    Gross MOIC / IRR for mature vintages as of 30 June 2025

    your dedicated secondaries investment team.

    locom/_legacy/images/experts/Christopher_round

    Christopher Tritten
    Capital Partner & Global Head of Private Assets
    30 years of experience

    loim/experts/LOcom-AuthorsAM-Pitsch

    Daniele Pitsch
    Investment Director
    14 years of experience

    loim/experts/LOcom-Author_Greenway

    Simon Greenway
    Investment Director
    16 years of experience

    loim/experts/LOcom-Author_Malamisura

    Michelangelo Malamisura
    Senior Manager
    12 years of experience

    loim/experts/LOcom-AuthorsAM-Racasan

    Robin Racasan
    Manager
    8 years of experience

    loim/experts/LOcom-AuthorsAM-Rayneri

    Federica Rayneri
    Senior Associate
    8 years of experience

    Supported by specialists on the Lombard Odier Private Assets Platform

    12


    investment professionals

    3

    investment controlling

    7

    fund administration & operations

    7


    tax & legal

    4


    risk & compliance

    1 Source: LOIM at November 2025. Past performance is not a guarantee of future returns.
    2 Source: LOIM at November 2025. Performance metrics are gross of fees and costs. Paste performance is not a guarantee of future returns.
    3 Source: “H1 2025 Secondary Market Review”, published by Evercore Private Capital Advisory in July 2025. Accessed November 2025.
    4 Source: Preqin, based on data from 30 September 2006 (earliest available) through 30 September 2024 (latest available). For illustrative purposes only. Past performance is not a guarantee of future results.
    5 Source: Preqin. Note: Most up-to-date data as of February 2025. For illustrative purposes only. Past performance is not a guarantee of future results.
    6  Source: LOIM. Note: For illustrative purposes only.
    7 Source: LOIM. Important information on portfolio composition: the portfolio information provided in this document is for illustrative purposes only and does not purport to be a recommendation of an investment in, or a comprehensive statement of all of the factors or considerations which may be relevant to an investment in, the referenced securities. They illustrate the investment process undertaken by the manager in respect of a certain type of investment, but may not be representative of the Fund's past or future portfolio of investments as a whole and it should be understood that they will not of themselves be sufficient to give a clear and balanced view of the investment process undertaken by the manager or of the composition of the investment portfolio of the Fund. As the case may be, further information regarding the calculation methodology and the contribution of each holding in the representative account to the overall account’s performance can be obtained by the Fund or the Management Company.

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    important information.

    This document is a Corporate Communication and is intended for Professional Investors only. This document is a Corporate Communication for Professional Investors only and is not a marketing communication related to a fund, an investment product or investment services in your country. This document is not intended to provide investment, tax, accounting, professional or legal advice. This document is issued by Lombard Odier Asset Management (Europe) Limited (hereinafter the “Company”).

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