OAM/Greenpark Secondaries Participation Fund and OAM/Greenpark II

“High net worth person” means:-
  • (a) an individual whose net worth is at least CI$800,000 or its equivalent in any other currency; or
  • (b)any person that has total assets of not less than CI$4,000,000 or its equivalent in any other currency.
“Sophisticated person” means a person:-
  • (a) regulated by the Authority;
  • (b) regulated by a recognised overseas Authority;
  • (c) any of whose securities are listed on a recognised securities exchange; or
  • (d) who:-
    • (i) by virtue of knowledge and experience in financial and business matters is reasonably to be regarded as capable of evaluating the merits of a proposed transaction; and
    • (ii) participates in a transaction with a value or in monetary amounts of at least CI$80,000 or its equivalent in any other currency, in the case of each single transaction.

These funds were formed in 2001 and 2004 respectively to invest in Greenpark Capital’s first and second limited partnerships. OAM European Value Fund is a smaller investor in Greenpark Capital’s third fund. We were one of the first investors to commit capital to Greenpark Capital’s first fund. The primary attraction was that Greenpark Capital was set up by a first rate team with a strong track record investing in private equity secondaries. We were introduced to them by a member of their investment advisory committee in London who Desmond Kinch knew prior to Greenpark Capital’s formation. The other attraction was that they operated in the private equity secondaries market which, at the time, was inefficient in terms of pricing. OAM/Greenpark Secondaries Participation Fund and OAM/Greenpark II are structured as closed-end funds which repurchase shares as they receive distributions from Greenpark’s funds and have accumulated a certain level of liquidity. Since they are closed-end funds, they are not currently available for subscription.

StepStone, a large investor in private equity secondaries, took over Greenpark Capital in 2013.  In March 2017, OAM/Greenpark Secondaries made its final distribution to shareholders and has since been wound up.  The IRR to shareholders during the life of the Fund was 10.0% per annum and the multiple was 1.68.  OAM/Greenpark II has already returned 1.8x shareholders’ initial investment and is tracking at a 2.0 multiple and 9% IRR.  The Fund is likely to wind up in 2018 or 2019.