Landmark Partners

Infobox_Company
company_name = Landmark Partners
company_type = Private Ownership
company_
foundation = 1989
location =
industry = Private Equity
products = Private Equity Secondaries
assets = $6 billion (since inception)
homepage = [http://www.landmarkpartners.com/ www.landmarkpartners.com]
num_employees = 50+ (2007)

Landmark Partners, founded in 1989, is a leading investor in the Private equity secondary market (also known as secondaries). It is based in Simsbury, Connecticut.

The firm was founded by Stanley Alfeld. [ [http://www.eapdlaw.com/files/News/127ee263-57f7-49f9-95b6-7a3e7e4e52b7/Presentation/NewsAttachment/ccba08f5-a312-48dd-b0ea-7db36cba8c4d/media.181.pdf The Private Equity Analyst: PE Wire] February 24, 2003.]

Investment Program

Landmark invests primarily as a fund of funds purchasing interests in various investment funds, typically structured as limited partnerships. Landmark acquires positions in venture capital, leveraged buyout and mezzanine capital funds, together with portfolios of companies or stakes in companies from institutions, corporates, government bodies and family offices. Landmark is also one of the only leading secondaries firm that also focuses on the purchase of real estate private equity interests.

Landmark is a dedicated secondaries investor and as such has limited ability to make new commitments to private equity funds. This has affected Landmark's desirability to financial sponsors or other general partners to serve as a replacement limited partner.

Landmark is in the process of finalizing fundraising for a $2 billion fund (Landmark Partners Fund XIV) and a parallel $400 million fund for early secondary transactions. Previously, Landmark was investing out of a $1.2 billion (Landmark Partners Fund XIII), raised in 2005. In recent years, Landmark has focused on purchasing smaller portfolios than larger competitors Lexington Partners and Coller Capital.

In 2007, Landmark participated in the sale of assets by American Capital Strategies to a newly formed $585 million private equity fund. [ [http://www.finalternatives.com/node/2787 American Capital Raises Second Private Equity Fund] ]

In 2004, Landmark acquired a $1 billion portfolio of private equity fund interests from Bank One. [ [http://www.conntact.com/article_page.lasso?id=38852 The Brains Behind the Bucks: Meet three of Connecticut's leading venture capitalists (Contact: Connecticut Business Journal)] ]

Legal and Regulatory Issues

In 2005, a Connecticut man was sentenced to prison in connection with a scheme under which $150 million of state pension money was inappropriately committed to a fund to be managed by Landmark Partners in exchange for payments and favors that violated his fiduciary duties. [cite news |first=Stacey |last=Stowe |authorlink= |coauthors= |title= Another Figure in Connecticut Bribery Scandal Is Sentenced |url=http://www.nytimes.com/2005/05/03/nyregion/03pension.html |work=The New York Times |publisher= |date=May 3, 2005 |accessdate=2008-04-27]

In 2000, Landmark Partners and its then chairman agreed to pay a civil penalty totaling $150,000 to the United States Securities and Exchange Commission to settle allegations related to the bribery scandal. [cite news |first= |last= |authorlink= |coauthors= |title= Metro Briefing - Firm to Pay $150,000 |url=http://query.nytimes.com/gst/fullpage.html?res=9C07E2DC1139F933A15751C1A9669C8B63 |work= The New York Times |publisher= |date=December 20, 2000 |accessdate=2008-04-27 ] [ [http://www.sec.gov/litigation/litreleases/lr16834.htm SEC Litigation Release] ]

Alumni

Former professionals from Landmark Partners have gone on to found some of the largest secondary focused private equity groups in the US, most notably Lexington Partners and to a lesser extent [http://www.newburypartners.com Newbury Partners] and [http://www.auda.com Auda International] . [ [http://www.altassets.com/news/arc/2002/nz655.php US Auda Group beefs up secondaries group with new appointment] ]

Competitors

Landmark's largest competitors in the private equity secondary market include market leading dedicated secondary firms (Coller Capital and Lexington Partners), large fund of funds (HarbourVest Partners, AlpInvest Partners), certain investment banks (Goldman Sachs, Credit Suisse and Lehman Brothers) as well as mid-sized secondary firms (Pomona Capital, Newbury Partners, Paul Capital) focusing on more traditional purchases of private equity fund interests.

External links

* [http://www.landmarkpartners.com Official Website]
* [http://www.altassets.com/features/arc/2001/nz502.php Institutional investor profile, Landmark Partners Europe] (AltAssets)
* [http://www.irei.com/documents/sponsors/LandmarkPart6-02.pdf Landmark Partners Sponsor Overview] (Institutional Real Estate, Inc.)
* [http://www.lakestreetcapital.com/media/2004gsm.pdf The Private Equity Analyst Guide to the Secondary Market (2004 Edition)] -- DowJones Private Equity Analyst
*cite news |first= |last= |authorlink= |coauthors= |title= Landmark may raise up to $1b for next fund.(Landmark Partners Inc. raising Landmark Equity Partners XIII) |url=http://www.accessmylibrary.com/coms2/summary_0286-12175661_ITM |work=Private Equity Week |publisher= |date=December 12, 2005 |accessdate=2008-04-27

References