Pomona Capital

Pomona Capital has run dedicated secondary funds focused on buying LP stakes in buyout and venture funds for three decades, closing its tenth flagship secondary fund oversubscribed at $2.6 billion in 2022.

Beyond its institutional funds, Pomona is known for the Pomona Investment Fund, an interval fund structure built in partnership with Voya Financial that gives individual accredited investors access to a diversified secondaries portfolio — one of the earlier attempts to bring the asset class to investors outside large institutions.

The firm's strategy centers on buying diversified LP portfolios at a discount to net asset value, then managing the run-off of those underlying fund positions to distributions over time.

Pomona buys LP stakes in private equity funds, with primary commitments and co-investments alongside. Its distinguishing structural feature is distribution: the firm has been one of the more visible participants in bringing secondaries exposure to individual investors through registered fund structures, rather than exclusively to institutions through traditional closed-end vehicles.

That matters for a reader trying to work out how to get exposure at all. Buying into a secondaries strategy as an individual generally means a fund wrapper, not a direct purchase of anyone's LP stake — and the wrapper brings its own fee layer, liquidity terms and minimums that deserve as much scrutiny as the strategy itself.

Independent firms whose entire business is buying LP fund stakes, GP-led continuation vehicles, or direct company positions — secondaries is not a side strategy, it is the strategy.

This site groups buyers into four categories, because the category tells you more about how a firm behaves than its size does. See the rest of thededicated secondaries specialistgroup in the directory.