equity founded 1991 founder philip paul headquarters san francisco california key people david de weese bryon sheets david york guy rico lionel leventhal phil jensen total assets 7.3 billion number of employees 100 2009 website www.paulcap.com paul capital is a private equity investment firm made up of a fund of funds secondary investments and a healthcare direct investment royalty and revenue interest financing business . the firm has more than 100 employees and manages more than 7 billion across its three distinct investment platforms . paul capital has offices in hong kong london new york city paris s o paulo and san francisco as well as a network of regional representatives with local expertise in north america latin america the united kingdom western europe central europe eastern europe the middle east south africa asia and australia . contents 1 history 2 secondary investments 3 competitors 4 references 5 external links history edit philip paul founded the firm when he had the opportunity to acquire 42 venture capital and leveraged buyout fund positions from the hillman company in 1991 . this was one of the earliest transactions in the private equity secondary market and was completed before there was a name for this market or dedicated pools of capital available to acquire such illiquid assets . paul capital expanded its investment platforms to include a fund of funds business and a healthcare team to purchase royalty and revenue interests in drug and device products . secondary investments edit paul capital has been an investor in the private equity secondary market also known as secondaries 1 since 1991 . the firm s secondaries team is the oldest and largest of paul capital s three investment platforms with more than 4.4 billion in assets under management . paul capital has opened dedicated secondary private equity offices in emerging markets including asia 2 and latin america . 3 paul capital s latest secondary fund paul capital partners ix l.p. closed in may 2008 with 1.65 billion in capital commitments . 4 paul provides liquidity solutions to institutional investors through the acquisition of interests in private equity funds as well as interests in private companies . paul capital works with a broad range of sellers including pension funds financial institutions 5 6 endowments family offices 7 corporations and general partners . in addition to traditional secondary private equity transactions paul employs transaction structures for investors with complex needs including but not limited to the inability to bear a significant discount to their carrying value the need to preserve relationships with general partners in the portfolio while still achieving early liquidity and concerns about forgoing the future upside portfolios . competitors edit paul competes against several large secondary investors such as lexington partners and coller capital as well as secondary players that also have active fund of funds platforms alpinvest partners ardian formerly axa private equity harbourvest partners and certain investment banks goldman sachs credit suisse lehman brothers . citation needed paul competes against mid sized secondary firms landmark partners pomona capital newbury partners focusing on more traditional purchases of private equity fund interests . citation needed references edit buy out firms face 140bn sale the financial times 30 november 2008 paul capital looks to build asia secondary niche thomson reuters 8 april 2008 secondary pe player eyes regional spree latin finance 12 january 2009 paul capital closes 1.65 b secondaries fund thedeal.com 8 may 2008 lehman to spin off venture capital arm the new york times 30 september 2008 big banks are prime sellers of private equity secondaries says paul capital s david de weese altassets 31 july 2009 wealthy seek help with private equity the wall street journal 28 april 2009 external links edit paul capital company website v t e private equity and venture capital basic investment types buyout venture mezzanine growth secondaries equity co investment history history of private equity and venture capital early history of private equity private equity in the 1980s private equity in the 1990s private equity in the 2000s terms and concepts buyout financial sponsor management buyout divisional buyout buy sell agreement leveraged recapitalization dividend recapitalization venture angel investor business incubator post money valuation pre money valuation seed money startup company venture capital financing venture debt venture round structure private equity firms and funds limited partnership limited liability company carried interest management fee publicly traded private equity business development company venture capital trust private investment in public equity pipe pledge fund investors corporations institutional investors pension funds insurance companies fund of funds endowments foundations investment banks merchant banks commercial banks high net worth individuals family offices sovereign wealth funds crowdfunding related financial terms aum cap table capital call capital commitment capital structure distribution waterfall ebitda envy ratio high yield debt ipo irr leverage liquidation preference m & a pme taxation of private equity and hedge funds undercapitalization vintage year private equity and venture capital investors private equity firms venture capital firms angel investors portfolio companies retrieved from https en.wikipedia.org w index.php title paul capital & oldid 743699526 categories private equity firms of the united statesprivate equity secondary marketcompanies based in san francisco1991 establishments in californiaamerican companies established in 1991hidden categories all articles with unsourced statementsarticles with unsourced statements from december 2015 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more 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