About Secondary Capital

Secondary Capital is a Swiss private equity fund based in Fribourg, Switzerland, founded in 2020, and a brand of PTF. It focuses exclusively on direct secondary transactions: buying existing shares directly from founders, management and early investors in high-growth private technology companies.

Secondary Capital invests in companies valued above $500 million with tickets up to $50 million per company. Transactions are designed to be board-friendly, with no disruption to the company’s operations or cap table dynamics, and typically close within three to four weeks.

Who runs Secondary Capital?

Secondary Capital was founded by Cedric Abitbol and Marc-Antoine Voisard, who each have more than 20 years of experience in private equity. Before founding Secondary Capital, Cedric Abitbol was Managing Partner at 21 Invest, a European mid-market private equity firm. Marc-Antoine Voisard co-founded Flexstone Partners, a private equity platform later acquired by Natixis. The investment team has six members.

Why does Secondary Capital contact founders?

Secondary Capital’s AI-driven Deal Engine reviews the portfolios of leading venture capital and growth equity funds to identify companies that meet its investment criteria, and Secondary Capital then contacts their founders directly. Founders and shareholders can also contact Secondary Capital using the website.

Secondary Capital buys shares from founders, managers and early investors of private technology companies. It usually starts the discussion with the founder, who knows the company’s history and plans best and can make sure the transaction is agreed with the board from the start. Secondary Capital can also buy shares from other shareholders the founder introduces.

How does a transaction work with the company and its board?

Shareholder agreements usually allow founders to sell a limited part of their holding, subject to board approval and to the rights of existing investors. Secondary Capital only completes transactions that are both founder-friendly and board-friendly: the founder obtains board approval before any shares are sold.

Secondary Capital is a passive minority investor. It believes the board and management team are best placed to run the company, and it does not seek a board seat or special governance rights. The company’s governance, management and cap table dynamics remain unchanged after the transaction.

Secondary Capital usually completes an investment process within three to four weeks once mutual interest is confirmed. The timeline mainly depends on the company’s approval process, including board consent and any pre-emption period for existing investors.

More information

Answers to other questions can be found in our FAQ.

This page is for general information only and does not constitute investment, legal or tax advice, or an offer to buy or sell any financial instrument.