Welcome to
Black Card Capital Partners is a growth equity PE firm that specializes in acquiring GP Stakes in emerging funds.
We work with both emerging and seasoned fund managers. The kicker: We don’t make money until you do.
We work with both emerging and seasoned fund managers. The kicker: We don’t make money until you do.
The BCCP Framework:
- Growth Capital: We don’t just invest money… We are truly a long term partner in the business and are dedicated to providing value to all stakeholders: employees, partners, investors, & portfolio assets alike.
- Aligned Incentivized & Limited Equity Dilution: As a non-controlling stakeholder, we let managers focus on what they do best, and provide strategic support where it's needed. We want to make sure all parties are incentivised for the long haul.
- Focus & Mission: Systematize & optimize fundraising efforts , the firm, & the fund.
Industry Agnostic
We understand the business of funds, regardless of your vertical
Real Estate
Hedge Fund
Private Equity
Venture Capital
Crypto Funds
Other
For New Managers
If you are a brand new fund manager looking to launch a fund there can still be a great partnership opportunity. Since your General Partnership is brand new, and your enterprise value is essentially $0.00, there will be no acquisition/exchange of money upon signing. We will come in on the ground floor and provide consulting & other services in exchange for a minority revenue/profit share of your General Partnership. This costs you no money up front. We only make money when you do.
For Seasoned Managers
If you are a seasoned manager that is looking to…
- Grow your fund through a strategic partnership
- Liquidate a portion of your General Partnership
- Optimize fundraising, firm, & fund operations
- Get help on expanding to new products and services
…then let’s have a conversation about a partnership. Your General Partnership will have an associated enterprise value based on the revenues that you’ve generated. Most General Partnerships Stakes are fairly difficult to sell, but we are here to help.
Ideal Acquisition Criteria
Between $1M - $150M AUM
Teams with broad equity buy in
Strong commitment to growth
What is a GP stake investment?
GP stakes are direct equity investments representing a minority ownership position in a GP’s underlying management company.
Alternative investment funds are typically set up under a GP/LP structure. Limited Partners (LP’s) passively invest into the Limited Partnership (LP) whereas the General Partner (GP) is the managing entity of the LP.
BCCP focuses on acquiring minority stakes in the General Partnership at a zero dollar cost basis for new funds, or at an appropriate enterprise value for seasoned funds.
Who Classifies as an Emerging Manager?
An Emerging Manager is typically a firm who has:
- Less than $1 Billion AUM and/or
- Is on Fund I, II, III, or IV
Our Portfolio
FAQ
Where do GP stakes exist within a private equity portfolio?
Although strategies vary, GP stakes investments are often placed in a growth equity portfolio, designed to deliver large and mid-cap growth stocks returns at a lower cost for LPs. Firms focused on equity growth invest in late-stage, high-performing companies to maintain their development.
What key factors do GP stake investors consider before investing?
Before making an investment, GP stakes investors will examine a firm’s business from every angle. This includes analyzing everything from LP-GP relationships and alignment of incentives, to understanding the nuances of how the GP management company generates revenue. Other important factors include the sustainability of the management company’s long-term revenue streams and its prospects for future funds.
Who are some of the other major players in GP stakes investing?
There are 3 most prominent firms that operate in the space are Blackstone, Dyal Capital Partners, & Goldman Sachs, however we are going after completely opposite corners of the market.
Where other firms focus on funds MORE than $1 Billion AUM, BCCP specializes in working with firm LESS than $1 Billion AUM.
Where other firms focus on funds MORE than $1 Billion AUM, BCCP specializes in working with firm LESS than $1 Billion AUM.
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