What Kline Hill Partners does

Kline Hill Partners is a Greenwich, Connecticut-based private equity secondary investment firm founded in 2015 by Michael Bego, formerly of Willowridge Partners. The firm provides liquidity solutions in the small-deal secondary market through two complementary strategies: a Core strategy focused on LP-led secondary fund transfers (typically below $100 million per transaction) and a Solutions strategy focused on GP-led transactions including continuation vehicles, sidecars, annex funds, and team spinouts (typically below $250 million). The firm reviews over 40 deals per week and has completed 860+ transactions transferring 5,400+ fund and direct company interests across buyout, venture, growth, real estate, infrastructure, and energy asset classes.

The business operates as a traditional fund manager generating management fees and carried interest on closed-end private equity funds. Capital is raised from institutional limited partners including endowments, foundations, family offices, and other institutional investors, with flagship vehicles including Fund III ($450M plus $150M overage, 2020), the Kline Hill Cendana VC secondaries franchise (KHC Fund I at $105M in 2024, KHC Fund II at $400M hard-cap in 2026), and continuation vehicles. Approximately 40% of deal flow is sourced directly through repeat sellers and outreach, reducing reliance on intermediary channels. The firm expanded into Europe via Zurich (2021) and London (2025), with back-office operations supported from the Philippines.

As of 2026 the firm manages over $7.5 billion in AUM across its strategies and operates with approximately 71 staff including 35 investment professionals, 8 investor relations and business development staff, and 28 operations and finance personnel. In April 2025 Kline Hill received a strategic minority investment from TA Associates at an approximately $500 million valuation while remaining independent, with the team retaining all carried interest. Distribution is entirely relationship-driven through direct institutional sales, augmented by thought-leadership content including the Secondary Snapshot podcast and active participation in PE industry publications and conferences.

Name

Kline Hill Partners

Legal name

Kline Hill Partners LP

Website

https://klinehill.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Kline Hill Partners is a Greenwich, Connecticut-based private equity secondary firm providing liquidity solutions across LP fund transfers and GP-led continuation vehicles, specializing in small-deal transactions below $100M-$250M for endowments, foundations, family offices, and PE fund managers globally.

Ownership category

akta.pro rank

Product category

Private Equity Secondaries

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Vehicles (525990)

SIC

Investment Advice (6282)

akta.pro primary industry

LP Secondaries — Buyout Funds (FSAHALAA)

akta.pro secondary industries

Venture Capital Secondaries (LP Interests & Direct Secondaries) (FSANAFAJ), Secondaries Co-Investments & Annex Funds (FSANAFAF)

Keywords

• Private equity secondaries
• LP-led secondaries
• GP-led transactions
• Continuation vehicles
• Fund management

Headquarters

HQ city

Greenwich

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management: Manages secondary-focused private equity funds generating management fees and carried interest

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Kline Hill Partners is a private equity secondary investment firm that provides liquidity solutions for private equity fund interests. The firm operates a dual-strategy platform comprising Core (LP-led secondaries, including portfolio transfers and secondary directs) and Solutions (GP-led transactions including continuation vehicles, sidecars, fund restructurings, and team spinouts), with a dedicated focus on the small-deal segment typically below $100 million for LP transactions and below $250 million for continuation vehicles.

Product overview

Kline Hill Partners is a private equity secondary investment firm offering a dual-strategy platform: Core (LP secondaries) and Solutions (GP-led transactions). The firm specializes in small-deal transactions typically below $250 million for continuation vehicles and below $100 million for LP transactions. The platform also includes a VC secondaries strategy through its partnership with Cendana Capital (Kline Hill Cendana Partners Fund II), and produces the Secondary Snapshot podcast for market insights.

Differentiator

Problem solved

Functional benefit

Products and services

• Core Strategy (LP Secondaries) LP secondary investment strategy focused on portfolio transfers, single fund transfers, and secondary direct transactions in the small-deal private equity secondary market, serving limited partners and institutional investors seeking liquidity from private equity fund interests.
• Solutions Strategy (GP-Led Transactions) GP-led investment strategy offering fund restructurings, multi- and single-asset continuation funds, sidecars and annex funds, LP tenders, strip sales, and team spinouts, serving general partners of private equity funds seeking to extend ownership of assets or provide liquidity to their investors.
• Kline Hill Cendana Partners Fund II Venture capital secondaries vehicle raised in partnership with Cendana Capital, exceeding its $300 million target to close on its hard-cap of $400 million, focused on LP-led VC secondaries.

Quantifiable outcome

• 860+ transactions completed since founding
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and strategic.

• Cendana CapitalcoreStrategic or Co-development Partner · 28 April 2026Kline Hill Cendana Partners Fund II raised $400 million, exceeding its $300 million target to close on hard-cap. The partnership focuses on venture capital secondaries. Previous KHC fund closed at $105 million for LP-led VC secondaries.
• James BradshawcoreOthers · 16 October 2025James Bradshaw heads the London office and focuses on building relationships in the European region. Joined from Deloitte UK in 2019.
• Gopi SelveswarancoreOthers · 16 October 2025Gopi Selveswaran joins as director leading European business development and investor relations from London office, expanding investor coverage across Middle East and Asia.
• Adams Street PartnersstrategicStrategic or Co-development PartnerCo-led single-asset continuation fund transaction involving an asset in the transportation industry with TRP Capital.
• BaringsstrategicStrategic or Co-development PartnerMultiple co-led continuation vehicle transactions with Kline Hill including transportation asset CV and Havis CV for Guardian Capital Partners.
• Presidio InvestorsstrategicStrategic or Co-development PartnerCo-led successful closing of continuation fund for ElevATE Semiconductor, a semiconductor testing company, in May 2023.
• TriSpanstrategicStrategic or Co-development PartnerKline Hill co-led continuation vehicle for Sugar Beets Inc (Maman) alongside Norwest and Ivy League endowment.
• Fremman CapitalstrategicStrategic or Co-development PartnerKline Hill co-led Fremman Capital's continuation fund for Kids Planet alongside Ares Secondaries and Committed Advisors.

Scale indicators12 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Lexington Partners: One of the largest PE secondary firms globally, active in both LP-led secondary purchases and GP-led continuation vehicles across a broad spectrum of strategies. Competes with Kline Hill for institutional LP relationships and increasingly in the small-deal segment that Kline Hill historically owned.
• HarbourVest Partners: Large-scale private markets investment manager with secondary fund-of-funds and direct secondary capabilities across buyout, VC, infrastructure, and credit. Competes for the same LP-led secondary deal flow and represents the institutional-endowed-manager competition in Kline Hill's core market.
• Partners Group: Global private markets firm with a large secondary solutions franchise; source of key Kline Hill GP-led hire Elena Laleh. Competes in the continuation vehicle space where Kline Hill is aggressively building its Solutions strategy.
• Ardian Secondary Funds: Global private investment house with a major secondary fund franchise covering LP secondaries and GP-led continuation vehicles. Co-led Kids Planet continuation with Kline Hill (Fremman) and is a leading competitor for institutional secondary mandates.
• Hamilton Lane: Large private markets investment manager with an established secondary strategy spanning fund interests and continuation vehicles. Listed peer in the secondary manager universe and a competitive overlap for mid-market LP-led secondary transactions.
• Pantheon Ventures: Global private markets investor offering LP-led and GP-led secondary strategies alongside primaries and co-investments. Direct competitor in the secondary small-deal segment with broader diversified fundraising muscle.
• Coller Capital: World's largest dedicated secondary private equity fund manager, focused on LP-led secondaries and GP-led continuation vehicles across buyout, VC, growth, infrastructure, and private credit. Direct competitor to Kline Hill in the secondary space at meaningfully greater scale, with multi-decade track record.

Emerging players

• Cendana Capital: Specialist in early-stage and venture capital secondary transactions; JV partner with Kline Hill on the KHC I ($105M) and KHC II ($400M) funds. Sister niche manager in the VC secondary sub-strategy and strategic co-developer rather than direct head-to-head competitor.

Direct peers

• Ares Secondaries: Alternative asset manager with dedicated secondary private equity capability executing both LP-led transactions and GP-led continuation vehicles. Co-led the Kids Planet continuation with Kline Hill, providing a benchmark for scaled secondary competition.
• Unigestion: Swiss-based multi-asset manager with a secondary private equity practice spanning LP-led and GP-led transactions across Europe. Direct niche competitor in small-deal and mid-market secondaries; former employer of Kline Hill GP-led head David Swanson.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeopen.spotify.com/show/3zaixvPXOEZBBcL6AL73mN
• LinkedInlinkedin.com/company/10514975

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kline Hill Partners