Landmark Partners

What Landmark Partners does

Landmark Partners is a private-markets investment firm founded in 1989 and headquartered in Simsbury, United States, specializing in secondary fund transactions across private equity, real estate, infrastructure, and credit. The firm historically served institutional Limited Partners and General Partners by providing liquidity solutions for illiquid private market holdings through LP-led, GP-led, structured capital, and GP-stakes transactions, addressing the core pain point of illiquidity in private market portfolios. Following its January 2026 acquisition by Ares Management Corporation (NYSE: ARES) for approximately $1 billion ($787 million in cash consideration), Landmark's operations were integrated into Ares's newly established Secondaries business segment.

Within the combined Ares Secondaries platform, Landmark's capabilities contribute to a $42.6 billion AUM franchise supported by over 100 investment professionals and more than 30 years of combined track record. The platform is organized around four core strategies: Private Equity Secondaries (LP liquidity and GP-led structured solutions including minority stakes), Real Estate Secondaries (LP-led, GP-led, and portfolio recapitalizations using preferred equity), Infrastructure Secondaries (preferred-structure transactions, GP-led continuation vehicles, and LP-interest acquisitions), and Credit Secondaries (diversified portfolios of senior-secured, PE-backed, and floating-rate private credit via LP-led and continuation vehicle transactions).

Landmark's business model operates as a traditional alternative asset manager, generating revenue through management fees on committed and invested capital across its secondaries funds, supplemented by carried interest on fund performance. The firm employed 51-100 people pre-acquisition under leadership including Chairman & Managing Partner Francisco L. Borges and President & Managing Partner Timothy L. Haviland. The product set is delivered through long-duration institutional fund vehicles rather than transactional or SaaS-style pricing, and no public pricing or subscription model is disclosed. Post-acquisition, Landmark no longer operates as an independent entity, and its independent growth trajectory is subsumed into Ares's broader platform.

Name

Landmark Partners

Website

https://landmarkpartners.com

Company type

Private

Founded year

1989

Operating status

Acquired

Headcount range

51–100 employees

Short description

Landmark Partners is a private-markets secondaries specialist serving institutional LPs and GPs with liquidity solutions across private equity, real estate, infrastructure, and credit, now operating within Ares Management's Secondaries platform following a January 2026 acquisition for approximately $1 billion.

Ownership category

akta.pro rank

Product category

Secondary Private Market Investments

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSANAFAA

LP-led Secondaries (Traditional LP Interest Purchases)

Financial & Insurance/Private Equity & Venture Capital/Secondaries Funds (LP Stakes & GP-led)

SECONDARYFSAHALAK

GP-led Secondaries — Fund Restructurings / Tender Offers / Recaps

Financial & Insurance/Hedge Funds & Alternative Investments/Alternative Investments — Secondaries (LP Stakes, GP-led)

SECONDARYFSAHALAA

LP Secondaries — Buyout Funds

Financial & Insurance/Hedge Funds & Alternative Investments/Alternative Investments — Secondaries (LP Stakes, GP-led)

SECONDARYFSANAFAH

Real Estate Secondaries

Financial & Insurance/Private Equity & Venture Capital/Secondaries Funds (LP Stakes & GP-led)

SECONDARYFSAHALAF

LP Secondaries — Infrastructure Funds

Financial & Insurance/Hedge Funds & Alternative Investments/Alternative Investments — Secondaries (LP Stakes, GP-led)

SECONDARYFSANAFAF

Secondaries Co-Investments & Annex Funds

Financial & Insurance/Private Equity & Venture Capital/Secondaries Funds (LP Stakes & GP-led)

Keywords

• Private equity secondaries
• Secondary fund investments
• Alternative asset management
• Private market liquidity
• Institutional investment management

Headquarters

HQ city

Simsbury

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Core offering

Landmark Partners is a private-markets specialist that purchases secondary fund interests and executes structured secondaries transactions across private equity, real estate, infrastructure, and credit asset classes. The firm provides LP liquidity solutions, GP-led continuation vehicles, portfolio recapitalizations, structured capital, and GP minority stake transactions for institutional investors and fund managers. Following its January 2026 acquisition by Ares Management, Landmark's offerings are integrated into Ares's $42.6 billion secondaries platform.

Product overview

Landmark Partners operates as a secondaries specialist within Ares Management's integrated secondaries platform. Following its acquisition by Ares Management in January 2026 for approximately $1 billion, Landmark's capabilities were integrated into Ares' secondaries business, which offers four core strategies: Private Equity Secondaries, Real Estate Secondaries, Infrastructure Secondaries, and Credit Secondaries. The combined platform manages $42.6 billion in AUM across secondaries investments, with over 100 investment professionals and more than 30 years of combined track record. The platform provides LP-led, GP-led, structured solutions, and GP stakes transactions across private equity, real estate, infrastructure, and credit asset classes.

Differentiator

Problem solved

Functional benefit

Products and services

• Private Equity Secondaries Offers LP liquidity solutions and GP-led strategic solutions including structured capital and minority stakes for private equity fund interests. Targeted at institutional investors and general partners seeking to monetize or restructure private equity fund holdings.
• Real Estate Secondaries Provides LP-led, GP-led and portfolio recapitalization transactions using preferred equity and other structured investments targeting inefficiencies in quality real estate assets. Designed for institutional real estate investors and fund managers needing liquidity solutions.
• Infrastructure Secondaries Invests in diversified portfolios of seasoned private infrastructure assets through flexible secondary solutions including preferred structure transactions, GP-led continuation vehicles and traditional LP-interest acquisitions. Serves institutional investors in private infrastructure.
• Credit Secondaries Constructs diversified portfolios of predominantly senior-secured, private-equity-backed and floating-rate private credit portfolios via LP-led and continuation vehicle transactions. Targeted at institutional credit investors and private credit fund managers.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Direct peers

• HarbourVest Partners: Global private markets investment manager with significant secondaries activity across PE, RE, infrastructure, and credit; comparable to Landmark in multi-asset class coverage and institutional LP client base.
• Lexington Partners: One of the largest independent secondaries specialists globally, offering LP-led, GP-led, and structured secondaries solutions across private equity, real estate, infrastructure, and credit — directly comparable in product breadth and target customers to Landmark.
• LGT Capital Partners: Switzerland-headquartered alternative investment manager with a large secondary funds-of-funds franchise, comparable to Landmark in serving institutional LPs seeking secondaries exposure.
• Pantheon: Multi-strategy private markets manager with established secondary funds of funds and direct secondaries capabilities, competing with Landmark for institutional LP allocations and GP-led deals.
• Coller Capital: Pioneer in private equity secondaries with a global LP-led franchise and growing GP-led capabilities; comparable to Landmark in customer base (institutional LPs), product (LP interest purchases), and deal sourcing network.
• Ardian: Major European-headquartered secondaries platform with multi-strategy offerings (Primary, Secondary, Co-Investment) and a large dedicated secondaries AUM, directly competing with Landmark for LP-led and GP-led transactions.
• Partners Group (Secondaries): Global private markets firm with a dedicated secondaries investment program across private equity, real estate, infrastructure, and debt — comparable in product mix and target customers to Landmark.

Broad incumbents

• Carlyle Group: Large, publicly listed alternative asset manager with secondaries-adjacent capabilities embedded within its broader PE, credit, and real estate platforms — a broad incumbent competing for the same institutional LP secondaries mandates.

Emerging players

• StepStone Group: Private markets investment platform with growing secondaries and co-investment capabilities, increasingly overlapping with Landmark's GP-led and structured solutions.
• Hamilton Lane: Private markets investment manager with secondaries and continuation vehicle capabilities, comparable in serving large institutional LPs and GPs with liquidity solutions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments14 records

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

Frequently asked questions about Landmark Partners