Setter Capital

What Setter Capital does

Setter Capital is a Toronto-based private advisory firm founded in 2006 that specializes exclusively in secondary market transactions for alternative investments. The firm serves two primary client segments: limited partners (fund sponsors, pensions, endowments, and investment consultants) seeking liquidity or valuation of fund positions, and general partners seeking fund restructuring, continuation vehicles, LP replacement, or follow-on capital. Setter executes LP portfolio sales, GP-led solutions, portfolio valuations, secondary lending advisory, and structured solutions employing SPVs, derivatives, and synthetic secondaries. Underlying these services is a proprietary research and analytics platform that produces the Setter Liquidity Report (with a Liquidity Rating system), the Setter Price Report, the Setter Volume Report, the Most Sought-After Manager Rankings, and The Setter 30 — products built on direct buyer-community data and surveys of active market participants.

The firm reports over 500 completed transactions representing more than $30 billion in liquidity across venture capital, private equity, infrastructure, real estate, real assets, and hedge fund investments since inception. A 40-person specialist team covers more than 1,800 active buyers globally, and the firm operates through a Toronto headquarters, a New York presence, and FINRA/SIPC regulatory memberships. SetterVC operates as a venture capital secondary sub-brand, and the firm distributes research-driven thought leadership through media placements and an educational video series called Secondaries Simplified.

Revenue is generated through transaction-based advisory fees under bespoke, quote-based engagements rather than published rate cards; pricing is not publicly disclosed. The go-to-market motion is sales-led and relationship-driven, leveraging research publications, media coverage, industry events, and direct institutional engagement. As a privately held corporation with no disclosed funding rounds, no parent company, and no publicly reported M&A, Setter Capital has operated continuously as an independent advisory since 2006, generating its principal differentiators from scale of buyer coverage, depth of specialist talent, and proprietary market intelligence products.

Name

Setter Capital

Legal name

Setter Capital Inc.

Website

https://settercapital.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Setter Capital is a Toronto-based independent advisory firm founded in 2006 that provides secondary market liquidity solutions — LP portfolio sales, GP-led solutions, valuations, and structured transactions — to fund sponsors, pensions, endowments, and investment consultants across alternative investments.

Ownership category

akta.pro rank

Product category

Secondary Market Advisory Services

NAICS

Portfolio Management and Investment Advice (523940)

akta.pro primary industry

LP-led Secondaries (Traditional LP Interest Purchases) (FSANAFAA)

akta.pro secondary industry

Secondary Directs / Synthetic Secondaries (Preferred Equity, Structured, Strip Sales) (FSANAFAC)

Keywords

• Secondary market advisory
• Private fund liquidity
• Alternative investments
• LP portfolio sales
• GP-led solutions

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Secondary Advisory Services: Setter Capital provides advisory services for secondary market transactions including LP portfolio sales, GP-led solutions, valuations, and structured solutions. Revenue is generated through transaction-based advisory fees for facilitating secondary market liquidity solutions.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Setter Capital is a secondary market advisory firm that advises institutional investors and fund managers on transactions involving existing alternative investment fund interests. The firm executes LP portfolio sales, valuations, secondary lending arrangements, structured solutions, and GP-led transactions such as continuation vehicles, tender offers, fund closings and fund debt. It supports these advisory mandates with proprietary secondary market research products and analytics.

Product overview

Setter Capital is a private equity advisory firm specializing exclusively in the secondary market since 2006. The company offers a unified advisory service platform combining LP Solutions (portfolio sales, valuations, secondary lending, and structured solutions) and GP Solutions (unicorn sales, old fund closings, LP liquidity options, and fund debt services). Supporting the advisory practice are proprietary research products including the Setter Liquidity Report, Setter Price Report, Most Sought-After Manager Rankings, Setter Volume Report, and The Setter 30. The company also produces educational content through its Secondaries Simplified video series and operates a venture capital secondary sub-brand, SetterVC. All services are delivered by a team of 40 specialists across global markets, with over $30 billion in completed transactions representing more than 500 transactions since inception.

Differentiator

Problem solved

Functional benefit

Brands

• SetterVC: A venture capital secondary platform operated by Setter Capital, accessible at settervc.com

Products and services

• LP Solutions - Portfolio Sales End-to-end advisory services to institutions selling portfolios of fund investments, covering portfolio pricing, preparation of marketing materials, GP communications, data-room and NDA management, offer collection and negotiation, and PSA stage support.
• LP Solutions - Portfolio Valuations Quarterly and annual secondary market liquidity and market valuations on core and non-core LP portfolios, plus one-time market valuations to support internal or external transfers and sale or purchase decisions.
• LP Solutions - Secondary Lending Customized advisory services relating to leverage and access to lenders against private equity portfolios on competitive terms, enabling buyers to enhance pricing and investors to improve returns or create interim liquidity.
• LP Solutions - Structured Solutions Structured alternatives to a straight sale, including preferences and risk sharing arrangements using SPVs, derivatives, and synthetic secondaries, to supplement client liquidity options.
• GP Solutions - Unicorns and Single Line Sales Advisory for direct PE investors on the sale of minority interests in sponsored venture capital and buyout deals, including managing transfer restrictions and company/co-investor relationships, with a focus on price maximization via Setter's global coverage.
• GP Solutions - Portfolio Sales (Old Fund Closings) Customized advisory services to GPs closing old funds, from portfolio evaluation and marketing materials preparation to portfolio company communication, data-room and NDA management, and offer negotiation support.
• GP Solutions - Liquidity Options for LPs Advisory for fund managers providing liquidity options to existing investors, such as tender offers and large LP replacements, including identifying top market prices and interested buyers that support the incumbent manager on a long-term basis.
• GP Solutions - Fund Debt and Follow-on Capital Access to debt and equity providers for managers seeking additional capital to grow and support portfolios or make distributions to investors, leveraging a global network for cost-effective annex funds, fund debt, and hybrid debt/equity solutions.
• Setter Liquidity Report Customized review of an investor's portfolio addressing all aspects of active portfolio management, including line-by-line saleability and pricing, complemented by the Setter Liquidity Rating system.
• Setter Price Report Semi-annual analysis of secondary market pricing broken down by factors such as fund type, geography, liquidity rating, and vintages.
• Setter Volume Report Semi-annual volume report providing comprehensive and scientific assessment of the secondary market, based on surveys of the most active market players.
• Most Sought-After Manager Rankings Rankings and analysis of the most sought-after managers across fund types (e.g., European Mid-Market, Small US LBO, Large US LBO), based on data directly from the buyer community.
• The Setter 30 Quarterly listing of the hottest VC companies in the secondary market, representing the most liquid and highly sought-after pre-IPO companies globally.

Quantifiable outcome

• Over $30 billion in liquidity delivered across 500+ transactions
• +2 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• SetterVCminorOthersAffiliated company focused on venture capital secondary transactions, operating as a separate entity from the main Setter Capital advisory business.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Campbell Lutyens: Long-standing London-based specialist advisor in private fund secondaries and primary placement. The closest pure-play peer to Setter Capital, competing head-to-head on both LP-led and GP-led secondary mandates globally.
• Park Hill (Blackstone): Blackstone-owned placement agent and secondary advisor. A direct competitor in both primary private fund placement and secondary advisory, with the backing and capital of a major alternative asset manager.
• MVision Private Equity Advisers: Global private equity advisory and placement agent. A pure-play peer in fund placement and secondary advisory, frequently competing with Setter for both LP-led and GP-led secondary mandates.

Broad incumbents

• Lazard: Global investment bank with a well-established secondary private fund advisory practice. Competes with Setter on larger GP-led continuation vehicles and LP portfolio sales, while also offering M&A, restructuring, and capital markets advisory.
• Evercore: Independent investment bank with a Private Funds Group executing secondary transactions, fund placement, and GP-led continuation vehicles. Competes with Setter on mid- and large-cap secondaries mandates while also offering broad M&A advisory.
• Houlihan Lokey: Global investment bank with an active Private Funds Advisory practice. Competes with Setter on secondary advisory and GP-led solutions as part of a larger financial advisory franchise.
• Jefferies: Full-service investment bank with a Private Fund Advisory group executing secondary transactions and GP-led deals. Overlaps with Setter on secondary advisory while also providing capital markets and equity research.
• UBS Secondary Advisory: Global wealth and investment management franchise with an active private fund secondary advisory practice. Competes with Setter on secondaries mandates primarily through its investment bank and alternatives platform.
• PJT Partners: Independent advisory-focused investment bank with private fund advisory capabilities. Overlaps with Setter on GP-led secondaries, continuation vehicles, and strategic alternatives transactions for sponsors.
• Goldman Sachs Private Fund Group: Bulge-bracket investment bank with a dedicated private fund secondaries and capital formation practice. Competes with Setter on large GP-led continuation vehicles and LP portfolio sales, often using its balance sheet to anchor bids.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/setter-capital-inc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Setter Capital