10K Lakes Capital

What 10K Lakes Capital does

10K Lakes Capital is a private alternative investment manager founded in 2020 and headquartered in Bloomington, Minnesota. The firm specializes in providing customized capital and liquidity solutions to owners of alternative asset portfolios, with a primary focus on healthcare. It was spun out of Sightline Partners — a sister healthcare venture capital firm established in 2004 — to operate as a dedicated secondary-transactions platform. Since 2009, the underlying team has raised eight consecutive dedicated secondary funds and acquired or transferred more than 200 individual equity, debt, or limited partnership interests covering 1,800+ underlying portfolio companies, with cumulative committed capital exceeding $1 billion.

The firm's product suite centers on creative structuring and active management of portfolio secondaries. Transaction structures range from directly or indirectly purchasing ownership interests to assuming management of existing asset portfolios, with the firm typically creating new dedicated investment vehicles to manage assets and provide capital for follow-on investments. Core offerings include Capital and Liquidity Solutions, Secondary Portfolio Transactions, dedicated Secondary Funds, and Healthcare Innovation Financing, which extends growth capital and exit guidance to growth-stage healthcare companies. Counterparties include corporate investors, venture capital firms, hedge funds, family offices, and other institutional investors seeking liquidity or restructuring for strategic or financial reasons.

The business model combines transaction-based fees with ongoing asset management through dedicated investment vehicles, with terms negotiated on a bespoke basis. Go-to-market is enterprise, relationship-based, and direct, leveraging the team's decades of healthcare investment, operating, and advisory experience — including backgrounds at Boston Scientific, Piper Jaffray Ventures, and Split Rock Partners. The firm operates with a lean team of approximately seven professionals and maintains a collaborative relationship with Sightline Partners, sharing team members and infrastructure.

Name

10K Lakes Capital

Legal name

10K Lakes Capital LLC

Website

https://10klakescapital.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

10K Lakes Capital is a private alternative investment manager that provides customized capital and liquidity solutions through secondary transactions in alternative asset portfolios, primarily focused on healthcare. The firm manages $1B+ in committed capital across eight dedicated secondary funds.

Ownership category

akta.pro rank

Product category

Alternative Investment Management (Secondary Private Equity)

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Managed Account / SMA Multi-Manager Platforms (FSANAGAL)

akta.pro secondary industry

Managed Account Platforms (Separately Managed Accounts / Customized Portfolios) (FSAHAKAC)

Keywords

• Alternative investment management
• Secondary market transactions
• Private equity secondaries
• Healthcare venture capital
• Portfolio liquidity solutions

Headquarters

HQ city

Bloomington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Secondary Transaction Fees: Revenue generated from acquiring and restructuring alternative asset portfolios including equity positions, debt positions, and limited partnership interests. Creates new dedicated investment vehicles to manage assets and provide capital for follow-on investments.
2. Asset Management: Ongoing management of secondary portfolios through dedicated investment vehicles, providing capital to fund follow-on investments in underlying portfolios.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

10K Lakes Capital is an alternative investment manager that provides customized capital and liquidity solutions for owners of alternative asset portfolios, with a focus on healthcare. The firm structures and manages secondary transactions, acquiring equity positions, debt positions, and limited partnership interests from venture capital firms, hedge funds, family offices, corporate investors, and other institutional investors through eight dedicated secondary funds.

Product overview

10K Lakes Capital is an alternative investment manager offering a unified suite of capital and liquidity solutions centered on secondary market transactions. The core offering consists of Capital and Liquidity Solutions, Secondary Portfolio Transactions, and Healthcare Innovation Financing, all supported by eight Dedicated Secondary Funds. The firm specializes in creative structuring of investment portfolios, acquiring and managing equity positions, debt positions, and limited partnership interests from venture and private equity funds for institutional and strategic investors seeking liquidity or restructuring solutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Capital and Liquidity Solutions Customized capital and liquidity solutions provided to owners of alternative asset portfolios across all industry sectors, with a focus on healthcare. The firm provides financing to strategic and institutional investors seeking liquidity or restructuring solutions.
• Secondary Portfolio Transactions Creative structuring and active management of portfolio secondaries, including acquiring and transferring ownership of equity positions, debt positions, and limited partnership interests in venture and private equity funds.
• Dedicated Secondary Funds Eight dedicated secondary funds managed by the firm that acquire and manage healthcare portfolios from leading institutional and corporate investors. The funds provide capital to fund follow-on investments in underlying portfolios.
• Healthcare Innovation Financing Financing solutions for growth-stage private healthcare companies and their investors, providing access to new capital along with financial and operational guidance as companies navigate toward successful exits.

Quantifiable outcome

• 200+ individual equity, debt, or LP interests acquired/transferred
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and major.

• Sightline PartnerscoreStrategic or Co-development Partner10K Lakes Capital was created by several partners of Sightline Partners and is solely focused on secondary transactions. Sightline Partners is a sister company and healthcare venture capital firm from which 10K Lakes was spun off. The companies share team members and maintain a collaborative relationship.
• Healthcare CompaniesmajorOthersMultiple large healthcare companies have partnered with 10K Lakes Capital for secondary transactions across eight dedicated funds. These partnerships involve acquiring ownership positions in private company stock, public company stock, private company debt, and limited partnership interests.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Pantheon Ventures: Global private markets investor running primary, secondary, and co-investment programs across private equity and infrastructure; directly comparable for its secondary fund practice acquiring LP interests and portfolios.
• HarbourVest Partners: Large global private markets investment manager with a dedicated secondaries program buying LP interests, primary commitments, and direct co-investments; closely comparable as a multi-fund secondary platform serving institutional investors.
• Ardian: Global private investment house with a large secondary fund platform acquiring LP interests and direct portfolios across PE, infrastructure, and venture; directly comparable as a multi-manager secondary platform running multiple dedicated secondary fund vintages.
• Coller Capital: Specialist secondary market investor focused exclusively on secondaries across private equity, infrastructure, and credit; directly comparable as a dedicated secondary fund manager running multiple fund vintages for institutional LPs.
• Lexington Partners: One of the largest and most established secondary market investors globally, acquiring LP interests and direct stakes across private equity, venture capital, and credit; directly comparable as a dedicated secondary fund manager with multiple fund vintages and a focus on transaction structuring.
• Neuberger Berman Secondary Investing: Large asset manager with a dedicated private equity secondary investment business acquiring LP interests and direct secondary stakes; directly comparable as a multi-fund secondary investor serving institutional LPs.
• Hamilton Lane: Private markets investment manager with secondary, primary, co-investment, and direct credit capabilities across private equity, credit, and infrastructure; comparable for its secondary fund practice and multi-fund platform.
• Industry Ventures: Venture capital-focused investment firm with a dedicated secondary practice buying LP interests in venture and growth funds and direct startup equity; closely comparable to 10K Lakes' VC LP-interest and direct equity secondary activity.
• StepStone Group: Private markets investment firm offering primary, secondary, co-investment, and direct investing solutions to institutional clients; directly comparable for its dedicated secondaries and GP-led solutions platform.

Broad incumbents

• Blackstone Secondaries: Diversified alternative asset manager with a sizable secondaries franchise alongside private equity, credit, and tactical opportunities; comparable as a broad incumbent offering secondary transactions as part of a much wider investment platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/10k-lakes-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

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 10K Lakes Capital