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Cedar Springs Capital
Cedar Springs Capital is a Dallas-based secondary fund of funds manager founded in 2015, with an estimated $227 million in assets.
Cedar Springs Capital
Cedar Springs Capital was founded in 2015 and operates from Dallas, Texas. The firm emerged as a specialist in the secondary market, focusing on acquiring limited partnership interests in private equity, venture capital, and growth equity funds. It represents a classic secondary fund of funds model, providing liquidity to existing limited partners while constructing a diversified portfolio of underlying fund commitments. The firm's strategy spans buyout, growth equity, venture capital, and turnaround situations, with a particular emphasis on the secondary market as its primary sourcing channel. It pursues both traditional LP-stake secondaries and direct secondary investments in growth-stage companies. The portfolio construction is concentrated, reflecting the firm's smaller asset base relative to large institutional secondary platforms. Geographic focus remains North America, though underlying fund investments may carry broader exposure. The secondary market strategy allows Cedar Springs to acquire assets at discounts to net asset value and with shorter duration to liquidity than primary fund commitments. Public records indicate Cedar Springs manages an estimated $227 million in assets, a scale that places it among the smaller, more nimble secondary-focused managers. The firm's Dallas location situates it within a growing financial hub, though it operates without the institutional footprint of coastal secondary giants. Team size and leadership remain undisclosed in public filings. In May 2024, the firm maintained its secondary fund-of-funds strategy as its core offering, reflecting continuity in a strategy that has defined the firm since inception. Cedar Springs operates as a pure-play secondary fund of funds, a structural niche that differentiates it from direct-investing secondaries firms and large diversified asset managers. The firm's small scale and singular strategy create a focused mandate — it is not a multi-strategy platform but a dedicated secondary buyer. This concentrated posture means its portfolio is a direct reflection of secondary-market pricing, vintage diversification, and the manager's ability to source off-market LP-stake transactions.
General information
Firm type
Secondary
Year founded
2015
AUM
$200M - $300M (Altss estimate)
Location
Region
North America
Country
United States
City
Dallas
Corporate office
Dallas, TX, United States
Sector focus
Frequently asked questions
What is Cedar Springs Capital's investment focus?
Cedar Springs Capital focuses on the secondary market, acquiring limited partnership interests in private equity, venture capital, growth equity, and buyout funds. The firm also pursues direct secondary investments in growth-stage companies. Its strategy spans both traditional LP-stake purchases and direct secondary transactions, with a North American geographic emphasis.
Does Cedar Springs Capital invest directly in companies or only in funds?
Cedar Springs primarily operates as a fund of funds, investing in private funds by acquiring secondary LP interests. In addition, it makes direct secondary investments in growth-stage companies, which likely involves purchasing existing shareholder stakes rather than leading primary rounds. This dual approach is consistent with secondaries-focused firms seeking to capture both fund-level and company-level discounts.
How large is Cedar Springs Capital relative to other secondary fund of funds managers?
With an estimated $227 million in assets, Cedar Springs operates at the smaller end of the secondary fund of funds universe. Larger secondary platforms like Coller Capital, Lexington Partners, or HarbourVest manage tens of billions in dedicated secondary capital. Cedar Springs' size positions it to pursue smaller LP-stake transactions and direct secondaries that may fall below the minimum deal size of large institutional buyers.
What is the advantage of a secondary fund of funds strategy?
A secondary fund of funds acquires LP interests in existing private funds, typically at a discount to net asset value. This provides immediate portfolio diversification across vintages, managers, and strategies while shortening the timeline to distributions compared to primary fund commitments. Buyers also avoid the blind-pool risk of primary commitments, as underlying fund portfolios are partially or fully constructed.
Is Cedar Springs Capital open to outside investors?
Limited public disclosure makes this difficult to confirm. As a fund manager rather than a single-family office, Cedar Springs likely raises capital from external limited partners. However, specific investor eligibility, minimum commitments, and current fund availability are not publicly available. The firm's small scale may limit its investor base to a concentrated group of high-net-worth individuals, family offices, and smaller institutions.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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