Cedar Springs Capital

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.