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Landmark Partners
Landmark Partners is a secondary specialist founded in 1989, with over $19 billion in commitments across private equity, real estate, and real assets.
Landmark Partners
Landmark Partners was founded in 1989 by John A. B. Davidson and a group of partners who recognized early that limited partner positions in closed-end private-market funds were a mispriced, illiquid asset class. Headquartered in Simsbury, Connecticut, the firm also maintains offices in New York, Boston, and London. Since inception, it has committed over $19 billion in secondary and primary partnership investments across private equity, real estate, and real assets. The firm structures its activity across dedicated secondary funds, primary partnership vehicles, and co-investment pools. Private equity secondaries — acquiring LP interests in leveraged buyout venture capital and growth funds — form the core of its deployment. The real estate team targets secondary interests in value-add and opportunistic property funds, while the real assets group covers infrastructure, energy, and timber strategies. Landmark executes both traditional LP-side purchases and GP-led continuation-vehicle transactions, often as a syndicate lead or anchor alongside other secondary investors such as Ardian and Blackstone Strategic Partners. Landmark has raised several multi-billion-dollar secondary funds, with its latest private equity secondary vehicle closing at over $7 billion in capital commitments. The firm's headcount and current AUM are not publicly disclosed. As a longstanding subsidiary of a larger financial institution, Landmark benefits from permanent capital backing that provides balance-sheet flexibility for large portfolio acquisitions. In June 2021, Ares Management announced its acquisition of Landmark Partners in a deal valuing the firm at roughly $1.08 billion, formalizing a close that had been under regulatory review (per Reuters, June 2021). Landmark's differentiation rests on its reach into both the pricing and origination of secondary-market transactions before the strategy's recent institutionalization. The firm was among an early cohort of dedicated secondary managers, alongside peers like Coller Capital and Lexington Partners, that turned occasional LP interest transfers into a systematic, institutional market segment — giving it a multi-decade data set and broker-dealer relationships that newer entrants cannot quickly replicate.
General information
Firm type
Fund of Funds Manager
Year founded
1989
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Simsbury
Corporate office
Simsbury, CT, United States
Additional offices
New York, NY, United States · Boston, MA, United States · London, United Kingdom
Principals
Francisco Borges
Chairman and Managing Partner
Paul Giovacchini
President
John A. B. Davidson
Co-Founder
Sector focus
Frequently asked questions
What does Landmark Partners actually do in the secondary market?
Landmark acquires limited partner positions in private-market funds from investors seeking liquidity before a fund's natural liquidation. The firm prices and purchases these interests in private equity, real estate, and real assets partnerships. It also participates in GP-led deals, such as continuation vehicles and tender offers, alongside a primary-fund investment program and select co-investments.
How does Landmark source its secondary deal flow?
Landmark's sourcing relies on long-standing relationships with pension plans, sovereign wealth funds, endowments, and financial institutions globally. The firm maintains offices in Simsbury, New York, Boston, and London to cover North American and European sellers. Its multi-decade track record means it is often among the first called when a large LP liquidation or portfolio restructuring hits the market.
Is Landmark Partners a single-family office or an asset manager?
Landmark operates as an institutional asset manager and fund-of-funds specialist, not a family office. For most of its history it was an independent partnership. In 2021, Ares Management Corporation acquired Landmark, making it a subsidiary within a publicly traded alternative-asset manager while retaining the Landmark brand and investment autonomy.
Does Landmark invest in funds or only in direct secondary deals?
Landmark operates across primary fund commitments, traditional LP-stake secondary purchases, and select co-investments alongside its fund managers. The secondary business — buying LP positions from existing owners — represents the largest share of capital deployment, but the primary program gives the team an informational edge when evaluating which fund interests to acquire.
Which asset classes does Landmark cover?
The firm runs dedicated strategies for private equity secondaries, real estate secondaries, and real assets secondaries (including infrastructure, energy, and timber). Each group has its own investment team and fund series, with deal pacing tied to differing market cycles across those asset classes.
Who runs investment decisions at Landmark Partners?
Chairman and Managing Partner Francisco Borges leads the firm's overall investment direction alongside President Paul Giovacchini. The partnership structure places senior investment committee authority with the managing partners, who oversee separate team heads for private equity, real estate, and real assets.
How is Landmark related to Ares Management after the acquisition?
Ares Management acquired Landmark Partners in mid-2021, integrating the secondary platform as a distinct business line. Landmark operates as a subsidiary of Ares and reports into its broader private-equity group but maintains its own investment process and team under the Landmark Partners name.
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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