LSV Advisors

LSV operates as a fund of funds rather than a buyer of direct secondary assets. It raises commingled vehicles that acquire limited partner interests in other private equity and venture capital funds. The firm specifically targets smaller stake sizes — often under $25 million — that larger secondary buyers overlook, giving it a less competitive sourcing environment.

The firm is led by co-founders Jim Lally and Steve Schwartz alongside Henry Bienen, the former president of Northwestern University who serves as Senior Advisor. The three architects of the firm maintain a closely held partnership structure with no publicly identified junior partners or succession plan.

LSV purchases LP stakes across private equity buyout, venture capital, and growth equity funds. The firm has historically favored small-to-mid-sized general partners where discounted pricing reflects the complexity of the stake rather than fundamental portfolio distress.

No. The firm exclusively acquires secondary LP positions. Because every purchase occurs after capital has been called and assets are partly or fully deployed, LSV's investors can evaluate underlying portfolio quality before committing, avoiding blind-pool risk altogether.

LSV has not publicly disclosed its assets under management. The firm runs deliberately small funds sized to execute a limited number of transactions per vintage, prioritizing a research-intensive, price-sensitive approach over scale.