# LSV Advisors

LSV Advisors is a Secondary based in New York, United States.

## Overview

- **Organization type:** Secondary
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2005
- **Assets under management:** $ 4.3 B
- **Website:** lsvfinancial.com
- **LinkedIn:** https://www.linkedin.com/company/lsv-advisors-llc

## Regulatory record

- **Reports private funds:** No

## About

LSV is a pioneer in secondary special situations. Founded in 2005, LSV is a pioneer in providing liquidity solutions for investors and managers of illiquid private funds as well as direct private assets. LSV offers a wide range of customizable solutions for equity, fund and asset-level liquidity challenges.

## Sectors

- Private Equity
- Secondaries & Special Situations
- Venture Capital

## People

- Henry S. Bienen — Co-Founder & Senior Advisor
- Jim Lally — Co-Founder & Managing Partner
- Steve Schwartz — Co-Founder & Partner

## Questions

### What makes LSV Advisors' strategy different from a typical secondaries fund?

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.

### Who runs investment decisions at LSV Advisors?

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.

### What types of underlying funds does LSV target?

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.

### Does LSV Advisors make primary fund commitments?

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.

### How large is LSV Advisors in terms of AUM?

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.

## Related profiles

- [L Squared Capital Partners](https://altss.com/profile/l-squared-capital-partners)
- [L&S Venture Capital](https://altss.com/profile/l-s-venture-capital)

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Last updated: 2026-08-11T15:07:19.634Z

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