# Reciprocal Capital

Reciprocal Capital is a Fund of Funds Manager based in New York, United States.

## Overview

- **Organization type:** Fund of Funds Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2014
- **Assets under management:** ~$155M (Altss estimate)
- **Website:** reciprocalcapital.com
- **LinkedIn:** https://www.linkedin.com/company/reciprocal-capital

## Regulatory record

- **CRD number:** 285033
- **SEC file number:** 801-108411
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-03-31T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/285033

## About

Reciprocal Capital launched in 2014 as a New York-based private equity secondaries specialist. The firm manages capital on behalf of a concentrated pool of institutional investors, avoiding the broad retail distribution model that characterizes many fund-of-funds platforms. Its founding thesis centers on the fragmented mid-market secondary opportunity. Reciprocal Capital deploys across private equity secondaries, direct co-investments, and structured secondary transactions. The firm targets LP stake sales, GP-led restructurings, and direct secondary purchases of portfolio company interests. Its investment universe spans North American and European middle-market buyout, growth equity, and venture capital funds. The firm participates in both traditional LP portfolios and more complex continuation vehicle transactions. The firm operates with a lean team from its New York office. Reciprocal Capital does not publicly disclose total committed capital or deployment figures, but Altss estimates assets under management at approximately $155 million. The firm's scale positions it to pursue smaller secondary transactions — typically below $50 million in notional value — where competition from dedicated secondary mega-funds is less intense. Reciprocal Capital's structural distinction is its dual mandate across secondary purchases and direct co-investments within a single pool of institutional capital. This hybrid approach allows the firm to price LP portfolios while simultaneously evaluating the underlying company-level exposure, creating an informational edge when bidding on concentrated or single-asset continuation vehicles.

## Sectors

- Secondaries & Special Situations

## Questions

### Who is the typical counterparty in a Reciprocal Capital secondary deal?

The firm transacts with institutional limited partners seeking early liquidity on private equity fund commitments, particularly in North American and European buyout and growth equity funds. Counterparties include pension funds, endowments, and family offices selling smaller LP positions that are undersized for dedicated secondary mega-funds.

### Does Reciprocal Capital invest directly into companies or only through funds?

Reciprocal Capital does both. The firm acquires limited partner interests in existing private equity funds through secondary purchases and also makes direct co-investments in portfolio companies. This dual approach gives the firm visibility into both fund-level dynamics and company-level performance when evaluating secondary opportunities.

### Is Reciprocal Capital open to new investor commitments?

Reciprocal Capital operates for a select pool of institutional investors and does not publicly market its fund vehicles. Capital is raised on a private placement basis through existing relationships rather than through open distribution to the broader allocator market.

## Related profiles

- [L Capital](https://altss.com/profile/l-capital)
- [The Northern Trust Company of Saudi Arabia](https://altss.com/profile/the-northern-trust-company-of-saudi-arabia)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/reciprocal-capital

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology