Third Wire Asset Management

Third Wire Asset Management

Third Wire Asset Management operates from Chicago and was co-founded by Daniel Harms, who serves as CEO. The firm structures access to private equity for investors who cannot or will not accept the illiquidity and administrative overhead of traditional limited partnership commitments. Its central product removes gates, capital calls, and performance fees from the equation — a structural proposition aimed at registered investment advisors, family offices, and high-net-worth individuals who need buyout exposure in a more liquid wrapper. The firm's flagship vehicle is the Third Wire / Morningstar PitchBook US Buyout Replication Index Fund, which tracks the Morningstar PitchBook US Buyout Replication Index on a one-to-one basis. The index replicates the risk-and-return profile of US buyout funds by constructing a liquid, rules-based portfolio of publicly traded companies that historically correlate with buyout-backed firms. The fund operates under Rule 506(c), permitting general solicitation to accredited investors, and offers monthly redemptions with no performance fees charged to limited partners. This structure means the fund does not call capital, does not impose a J-curve, and prices daily — all characteristics that depart sharply from standard closed-end buyout funds. Team members include Belin Robertson, Jon Stein, and Jose Martinez Sanguinetti, though the firm's total headcount and assets under management remain undisclosed. Third Wire maintains a single office in Chicago and has not publicly disclosed adjacent vehicles, philanthropic foundations, or co-investment clubs. The firm has not reported a fund closing or a dated capital event in the last 24 months. The firm's structural differentiator is the index-replication approach itself. Instead of selecting individual buyout managers or making direct co-investments, Third Wire provides synthetic exposure to the broad US buyout asset class. This turns private equity into a liquid, allocatable beta for portfolios that cannot commit to decade-long lockups. The product is an index fund for buyouts — a category that normally resists indexing.