Vault Fund

Vault Fund builds concentrated portfolios through primary fund commitments, secondary purchases of existing limited partner interests, and direct co-investments alongside its underlying managers. The firm targets capacity-constrained lower-middle-market strategies across buyout, growth equity, special situations, and venture capital. This multi-channel approach allows limited partners to gain exposure across vintage years while managing fee drag through co-investment and secondary discount capture.

The firm focuses on specialized, often capacity-constrained general partners operating in the North American lower middle market. Vault Fund targets managers whose fund sizes remain below the threshold that would attract large pension and endowment allocators. Strategies include small-cap buyout, growth equity, and special situations vehicles where manager skill and market inefficiency can drive differentiated returns.

Yes, Vault Fund negotiates co-investment rights as part of its commitment terms with underlying general partners. This structure allows the firm's limited partners to invest capital directly into portfolio companies alongside the general partner, typically on a no-fee, no-carry basis. It is a key feature of the firm's effort to reduce blended fee loads for its investors.

Vault Fund's limited partner base consists primarily of family offices, registered investment advisors, and qualified high-net-worth individuals. These investors typically seek private equity exposure without building internal manager-sourcing teams. The firm provides a curated access point to specialized strategies that individual allocators would find difficult to replicate independently.

The firm purchases limited partner interests in established private equity funds on the secondary market, often acquiring positions from sellers seeking liquidity. These purchases are typically executed at a discount to the reported net asset value of the underlying fund interests. Vault Fund evaluates each secondary opportunity based on the quality of the underlying portfolio companies and the remaining value-creation runway.