Vision Capital

Vision operates at the intersection of private equity and special situations. The firm targets direct secondary transactions — acquiring portfolios of direct company stakes from LPs seeking liquidity — alongside buyouts and complex recapitalisations. Its deal sourcing is distinguished by approaching sellers under regulatory or balance-sheet pressure, rather than relying solely on intermediated auction processes.

Yes. Vision has used its stake in a listed infrastructure investment trust to agitate for a wind-down and return of capital. In 2023 it requisitioned a general meeting seeking to remove the board, a move consistent with its willingness to take concentrated positions and pursue adversarial strategies when it believes an asset's intrinsic value exceeds its market price.

Vision is primarily a direct investor. Unlike a fund-of-funds manager that invests into blind-pool private equity vehicles, Vision acquires portfolios of existing direct company stakes and also originates control-equity deals. This direct orientation places it closer to a principal investing firm than a traditional limited-partner allocator.

The combination of a direct secondary mandate with a willingness to pursue hostile liquidities and activist campaigns sets Vision apart. Most European buyout firms source through private negotiations; Vision has demonstrated it will use public shareholder mechanisms and regulatory-driven seller distress to create deal flow, blurring the line between private equity and special-situations investing.

Vision has raised commingled funds historically but has also structured separate managed accounts for large portfolio acquisitions. Its fundraising is opportunistic and tied to the specific liquidity needs it identifies in the secondary market, rather than following a rigid vintage-year schedule.