Deal Model
Meridian Capital Partners III — LP Secondary Transfer · Q3 2024
Extracted Inputs
Pre-filled by Omega from ingested documents
ΩOmega extracted
Confidence:HighMediumLow23 fields extracted
Management Fee1.5% on committed capital (declining to 1.25% post-investment period)
LPA §4.1
Carried Interest20% above 8% preferred return
LPA §5.2
GP Commitment1.0% of fund size ($12M)
LPA §3.4
Hurdle Rate8% preferred return (non-compounding)
LPA §5.1
Catch-Up100% GP catch-up to 20%
LPA §5.3
Waterfall TypeEuropean (whole-fund)
LPA §5.4
ClawbackYes, joint and several
LPA §5.8
ROFR30-day exercise window
LPA §9.2
GP ConsentRequired, reasonableness standard
LPA §9.1
Transferee QualificationsQualified purchaser required
LPA §9.3
MFNApplicable to fees only
Side Letter #2 §3
Current NAV$847M
Cap Account Q3 2024
Called Capital$1,092M (91% of $1,200M commitment)
Cap Account Q3 2024
Distributions$603M
Cap Account Q3 2024
TVPI1.80x
Cap Account Q3 2024
DPI0.55x
Cap Account Q3 2024
RVPI1.25x
Cap Account Q3 2024
Unfunded$108M
Cap Account Q3 2024
Vintage / Final Close2014 / Dec 2014
LPA §2.1
# Portfolio Companies12 active
Portfolio Report Q3 2024
Top 3 by NAVTechCo ($124M), MedDevice ($98M), IndustrialCo ($87M)
Portfolio Report
Sector ConcentrationTechnology 38%, Healthcare 22%, Industrials 18%
Portfolio Report
GeographyNorth America 85%, Europe 15%
Portfolio Report
Source Documents
Limited Partnership Agreement147 ppParsed
Capital Account Statement Q3 202418 ppParsed
Portfolio Report Q3 202434 ppParsed
Side Letter #28 ppPartial
01
Bid Pricing
Adjust sliders to model scenarios| Input | Extracted | Adjust |
|---|---|---|
| Current NAV | $847M | — |
| Discount to NAV | 18.3% | 10%30% |
| Unfunded Haircut | $12M | $0$30M |
| Implied Bid Price | $680M |
02
Return Analysis
Gross IRR · 3-yr hold · entry discount × exit NAV growth| Exit NAV Growth | 15% | 18.3% ★ | 22% |
|---|---|---|---|
| 0% | 5.6% | 7.0% | 8.6% |
| +10% | 9.0% | 10.4% | 12.1% |
| +20% | 12.2% | 13.7% | 15.4% |
★ Base case discount · Values shown as gross IRR, pre-fees
03
LPA Impact on Returns
Extracted from LPA & Side Letters✓
European waterfall— Favorable — full return of capital before carry
Favorable⚠
GP catch-up— 100% catch-up reduces near-term LP distributions
Moderate⚠
Unfunded ($108M)— Drag — reduces effective entry NAV by ~1.4%
Moderate✓
ROFR— 30-day window — manageable transfer timeline
Favorable⚠
GP Consent— Required — add 2-4 weeks to close timeline
Moderate04
Q2–Q4 2024 closed · LP secondariesComparable Transactions
| Fund Name | Vintage | Strategy | NAV | Discount | Date |
|---|---|---|---|---|---|
| Apex Buyout Partners IV | 2014 | Buyout | $820M | 19.2% | Q3 2024 |
| Bridgecroft Capital II | 2015 | Buyout | $710M | 17.5% | Q3 2024 |
| Vantage Partners III | 2013 | Buyout | $905M | 21.0% | Q2 2024 |
| Summit Mid-Market Fund V | 2015 | Growth Equity | $640M | 16.8% | Q3 2024 |
| Crescent Capital Partners VI | 2014 | Buyout | $890M | 18.9% | Q3 2024 |
| Meridian Capital Partners III ← Subject | 2014 | Buyout | $847M | 18.3% | Base case |