bug_report
Debug Overrides
terminal
View Trigger Logs
Section 01 / Overview & Model
Executive Summary & Targets
Target Vehicle
Warana 2023 Domestic Fund LP
Sponsor / GP
WARANA CAPITAL, LLC
GP Classification
Emerging
Emerging Status
Emerging Manager
account_balance Fund Terms & Fee Structure
Target Fund Size
$106.0M
Hard Cap
$106.0M
Management Fee
2%
Carried Interest
20%
GP Commitment
2%
Hurdle Rate
8%
show_chart Target Economics & Fund Model
Gross vs Net IRR
-%
Gross
/
-%
Net
Gross vs Net MOIC
-x
Gross
/
-x
Net
Model Assumptions & Footnotes
- • Avg. ~50% Discount to NAV
- • No/Limited Reliance on NAV Growth
- • Investment Period – 18 months from initial call
- • No recycling post investment period
- • 2% management fee on called capital for investment period plus 4 years only (max 6 years including all extensions)
- • 20% carried interest over an 8% per annum (non-compounding) hurdle with catch-up
- • Vehicle Term – 5 years with two two-year extensions
Section 02 / Leadership
GP Team & Core Principals
G
Grant Gillespie
CFA, Partner
B
Bjorg Klem
CAIA, Managing Director
T
Tim Ivers
CFA, Founder & CEO
S
Sun Chin
Chief Financial Officer & Chief Operating Officer
D
Daniel Nolan
Managing Director, Head of Origination
B
Brandon Lee
COO, Warana Structured Solutions
J
Jennifer Howrigan
Head of Investor Relations & Business Development
groups
+11 Extended Team Members
Supporting professionals, advisors, and staff
Section 03 / Strategy & Focus
Deployment & Portfolio Construction
explore Investment Strategy Focus
Primary Asset Class
Secondaries
Target Industry Sectors
Sector-agnostic
Target Geographies
Global
pie_chart Portfolio Construction
Target Deals
N/A
Target Ownership
N/A
Follow-On Reserve
N/A
Lead Status
Flexible
Initial Check Size
N/A
USD
Section 04 / Track Record
GP Prior Performance & Case Studies
history Prior Vehicles Performance
| Vehicle | Vintage | Fund Size | Gross IRR | Gross MOIC |
|---|---|---|---|---|
| Warana 2023 Fund | - | N/A | - | - |
lightbulb Strategic Case Studies
No case studies discovered.
Section 05 / Pipeline
Seed Assets & Warehoused Pipeline
work Pipeline & Warehoused Deals
No warehoused deals discovered.
Section 06 / Analyst Disclosures
Narratives & Legal Framework
description Analyst Slides Narratives
Investment Thesis, Sourcing, and Value Creation
"Warana Capital targets illiquid and "trapped" LP interests in liquidated or gated funds, acquiring assets at an average 50% discount to NAV to generate returns driven by discount capture rather than asset growth. The GP leverages a proprietary database of over 500 LP interests and a disciplined underwriting process to target a >20% gross IRR with structural downside protection. This strategy capitalizes on a growing $191 billion market of gated or side-pocketed hedge fund assets, yielding low-correlation returns and a historical 20.7% net IRR."
Key Claims
- • Acquires unlisted, illiquid LP interests at deep discounts (averaging ~50% to NAV), prioritizing immediate discount capture over underlying asset growth to target a >20% gross IRR.
- • Maintains a proprietary information moat built over 13+ years, tracking approximately 500 LP interests across more than 200 GP managers with $525 million in AUM.
- • Demonstrates a strong historical track record with a cumulative 20.7% net IRR and 1.5x TVPI across Dakota and Warana funds as of June 30, 2023.
- • Enforces strict bidding discipline, with winning bids representing 5% or less of evaluated NAV volume, while capitalizing on a $191 billion market of gated or side-pocketed hedge fund assets.
- • Offers investor-friendly terms, including a 2% management fee charged strictly on called capital and performance fees assessed only on realized cash returns.
auto_stories Cover Page Details
Fund Name
Warana 2023 Fund
Management Company
Warana Capital
Fund Series
V
Vintage Year
2023
gavel Legal & Disclaimers
Legal Fund Name
Warana 2023 Master Fund LP
Legal Adviser Name
Warana Capital, LLC
Domicile
Cayman Islands
Regulatory Exemptions
None found