|Industry||Private Equity, Infrastructure, Real estate, Hedge funds|
|Founder(s)||Greg Hausler, Michael Hoffmann, Craig Marmer|
|Headquarters||San Francisco, California, United States|
|Products||Fund Raising, Portfolio Management, Secondary Advisory, Research|
Probitas Partners is a global investment bank focused on raising capital as a placement agent for private equity fund sponsors as well as providing portfolio management and liquidity solutions, through the private equity secondary market, for investors in private equity. The firm operates through three primary businesses: fund placement, portfolio management and secondary advisory. The firm is one of the most prominent independent placement agents in the US private equity industry.
The firm was founded in 2001 by three former members of the Private Funds Group of Credit Suisse First Boston (formerly Donaldson, Lufkin & Jenrette): Greg Hausler, Michael Hoffmann, and Craig Marmer. In 2002, the firm established a European placement business. Probitas currently has approximately 50 employees.
Probitas operates through three lines of business:
- Probitas Funds Group identifies and raises capital for a select universe of alternative fund managers across multiple strategies. Among the notable private equity firms that Probitas has represented in fundraising are: Alta Partners, CIVC Partners, Granite Ventures, KRG Capital, Littlejohn & Co., MidOcean Partners, and Panorama Capital.
- Probitas Secondaries Group serves as advisor to investors who seek liquidity from their alternative assets or to address portfolio construction objectives through secondary market transactions. Probitas has advised such notable companies as Boeing and Bank of America
- Probitas Portfolio Management provides management services to institutional investors for their alternative investment portfolios.
Within the private equity fundraising market, Probitas faces competition from large investment banks (most notably Credit Suisse and UBS as well as a range of boutique firms (e.g. Triago, Atlantic-Pacific Capital, Campbell Lutyens and Park Hill Group, an advisory business owned by The Blackstone Group).
Within the secondary advisory space, other advisors also include investments banks (Credit Suisse and UBS), and dedicated boutique firms (e.g. Cogent Partners), electronic exchanges (e.g. NYPPE), as well as other established fund placement agents (e.g. Triago and Campbell Lutyens).
- Shutdown Of Merrill's Fund Placement Biz Resonates. Reuters Buyouts, July 6 , 2009
- New firm focuses on private equity investments. San Francisco Business Times, September 21, 2001
- Probitas to Step Up European Private Placement Business. Dow Jones Financial News, Feb 19, 2002
- Only includes firms covered in Wikipedia. Source: Probitas Fund Closings and Events (Company website)
- Boeing Auctioning Off Venture Holdings. Private Equity Insider, March 4, 2005
- Scale Venture Partners closes $400M fund, BofA exits. San Francisco Business Times, March 7, 2007.
- Shine Is Off Mega-Firms, LPs Say In Survey. Reuters Buyouts, March 17, 2008
- LPs Doubtful About Buyouts, Survey Says, Reuters Buyouts, April 2, 2007
- Lack of access to top funds is No. 1 LP concern, Reuters Venture Capital Journal, May 1, 2007
- Seconda anyone? Infrastructure Investor, May, 2009
- Probitas patents 'counterparty' liquidity product . Private Equity Online, March 16, 2009
- Probitas patents 'counterparty' liquidity product Private Equity Real Estate, March, 2009
- In A World Of Reduced Appetites, Distressed Debt and Secondary Funds Come To The Fore. PE Hub, January 20, 2009
- The Private Equity Secondaries Market, A complete guide to its structure, operation and performance The Private Equity Secondaries Market] PEI Media, 2008
- Small portions, Forbes Magazine April 2008
- A Second(ary) Chance for Venture Capital. BusinessWeek.com, 2009
- DiNapoli’s Ban: A Placement Agent Responds. WSJ.com April 22, 2009
- For real this time – transactions in the real estate secondary market set to grow The Institutional Real Estate Letter, June 2008
- Former UBS Executive Joins Probitas Partners New York Times Deal Book, April 9, 2007
- Bank of America to list fund of funds on Euronext exchange May, 2007
- Will Placement Agents Push Themselves right Out of a Job?. Reuters Buyouts, December 12, 2005
- Probitas Partners (Company website)