Portfolio Management

Buyers usually start from the last round but look through to runway, follow-on funding needs, the terms in the cap table and the likely exit path. A well-prepared view of each company's prospects narrows the gap between the seller's mark and what buyers will pay.

A continuation vehicle suits a portfolio that still has upside and a team to manage it, with new capital resetting the terms. A partial sale keeps a stake in the upside; an outright sale gives a clean exit. The right route depends on liquidity needs, the quality of the assets and what the investor wants to retain.

With a confidential, staged process: management teams briefed early, buyers screened for fit, and co-investors informed before they hear it elsewhere. Handled well, an exit can strengthen rather than damage the investor's standing in the ecosystem.

Shareholder agreements often contain consent requirements, rights of first refusal and co-sale, drag or tag rights. Mapping these early shapes the buyer universe and the timetable.

Often, yes: by retaining a minority stake, or by agreeing information rights and commercial or licensing arrangements that sit outside the equity. These need to be negotiated as part of the transaction, not afterwards.

The portfolio is held through a regulated LP/GP platform with a GP partner, while TFN acts as operating partner, supporting the companies and managing exits. The investor keeps oversight through reporting and agreed governance; the accounting treatment should be confirmed with the investor's own advisers.

Before pressure builds. A change in corporate strategy or leadership, capital being reallocated to new priorities, or a portfolio drifting without active management are common triggers, and a deliberate process generally preserves more value than a forced one.