$6B AuM in secondaries: How and why Michael Bego built Kline Hill on small deals

Description

Michael Bego is the Founder and Managing Partner of Kline Hill Partners, one of the most distinctive and consistently performing players in the secondary market. Over the past decade, he has built a platform focused on small secondary transactions — a “white space” largely ignored by mega-funds — anchored in discipline, execution, and a relentless focus on investor returns. Under his leadership, Kline Hill has grown from a few hundred million to more than six billion dollars in assets under management, while preserving its original DNA: doing many small, carefully selected deals, rather than chasing size for the sake of size. Last year, the firm completed 150 transactions, one of the highest volumes in the industry. In this episode, Michael walks us through: - the strategic logic behind concentrating on small LP and GP-led transactions - the pivot he made in 2020 to accelerate cash distributions (IRR / DPI) without compromising long-term performance - what “deal sourcing” really means when you’re not fishing in the same pond as everyone else - the rationale behind bringing TA Associates in as a minority partner, and what that actually changes inside a firm We also explore the future of secondaries:the growth of evergreen vehicles, the risks of misunderstood liquidity, the professionalization of the asset class, and the potential headwinds if regulation becomes heavier. And, of course, Michael delivers a powerful message to young professionals: careers are not linear. It took him more than ten years to break into secondaries. What made the difference was discipline, daily execution, and the courage to think differently from everyone else. A candid, insightful and truly inspiring conversation — right at the heart of what makes the secondary market unique today Thank you Michael, Voix de la FinanceHébergé par Ausha. Visitez ausha.co/politique-de-confidentialite pour plus d'informations.