INVESTMENT CASES

Proactive deal sourcing worldwide.

PRIMARY FUND

IWC works with managers to customise and refine their timberland strategies

Background: Developing a strategy proposition for South America after an investment manager approached IWC with a broad international private timberland strategy

IWC’s edge: IWC had an established investment relationship with the manager when the manager offered a private global fund. We encouraged the manager to focus on specific countries in South America, an investment region where IWC’s data deemed the manager’s capabilities to set it apart. The manager responded and established a customised primary fund strategy. This enabled IWC’s clients to get targeted and timely access. By representing substantial amount of capital, IWC was also able to agree on strong terms with the manager.

CO-INVESTMENT AND SIDE-BY-SIDE INVESTMENT OPPORTUNITIES

Leveraging existing relationships to source co-investment opportunities

Background: A cash flow generating established soft wood co-investment opportunity generated through IWC’s representation of interest in the primary fund

IWC’s edge: IWC gained detailed understanding of the investment manager’s capabilities during our due diligence resulting in IWC mandates committing to the manager’s primary fund. The manager’s positive impression of IWC’s primary investment activities resulted in it enabling additional IWC mandates to co-invest along side the primary fund. Based on the relationship established during the due diligence of the primary fund, IWC provided an additional mandate with resource efficient access to a well positioned co-investment in Oceania.

SECONDARIES

Relationships, network and an information advantage facilitates our access to and assessment of secondary opportunities

Background: Providing investors with an exit solution in connection with a fund extension

IWC’s edge: A positive view on the outlook for the local forest product industry coupled with a concern for the current transaction pricing environment led to a dedicated secondary sourcing initiative. A primary fund in the process to be extended provided an opportunity to replace existing LPs. Drawing on a rich pool of investment information for the region, the secondary interest in the primary fund was secured at a price reflecting a meaningful margin of safety compared to current valuations and transactions for the region.

SECONDARY CO-INVESTMENT

Our network and access to data drives our proactive secondary sourcing initiatives

Background: IWC acted as a solution provider for an investment manager and consequently established a new investment relationship providing targeted access in Asia

IWC’s edge: IWC informally monitored and was impressed by a manager’s investment progress in Asia. This positioned IWC as preferred buyer when one of the initial co-investors sought to exit. IWC executed a full manager due diligence combined with numerous on the ground visits to the opportunity. IWC was able to secure the secondary co-investment and gain targeted access to a de-risked investment at an attractive price and thereby securing further margin of safety.

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