Welcome back to the Alt Goes Mainstream podcast.
We sat down with Jake Elmhirst, Partner, Head of Private Wealth Secondaries Solutions and Head of Capital Formation at Coller Capital.
We were live from Berlin, which becomes the “capital of private capital” in June as private equity industry leaders make the annual pilgrimage to the city for one of the marquee private equity conferences, SuperReturn Berlin.
With Prosek Partners and former Bloomberg TV journalist Deirdre Bolton as my producer, along with her team, we took over a Tiny Space cabin to hold big conversations with some of the industry’s leading alternative asset managers.
Coller Capital has been a pioneer in the rapidly growing secondaries market. Coller’s tagline? “First in secondaries.”
Coller might be “first in secondaries.” The industry they focus on has moved to the forefront of private markets. Secondaries are coming in first for many LPs, in part because secondaries are now an active portfolio management solution for LPs (LP-led secondaries) and a way for LPs and GPs to continue to invest in the growth and value appreciation of some of their funds’ best assets (GP-led secondaries).
The firm completed its first secondaries transaction in 1990 and its first GP-led investment in 1996. Today, Coller has $55B in AUM (as of 3/31/26).
Jake joined Coller after a long career at UBS, where he partnered with Coller from a few different vantage points co-founding and co-leading the Private Funds Group within UBS Investment Bank and leading the Private Markets effort within UBS Global Wealth Management. His perspective on Coller was very much a reason why he decided to leave his farm in Yorkshire (as a 23rd generation farmer!) to join Coller as they build out their wealth efforts.
Jake and I had a fascinating conversation about the evolution of secondaries and how they are increasingly “solutions” for LPs and GPs. We covered:
Jake’s experience witnessing the rise of the early days of private markets and how that’s shaped how he thinks about secondaries today.
Why secondaries are becoming “solutions” for LPs and GPs.
Why secondaries can be a core portfolio holding.
The features of secondaries.
The drivers of the increase in LP-led sales.
Why have GP-led continuation vehicles become a popular solution?
Why secondaries make sense for private wealth investors.
Jake is a Partner and Head of Private Wealth Secondaries Solutions and Head of Capital Formation. He is based in the firm’s London office.
Prior to joining Coller Capital in April 2022, Jake spent 25 years at UBS where he led the Private Markets effort within UBS Global Wealth Management, based in London. Prior to that, Jake co-founded and co-led the Private Funds Group within UBS Investment Bank, based in New York.
He previously worked at Freshfields in London, where he qualified as a solicitor working in the Tax Team with a focus on collective investment schemes.
Jake has a degree in Law (LLB) from the University of Bristol.
Jake Elmhirst is a registered representative of Parallel Distributors LLC.
Thanks, Jake, for sharing your wisdom, expertise, and passion in private markets, private wealth, and secondaries.
Show Notes
00:00 Live from SuperReturn Berlin
00:30 Meet Jake Elmhirst
01:44 Early Institutional Fundraising
02:16 Shift Toward Wealth
04:55 Closed-End Friction
05:37 Yorkshire Farm Roots - 23 Generations
07:19 Spotting the Window
07:44 Secondaries as Solutions
08:25 LP Liquidity Crunch
09:15 GP Exit Alternatives
09:49 Continuation Vehicles Explained
10:59 Limits of CV Adoption
12:01 Buying With the GP
12:32 Small Funds and Wealth Channel
13:46 Consolidation and Niche Winners
14:12 Secondaries in Portfolios
14:51 Why Secondaries Work
16:46 Core Holding for Wealth
18:11 Quality Versus Discount
20:24 Underwriting Skills Shift
20:51 Coller’s Asset Focus DNA
21:42 LP Burden in CV Decisions
22:50 Evergreen Portfolio Mix
23:49 Beyond Fund of Funds
24:24 Scaling Custom Solutions
25:12 Expanding the Toolbox
27:19 Why Scale Matters
28:35 Discount Misconceptions
30:05 Active Portfolio Management
Disclaimer: Alt Goes Mainstream is an independent podcast and newsletter focused on the private markets industry. It is published for informational and educational purposes only and does not constitute investment advice, financial advice, legal advice, or any other form of professional advice. Nothing contained herein should be construed as a recommendation to buy, sell, or hold any security or investment product. Some companies, individuals, or organizations featured or mentioned in this newsletter may be current or past sponsors of Alt Goes Mainstream. Sponsorship does not influence editorial coverage, but readers should be aware that a relationship might exist. The author may hold direct or indirect investments in companies, funds, or other entities mentioned in this podcast or newsletter.
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