The next generation of great private equity firms is being built right now. We don't just back them. We help them build.
Seneca Street is a London-based private equity firm providing hybrid capital and operational support to emerging private equity managers raising their first, second or third institutional fund, and to fundless sponsors.
Seneca is a spinoff from Coller Capital and Ares Management.
What we do →Global private capital AUM by 2029
Of PE commitments since 2016 have gone to established managers
Emerging PE managers globally, growing 5% per year - too many for LPs to screen efficiently
Share of US PE capital raised by emerging managers in 2025, down from 18% in 2016
Sources: Preqin, Bain, BurgissWe combine the discipline of an investor with the practical experience of building and scaling investment firms
At both the management company and fund level - including structured solutions, secondaries, primary capital and co-investments, from early-stage funding through growth
We help managers define or refine strategy, raise LP capital, strengthen compliance and build the people, processes and infrastructure needed to scale, so they can focus on investing
Hybrid capital market today, expected to double to $30B by 2030
Median time for specialist emerging managers to return 1x DPI to LPs - roughly 15 months faster than established peers
Of the time emerging managers have outperformed established funds over 28 years
Median net IRR for PE funds under $250M vs. 15% for $1B+ funds. 2.3-2.7x median net MOIC for under $250M funds vs. 1.7-2.0x for $1B+ funds.
Made our first private equity investment as an emerging manager in 1995. Structured our first hybrid capital deal with an emerging manager in 1995. First emerging manager client: Silver Lake in 2005. First equity secondaries in 2001. First credit secondaries in 2015. Built and invested through multiple market cycles.
Private equity: advised an emerging manager when it was $200M; now $3B AUM.
Venture capital: advised an emerging manager when it was $1B; now $100B AUM.
Hybrid capital: co-founded an emerging manager from $0; now $4B AUM.
Private credit: co-founded an emerging manager from $0; now $70B AUM.
Originated and completed two hybrid capital investments in emerging managers with Ares Management in 2024.
Two decades of global GP and LP relationships. We identify future GPs before they spin out.
We work with a small number of managers at any one time - depth over breadth, always
We know what it takes. We've co-founded two funds now both managing over $4B in AUM. The same commitment that got one of our co-founders to the summit of Everest also drives everything we do.
We believe in doing business in a first-class way with first-class people - in how we invest, how we operate, and how we treat everyone we work with. We are honest and direct, even when it might cost us a deal.
We measure ourselves by outcomes for our managers and LPs, not effort
Whether you're building a firm or backing one, we'd like to hear from you.
If you're an emerging manager looking for a true partner, or an LP seeking differentiated access - we'd like to hear from you.
Send a message →