Builders of emerging managers

Hybrid Capital. Operational Support.

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.

Seneca is a spinoff from Coller Capital and Ares Management.

What we do →

The market is broken

$29T

Global private capital AUM by 2029

>70%

LP commitments are to mega funds

83%

Of the time over 24 years, emerging managers outperformed established funds.

Sources: Preqin, Burgiss
Solution
Investors Operators

How we help them build

We invest hybrid capital

Structured capital designed around the specific needs of each manager - from seed arrangements and preferred equity to co-investment facilities and secondaries solutions.

We provide operational support

We sit alongside our managers on finance, compliance, investor relations and fundraising - the infrastructure that lets them focus on investing.

Business builders with deep networks and a differentiated edge

Pioneers

Investing in private equity and structuring hybrid capital since 1995. First equity secondaries in 2001. First credit secondaries in 2015. We have seen most cycles and built through most of them.

Proven track record

Private credit: built from $0 now $4B and from $0 now $70B AUM. Private equity: advisor from $200M to $2B AUM. Venture capital: supported from $1B now $90B AUM. Four hybrid capital investments completed with Ares in 2024, 2025 and 2026.

Distinct sourcing advantage

Two decades of global GP and LP relationships - built at the highest levels of the industry.

The type of managers we back

Stage First, second or third institutional fund. Fundless sponsors welcome.
Asset class Private equity, growth equity, hybrid capital
Focus Niche specialists with a differentiated edge - deep sector knowledge or a strategy in an underpenetrated market
Fund size Up to $250M
Geographies Global with a focus on Europe and North America

A large, fast-growing market.
No J-curve.

$30B

Hybrid capital solutions market by 2030, up from $15B today

<15%

Of LP capital goes to emerging managers despite consistent outperformance

0

J-curve as current income offsets fees from day one

Sources: Evercore, Preqin

Focused. First-class. Determined.

Focused

We work with a small number of managers at any one time - depth over breadth, always.

First-class

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.

Determined

We have been in the founder's shoes - co-founding two private equity funds now managing billions in AUM. The same commitment that got one of our co-founders to the summit of Everest and all Seven Summits drives everything we do.

Everest summit

Get in touch

We lead with values and behaviours. Ask us about them. As Peter Drucker puts it: “Culture eats strategy for breakfast.”

HQ London, United Kingdom

Work with us

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 →