Episode 226: Katie Stitch of W Capital: Primary Thoughts on Secondary Markets

Katie Stitch is a partner at W Capital Partners, a private equity firm based in the NYC area that provides secondary liquidity solutions to private company shareholders and to PE/VC investment firms. She has held a number of Board roles and started her career as an analyst in investment banking. Our conversation tracks her education at U Penn and her discovery of the world of secondary investments. We then do a deep dive into the burgeoning area of secondaries - covering the evolution of the area from largely LP-led to now increasingly GP-led transactions. We compare these investment types in terms of liquidity, return profile and time horizon, and account for the staggering growth in the incidence of GP led secondary transactions as extension vehicles become more and more popular. We examine the investor perspective on all of this and suggest how secondaries could be added to a portfolio and the role they might play. In our reflection section Katie cites her motto of "sharing the credit and shouldering the blame" as well as other words of wisdom gathered over an illustrious career. This bonus series is kindly supported by Sound Mark Partners, Sound Mark Partners LLC is a women-owned and led private credit firm focused on commercial real estate.