Atlas Resolution Partners (“Atlas”) today announced the release of its inaugural white paper, The Rise of Tail-End Funds: End-of-Life Considerations for Managers, Investors and Secondary Market Participants. The white paper examines the dramatic growth of tail-end funds to comprise more than $1.8 trillion in unrealized net asset value –an 11.25x increase since the Global Financial Crisis era – and explores the evolving liquidity challenges now shaping private markets.

Forecasting that tail-end fund NAV could approach $4 trillion by 2031, the white paper casts this growth in the context of the rapidly expanding secondary market, which has evolved over the last fifteen years to include innovative structured liquidity solutions, such as continuation vehicles, that allow managers and investors to address end-of-life dynamics more proactively. Despite this progress, many tail-end situations are not suitable for secondary market solutions due to challenges related to alignment of interest, asset quality, or governance, underscoring the continued need for creative resolution alternatives.

In addition to examining the structural and situational drivers of tail-end fund growth, the white paper explores current approaches to resolving complex tail-end fund circumstances and proposes structural reforms and recommendations to improve outcomes for investors, managers, and secondary market participants.

“Tail-end assets, which are approaching $2 trillion in unrealized value, have grown faster than private markets themselves over the past fifteen years, transforming from a niche issue in the aftermath of the Global Financial Crisis into a defining measure of liquidity for private markets,” said Kenneth Latz, Co-Founder and Managing Partner of Atlas Resolution Partners. “The advent of 401(k) investment in private markets marks an extraordinary milestone and is an industry-wide inflection point that demands renewed scrutiny of how to resolve tail-end situations with transparency, rigor, and fairness. Through this white paper, and the dialogue it invites, we hope to help advance that conversation in today’s evolving market.”

Purpose-built to address challenges presented by tail-end funds, Atlas draws on extensive experience guiding stakeholders through complex end-of-life fund circumstances. The firm’s work spans specialized advisory and asset management solutions designed to help clients achieve timely and value-maximizing outcomes related to private capital fund investments.

Atlas is committed to advancing thought leadership on the evolving dynamics of private markets. By contributing independent research and market insights, Atlas and its professionals aim to advance the interests of investors, managers, and other private market stakeholders navigating complex situations, and to ensure the firm continues to deliver the most creative, forward-thinking solutions for its clients. This white paper is the first in a planned series exploring key issues at the intersection of private capital, liquidity, and governance.

Click here to download a copy of the white paper.

About Atlas Resolution Partners

Atlas Resolution Partners is a specialized advisory and asset management firm focused exclusively on resolving complex private capital fund issues. The firm provides strategic advisory, asset management, and dispute resolution solutions that help private capital stakeholders across a range of alternative asset classes preserve and maximize value in circumstances of conflict, distress, or transition. Guided by a core ethos of integrity, transparency, and independence, Atlas approaches every engagement with professionalism, confidentiality, and discretion. Its success is measured by the outcomes achieved for clients.

To learn more about Atlas Resolution Partners, visit https://atlas-resolution.com/ or follow the firm on LinkedIn.

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