The Ardour Secondaries Platform

Six Modules. One Unified Platform.

Everything you need to diagnose liquidity, design structures, match with buyers, and execute deals—all in one place.

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Portfolio OS & Deal Graph™

Your single source of truth

Live map of funds, SPVs, companies, and vehicles. See who owns what, how vehicles connect, and where consents and ROFRs live—down to the LP, GP, and company level.

  • Multi-source data integration from fund admin, capital accounts, and deal docs
  • Automated entity mapping and relationship graphing
  • Real-time NAV, commitment, and distribution tracking
  • ROFR and consent requirement visibility
LPsPensions, endowments, family officesFund IFund IICV / AnnexSPV ACo-invest SPVCompany AUnderlies multiple vehiclesCompany BUnderlies multiple vehiclesCompany CUnderlies multiple vehiclesGP / SponsorFund managerROFRConsentPortfolio OSDeal Graph™Funds • SPVs • Companies • Rights

Liquidity Diagnostics

AI-powered exit intelligence

Scored view of positions by liquidity need, aging, and concentration. Tail exposure, liquidity shortfall, and stress scenarios—across your entire private markets book.

  • Proprietary liquidity scoring algorithm
  • Concentration and tail exposure analysis
  • Stress scenario modeling
  • Recommended structures for each position

Book Liquidity

Amber – manageable

Scored on aging, liquidity need & concentration

Tail exposure

NAV > 10 years

0%

Long-dated, low-liquidity positions

Liquidity shortfall

vs policy range

$0m

Gap under 3-year lookthrough

Aging & liquidity buckets

Now · 0–12m

14 positions · 26% NAV

Soon · 1–3y

21 positions · 38% NAV

Later · 3y+

Long tail

Stress scenarios

Base
Base case DPI1.45x
Stress DPI1.18x
NAV drawdown-19%

Position scores roll up into policy bands to flag shortfalls early.

NAV & Structuring Scenario Engine

Model any transaction

Design and compare alternative structures—straight sale vs strip vs CV vs NAV facility vs pref equity—with clear DPI/IRR/residual NAV impacts for LPs and GPs.

  • Side-by-side structure comparison
  • DPI, IRR, and residual NAV modeling
  • LP and GP alignment metrics
  • Fund, strip, and portfolio-level scenarios

Straight sale

Clean exit, full transfer

Strip sale

Sell a slice, keep upside

CV / Continuation

Featured

Roll assets into new vehicle

NAV facility

Featured

Leverage on existing NAV

Pref equity

Structured capital, downside cushion

NAV & Structuring

Scenario Engine

Simulates LP/GP outcomes across structures

Scenario comparison

LP vs GP

CV + NAV facility

Balances LP liquidity and GP upside.

LP DPI (lookthrough)

LP: 0xGP: 0x

GP gross IRR

LP: —GP: 0%

Residual NAV at exit

LP: 0%GP: 0%

Compare straight sale vs strips vs CVs vs NAV & pref structures.

Buyer & Relationship OS

Connect with qualified buyers

Directory of secondary funds and allocators, filtered by mandate. Turn structures into curated target lists, track IOIs and bids, and build a living memory of your secondaries relationships.

  • Mandate-based buyer matching
  • IOI and bid tracking
  • NDA and relationship management
  • Historical deal performance data

Filters & mandates

Start from your structure.

LP stakes · PE / BuyoutVenture & growthNAV / structuredTicket: $25–250mRegion: US / EU

Curated target list · 0 buyers

Ranked on fit & history.

Buyer & Relationship

OS

Living memory of IOIs, bids & relationships

Atlas Secondaries

Dedicated secondary fund

Active

LP-led & GP-led, buyout

Last: IOI submitted 6 weeks ago

NorthBridge Sovereign

Sovereign / SWF allocator

Active

Large tickets, CVs

Last: Shortlisted for syndicate

HarborView Insurance

Insurance balance sheet

Active

Yield-focused, NAV & pref

Last: Past bidder, no recent

IOIs & bids timeline

Process memory
TeasersIOIsBidsClosing

Every touchpoint linked to buyer & structure.

Execution & Governance

Clean and auditable processes

Consent trees, LPAC workflows, election management, and closing room infrastructure—everything you need to run clean and auditable processes.

  • Automated consent and ROFR workflows
  • LPAC communication templates
  • Election management and tracking
  • Closing checklist and e-sign integration

Consent Tree

GP

LPAC
LP1
LP2

3 of 4 approved

LPAC Workflows

Notice sent
Quorum met
Awaiting vote

Quorum: 67% met

Execution &

Governance

Process OS

Clean & auditable

Election Management

Option A65%
Option B25%
Abstain10%

Closing Room

0%complete
4 docs pendingOn track

Audit Trail

Full history
InitiatedConsentsElectionsDocsClosed

Every action timestamped & linked.

Venture & Growth Secondaries Playbook

Cap-table-aware workflows

Cap-table-aware workflows for venture & growth: tender offers, employee liquidity programs, direct secondaries, and inside-led recaps—built on top of your existing cap table.

  • Cap table integration
  • Tender offer orchestration
  • Employee liquidity programs
  • Direct secondary deal flow

Existing cap table

Single source of truth for venture & growth.

Holder% FD
FoundersEligible28%
Employees (ESOP)Eligible18%
Seed & angelsEligible12%
Series A22%
Series B16%
Option pool (unissued)4%

Playbook reads directly from cap table.

Venture & Growth

Secondaries

Playbook

Cap-table-aware workflows

Tender offer

Cross-round, broad-based
  • • Offer to employees & early investors
  • • Reference last round valuation

Employee liquidity

Programmatic
  • • Cap-table-aware eligibility
  • • Windows & vesting checks

Direct secondary

Targeted
  • • Large early holders or angels
  • • Buyer matching from OS

Inside-led recap

Insider-led
  • • Existing investors lead
  • • Stacked with primary round

Workflow spine

Cap-table-aware
Plan
Notify
Collect elections
Settle & record

Same playbook across tenders, employee programs & recaps.

See the Platform in Action

Request a personalized demo and see how Ardour can transform your liquidity operations.

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