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Case Study

Evoco AG: Unlocking private equity potential

By Benoit F. Leleux and Ricardo Rodriguez Plazas

16 pages

September 2025

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Reference: IMD-2689

Michel Galeazzi and Felix Ackermann, founding partners of the private equity firm Evoco, sat with the rest of the team pondering the latest strategic issues. Evoco had evolved significantly as a fund manager since its creation in 2012, taking advantage of newly identified opportunities and developing novel competencies. Its first three funds had an excellent track record, which provided a strong platform to continue learning and to evolve the business models of its funds. Evoco’s founding premise was to develop business solutions for governance and liquidity issues that emerged in private equity, creating investment opportunities for its investors in the process. The first two funds, Evoco TSE I and II, focused primarily on developing secondary solutions for liquidity and governance issues in private equity, i.e. acquiring portfolios of positions in late-stage or undermanaged buyout funds, and creating value by accelerating exits and engineering a palette of value-creating, hands-on strategic initiatives. The sellers typically required liquidity for some reason, e.g. new investment paradigms, better allocation opportunities or team reorganization. With Evoco TSE III, the strategy was refined, opening the door to single-asset deals and ever more original value creation interventions facilitated by majority ownership positions. When US President Donald Trump announced a tsunami of new tariffs on ‘Liberation Day’ 2 April 2025, the world of trade and industry was thrown into disarray, and private equity with it. Would it make sense to capitalize on the upheaval by tweaking the firm’s strategy again to fine-tune an even more compelling investment proposition? Which direction should that take?

Learning Objective

Discuss liquidity and governance issues in private equity funds.
Understand better value propositions for secondaries funds.
Review critical features of the relationship between LP and GP in private equity.

Keywords

Entrepreneurship, Finance, Venture Capital, Buy-out, Governance, Liquidity, Exit, Private Equity, Exit Strategy, Secondary Equity Offering, Fundraising

Settings

Europe
Evoco, Finance and Insurance, Private Equity
2011-2025

Type

Field Research

Available Languages

English

Related material

Teaching note, Video

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