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Financial Advisory
Independent review, diligence, valuation and planning for a liquidity or recovery outcome, with execution support where agreed.
Fund Life Solutions for APAC | to address end-of-life funds, stranded assets and complex private-market positions across APAC.
ADM Capital × Trident Capital Advisors
A structured route for LPs, GPs and funds with stranded private-market positions.
When fund timelines, liquidity, manager capacity or conventional exit routes no longer match the underlying assets, Evenflow brings together ADM Capital’s investment-management capability with Trident Capital Advisors’ restructuring and recovery execution to pursue routes toward liquidity, recovery and realisation.
Liquidity · Recovery · Realisation
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The Situation
Residual assets, prolonged exits and under-managed positions can leave holders facing an extended fund life, limited liquidity and pressure to realise value.
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Realisations extend beyond the investment horizon, leaving holders without a clear liquidity event.
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A vehicle approaches wind-down, but valuable or stressed residual positions remain unrealised.
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Underperformance, governance issues or misaligned manager economics undermine stakeholder confidence.
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Complex or smaller residual positions need specialist attention beyond the incumbent team’s capacity.
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Underlying companies require operational intervention, restructuring or specialist recovery action.
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Long-held positions and existing cost structures may no longer align interests around an efficient work-out.
Why Evenflow
The proposition brings together two complementary disciplines: the ability to assess and manage private-market exposures, and the ability to intervene in underlying assets to pursue recovery and realisation.
Active Management
A discounted secondary sale or passive run-off may not suit every position. Depending on its condition and the available rights, an active work-out can assess several realisation pathways.
Review investor-level costs and restructure the underlying business where needed.
Identify buyers and pursue an organised sale process.
Consider carve-outs or divestments where assets can be realised separately.
Evaluate complementary acquisitions and value-creation opportunities.
Maintain oversight while preparing for a later sale or refinancing.
Options depend on the underlying assets, legal rights, stakeholder approvals, applicable regulation and agreed mandate terms. No outcome or timetable is guaranteed.
Our Approach
Each position is assessed on its own facts. The route is developed around underlying value, risk, control rights, stakeholder priorities and realisation options.
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Identify stranded private equity or private credit positions where specialist intervention may be relevant.
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Assess value, downside, governance and control levers, and potential exit or recovery routes.
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Evaluate the investment-management and reporting arrangements appropriate to the position and mandate.
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Pursue oversight, management intervention, restructuring, enforcement or recovery as appropriate.
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Implement a work-out focused on recovering and realising value within the chosen route.
Ways to Engage
Engagements may begin with independent advice, require manager oversight or replacement, or call for hands-on control and recovery. The appropriate route depends on the position, the holder’s objectives and the available rights.
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Independent review, diligence, valuation and planning for a liquidity or recovery outcome, with execution support where agreed.
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Oversight of reporting, voting and strategy, or a change of management where legal, regulatory and mandate terms permit.
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Operational and financial restructuring, interim leadership, enforcement and cross-border work-out execution.
Partner Experience
The figures below refer to the respective partner firms, not to a standalone Evenflow investment track record.
Experience & Applications
Following default on a US$58m senior secured loan linked to the acquisition of a U.S. media/IP business, ADM Capital exercised creditor rights, appointed receivers over 93.7% of shares, replaced the boards and pursued a sale process managed by Lazard, resulting in a full exit.
Selected partner-firm experience; not an Evenflow investment-performance claim.
Where a fund has reached the end of its term but holds illiquid, stressed or disputed residual assets, a possible route is to assess appropriate transfer or management arrangements and pursue a separate work-out and realisation plan for each position.
Illustrative potential route; the appropriate structure and outcomes depend on each position and agreed terms.
If you are an LP, GP, fund or lender managing a complex APAC private-market position, an initial confidential conversation can explore the circumstances, constraints and potential routes forward.
