WARANA CAPITAL, LLC

Thesis

Warana Capital, LLC is a US-based investment firm specializing in providing liquidity solutions for illiquid fund-related investments. The firm operates primarily as a global buyer in the secondary market for small to medium-sized fund interests, employing a deep analytical approach focused on fundamental, earnings-based, and asset value assessments. Their investment strategy centers on acquiring interests in illiquid private funds, including those that are gated, suspended, non-redeemable, or in liquidation. They have a particular strength in hedge fund side pockets and liquidations, as well as late-life private equity funds. The firm also offers structured solutions, including buyout options for final fund assets, preferred equity structures, and diverse loan products. Their approach involves a deep dive into fundamental, earnings-based, and asset value assessments, and they are willing to consider asset-level economics rather than rigid diversification or strategy rules. Warana Capital focuses on niche secondary opportunities and structured loans, often targeting situations overlooked by traditional lenders due to their smaller size or complexity. They look across all industries, markets, and geographies, seeking to provide bespoke solutions for complicated situations. Target loan sizes are typically $5–50 million, with the capacity to scale up. As of December 31, 2025, Warana Capital manages approximately $672,900,000 in Assets Under Management (AUM). The firm has deployed capital through 11 vintages of discretionary funds and 18 co-investment and other follow-on vehicles since 2010. They have completed over 1,000 transactions since 2010.

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