Tom Kerr

Tom Kerr is a Managing Director and Head of Secondaries at Hamilton Lane, one of the world's leading private markets investment managers with over $900 billion in assets under management and supervision. With decades of secondaries experience, he offers seasoned perspective on why private equity fund values decline after year nine and how LPs can use the secondary market to optimize long-term returns. Kerr provides real-world case studies, including Hamilton Lane's investment in a 1996-vintage fund that did not liquidate until 2022.

• Structural limitations of private equity fund vehicles in their later years
• Why GP incentives can become misaligned with LP interests in tail-end funds
• Hamilton Lane case study of a 1996 vintage fund active through 2022
• Secondary buyer economics in deeply discounted tail-end positions
• Early detection of underperformance and implications for secondary market timing
• The role of continuation vehicles in resolving structural fund constraints
• Late-bloomer assets and legacy vintage fund redemption dynamics
• How large secondary buyers navigate concentrated, illiquid portfolio positions

Liquid Courage Episodes

• Don't Worry About the Discount, Secondary Seller