WolfTRI · RWI Solutions · GP-Led Secondaries
C · Secondaries
Start with the
coverage structure.
On a continuation-vehicle deal, the policy has to fit the structure — who is insured, which interests are protected, and how the coverage sits against the fund’s remaining obligations. That design work comes first.
First
Insured parties & interests
Who the policy protects, and how.
- Agree which parties are insured
- How limits and recoveries apply to the continuation vehicle, rolling interests, and new investors
Second
Representations & obligations
What is being stood behind.
- Review the representations given
- Whether certain transaction-defined excluded obligations can be insured — availability depends on underwriting and wording
Third
Diligence & disclosure
Matching coverage to what was actually reviewed.
- Knowledge qualifiers and named knowledge persons
- The no-claims declaration, and access to records if a claim comes
The economics
Price the coverage
your transaction needs.
Limit basis
The purchased-NAV or new-money basis, and how cover is allocated.
Retention
Amount, basis, and any step-down — negotiated with the insurer.
Coverage periods
Agreed per category of representation and obligation.
Pricing inputs
Scope, diligence, portfolio complexity, base or excess layer.
A specialist market, brokered like one.
Coverage structure, excluded obligations, representations, and diligence practice are worked through with your counsel before the market is approached, so the quotes that come back fit the vehicle.
For a GP-led transaction