- Investments include partnership interests and GP-led CVs across private investment strategies including private equity, venture capital and real assets
- Equity checks are typically below $25m
- Secondary deal volume in 2025 is expected to exceed $200bn
Hobe Mountain Capital Management has launched as an independent firm following its spinout from Declaration Capital.
Hobe Mountain is a private equity investment manager focused on secondary opportunities in the lower mid-market. The firm is based in West Palm Beach, Florida.
This move is to capture growing investment opportunities in the US secondaries market, according to a release.
Hobe Mountain acquires partnership interests and invests in GP-led CVs across private equity, venture capital, real estate, natural resources and other private investment strategies. Equity checks are typically below $25m.
The team is aiming for an even mix of LP-led and GP-led interests to balance diversification and conviction, the release said.
“The rise of the secondaries investment market has created significant opportunity in the lower mid-market as more established players have gravitated to larger deals,” co-founder and managing partner Alexa Rachlin said in a statement. “We believe our industry relationships, partnership-oriented approach, and long-term mind set make us a desirable counterparty for family offices, funds of funds, general partners, individuals, and other institutions.”
“The prolonged slowdown in traditional exit activity (IPOs and M&A) and resulting extended hold periods have created a liquidity crunch for LPs,” said Todd Buys, co-founder and managing partner, in a statement.
In 2025, secondary deal volume is expected to surpass $200 billion, the release said. Notably, only 5 percent of dedicated secondary dry powder is in funds of less than $500 million, underscoring the opportunity for smaller fund managers, it added.
Declaration is the family office of financier and philanthropist David M Rubenstein.
