W Capital Partners has hired former Paul Capital executive Todd Miller as a managing director.
Miller will focus on sourcing and developing direct secondaries investments, providing liquidity to general partners invested in private companies and providing growth capital to those companies.
He was previously a managing director at Paul Capital, where he had responsibility for sourcing and structuring financing and liquidity for general partners, financial institutions, family offices, hedge funds and non-institutional investors. Shortly before joining W Capital, Miller led a large restructuring of a direct portfolio for a financial institution.
Prior to Paul Capital, Miller was a partner at family office AEP Capital. He previously worked for eight years at TH Lee Putnam, a growth equity and buyout fund sponsored by Thomas H Lee Partners.
“[Miller]’s experience in the secondary industry and deep understanding of providing liquidity driven solutions for private equity investors is highly complementary to our model,” said David Wachter, managing director of W Capital, in a statement.
Miller’s hiring brings the number of managing directors at W Capital to five.
W Capital closed its third fund on its hard-cap of $750 million last July. The firm specialises in direct secondaries and restructuring aging private equity funds and has invested $1 billion in total capital since inception. Its previous fund closed on $700 million in 2008.
W Capital has $1.7 billion in assets under management and has completed more than 70 transactions. The firm provides exit and partial exit options for buyout, growth capital and venture investments.