A&M Capital, the new secondaries strategy from Alvarez & Marsal, prioritizes clear exit pathways when evaluating GP-led opportunities, according to managing partner Jeremy Weisberg. The firm seeks "exitable assets" that can be liquidated within five years, focusing on quality management, strong cashflow, and businesses in attractive growth markets. This approach reflects their confidence in identifying assets with inherent exit potential.

A&M Capital currently raises its inaugural secondaries vehicle targeting $500 million, with plans for an early first close. The fund strategy emphasizes single-asset CV transactions while maintaining flexibility for multi-asset opportunities and LP-led deals. Weisberg believes the smaller end of the secondaries market offers superior risk-return profiles compared to larger transactions.

The firm embraces structural complexity when their platform resources can create value through enhanced diligence and sourcing capabilities. Their approach differentiates A&M Capital in a competitive secondaries landscape by focusing on exit visibility and smaller deals that generate better relative alpha, positioning them as a strategic player in the mid-market segment.