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Deal Pack: Tristan Capital Partners

Generated Feb 2, 2026v202602020738Enterprise

AUM

$9B

Strategy

Real Estate

UK, UK

Founded

N/A

Employees

N/A

Ownership

independent

Layer 1: Proprietary Indicators

GP Health Score

Weak

Stakeability

Moderate

Fund Performance

Weak

Talent Stability

Strong

Credit Exposure

Weak

100

Regulatory Breadth

Strong

Market Momentum

Weak

Growth Trajectory

Weak

Health Score Breakdown

Component Details

fund performance

30/100Weight: 25%

median irr8.6

benchmark irr14

fund count with irr7

primary strategyPrivate Equity

Source: Pension fund performance reports

talent stability

80/100Weight: 20%

current team size100

departed count0

retention ratio1

avg tenure yearsN/A

Source: LinkedIn career histories, team member records

credit health

25/100Weight: 15%

total fair value59758696

total par220780388

fair value to par pct27.1

top borrower concentration pct100

Source: BDC 10-K/10-Q portfolio filings (SEC)

regulatory compliance

100/100Weight: 10%

unique jurisdictions7

jurisdictionsBermuda,Cayman,France,Germany,Luxembourg,UAE,UK

active registrations21

total registrations35

Source: FCA, BaFin, AMF, CSSF, ADGM, SEC, entity registrations

market presence

30/100Weight: 15%

news mentions0

conference appearances0

domain rankN/A

employer ratingN/A

Source: Market intel, conference records, Tranco web rankings, Glassdoor

growth trajectory

40/100Weight: 15%

aum growth pctN/A

recent job postings0

funds currently raising0

total funds11

Source: Data changelog (AUM), hiring signals, fund filings

Layer 2: Synthesis

Executive Summary

Tristan Capital Partners shows a weak overall health profile (score: 48/100) based on analysis of fund performance, team stability, credit exposure, regulatory breadth, market presence, and growth trajectory.
Median net IRR across 7 tracked funds is 8.6%, compared to a Private Equity benchmark of 14.0%.
Registered across 7 jurisdictions with 21 active registrations.

Key Risks

mediumCredit

Credit health concerns: FV/Par at 27.1%

Key Strengths

Regulatory

Diversified regulatory footprint across 7 jurisdictions

Secondary Pricing Estimate

87.6%

Avg NAV Pricing

54.0% to 90.5%

Range

Funds Priced

Confidence: high, low

Peer ComparisonReal Estate | 20 peers in AUM range

Firm	AUM	Stakeability
Tristan Capital Partners (this GP)	$9B	60
Colliers Global Investors UK	$24B	29
Activa Private Debt	$23B	27
Quantum Immobilien	$22B	35
AXA IM Alts	$21B	56
PATRIZIA	$21B	54
Angelo, Gordon & Co	$21B	55
PIMCO	$21B	54
Rockpoint Group	$21B	43
PGIM Real Estate	$21B	59
Bridge Investment Group	$19B	54

Layer 3: Evidence

Fund Performance (50 records)

Fund	Vintage	Strategy	Net IRR	Multiple	DPI	Source
Tribe Crypto Fund III, L.P.	2025	Digital Assets	N/A	N/A	N/A	SEC EDGAR Form D
Tribe Crypto Fund III (BVI), L.P.	2025	Digital Assets	N/A	N/A	N/A	SEC EDGAR Form D
Edge Partners, LLC, Series C Epic Games	2024	Venture Capital	N/A	N/A	N/A	SEC EDGAR Form D
GCP Secondaries I-B, LP	2023	Secondaries	N/A	N/A	N/A	SEC EDGAR Form D
TPG PARTNERS IX, L.P.	2023	N/A	N/A	N/A	N/A	California Public Employees' Retirement System
Top Tier Venture Capital XI, L.P.	2023	Venture Capital	N/A	N/A	N/A	SEC EDGAR Form D
Fir Tree Digital Asset Opportunities Fund (Cayman), LP	2023	Digital Assets	N/A	N/A	N/A	SEC EDGAR Form D
GCP Secondaries Offshore I-B, LP	2023	Secondaries	N/A	N/A	N/A	SEC EDGAR Form D
Fir Tree Digital Asset Opportunities Fund, LP	2023	Digital Assets	N/A	N/A	N/A	SEC EDGAR Form D
Tribe Digital Future Fund I, L.P.	2021	Digital Assets	N/A	N/A	N/A	SEC EDGAR Form D
Aliya Growth Fund LLC - Series C	2021	Venture Capital	N/A	N/A	N/A	SEC EDGAR Form D
Aliya Growth Fund LLC - Series B	2021	Venture Capital	N/A	N/A	N/A	SEC EDGAR Form D
Partners Group Secondary 2015 (USD) A, L.P.	2015	Private Equity	11.9%	1.76x	0.82	Pennsylvania PSERS
Partners Group Secondary 2011 (USD), L.P. Inc.	2011	Private Equity	14.9%	1.84x	1.73	Pennsylvania PSERS
Capital International Private Equity Fund VI, L.P.	2011	Private Equity	-0.9%	0.95x	0.92	Pennsylvania PSERS
Capital International Private Equity Fund VI	2011	N/A	-1.0%	0.94x	N/A	Oregon Public Employees Retirement Fund
Capital Link Fund II, LLC	2008	N/A	11.9%	1.70x	N/A	California Public Employees' Retirement System
Partners Group Secondary 2008, L.P.	2007	Private Equity	8.6%	1.51x	1.51	Pennsylvania PSERS
Capital Link Fund I, LLC	2007	N/A	7.6%	1.50x	N/A	California Public Employees' Retirement System
TowerBrook R1 Continuation Fund, L.P.	N/A	continuation fund	N/A	N/A	N/A	SEC EDGAR Form D

BDC Credit Exposure (10 borrowers)

Borrower	Fair Value	Par	BDCs	BDC Names
36th Street Capital Partners Holdings, LLC	$59.8M	N/A	1	BlackRock TCP Capital Corp
Golub Capital Partners CLO, LTD 2021-55	$2K	$2K	1	MidCap Financial Investment Corp
Roemanu LLC (FKA Toorak Capital Partners LLC), ABF Equity	$241	$220.8M	1	FS KKR Capital Corp
Auxilior Capital Partners Inc, Preferred Equity	$17	N/A	1	FS KKR Capital Corp
Partnership Capital Growth Investors III, L.P. (4)	N/A	N/A	1	Ares Capital Corp
Tamarix Capital Partners II, L.P.	N/A	N/A	1	PennantPark Floating Rate Capital Ltd
Tamarix Capital Partners II, L.P.(11)	N/A	N/A	1	PennantPark Floating Rate Capital Ltd
Members' capital	N/A	N/A	2	CION Investment Corp, New Mountain Finance Corp
Members’ capital	N/A	N/A	1	Monroe Capital Corp
Partnership Capital Growth Investors III, L.P.	N/A	N/A	1	Ares Capital Corp

Regulatory Registrations (35)

Regulator	Country	Entity	Status	Reference
FCA	UK	Capital Partners Group Ltd	No longer authorised	435916
FCA	UK	Capital BC Partners Limited	No longer registered	586900
FCA	UK	Venture Capital Partners Ltd	No longer registered	506316
BaFin	Germany	BN & Partners Capital AG	Active	ESMA-6999
BaFin	Germany	ELAN Capital-Partners GmbH	Active	ESMA-6843
BaFin	Germany	IT Capital Partners GmbH	Unknown	162651
AMF	France	M CAPITAL PARTNERS	Active	831
AMF	France	TILT CAPITAL PARTNERS	Active	26878
AMF	France	IVO CAPITAL PARTNERS	Active	20076
CSSF	Luxembourg	MINDFUL CAPITAL PARTNERS	Active	ESMA-AIF-47153
CSSF	Luxembourg	MINDFUL CAPITAL PARTNERS S.A.	Active	ESMA-AIF-36276
CSSF	Luxembourg	MANGROVE CAPITAL PARTNERS S.A.	Active	ESMA-AIF-14656
ADGM/FSRA	UAE	Tribe Capital Partners LTD	Withdrawn	200035
ADGM/FSRA	UAE	NAHDA CAPITAL PARTNERS LTD	Active	250069
ADGM/FSRA	UAE	REDBIRD CAPITAL PARTNERS (ME) LTD	Active	220137
france_rcs	France	CVC CAPITAL PARTNERS SA	Closed	390520427
france_rcs	France	BC PARTNERS	Active	478013113
france_rcs	France	BC PARTNERS	Active	994759629
france_rcs	France	SCI BC&C PARTNERS	Active	920897030
france_rcs	France	BC & PARTNERS	Active	532790342
france_rcs	France	B.C. PARTNERS.	Closed	344578653
france_rcs	France	YAD PARTNERS	Active	988826822
france_rcs	France	PAI PARTNERS	Active	443837331
france_rcs	France	PAI PARTNERS	Closed	414946913
france_rcs	France	TIKEHAU CAPITAL GENERAL PARTNER	Closed	800453433
france_rcs	France	ACE PARTNERS	Closed	823370382
BMA	Bermuda	Trajan Capital LP	c/o MJM LimitedThistle House4 Burnaby StreetHamiltonHM 11	Private Fund
BMA	Bermuda	Park Capital LP	c/o MJM LimitedThistle House4 Burnaby StreetHamiltonHM 11	Private Fund
BMA	Bermuda	Room40 Capital Partners Master LP	Park Place55 Par-la-Ville RoadHamiltonPembroke HM 11	Private Fund
BMA	Bermuda	Room40 Capital Partners Offshore Ltd.	Park Place55 Par-la-Ville RoadHamiltonPembroke HM 11	Professional Class A Fund
BMA	Bermuda	PGIM Capital Partners (Parallel Fund) VII, L.P.	Grand Buildings,1-3 Strand, Trafalgar SquareLondon WC2N5HR	Overseas Fund
SEC-EDGAR-FormD	Cayman	DK CAPITAL GROWTH C.I. LIMITED PARTNERSHIP	Active	021-164714
SEC-EDGAR-FormD	Cayman	Hontai Capital Fund I Limited Partnership	Active	021-331274
SEC-EDGAR-FormD	Cayman	Cryder Capital Partners Inc.	Active	021-221073
SEC-EDGAR-FormD	Cayman	Partners Capital Merlin Co-Investment Fund II (Cayman), L.P.	Active	021-394521

Methodology

Weighted composite of 6 dimensions

fund performance: 25% - Median IRR vs strategy benchmark

talent stability: 20% - Team retention ratio + average tenure

credit health: 15% - BDC fair value as % of par + borrower concentration

regulatory compliance: 10% - Number of active registrations, legal filing count

market presence: 15% - News mentions + conference appearances + web traffic rank

growth trajectory: 15% - AUM change + hiring signals + new fund filings

Scale: 0-100, where 70+ is strong, 50-69 is moderate, below 50 is weak

Data Sources: SEC Form ADV filings, Pension fund performance reports (CalPERS, CalSTRS, WSIB, etc.), BDC 10-K/10-Q portfolio filings, FCA, BaFin, AMF, CSSF, ADGM, MAS, SFC regulatory registers, LinkedIn career histories, Market intelligence news aggregation, Conference appearance records, Tranco web traffic rankings, Glassdoor/employer rating platforms, Entity registration databases (Delaware, Cayman, Luxembourg, etc.), Hiring signal aggregation, Lobbying disclosure reports, ESG/PRI signatory data

Deal Pack generated by GP Stakes Intelligence Platform on Feb 2, 2026. Data version 202602020738.

All scores are computed algorithmically and should be used alongside independent due diligence.