Exit Planning · Realization
Exit Pipeline & Readiness
3 companies in exit pipeline · $1003M aggregate NAV
Investment Thesis
Maximizing Realization Through Staged Exit Execution
Fund IV exit strategy prioritizes strategic sales and sponsor-to-sponsor transactions where platform scale commands premium multiples. Two near-term exits are expected to generate 2.5x+ MOIC, anchoring DPI acceleration in the next 12 months.
Implication 1
Vendor due diligence is complete for top 2 exit candidates — banker selection underway for Q2 process launch.
Implication 2
IPO-track technology asset (CloudBridge) provides optionality for 3x+ return if public markets remain constructive.
Exit Pipeline NAV
$1003M
3 companies
Near-Term Exits
2Q2
Next 12 months
Avg Hold Period
3.2 yrs
Portfolio average
Target Net MOIC
2.0x+
Fund IV target
Exit Readiness Assessment
NorthStar Physician Partners
Strategic Sale · Target: H2 2026 · NAV: $445M
1.98x
MOIC
Exit Readiness90%
✓Vendor DD complete
✓Management presentation
✓Data room populated
✓Banker selected
✓Buyer list curated
✓Board approval
Sentinel Security Technologies
Sponsor-to-Sponsor · Target: Q1 2027 · NAV: $310M
2.00x
MOIC
Exit Readiness75%
✓Vendor DD complete
✓Management presentation
✓Data room populated
✓Banker selected
✓Buyer list curated
○Board approval
Cascade Data Systems
IPO · Target: H2 2027 · NAV: $248M
1.77x
MOIC
Exit Readiness45%
○Vendor DD complete
○Management presentation
✓Data room populated
✓Banker selected
○Buyer list curated
○Board approval
Exit Strategy by Portfolio Company
5 strategy typesStrategic Sale
NorthStar Physician PartnersH2 2026
Heritage Benefits GroupH1 2027
Sponsor-to-Sponsor
Sentinel Security TechnologiesQ1 2027
IPO
Cascade Data SystemsH2 2027
Recapitalization
Pacific Coast Logistics2027
Hold
Atlas Manufacturing Solutions2028+
Summit Behavioral Health2028+