The first close challenge: are late primaries taking over?
The first close challenge: are late primaries taking over?


Uwe Fleischhauer, Co-Head Infrastructure, is a member of the Executive Board, Founding and Equity Partner at YIELCO Investments in Munich, Germany, and is also a member of the Investment Committee.
Since 1998 he has worked independently as a consultant in his consulting firm “Fleischhauer, Hoyer & Partner” (FHP), Private Equity Consultants, which was dedicated exclusively to the asset classes of private equity, infrastructure and private debt. Throughout this time, he has carried out consulting projects for numerous renowned institutional investors. From 2007 to 2010 he advised, among others, the Bayerische Versorgungskammer (BVK) in Munich on the global selection of private equity, mezzanine and infrastructure funds. His advisory services included asset allocation, investment strategy, identification of the fund universe, coordination of manager searches and RFP processes, due diligence, on-site visits up to a decision-ready investment recommendation (board submission) and monitoring of the investments. Before becoming self-employed, Uwe Fleischhauer worked for a total of 7 years as a consultant/project manager in international management consultancies (Mercer Management Consulting; Arthur D. Little).
In the above-mentioned organizations, he participated in more than 250 investments (primaries, secondaries and co-investments) with capital commitments of more than EUR 10bn as due diligence responsible or member of the investment committee. He invested in infrastructure across the entire strategy spectrum, but also in private debt and infrastructure equity strategies.
He holds a degree in business administration and a post-graduate diploma in “European Enterprise Management” after studies in England and Spain. He also holds the CFA Institute Certificate in ESG Investing.

Britta Lindhorst is an independent Senior Advisor for Private Equity and ESG / Impact Investing. She has 37 years of investment experience, thereof 22 years in private equity. From 2012 until 2024 she was Head of European Investments and Global Head of ESG/Impact at HQ Capital and before that responsible for a €1.5 bn global private equity portfolio of Generali. She holds a master’s degree in economics from Cologne University.

Golden Vision Capital (Singapore) is a new Single Family Office set up in 2021, focused on making PE and VC direct investments in Asia, leveraging on the family and team’s strong business connections in the region. It also actively invests in leading PE Funds globally and co-invests alongside them. Its CEO Sean Low, CFA is a veteran in the industry with 25 years of deal sourcing, investment experience, including 17 years in the PE & Infrastructure department of GIC, Singapore's SWF, where he help to oversee some of GIC's PE, Infra, Private Debt & VC fund and direct/co-investments in US, Europe and Asia at different times, and led some of GIC’s landmark deals in each region. He last played a leading role in expanding GIC’s private debt program, and last served as an active member in GIC Credit Business group which help review GIC’s overall credit investment strategy.
Sean began his career in Singapore Economic Development Board (EDB), after he received the EDB Scholarship in 1993. He served first as Assistant Head of InfoComms & Media group, and then as Director of Chicago Centre. Sean was also formerly the senior advisor to Yangzijiang Financial Holdings, a listed asset management company in Singapore with US$3b NAV active in PE Fund of funds investment and private debt direct investments. He was also board member of CFA Singapore and first chaired its Audit Committee in his first term, and later its Investment Committee in his second term. He was also elected the Treasurer of Singapore's VC & PE Association in 2021. He graduated from Trinity College, University of Cambridge with BA (1st Class Honours), MA and M Eng. (Honours). He completed National Service in Singapore as a commander of a Brigade Reconnaissance Team in the Singapore Army.

Spencer is Head of Business Development and Fund Partner at Five Arrows. Before joining in 2018, he was a Senior Advisor.
Prior to this, Spencer was a Managing Director in OPTrust's Private Markets Group, Head of their London office, and a member of their global Investment, Operations, and Risk Committees. Previously to OPTrust, he was head of Ardian's London office and also worked at UBS Capital, Montagu Private Equity and Deloitte Corporate Finance.
What incentives are managers offering LPs to take part in the first close? To what extent are LPs favouring visibility over favourable terms? With more meetings taking place before an LP commits, are GPs having to make good on promises made in earlier meetings and is this moving the needle more on ESG and DE&I?