Banner Ridge Partners is a Registered Investment Advisor that identifies best-in-class private equity managers in niche markets and provides liquidity solutions to their limited partners. Banner Ridge is led by a senior team with significant secondary market experience. By targeting deep value opportunities, focusing on fragmented markets and working through structural complexities, we believe we can exceed the investment goals of our clients.
Identifying world-class private equity managers with fortified competitive advantages in niche markets
The ability to distinguish the best managers is essential when building a high-quality private market portfolio. Banner Ridge has dedicated substantial resources to sourcing, evaluating, and selecting what it believes to be top-tier private market managers. The principals of Banner Ridge bring extensive experience in niche markets, particularly distressed, special situations and credit. Given its cyclical nature, closely monitoring the distressed asset class allows Banner Ridge to make more targeted commitments in its sub-strategies including distressed trading, distressed-for-control, turnaround private equity and structured credit. Banner Ridge seeks to construct high-conviction diversified portfolios that mitigate risk while maintaining enough concentration to generate outsized returns.
Providing liquidity solutions to owners of private equity interests and other illiquid vehicles
Banner Ridge’s investments stem from its extensive relationships with limited partners, fund managers and intermediaries. Banner Ridge focuses on investments where it has identified an information advantage and, as a result, market inefficiency. Banner Ridge primarily targets opportunities in high-quality distressed private equity, hedge fund side pockets and out-of-favor managers. Many of these market segments overlap in asset classes and, on occasion, specific assets, creating relative value opportunities. We believe by staying nimble, understanding relative value, and choosing to focus on price discipline over investment volume, we can generate outsized returns. Finally, the Banner Ridge team has significant experience with complex transaction structures which allow it to create unique solutions that support its client’s investment goals.
Partnering with best-in-class managers to find undervalued opportunities
We believe strong co-investments start with strong partners. Identifying managers with robust diligence processes and differentiated sourcing ensures attractive opportunities; demonstrating that Banner Ridge is a reliable and complimentary partner ensures the option to invest. Finally, we believe our robust investment process of identifying value and focusing on market inefficiency gives us the best chance of meeting our client’s investment goals.
Anthony Cusano is a Co-Founder and Managing Partner at Banner Ridge. Mr. Cusano is the chairman of the investment committee and is responsible for sourcing and executing transactions across the firm’s different investment products.
Mr. Cusano brings 15 years of experience analyzing and structuring complex private deals. Prior to Banner Ridge, Mr. Cusano spent nine years at Siguler Guff & Co., where he was a Managing Director and sole Portfolio Manager of the firm’s Secondary Opportunity Fund. Mr. Cusano also focused on private equity investments across the firm’s primary, secondary and co-investment business lines. Previously, Mr. Cusano worked on the distressed research team at StepStone Group where he focused on distressed debt and special situations globally. Before joining StepStone, Mr. Cusano worked for Cornell Capital Partners where he structured equity PIPE and convertible debt transactions in public securities. Mr. Cusano also owned and operated a San Diego based IT consulting firm, which was subsequently acquired by CopyCare of San Diego, Inc. in 2007.
Mr. Cusano holds a B.S. summa cum laude in Business Administration with a concentration in Financial Management from California Polytechnic State University and an M.B.A. in Entrepreneurial Finance from the University of California San Diego's Rady School of Management. Mr. Cusano is a CFA charterholder.
Mr. Driessen is a Co-Founder and Partner at Banner Ridge. Mr. Driessen is responsible for sourcing, underwriting and analyzing investments across the firm’s platform.
Previously, Mr. Driessen was a Principal at Siguler Guff & Co. where he was responsible for underwriting and negotiating secondary transactions. Prior to Siguler Guff, Mr. Driessen focused on secondary transactions, co-investments and public markets equity and credit investments at LSV Advisors. Mr. Driessen started his career in Mergers & Acquisitions at the Blackstone Group, where he worked on the restructuring of AIG.
Mr. Driessen holds a B.A. in Economics and a B.S. in Systems Engineering from the University of Pennsylvania. Mr. Driessen is a CFA charterholder.
Mr. O’Connor is a Managing Director at Banner Ridge. He is responsible for sourcing, selection, oversight and overall portfolio construction of the firm’s Primary Investment portfolio.
Prior to Banner Ridge, Mr. O’Connor was a Managing Director at Drum Capital Management, a specialized asset management firm focused exclusively on making private equity and credit investments in distressed and turnaround opportunities, where he was responsible for making primary commitments and co-investments. Previously, Mr. O’Connor was a Partner at Protostar Partners, a middle market leveraged buyout investment firm. Prior to joining Protostar, he was the Chief Financial Officer of PresAir LLC, a manufacturer of air, pressure and vacuum switches. He began his career with Prudential Securities.
Mr. O’Connor received his Bachelor of Science from the McIntire School of Commerce at the University of Virginia.
Mr. Halper is a Managing Director at Banner Ridge. Mr. Halper is responsible for leading the negotiation and execution of transactions, including purchases and financings, across all strategies. Mr. Halper also leverages his network to identify transactions. In addition, Mr. Halper serves as Chief Compliance Officer.
Previously, Mr. Halper was a Principal at Siguler Guff & Co. where he was responsible for leading the execution of secondary transactions. In addition, Mr. Halper executed complex financing structures for clients across the firm as well as sourcing transactions. Prior to Siguler Guff, Mr. Halper served as Chief Operating Officer at Czech Asset Management where he was responsible for oversight of all non-investment activities, including fund operations, fund formation and limited partner due diligence. Mr. Halper has also worked in investment and operational due diligence at Stamos Capital Partners and Central Park Group. Prior to Central Park Group, Mr. Halper worked as a fund accountant at Lindsay Goldberg & Bessemer. He started his career in the Alternatives Investment Group at UBS.
Mr. Halper holds a B.B.A. in Finance from the University of Miami.
Mr. Vanderhye is a Principal at Banner Ridge. He is responsible for sourcing, selection, oversight and overall portfolio construction of the firm’s Primary Investment portfolio.
Prior to Banner Ridge, Mr. Vanderhye was a Portfolio Manager for a single-family office, where he sourced, underwrote, and monitored private and public investment funds across the US, Europe, and Asia. Previously, Mr. Vanderhye was a Senior Associate at Summit Global Management, a private investment firm. He began his career with Brandes Investment Partners.
Mr. Vanderhye holds a B.A. in Business Management Economics from University California Santa Cruz, graduating with honors. Mr. Vanderhye is a CFA charterholder.
Mr. Wu is a Vice President at Banner Ridge. Mr. Wu is responsible for all aspects of underwriting transactions including developing financial models and investment memorandums. In addition, Mr. Wu leads portfolio monitoring across the firm.
Previously, Mr. Wu was an Investment Analyst at Siguler Guff & Co. where he was responsible for investment analysis, due diligence and monitoring secondary, primary and co-investment transactions across distressed, special situations, out-of-favor, illiquid hedge fund interests and credit investments across the firm. Mr. Wu started his career in Investment Banking at RBC Capital Markets, where he worked in the Financial Institutions Group.
Mr. Wu holds a B.A. in Economics from Vanderbilt University.
Ms. Duong is a Senior Controller at Banner Ridge. Ms. Duong is responsible for overseeing fund administration, managing financial reporting and assisting in transaction processing.
Previously, Ms. Duong was a Director at VP Fund Services, where she was responsible for all services related to fund administration including deal and investor reporting, account monitoring and the onboarding of existing funds and new clients. She lead efforts to implement a new accounting and investor allocation system, which allowed for increased efficiency in report automation and additional customized reporting options. Prior to VP Fund Services, Ms. Duong was a Senior Controller at LSV Advisors, a leading hedge fund secondary firm, where she oversaw management company and fund reporting for over 35 entities and assisted in transaction processing and investor servicing. Prior to LSV Advisors, Ms. Duong was a Senior Fund Accountant at Vistra USA, LLC. Ms. Duong began her career at Citi Hedge Fund Services N.A. as a Fund Accountant.
Ms. Duong holds a B.S. in Finance and a B.S. in Management from Pennsylvania State University.
Mr. Pons is an Investment Analyst at Banner Ridge. Mr. Pons is responsible for all aspects of manager due diligence and underwriting investments including developing financial models and investment memorandums. In addition, Mr. Pons assists in portfolio monitoring across the firm.
Previously, Mr. Pons was an Investment Analyst on the Fund Investment Team at Hamilton Lane. He was responsible for underwriting, due diligence and monitoring primary transactions covering credit, buyout, venture and growth investments.
Mr. Pons holds a B.A. in Economics from Syracuse University.
Miss Morales is an Investment Analyst at Banner Ridge. She is responsible for all aspects of conducting due diligence and underwriting investments including developing financial models and investment memorandums. In addition, Miss Morales assists in portfolio monitoring across the firm.
Previously, Miss Morales was an Energy Consulting Manager at Wood Mackenzie, where she was responsible for market research, due diligence, and sourcing of large capital projects from strategy development to negotiation and implementation.
Miss Morales holds a B.S. and an M.S. in Management Science and Engineering from Stanford University.
Mr. Taied is an Investment Analyst at Banner Ridge. He is responsible for researching, underwriting, and evaluating transactions, including developing financial models and investment memorandums.
Mr. Taied brings significant experience in the real estate industry, having worked in several capacities, including private equity, investment banking, commercial brokerage, and crowdfunding. Most recently, Mr. Taied was an Investment Management Analyst at a private real estate investment firm where he underwrote, analyzed, and monitored investment and development projects.
Mr. Taied holds a B.S. summa cum laude in Business with concentrations in Finance and Business Economics from New York University’s Stern School of Business.
Mr. Tirelli is an Investment Analyst at Banner Ridge. He is responsible for all aspects of conducting investment due diligence and underwriting transactions including developing financial models and investment memorandums. In addition, Mr. Tirelli assists in portfolio monitoring across the firm.
Mr. Tirelli brings significant experience in the valuation of complex M&A transactions, company-level due diligence, and financial statement analysis. Previously, Mr. Tirelli worked in the Financial Institutions Group within the Investment Banking division of Citi, where he was responsible for the development of financial models and company valuations, peer benchmarking, the preparation of client materials across M&A and capital markets and industry research. Mr. Tirelli started his career at Allianz Investment Management, where he was responsible for assisting in overseeing Allianz’s €750 billion private and public market portfolio.
Mr. Tirelli holds a Master’s degree in Management from the Johnson Graduate School of Management of Cornell University, and a B.S. with Highest Honors in Finance from Bocconi University in Milan, Italy.
Mr. Voulgaris is an Investment Analyst at Banner Ridge. Mr. Voulgaris is responsible for all aspects of manager due diligence and underwriting investments including developing financial models and investment memorandums. In addition, Mr. Voulgaris assists in portfolio monitoring across the firm.
Previously, Mr. Voulgaris was an Investment Associate at Willis Towers Watson where he was responsible for monitoring alternative investments across the firm’s $64 billion pension portfolio.
Mr. Voulgaris holds a B.A. in Economics from the University of Chicago.
Ms. Liang is a Fund Accountant at Banner Ridge. Ms. Liang is responsible for assisting the accounting and operations team, including producing financial reports, monitoring capital account activity, onboarding funds and clients, and overseeing the fund administration team.
Previously, Ms. Liang was an associate at Sanne Group US LLC, where she was responsible for all aspects of financial reporting for private equity funds. She also ensured ad hoc requests from clients and investors are addressed in a timely manner. Ms. Liang began her career at Gen II Fund Services as a Fund Accountant.
Ms. Liang holds B.S. in Accounting from Touro College. Ms. Liang is a Certified Public Accountant in the State of New York.
Ms. Sellinger is a Database Analyst at Banner Ridge. She is responsible for maintaining and updating SUIT, the company’s proprietary sourcing and portfolio management tool, and provides support and analysis to the operations and investment teams.
Previously, Ms. Sellinger was a Data Analyst at Online Residential, where she managed the company’s internal and external databases.
Dr. McGinn is an Analyst at Banner Ridge. He is responsible for developing, maintaining and updating SUIT, the company’s proprietary sourcing and portfolio management tool.
Previously, Dr. McGinn matriculated at the Neuroscience department of the University of Idaho, where he was responsible for data analysis of university conducted research, developing scientific research and technology, and writing scientific literature, ultimately completing his Ph.D. thesis on the development and regeneration of the retina. Prior to completing graduate school at the University of Idaho, Dr. McGinn was a Research Associate at Acucela, a pharmaceutical development company, where he was responsible for increasing the efficiency of the product development pipeline as well as managing and quantifying large data sets.
Dr. McGinn holds a B.S. in Neuroscience from Washington State University and a Ph.D. in Neuroscience from the University of Idaho.
Banner Ridge Raises $639 Million in Oversubscribed Special Situations Primary Fund
Read More > August 1, 2022
Banner Ridge Raises $1.0 Billion In Oversubscribed Secondary Fund IV
Read More > October 21, 2021
Banner Ridge Raises $300 Million in Oversubscribed Inaugural Primary Fund
Read More > March 22, 2021
Banner Ridge Raises $550 Million in Oversubscribed Secondary Fund III
Read More > February 4, 2020
Banner Ridge’s Cusano Talks Secondary Markets as Firm Closes $1 Billion Fund
WSJ.com > October 21, 2021
LP Appetite for Distressed Fuels Banner Ridge's $300m Primary Fundraise
BuyoutsInsider.com > March 22, 2021
Banner Ridge Partners Targets $600 Million for Latest Secondary Fund
WSJ.com > March 12, 2021
Siguler Guff-Spinout Banner Ridge Raises $550 Mln for Debut Secondaries Fund
BuyoutsInsider.com > February 4, 2020
Banner Ridge Hauls In $550 Million for Inaugural Fund
WSJ.com > February 3, 2020
Cusano's Banner Ridge Smashes Target on Debut Fund
SecondariesInvestor.com > February 4, 2020
New Mexico Educational Commits $190 Million to Private Equity
PIonline.com > August 27, 2019
Ex-Siguler Guff Secondaries Head Seeks $350m for New Fund - Exclusive
SecondariesInvestor.com > June 26, 2019