Theodore Cardos

Partner Investment Funds
Kirkland & Ellis International LLP

London +44 20 7469 2331

Theodore Cardos

Practices

Overview

Theodore is the godfather of secondaries in Europe and one of the most innovative and groundbreaking partners in this market.” - Chambers UK, 2026

Theodore Cardos is a private funds partner in the London office of Kirkland & Ellis International LLP. Theodore co-leads the European Liquidity Solutions Team, which is ranked Band 1 in the 2024 edition of Chambers UK. His practice primarily involves structuring, negotiating and documenting complex business transactions in the private funds secondary market, including traditional continuation vehicles, portfolio sales, structured secondaries, synthetic secondaries, stapled secondary offerings, preferred equity and fund recapitalizations. Representative clients include CapVest, HarbourVest, Hollyport, Landmark Partners, Lexington, Nordic Capital, Partners Group, Triton, Vitruvian and Waterland.

Theodore is most recently recommended by Chambers UK 2026 in the Investment Funds: Private Equity: Secondaries category, where sources say he “has a great combination of commercial awareness and technical skill.” Market sources in Chambers UK 2026’s Band 1 ranking of Kirkland & Ellis’ Secondaries Practice state that Ted is “[t]he most knowledgeable and experience lawyer in secondaries,” that he is “[v]ery commercial” and “able to use previous experience to solve issues.” He was further recognised as a ‘Next Generation Partner’ by The Legal 500 UK 2026, and by Private Equity International in their list of “Future 40: The next leaders of private equity.”

Inflexion on the formation of the £2.3 billion Inflexion Continuation Fund I.

Apheon on the close of a new continuation fund for TMC and Haudecoeur.

Triton Partners on the creation and close of Triton IV Continuation Fund.

Nordic Capital in its $1 billion single-asset sale of Vizrt from Nordic Fund VIII to a continuation fund.

A sovereign wealth fund on the acquisition of a pan-European logistics portfolio for over €3 billion from EQT Exeter. 

CapVest in connection with the single-asset GP-led secondary transaction involving Curium Pharma.

Nordic Capital in connection with a €2.5B secondary restructuring of Nordic Capital Fund VII, L.P.

Vitruvian in connection with a restructuring of Vitruvian Investment Partnership I.

HarbourVest Partners in connection with several continuation vehicle transactions.

Partners Group in connection with the sale of a $700 million portfolio of fund interests to Hollyport.

Landmark in connection with numerous continuation fund and other secondary transactions.

Lexington in connection with several secondary transactions.

Capital Dynamics in connection with a LP portfolio sale.

PSP Investments in connection with a $1B portfolio sale.

Access Capital in connection with the sale of a portfolio of fund interests to a new vehicle.

A Canadian pension plan in connection with its sale of a portfolio of private equity fund interests for approximately US$1.3 billion.

Partners Group in connection with its sale of a portfolio of private equity fund interests for approximately US$996 million. 

Terra Firma in connection with a its GP-led liquidity solution involving Goldman Sachs.

A US-based fund sponsor in connection with the restructuring of four of its existing funds.

Law ClerkJudge Helen BerriganUnited States District Court for the Eastern District of Louisiana2010–2011

Debevoise & Plimpton

  • Associate (2011–2015)

More

Thought Leadership

Publications

“Increasing Fund Investment Capacity during COVID-19,” by Ted Cardos and Jacqueline Eaves, guest blog in Apex Group, 2020

"Adhering to the guidance on GP-led secondary fund restructurings," by Ted Cardos and Andy Shore, guest post in IQ-EQ, 2019

"Navigating a successful fund restructuring: A balancing act," by Michael Belsley and Ted Cardos, a chapter in the book, The Secondaries Market - Strategies for buyers, sellers, fund managers and advisors, published by PEI (Private Equity International), 2016

Speaking Engagements

“The Evolution and Future of GP-Led Restructurings,” Private Equity Law Report Webinar, March 2020 

Panellist, BVCA-GP-Led Secondaries Breakfast Seminar, December 2019 

Speaker, "GP-led Deals," Kirkland & Ellis Liquidity Solutions Academy, New York City, New York, November 6, 2019 

“GP transactions,” IBA Private Equity Transactions Symposium, November 2019

“Kirkland Liquidity Solutions Academy New York,” November 2019

“Winding to a Close panel,” Maples & Calder Investment Funds Forum, February 2019

“Have you Thought about Liquidity Options – Best Practices in GP-Led Secondaries,” Duff & Phelps 10th Annual European Alternative Investments Conference, November 2018

Recognition

Chambers UK, Investment Funds: Private Equity: Secondaries, 2021–2026

The Legal 500 UK, Investment Fund Formation and Management - Private Funds, 2017–2026

Credentials

Admissions & Qualifications

  • 2011New York

Education

  • New York University School of LawJ.D.2010
  • University of MissouriA.B.2002