Tarsis Goncalves

Partner Investment Funds

New York +1 646 444 9247

Tarsis Goncalves

Overview

Tarsis Goncalves is a partner in the Investment Funds Practice Group in Kirkland’s New York office. His practice focuses on advising lead investors and sponsors in connection with complex business transactions in the private funds secondary market, including continuation fund transactions, portfolio sales, structured secondaries, stapled secondaries, preferred equity arrangements, fund recapitalizations, strip sales, tender offers and other bespoke liquidity solutions. Tarsis joined Kirkland’s London office as a partner in 2020 and relocated to the New York office in October 2024 to co-lead Kirkland’s growing US secondaries buy-side practice, with a particular emphasis on credit, energy and infrastructure sponsor-side continuation fund transactions.

Tarsis advised on more than $22 billion of total continuation fund transaction volume in 2025 alone. He is also at the forefront of innovation in the secondaries space, including the rapid expansion of the market into credit, infrastructure, energy, GP stakes and other strategies, as well as the use of secondaries structures to seed permanent capital vehicles. Tarsis has a particular focus on the infrastructure and energy sectors, having advised clients on transactions across the United States, Europe, Latin America and Asia. He was recognized as a Next Generation Leader by Private Equity International in 2020.

Representative Clients

HarbourVest Partners, Coller Capital, Leonard Green & Partners, Blue Owl, Benefit Street, Charlesbank, Arcline, Crescent, Eldridge, LSV Advisors, Endurance Investment Partners, Freeman Spogli, Macquarie Asset Management, Tailwater, EMG, Courtsquare, Hildred Capital and Vista Capital.

Since joining Kirkland:

Sponsor-led Liquidity Solution Transactions (Equity)

  • Tailwater on its USD 1.1 billion continuation fund and recapitalization for a midstream gas asset
  • EMG on its USD 1.5 billion single asset continuation fund for Ascent Resources, LLC, a natural gas exploration and production company
  • Blue Owl on its USD 2.5 billion strip-sale of interests in Blue Owl’s forth GP stakes fund to a newly formed equity continuation fund and a rated note continuation fund
  • Freeman Spogli on its USD 1.5 billion multi-asset continuation fund involving MicroStar and Five Star
  • Charlesbank on its USD 1.7 billion single-asset continuation fund transaction
  • Court Square on its USD 900 million single-asset continuation fund transaction
  • Cadent Energy Partners on its USD 250 million single-asset continuation fund involving an oil and gas asset
  • Blue Owl on a strip-sale of interests in Blue Owl’s third GP stakes fund to a newly formed continuation fund backed by Eldridge
  • HarbourVest on the sale of a portfolio of LP interests
  • Hildred Capital on its USD 750 million multifund and multi-asset continuation fund transaction
  • Hildred Capital on a single-asset continuation fund transaction
  • Triton Partners on its USD 1.3 billion multi-asset continuation fund involving infrastructure assets in Europe
  • Apheon on its USD 300 million single-asset continuation fund transaction
  • Apax on a tender offer for LP interest of certain its existing funds
  • Fairview on the sale of a portfolio of LP interests
  • Five Arrows on several sell-side GP-led transactions
  • Norvestor in its EUR 730 million multi-asset continuation fund transaction
  • Nordic Capital on it single-asset GP-led involving the Vizrt Group and formation of a continuation fund backed by Goldman Sachs, Coller Capital and Pantheon
  • A leading US private equity house on its proposed USD 3.2 billion multi-asset real estate GP-led
  • Ergon Capital on its EUR 270 million GP-led single asset-lift out and formation of Ergon svt Long Term Value Fund SCSp, a EUR 270 million dedicated continuation fund
  • Lion Capital on its EUR 477 million GP-led restructuring of its 2007-and 2010-vintage funds into a continuation fund

Buy-side Liquidity Solution Transactions (Equity and Credit)

  • HarbourVest Acts as sole lead investor in USD 1.1 billion continuation vehicle for Azurity Pharmaceuticals
  • HarbourVest on its acquisition of a $1.2 billion portfolio of Limited Partner Fund Interests from SCS Capital Management and Abu Dhabi Investment Council.
  • Endurance Investment Partners as lead investor in Cresta’s single-asset continuation fund for Sentinel Midstream, an oil and gas midstream company
  • Coller Capital as sole lead investor in Ares’ USD 1.4 billion multi-asset continuation fund involving a large portfolio of equity and credit interests
  • HarbourVest on a USD 2 billion LP managed fund portfolio transaction acquired from Iconiq
  • LSV as lead investor on Centerbridge’s single-asset continuation fund transaction
  • HarbourVest as sole lead investors into Graham Capital’s single-asset continuation fund transaction
  • Leonard Green & Partners on its role as sole lead investor Snapdragon’s single-asset continuation fund for Fullscript, a leading platform for whole-person healthcare
  • HarbourVest as lead investor in Aquiline’s USD 1.1 billion multi-fund and multi-asset continuation fund transaction
  • HarbourVest as lead investor in Greenpeak’s multi-asset continuation fund transaction
  • HarbourVest as lead investor in DPE’s EUR 708 million multi-asset continuation fund transaction
  • Partners Group and Landmark as lead investors on Clayton, Dubilier & Rice’s USD 4 billion single-asset GP-led involving Belron
  • HarbourVest as lead investor in Anacap’s multi-asset continuation fund transaction
  • Hollyport on the acquisition of a large portfolio of PE fund interests through a new fund to be managed by the Seller
  • Ares on several secondaries and other liquidity solution transactions
  • Lexington in connection with several LP-led and GP-led liquidity solution transactions
  • A sovereign wealth fund on the acquisition of a pan-European logistics portfolio for over EUR 3 billion from EQT Exeter

Liquidity Solution Transactions (Credit)

  • Crescent Capital on a USD 3.2 billion multi-asset continuation fund transaction involving a direct lending fund, the largest single-fund portfolio ever to trade in the private credit secondaries market
  • Eldridge on the closing of a credit liquidity transaction where Eldridge’s inaugural credit platform fund acquired a portfolio of debt interests from Eldridge to provide USD 1.5 billion in investable capital
  • Coller Capital as sole lead investor in Ares’ USD 1.4 billion multi-asset continuation fund involving a large portfolio of equity and credit interests
  • Crescent capital on the sale of a portfolio of debt instruments owned by existing SMAs to a continuation fund
  • Benefit Street on a USD 2.3 billion multi-asset continuation fund transaction involving a diversified portfolio of private credit assets
  • Vista Capital on its USD 460 million credit portfolio continuation fund transaction 

Prior to joining Kirkland:

  • Pantheon Ventures as the lead investor on the Idinvest venture capital GP-led transaction
  • Hayfin Capital Management on the Ergon Capital Partners single asset GP-led transaction
  • West Midlands Pension Funds and LGPS Central on the disposal of a portfolio of over 80 fund interests
  • Pantheon Ventures on the stapled secondary offering of interests in Lyceum Capital (now Horizon Capital)
  • Idinvest Partners as the lead investor on the Three Hills Capital Partners GP-led transaction
  • Hermes GPE on its acquisition of interests in a number of infrastructure funds
  • Pantheon Ventures on a number of single and portfolio acquisitions and disposals of fund interests
  • Kodak Pension Fund on its disposal of a portfolio of over 40 funds interests
  • Kuwait Investment Office on its disposal of over 50 funds interests
  • UK Pension Fund on its disposal of over 60 funds interest
  • Kuwait Investment Office on a number of secondaries and co-investment transactions

Paul Hastings LLP, London

Hogan Lovells, London

  • Kuwait Investment Authority (secondment)

Freshfields Bruckhaus Deringer LLP, London

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Thought Leadership

Speaking Engagements

Panelist, “The latest developments on continuation vehicles and other liquidity solution transactions,” SuperReturn North America, March 2026

Panelist, “Liquidity Unlocked: Challenges and Opportunities in Private Market Transactions,” Aon’s M&A and Transaction Solutions Symposium, February 2026

Recognition

Listed as a “Recommended Lawyer” for Investment fund formation and management - Private funds by Legal 500 UK, 2025

Next Generation Leader by Private Equity International, 2020

Credentials

Admissions & Qualifications

  • 2011, New York
  • 2015, Admitted to practice as a Solicitor of England and Wales
  • 2009, Brazil

Languages

  • English
  • Portuguese
  • French
  • Spanish

Education

  • University of DundeeM.B.A., Oil and Gas Management2012
  • University of DundeeLL.M., Petroleum Law and Policywith Distinction2011
  • New York University School of LawLL.M., Corporate Law2010
  • Universidade do Estado Rio de JaneiroLL.B., Law2008