SAN DIEGO — May 4, 2026
Executive Summary
Thirdpath, LLC (“Thirdpath” or “Firm”) has announced its public launch as a next-generation private markets solutions platform designed to address the evolving needs of institutional allocators. Formed in 2025, the Firm focuses on delivering bespoke private markets investment solutions through Separately Managed Accounts (SMAs), combining private equity and private credit strategies with proprietary technology and high-touch client service. Founded by Managing Partners Brey Jones and John McGuinness, the Firm is structured as an employee-owned organization emphasizing partnership, alignment, agility, and operational expertise. At launch, Thirdpath has assembled senior investment leadership across both alternative credit and buyout strategies, positioning the Firm to provide end-to-end support ranging from investment selection to performance reporting for institutional clients navigating increasingly complex private markets environments.
Announcement Overview
Thirdpath has formally entered the private markets landscape with a platform built specifically to support institutional investors seeking tailored investment solutions. The Firm operates with a model centered on Separately Managed Accounts, allowing clients to build customized portfolios aligned with their unique objectives, constraints, and operational frameworks. The launch follows the Firm’s formation in the prior year and reflects a strategic approach focused on delivering flexible, differentiated investment opportunities across private markets.
The Firm’s offering spans both private equity and private credit allocations, supported by specialized technology designed to identify differentiated opportunities across the investment landscape. In addition to investment sourcing and allocation, Thirdpath provides comprehensive operational support, positioning itself as both an investment partner and an extension of client teams. This includes services covering portfolio construction, execution, monitoring, and performance reporting, ensuring alignment with institutional investment processes.
The Firm’s structure as an employee-owned organization with a flat organizational model is intended to promote collaboration, responsiveness, and alignment of interests. The launch also includes the introduction of a senior investment team with experience across leading global financial institutions, forming the foundation of the Firm’s investment capabilities across strategies.
Key Announcement Details
- Announcement Type: Public Launch of Private Markets Solutions Platform
- Company Name: Thirdpath, LLC
- Launch Date: May 4, 2026
- Founded: 2025
- Headquarters: San Diego, California
- Founders: Brey Jones, John McGuinness
- Ownership Structure: Employee-Owned
- Core Offering: Bespoke Private Markets Investment Solutions via Separately Managed Accounts (SMAs)
- Primary Strategies: Private Equity and Private Credit
- Technology Capability: Proprietary platform to identify differentiated investment opportunities
- Client Segment: Institutional Allocators
- Service Scope: Investment selection, portfolio construction, performance reporting, operational support
- Alternative Credit Leadership: David Ren (Managing Partner), Brent Pasternack (Senior Managing Director)
- Buyout Strategy Leadership: Serina Yu (Senior Managing Director), Tim Lee (Senior Managing Director)
- Strategic Positioning: Investment partner and operational extension of client teams
Founding Leadership and Institutional Experience
Thirdpath has been founded by Brey Jones and John McGuinness, both of whom bring extensive experience in private markets investing, advisory, and operational leadership.
Brey Jones, a Managing Partner, previously spent nearly a decade at StepStone Group, a global private markets investment and advisory firm. He was a founding member of StepStone and served as Director of Client Service and Business Development, playing a central role in the Firm’s spinout from Pacific Corporate Group in 2007. During his tenure, he contributed to scaling the business to approximately $146 billion in assets at the time of his retirement in 2023. His experience spans client engagement, business development, and institutional portfolio construction, forming a key component of Thirdpath’s client-focused model.
John McGuinness, also a Managing Partner, previously served as Global Chief Compliance Officer and Deputy General Counsel at StepStone Group, where he oversaw regulatory frameworks and legal strategy. Prior to that, he was a Vice President at Goldman Sachs, and began his career as an attorney advising asset management clients at Linklaters and Fried Frank. His background provides regulatory, legal, and governance expertise, supporting Thirdpath’s operational and compliance-oriented approach.
The combined experience of the founding partners reflects a blend of investment, legal, regulatory, and operational capabilities, which underpin the Firm’s structure and service offering.
Platform Structure and Investment Approach
Thirdpath’s platform is designed to operate across multiple dimensions of private markets investing, integrating investment sourcing, portfolio construction, and operational execution within a unified framework.
The Firm’s primary investment approach is centered on Separately Managed Accounts (SMAs), enabling clients to develop bespoke portfolios tailored to specific mandates. This structure allows for greater customization, transparency, and control, aligning with the needs of institutional allocators managing complex portfolios.
The Firm currently focuses on:
- Private Equity Strategies
- Private Credit Strategies
Through these verticals, Thirdpath seeks to provide access to differentiated investment opportunities, supported by technology-driven sourcing capabilities. The Firm’s proprietary technology is utilized to identify, evaluate, and monitor opportunities across the private markets landscape, enabling a systematic approach to investment selection.
In addition to investment execution, Thirdpath delivers operational integration, including:
- Investment selection support
- Portfolio construction guidance
- Ongoing monitoring and reporting
- Performance analytics
This model positions the Firm as both a strategic advisor and execution partner, integrating with clients’ internal teams and processes.
Market Context and Institutional Demand
According to Brey Jones, institutional allocators are currently navigating a complex environment characterized by:
- Reduced distribution levels
- Limited differentiated investment opportunities
- Increased operational complexity
These factors are influencing how allocators approach private markets portfolios, with a growing emphasis on customization, flexibility, and alignment with long-term objectives.
Jones stated that allocators are increasingly seeking partners capable of delivering tailored solutions that align with their organizational goals. The Firm’s model is designed to address these needs by combining bespoke portfolio construction with aligned partnership structures.
In his statement:
“Many institutional allocators are currently at a crossroads with their private markets portfolios, contending with fewer distributions and undifferentiated investment options, while navigating increased operational complexity. As allocators look to retool their private markets exposure in the current environment, they are looking for partners that can help create solutions more tailored to their organizations’ objectives. We believe that the aligned partnership model that Thirdpath is building can help get them there.”
This perspective reflects the Firm’s positioning within the broader private markets ecosystem, focusing on customization and partnership-driven engagement.
Investment Team and Strategy Leadership
At launch, Thirdpath has assembled a senior investment team to lead its core strategies across alternative credit and buyout investments.
Alternative Credit Strategy Leadership
The Firm’s Alternative Credit strategy is led by:
- Managing Partner David Ren
- Senior Managing Director Brent Pasternack
David Ren previously served as a portfolio manager at Benefit Street Partners, where he was involved in managing credit investments. His experience contributes to the Firm’s capabilities in structuring and managing credit-focused portfolios.
Brent Pasternack most recently held the position of Head of Private Credit Research at Nomura Capital Management, bringing expertise in credit analysis, research, and portfolio construction.
Together, they are responsible for overseeing the Firm’s credit investment strategy, including sourcing, evaluation, and execution.
Buyout Strategy Leadership
The Firm’s Buyout strategy is led by:
- Senior Managing Director Serina Yu
- Senior Managing Director Tim Lee
Serina Yu joins Thirdpath from Carlyle AlpInvest, where she served as a Principal, with experience in private equity investments and portfolio management.
Tim Lee previously served as Head of Technology Private Equity at PSP Investments, bringing experience in technology-focused buyout strategies.
Their combined expertise supports the Firm’s capabilities in equity investments, particularly within buyout strategies across sectors.
Leadership Commentary on Team Formation
John McGuinness commented on the formation of the Firm’s investment team and its strategic importance to the platform’s launch:
“We are excited that investors of such great pedigree have joined us on our entrepreneurial journey. This group’s extensive network of industry relationships and exceptional track record give Thirdpath the day one foundation to hit the ground running. Their reputations as great teammates and culture carriers at their prior firms will help strengthen a cohesive client-first culture that we are building at Thirdpath.”
This statement highlights the Firm’s emphasis on team composition, cultural alignment, and operational readiness at launch.
About Thirdpath
Thirdpath is a next-generation private markets solutions provider purpose-built to serve the evolving needs of institutional investors. The Firm combines deep institutional experience, entrepreneurial agility, and regulatory expertise to deliver customized investment solutions across private markets.
Founded in 2025, the Firm operates as an employee-owned organization with a flat structure designed to foster collaboration and agility. Thirdpath integrates proprietary technology, investment expertise, and client-focused services to support portfolio construction and execution across private equity and private credit.
The Firm’s model emphasizes alignment with client objectives, combining investment capabilities with operational support to deliver a comprehensive private markets platform.
Media Contact
For additional information, visit thirdpath.com.
Source Attribution
Source: Company announcement
