Thirdpath, LLC, an employee-owned private markets solutions platform, has publicly launched after its formation last year, offering institutional allocators bespoke private markets investment solutions through Separately Managed Accounts (SMAs). The firm, founded by industry veterans Brey Jones and John McGuinness, emphasizes partnership, alignment, and operational and regulatory expertise.
Thirdpath is designed to act as both an investment partner and an operational extension for its clients, providing support ranging from investment selection to performance reporting. The firm currently specializes in allocating to private equity and private credit strategies and utilizes specialized technology to identify investment opportunities. Brey Jones, a founding member of StepStone Group and former Director of Client Service and Business Development, played a key role in scaling StepStone to $146 billion in assets before his retirement in 2023. John McGuinness previously served as Global Chief Compliance Officer and Deputy General Counsel for StepStone, and was a Vice President at Goldman Sachs, having started his legal career at Linklaters and Fried Frank.
Brey Jones stated that many institutional allocators are facing challenges with their private markets portfolios, including fewer distributions, undifferentiated investment options, and increased operational complexity. He added that allocators are seeking partners who can develop solutions more tailored to their organizational objectives, a need that Thirdpath’s aligned partnership model aims to address.
Thirdpath has assembled a team of senior investment professionals for its private credit and private equity strategies. The Alternative Credit team is led by Managing Partner David Ren, formerly a portfolio manager with Benefit Street Partners, and Senior Managing Director Brent Pasternack, who was most recently Head of Private Credit Research at Nomura Capital Management. The Buyout strategy team is led by Senior Managing Directors Serina Yu, a former Principal at Carlyle AlpInvest, and Tim Lee, previously Head of Technology Private Equity at PSP Investments.
John McGuinness expressed enthusiasm for the caliber of investors who have joined Thirdpath, noting their extensive industry relationships and track records provide a strong foundation for the firm. He highlighted their reputations as team players and culture carriers, which are expected to reinforce Thirdpath’s client-first culture.
Thirdpath, founded in 2025, positions itself as a next-generation private markets solutions provider built to serve evolving investor needs, combining deep institutional experience with entrepreneurial agility and regulatory expertise. The firm leverages proprietary technology, private markets expertise, and client services to deliver customized solutions.
