For Private Equity & Real Estate Sponsors

Every dollar
working.
Every day.

Idle capital has a cost. We build the framework that closes it — across every stage of the capital lifecycle.

Built on Charles Schwab custody. Designed for institutional discipline.

Request a Treasury Gap Analysis How It Works
Charles Schwab Custody
Daily Liquidity
Industry-Standard Infrastructure
Disciplined Treasury Management
$600B+
Estimated idle capital across U.S. sponsor platforms
40%
Of committed PE/RE capital uninvested at any given moment
3.78%
Typical spread vs. standard bank sweep account
$1.9M
Annual opportunity on $50M idle at blended rate vs. sweep
The Problem

Most sponsors optimize deals. Few optimize the capital waiting around them.

Between every commitment and capital call, between every exit and redeployment, between vehicles and opportunities — capital sits. Not earning. Not working. Just waiting.

The discipline that sponsors apply to deals rarely extends to the capital lifecycle around them. That gap has a cost.[1]

Gap 01

Commitment to Call

Capital committed but not yet deployed sits outside any structured framework. ~40% of committed capital is idle at any moment.[1]

Gap 02

Exit to Redeployment

Post-exit proceeds often wait weeks or months for the next vehicle. That window is rarely managed with the same rigor as the deal itself.

Gap 03

Between Vehicles & Opportunities

LP capital between fund cycles and the capital between deal closings both represent structural idle periods. Each one is an optimization opportunity.[2]

The Framework

The capital lifecycle runs in a continuous loop. Every stage can be managed.

Most sponsors capture yield only during active deployment. HMG builds the structured layer that works across every phase — commitment window, deployment cycle, exit window, and the gap between vehicles.

01 COMMIT WINDOW 02 DEPLOY CYCLE 03 EXIT WINDOW 04 BETWEEN VEHICLES Capital Flywheel HMG
01 — Commit Window

Capital Called, Not Yet Deployed

Capital is committed but uncalled — typically 12–24 months idle per cycle. HMG deploys into short-duration T-bills and FDIC-insured instruments, returning yield without lock-up.

02 — Deploy Cycle

Active Capital Management

As capital is called, HMG ladders maturities to match your deployment timing. Uncalled portions stay liquid and earning — not sitting in a sweep account.

03 — Exit Window

Distributions in Transit

Post-exit distributions accumulate before reinvestment decisions — often 6–18 months. HMG captures yield on every dollar in the gap rather than letting it sit idle.

04 — Between Vehicles

Fund-to-Fund Gap

The period between fund closings and new vehicle formation. Capital needs a structured, liquid home. HMG provides the infrastructure while you prepare the next vehicle.

Economics

The economics can be meaningful.

Across a typical sponsor's committed capital, idle distributions, and between-vehicle windows, the aggregate gap is rarely trivial. A disciplined framework closes that gap.

The analysis starts with a simple question: how much capital is sitting idle across your commitments, distributions, and vehicle transitions right now?[5]

Annual Yield Opportunity — Illustrative
$10M idle
Sweep (0.15%)
$15,000/yr
HMG blended (~3.93%)
$393,000/yr
Gap
+$378K
$50M idle
Sweep (0.15%)
$75,000/yr
HMG blended (~3.93%)
$1,965,000/yr
Gap
+$1.89M
$100M idle
Sweep (0.15%)
$150,000/yr
HMG blended (~3.93%)
$3,930,000/yr
Gap
+$3.78M

Gross yield differential before HMG fee. Illustrative based on current blended rate structure and typical sweep rate. Actual results vary by structure and market conditions.

See Your Treasury Gap Analysis
Indicative Rate Structure

What does idle capital actually cost a sponsor?

Sleeve Liquidity Indicative Yield
Same-Day Liquidity[5] Daily ~3.70%vs. 0.15% typical sweep
Short-Term (1–6 mo) 1–6 months ~3.80%
Intermediate (3–12 mo) 3–12 months ~4.35%
Blended Framework Laddered ~3.93%

Rates reviewed quarterly — next review April 2026

HMG Fee Structure
AUM TrancheAnnual Fee
First $10M50 bps (0.50%)
$10M – $50M30 bps (0.30%)
$50M+20 bps (0.20%)
Over $100MNegotiated

Fee assessed on assets under framework. For most sponsors, net yield after fee remains meaningfully above unmanaged rates — often by a factor of 5–10×.

Your Idle Capital

What is your sweep account actually costing you?

Idle AUM $M
Current State
Sweep Account
0.15% annual yield
$75,000
With HMG Framework
HMG Framework
3.93% blended yield
$1,965,000
Annual Gap (gross) +$1,890,000
Net of HMG fees (est.) +$1,740,000

Illustrative only. Gross yield at 3.93% blended vs. 0.15% sweep. HMG fee: 50 bps on first $10M, 30 bps on next $40M, 20 bps above $50M. Actual results vary by structure and market conditions.

Who It's For

Built for sponsors at every stage of the capital lifecycle.

Whether you're raising your first fund or managing a scaled platform, the framework adapts to the shape of your capital.

Profile 01

Single-Asset Sponsors

Sponsors managing a single deal or fund with capital in various stages of commitment and deployment. The framework creates structure where there typically isn't any.

Profile 02

Emerging Managers

Managers building their first institutional platform. Treasury discipline becomes a signal of operational maturity — often more visible to LPs than it should be.

Profile 03

Scaled Sponsor Platforms

Multi-fund, multi-vehicle platforms with significant aggregate idle capital across commitments, distributions, and transitions. The opportunity is largest here.

What We Are

A framework, not a
replacement.

Clarity on what Hilltop Management Group is — and what it isn't — matters. The framework is additive to what you already do.

  • Is A treasury management framework for idle capital periods
  • Is Built on institutional custody infrastructure (Schwab)
  • Is A complement to your investment strategy
  • Is Designed for sponsors who want operational discipline
  • Is not A replacement for your investment process
  • Is not A fund, a vehicle, or an investment product
  • Is not A complex or exotic structure
  • Is not An advisory relationship that competes with your existing relationships
DF
Danny Fink
Founder & Principal
The Principal

Treasury discipline built on practice, not theory.

Danny Fink founded Hilltop Management Group to make institutional treasury discipline accessible to the sponsors who need it most — but rarely have a dedicated function for it. The framework is direct, practical, and built around how private capital actually moves.

[ Update with Danny's professional background — prior roles, relevant experience in treasury, finance, or private markets, any credentials or institutional affiliations. This is the most-read section by first-time visitors. ]

HMG operates exclusively with private equity and real estate sponsors. Based in Milwaukee, Wisconsin.

Common Questions

A few things sponsors always ask.

Will my capital be locked or restricted?

No. Daily liquidity is maintained across all structures within the framework. Your capital remains fully accessible for deployment, distributions, LP returns, or any other use — structured, not locked.

Does this compete with my existing banking or investment relationships?

No. HMG is an additive layer built alongside your existing relationships. Assets are held in custody at Charles Schwab under your name and your control. We provide the framework and the discipline — nothing replaces or competes with what you already have in place.

What is the net benefit after HMG's fee?

For most sponsors, the incremental yield generated by the framework meaningfully exceeds the management fee — often by a factor of 5× or more. The Treasury Gap Analysis will show you the net numbers specific to your capital stack before any commitment.

Get Started

See exactly what your idle capital is costing you — right now.

The Treasury Gap Analysis is a 30-minute working session. We map your current commitments, idle windows, and deployment timeline — then show you the net yield opportunity on your specific capital stack. No pitch. No obligation. Just the numbers.

Sources & References

[1] CFA Institute (2023). "Idle Capital in Private Markets." Estimated 35–45% of committed PE/RE capital is uninvested at any given point; unmanaged capital erodes 4–6% annualized through opportunity cost.
[2] Preqin (2023). "LP Re-Up Intentions Survey." 79% of LPs report re-up decisions influenced by operational quality signals; 88% cite treasury/cash management as a meaningful indicator of manager discipline.
[3] Bloomberg (2024). Alliance signals from Blackstone, Wellington, and Vanguard on semi-liquid product structures; combined AUM reference approximately $3.5T in institutional capital management.
[4] BCG (2024). "The Future of Private Markets." Semi-liquid and evergreen structures projected to reach $4.1T in AUM by 2028 as institutional infrastructure matures.
[5] Federal Reserve H.15 Release (Feb 2026). 3-month T-bill: 4.28%; 6-month: 4.24%. Typical bank sweep rate: 0.15%. HMG indicative rates based on current Treasury and money market conditions; reviewed quarterly.
[6] KKR Q4 2024 Earnings. K-Series semi-liquid product grew from $3B to $14B AUM, demonstrating institutional demand for structured liquidity management.
[7] Blackstone Q4 2025 Earnings Call. $11.1B in dry powder and cash reserves managed within an institutional treasury framework, cited as a competitive operating advantage.
[8] IntraFi Network (2024). $525M in annual revenue from institutional sweep and cash management services to banks, RIAs, and private capital managers.
[9] Flourish / MassMutual (2024). $3.5B in assets managed through cash optimization platform serving financial advisors and institutional managers.
[10] HMG internal estimate (2026). $600B+ in idle capital across U.S. PE and RE sponsor platforms, based on Preqin/PitchBook dry powder data and industry commitment-to-deployment ratios.

Data current as of Q1 2026. Rates and market figures reviewed quarterly.