PE secondaries firm / advisory consolidation
Just taking a glance at the list below, it is clear there are more consolidations happening in the industry. Any names I might be overlooking?
What's driving this trend? Is this going to continue?
It could turn out to be a good thing for folks already working there – getting an instant brand name for fundraising and a resume boost if they are thinking about making a move elsewhere later.
Anyway, I am starting a small Reddit community for PE secondaries professionals. Given that this is a small industry, let's mingle and exchange ideas.
https://www.reddit.com/r/AltFusion/
Secondaries firm
Glendower by CVC
Lexington by Franklin Templeton
Landmark by Ares
Advisory
Cebile by Raymond James
Triago by Houlihan Lokey
Greenhill secondaries team by Mizuho
-Raymond James acquired Cebile, just to correct the typo below.
-Monument Group acquired Mozaic
-PNC bought Sixpoint which recently merged with Harris Williams
-Pretty much everyone from M2O left to join William Blair
-Ares acquired Springbridge
Didn't Houlihan Lokey acquire Triago also? I heard it was so they can push out their current Secondaries Advisory head
True and tbd. One article noted he’s sticking around as head of GP-led secondaries.
I doubt it. What a company says in paper vs. what they are doing behind the scenes is different. Look how top heavy that combined firm is now. My sense is they are going to put the MDs on zero salary and just eat what you kill.
Knowing him, the guy will probably stay on even if he gets demoted to VP and $1 salary
It was over 10 years ago, but Carlyle / AlpInvest was one of the larger acquisitions of a secondaries firm. On the fund placement side, there have been a ton of acquisitions in the last five years. I seriously can’t keep track of where everyone in my network works because their business cards change so frequently.
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