Secondaries Advisor of the Year
Evercore
Evercore PCA has recorded another exceptional twelve months to June 2023, having successfully advised on 64 transactions, or $33bn+ of total value. Evercore PCA continues to pioneer a broad range of solutions and innovative products for both GPs and LPs, covering Private Equity,Infrastructure, Credit, and Collateralized Fund Obligations.
Evercore PCA’s European GP-led advisory business successfully advised on 6 transactions or $5bn+value. Highlights include acting as sole financial advisor on: (i) a €925m single-asset transaction for aBenelux GP; and (ii) a €1.6bn multi-asset transaction for a European GP with a strong presence in theUK.
Evercore PCA’s European LP-led advisory business successfully advised on 8 transactions or ~$5bn value. Highlights include acting as sole financial advisor on a £600m transaction for a UK pension plan. Evercore PCA was particularly active in the UK, delivering on close to $4bn of transaction value (e.g.advising 4 UK LPs on the sale of large portfolios of private equity funds).
With unique knowledge of the investor landscape, unparalleled access to pools of capital and syndicate networks, and seamless integration within the broader Evercore offering, Evercore PCA remains fortunate to advise on some of the most exciting transactions.
Lazard
Lazard has been extremely active over the past year, advising on ~€10B+ secondary deal volume,~30% of which is out of Europe, for both financial sponsors on GP-led deals and institutional investors on LP-led deals.
Lazard has continued to take an advisory-led approach in particular to GP-led situations in dynamic and, at times challenging, market conditions, during this period. We have continued to advise GPs on single and concentrated multi-asset situations with success, focusing on providing highly curated process designs in terms of timing and breath, robust valuation work, and appropriate attention tosizing and syndication execution risk against a backdrop of troubled public markets and debt markets, inflation turning from transitory to persistent and a rising-interest rate environment among other macro conditions. We have continued to deliver a very high success rate in our mandates which we attribute to this thoughtful approach as we exited bull market conditions.
Notable Lazard-advised transactions included UK headquartered clients such as Oakley, Charterhouse and Equistone, sale of UK based assets for institutional investors such as Qatari Diar, as well as deals with innovative deal structures such as Adelis Equity, which also enabled a transformational acquisition at closing.
Rede Partners
This year, across 5 secondary fundraises Rede has raised EUR€700m in Secondary capital. The Transactions team has led the market in NAV facilities, advising on deals representing an additionalEUR 1.15billion of capital.
Rede has expanded its global footprint opening a new office in Amsterdam and promoted Ian Flavell to Partner bolstering its senior leadership team in North America.
Rede has continued to modernise the private markets fundraising process. This year the firmlaunched RedeWire, an invitation-only interactive portal enabling LPs to explore content on GPs andfunds, including videos and deeper dives on particular managers including a range of information oninvestment strategy, fundraising plans, performance, key team members and portfolio investments.
Continuing with digital solutions, this year Rede hosted 600 participants to the second RedeConnect virtual conference, broadcasting original webinar content, panel discussions and exclusive presentations by Rede GPs to over 200 LPs at small group ‘roundtable’ meetings.
Rede is committed to delivering thoughtful insights. The Rede Liquidity Index is now widely recognised as a leading indicator of fundraising sentiment. This year Rede also published the inaugural Private Credit and Impact and Sustainability reports giving a detailed view of LP sentiment.