15
Oct
Hot topic: private equity secondaries- what’s next?
Private equity secondaries, in particular GP-led secondaries and continuation vehicles have soared in popularity as LPs search for liquidity to rebalance portfolios and replace missed capital contributions. With the huge amount of secondary capital in the market, it is expected that this trend will continue to drive investment decisions and dealmaking in the next few years. Our panel of secondaries experts will take stock of the growing LP and GP secondary market in the US, and touch upon changing dynamics as more mainstream PE players enter the space.
- What is fuelling the growth in GP-led secondaries regionally?
- How can secondary buyers continue to take advantage of market volatility?
- Will secondaries buyouts continue to reach new highs in the upcoming year, and will it be impacted by M&A and IPOs potentially coming back?
- As more private equity players embrace the secondaries market, what are some common pitfalls to be aware of?
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SpeakersJeff Akers Partner & Head of Secondary Investments ADAMS STREET PARTNERS
Jeff Hammer Global Co-Head of Secondaries MANULIFE INVESTMENT MANAGEMENT
Amyn Hassanally Partner and Global Head of Private Equity Secondaries PANTHEON
Jeff Keay Managing Director HARBOURVEST PARTNERS
Tom Cane Funds Editor MERGERMARKET
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Jeff leads all aspects of the secondary business, including strategy, investments, fundraising, and portfolio construction. He is principally focused on leading North American secondary opportunities.
Prior to joining Adams Street, he was a strategy consultant with L.E.K. Consulting, where he managed the execution of market-related due diligence for several top-tier private equity firms.
Previously, Jeff worked for two years as an investment associate with William Blair Capital Partners, a Chicago-based private equity fund with $1 billion under management. At WBCP, he participated in all aspects of sourcing, evaluating, executing, and monitoring buyout and growth equity investments. He also has three years of investment banking experience with William Blair & Company and SunTrust Equitable Securities.
Jeff serves on the Advisory Board of several funds within Adams Street’s portfolio. He is also Chair of Adams Street’s Secondary Investment Committee and a member of the Executive Committee
Jeff Hammer
Global Co-Head of Secondaries
Manulife Investment Management
Jeff joined Manulife Investment Management in 2019 as global co-head of secondaries. Along with Paul Sanabria, Jeff leads the global secondaries business focused on general partner-led and special situation transactions, and partners with private equity, private credit, and secondary fund sponsors. Previously, he was co-head of Houlihan Lokey’s illiquid financial assets practice, a unit he co-founded and built into the leading investment banking group focused on customized transactions for holders of illiquid securities. Prior to that role, Jeff was a senior managing director at Bear Stearns, where he founded, built, and co-led Private Equity Advisors, the private equity fund-of-funds and secondary investing unit of Bear Stearns Asset Management. Earlier, he co-founded BDC Financial, a firm that provided customized private equity investment management and advisory services to institutional and high-net-worth investors. Earlier in his career, he held investment banking positions at Morgan Stanley and Goldman Sachs.
- Education: A.B. in Politics, Princeton University; M.B.A., Harvard University
- Joined the company: 2019
- Began career: 1985
Amyn is a Partner and Global Head of Private Equity Secondaries. Prior to joining Pantheon Amyn was an Investment Partner at Coller Capital, where he worked for 17 years in both London and New York and was formerly the global Co-Head of Investment Execution. Prior to joining Coller, he practiced corporate law, focusing on private equity transactions and fund structuring. Amyn holds a bachelor’s degree in Politics from Brandeis University and a JD in Law from the Duke University School of Law.
Jeff Keay joined HarbourVest in 1999 and focuses on global secondary investments across a range of transaction types. Jeff is based in Boston and also worked in the Firm’s London office. Jeff is the Chair of the Firm’s Secondary InvestmentCommittee and he currently serves on a number of advisory boards. Prior to joining the Firm, Jeff spent three years at Ernst & Young LLP, where he specialized in the venture capital and financial services industries. His previous experience also includes working at the Financial Accounting StandardsBoard. Jeff received a BA (cum laude) in Economics and Accounting from the college of the Holy Cross in 1996.
As Funds Editor, Tom is launching Mergermarket's coverage of private funds in North America, which includes profiles of GPs and LPs, news and insights on funds, and data-driven analysis. Based in Chicago, he has over 15 years' experience in financial journalism, predominantly as an M&A and ECM specialist, as part of the former Acuris, and now ION Analytics. Starting as a reporter in London, Tom covered the financial services and real estate sectors for Dealreporter during the global financial crisis, including a secondment at the Financial Times. He has also been based in Hong Kong and New York, with highlights including launching Mergermarket's coverage of the Asian ECM market, as well as serving as Managing Editor for Mergermarket and Dealreporter in both APAC and the Americas, overseeing large teams of over 50 journalists. Most recently, he served as Chief of Staff to ION Analytics' Chief Content Officer, who he supported in strategic planning, operations and communications.