Evercore has announced that it intends to expand its global investment banking platform by establishing a Private Capital Advisory ("PCA") business focused on secondary transactions for private funds interests.
This initiative significantly expands the services that Evercore offers to leading institutional investors and Fund sponsors, and complements the capital raising advisory services provided by Evercore’s Private Funds Group and the strategic and merger advisory services offered by Evercore’s Advisory business generally.
Nigel Dawn and Nicolas Lanel have agreed to join Evercore to lead the business. Dawn will run PCA globally while Lanel will head up the European operation. Dawn, who was most recently Managing Director and Global Co-Head of the Private Funds Group at UBS, is a recognized leader in this business bringing more than twenty years of experience advising investors and fund sponsors. Lanel was most recently Managing Director and Global Co-Head of Secondary Advisory at UBS, where he led the expansion of the business into Europe. The PCA business will be majority owned by Evercore with key principals, including Dawn and Lanel, owning the minority stake. The Evercore PCA business is expected to launch during the second half of 2013 following the recruiting of additional professionals to support the business in North America and Europe.
'The PCA business fits perfectly into the Evercore model of providing independent advisory services to our clients based on our ideas, our intellectual capital and our relationships. We believe this business leverages the relationship network and market presence of our firm', said Ralph Schlosstein, President and Chief Executive Officer of Evercore. 'We are excited that we have brought together a highly experienced team to lead this business and we are confident that they will build a strong global franchise that augments Evercore’s ability to serve leading investors and fund sponsors worldwide'.
About Nigel Dawn
Nigel Dawn was a Managing Director and Global Co-Head of the Private Funds Group at UBS. Dawn was the founder and leader of the Secondary Market Advisory team within the Private Funds Group at UBS, having advised on over $25 billion of secondary transactions. Clients have included leading US public investors, university endowments, banks, insurance companies, hedge funds and leading private equity general partners. Previously, he was head of UBS Investment Bank’s Third-Party Private Equity Funds Team. Prior to joining UBS, Nigel worked at Booz, Allen & Hamilton in New York, and in Asia with Standard Chartered Bank.
Dawn graduated from Newcastle University with a Bachelor of Arts degree in East Asian Politics and earned his MBA at Columbia Business School.
About Nicolas Lanel
Lanel was a Managing Director at UBS and was most recently Global Co-Head of its Secondary Markets Advisory group. He established the practice in Europe in 2007, having joined the funds placement team of UBS in 2004, where he initially focused on coverage of institutional investors in Europe and the Middle East. Lanel has led a number of notable secondary transactions in Europe for clients including financial institutions, pension funds, large family offices and fund sponsors. Lanel has 20 years of experience in private equity and corporate advisory, having worked previously with the principal investment team at Paribas and at Deutsche Bank in Toronto, London and New York. He will be joining Evercore in October this year. Lanel earned a Master’s degree in management at ESCP-Europe.