Citi in market for two senior advisory professionals

The targeted hires include the bank's first dedicated secondaries professional in Europe.

Citi is targeting two senior hires for its secondaries advisory team, including its first dedicated professional in Europe.

The private funds group, which advises on secondaries transactions and select fundraising mandates, is seeking one vice-president/director-level recruit in New York and one in London, according to a source with knowledge of the situation.

An ad for the position in New York was posted on the bank’s website in March.

The ad says the candidate will be responsible for sourcing secondaries mandates from private equity sponsors, building investment models and preparing pitchbooks, as well as maintaining close ties with secondaries investors and the investment banking, private banking and capital markets divisions of the bank.

The successful candidate will have more than five years, and ideally more than 10 years, experience in a related financial services position or prior private equity experience, the ad notes.

The hire in London will be Citi’s first dedicated secondaries advisory professional in Europe, Secondaries Investor understands. The hires will bring the total number in the private funds group to 12.

The team can advise on vanilla portfolio sales, continuation funds, tender offers, strip sales and preferred equity, among other deal types, according to the ad. It works across buyout, real estate, infrastructure, venture capital, private credit and energy.

Secondaries Investor reported in 2018 that Citi had entered the secondaries advisory sector. The bank had responded to a request for proposals for an advisor to help Los Angeles County Employees Retirement Association sell more than $1 billion of stakes.

The private funds group at Citi is led by Orcun Unlu, who joined from UBS in 2017.

Citi declined to comment.