Devon Park taps Greenhill for new partner

Devon Park, founded by secondaries veteran Jonathan Costello, closed on four GP-led transactions worth a combined $2bn last year.

Devon Park Advisors, an advisory firm founded by secondaries market veteran Jonathan Costello, has tapped Greenhill for a new partner.

Faris Elrabie has joined Devon Park from the investment bank, where he was a managing director and led Greenhill’s US sponsor solutions effort, according to Devon Park’s website. He joined Greenhill in 2022, his LinkedIn shows.

Elrabie has advised on over 50 GP, fund and asset-level transactions, representing more than $50 billion in transaction value, according to Devon Park’s website.

Prior to Greenhill, Elrabie was chief legal officer for San Francisco-headquartered private equity firm Alpine Investors. He was previously a partner at Kirkland & Ellis.

Devon Park had not responded to a request for comment by press time. Greenhill declined to comment on the departure.

Earlier this year, Secondaries Investor reported that Devon Park had made a number of hires across its platform. Sebastien Siou, a former partner at preferred equity specialist Whitehorse Liquidity Partners, joined the boutique GP-led-focused firm as a partner. Ian McLean joined as a managing director from Oaktree Capital Management, while Matthew Pellegrino joined as a director from Committed Advisors in December.

Costello founded Devon Park in 2021 after a brief stint at Stone Point Capital, which he joined in 2020 to launch its sponsor solutions business. He also previously led Morgan Stanley Alternative Investment Partners’ global secondaries business.

Devon Park closed on four GP-led transactions last year worth a combined $2 billion. One single-asset transaction bolstered its transaction value, worth just over $1 billion, according to the Secondaries Investor Advisory Survey 2023. Private equity assets made up 56 percent of the asset class split it transacted on, with infrastructure making up 31 percent, and the remaining 13 percent advised on within real estate.