Corporate finance house Duff & Phelps has recruited Trevor Blake from secondaries firm PEI Funds, the fourth person to leave the secondaries specialist in the past year.
Chuck Stetson, PEI Funds’ chief executive, and a Duff & Phelps spokesman both confirmed Blake’s move.
Blake, most recently a senior advisor at PEI Funds where he spent five years, has joined the New York firm’s secondaries market advisory group, led by managing director Dexter Blake.
His departure comes after a spate of others from the firm over the past year.
In early 2016 PEI Funds lost its chief financial officer and managing director Gunnar Fremuth as well as chief compliance officer and controller Ed Muradian. This January Secondaries Investor reported that former managing director Benjamin Wilson had joined Pantheon as a principal to focus on deal origination and execution.
PE Hub first wrote that Trevor Blake had joined Duff & Phelps.
PEI Funds’s latest vehicle is its 2009-vintage Private Equity Investment Fund V, which closed below its $250 million target on $202.7 million, according to PEI data. It is unclear how much the firm has raised for its 2013-vintage Private Equity Investment Fund VI, which has a $250 million target.
Founded in 1992, PEI Funds focuses on US investments under $30 million and has purchased over 290 limited partnership interests, participated in six fund restructurings and five tender offers, among other deals, according to its website.
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