Evercore‘s secondaries advisory group has ridden a wave of GP-led transactions to grow the amount of deal volume it advises on by more than 60 percent.
“Our capital advisory group had a phenomenal year,” John Weinberg, Evercore’s co-chairman and co-chief executive, said on the bank’s fourth quarter earnings call on Wednesday.
“Our team advised on more than $30 billion of deals in GP and LP-led transactions, increased significantly in the second half of the year, and we continue to raise primary capital successfully for these clients.”
According to Evercore’s latest secondaries market report for 2020, published last week, $60 billion traded in 2020. The $30 billion in advised deals suggests that Evercore advised on half the market’s transaction volume last year.
The investment bank’s private capital advisory group, which is led by Nigel Dawn, had advised on $18.4 billion-worth of deals that closed in calendar year 2019, according to the Secondaries Investor Advisory Survey 2020.
Transactions Evercore advised on last year include GP-led processes for Summit Partners, Audax Private Equity and Thomas H Lee Partners.
Overall, the investment bank had advisory fees of $790 million, which grew 40 percent year-over-year in the fourth quarter. Full year advisory fees of $1.76 billion grew 6 percent compared with 2019 – the highest total in the firm’s history, co-chairman and co-chief executive Ralph Schlosstein said.
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