Greenhill advised on 23 LP stake sales in Q3

The investment bank's secondaries advisory unit was 'outstanding' amid a difficult quarter for the firm, according to its chief executive.

Greenhill Cogent‘s secondaries advisory group advised on 23 sales of limited partnership stakes during the third quarter of this year and was an “outstanding” performer among the investment bank’s overall business, according to the investment bank’s latest earnings announcement.

The advisory firm has closed 80 sales of LP interests this year, on target to beat last year’s total of 83. The figures are derived from Greenhill’s quarterly earnings this year, including its third quarter results published on 18 October.

“Our secondary capital advisory business has had an outstanding year-to-date with both those businesses performing particularly well in the third quarter,” Greenhill chief executive Scott Bok said in an earnings call accompanying the announcement.

The firm’s secondaries capital advisory group had advised on 26 deals in the second quarter and 21 deals in the third quarter of last year.

The investment bank’s overall revenue declined to $48.1 million in the third quarter from $76.5 million a year before. A separate figure for the secondaries advisory business was not disclosed.

Greenhill Cogent tied with Evercore to advise on $8 billion of deal volume last year, as Secondaries Investor reported in March.

Among the transactions the firm has advised on this year was British Columbia Investment Management Corporation’s portfolio sale of buyout stakes, in which Singapore state-owned investor Temasek was a buyer.