Greenhill’s secondaries advisory team advised on 20 more closings of limited partnerships in the first half of 2018 compared with the same period last year.
The investment bank’s Greenhill Cogent unit closed on 37 LP sales in the second quarter, according to an earnings announcement on Thursday. This brings the total closed so far this year to 77, compared with 57 for H1 2017.
The unit had advised on 26 LP sales in the second quarter of last year.
“Significant increases” in secondaries capital advisory fees and transaction announcement fees helped boost the bank’s overall revenue by 32 percent to $88.5 million from $67.3 million, according to the statement.
Greenhill worked on $11.9 billion worth of deals last year, more than any other advisor, according to Secondaries Investor‘s survey of advisory firms published in March.
Transactions the firm has advised on include Government of Singapore Investment Corporation’s sale of $1.7 billion worth of private equity stakes to Goldman Sachs Asset Management, $900 million of stakes by Australian superannuation fund Commonwealth Superannuation Corporation and the restructuring of Spanish investment firm ProA Capital‘s 2009-vintage buyout fund, as Secondaries Investor reported.
The firm was also hired this year by Los Angeles County Employees’ Retirement Association to sell around $1.1 billion worth of private equity stakes.
– This report has been updated to show GIC’s sale to Goldman Sachs is understood to have been worth $1.7 billion.
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