A founding partner of Greenhill‘s private capital advisory unit is leaving the business he helped launch as Cogent Partners almost two decades ago.
Stephen Sloan is leaving the investment bank to join Portfolio Advisors in a senior role, according to a spokesman for Greenhill. Sloan has been head of private capital advisory since New York-headquartered Greenhill acquired Cogent Partners in 2015.
Dallas-based managing director Todd Miller takes over as head of the unit, which has more than 40 professionals globally, including eight managing directors.
“From the founding of Cogent Partners to the past five years at Greenhill, I have enjoyed the opportunity to work with the best people in the business,” Sloan said in a statement to Secondaries Investor. “I am now leaving to join the senior management team at Portfolio Advisors with full confidence that the Greenhill team is strong and well positioned for continued growth.”
Miller, a 15-year veteran of the firm, said: “I am pleased to take a leadership role in our capital advisory business, where I will work closely with a group of partners that has spent nearly 15 years together.”
“We see opportunities to grow the business as our clients reposition portfolios in response to recent dramatic moves in the market.”
Greenhill chief executive Scott Bok said the Cogent unit has become a core part of the bank’s advisory business.
“Nearly the entire original team has remained in place through this period, and we have continued to add new talent as well. We continue to look to strategically expand the business in a variety of directions.”
Greenhill topped the Secondaries Investor Advisory Survey ranking of the biggest advisors by deal volume every year between 2015, when the survey began, and 2018. Last year it advised on $17 billion-worth of transactions. It worked on the highest number of transactions at 70, including its landmark process with Japan’s Norinchukin Bank – the largest-ever secondaries sale.