Hycroft hires Paul Capital exec

Terry Wetterman, formerly director of investor relations at Paul, joined the new boutique investment bank as a director earlier this month.

Hycroft has hired former Paul Capital director of investor relations, Terry Wetterman, as a director, according to a statement.

Wetterman joined Hycroft earlier this month and is responsible for performing due diligence, managing fundraising mandates and advising clients on capital-raising topics. He is also involved in Hycroft’s secondary market initiatives.

Wetterman worked at Paul Capital for three years before leaving in April 2014. Paul became a ‘closed-doors’ firm in mid-March after ending a six-month search for a buyer, Secondaries Investor previously reported. The firm will manage out its existing funds until they are fully realised. Wetterman has also worked as a vice president at boutique placement agent firm BerchWood Partners and a member of the private equity funds group at Merrill Lynch.

Hycroft is a specialty investment bank focused on investors in the alternatives market. The firm devises strategies that service general partner and limited partner advisory needs, capital raising and secondaries activities.

Hycroft was founded in February by Scott Myers, founding member of secondaries broker and advisory firm Cogent Partners. Myers brought on managing directors Loren Boston, Neil Banta and Patrick Shattenkirk. The four professionals have helped raise more than $100 billion in capital for clients and advised on secondaries market transactions representing more than $75 million. The firm is based in New York.