Landmark Partners veteran James McConnell, who has worked at the firm for 23 years, is moving to the London office to run European private equity activities.
Landmark opened a London office in 1997 and McConnell has led the European focus from the firm’s Connecticut office. He will join Paul Parker, who heads Landmark’s private equity real estate operations in Europe.
“Given the continued growth of European investment opportunities and investor interest in the Landmark brand, expanding our local market presence will enhance our investment platform and relationships with European institutional investors,” McConnell said in a statement. He joined Landmark in 1990.
Deal flow in Europe is being driven by banks and other financial institutions selling down their private equity holdings, much like in the US. The secondaries market overall has remained extremely active, with sellers including banks, insurance companies, public and private pensions and even sovereign wealth funds increasingly using the market to manage their portfolios. Last year’s estimated deal volume came in around $25 billion, the busiest-ever year for the market, and this year’s total is expected to be similar.
While many of the largest deals have come from the US, “Europe has always been, and will continue to be, an important market for Landmark”, according to Francisco Borges, chairman and chief executive officer of Landmark.
The firm has $9.1 billion of committed capital under management, and is in the market raising its fifteenth fund with a target of $2.5 billion. Fund XIV closed on $2 billion in 2008.