The lion’s share

Just three advisory firms accounted for nearly half of the estimated $52bn in secondaries activity last year.

This morning Secondaries Investor revealed that Cogent, Credit Suisse and Park Hill brokered nearly half of all secondaries activity in 2014. The trio advised on more than 100 transactions, valued at almost $25 billion in terms of purchase price plus unfunded commitments.

Cogent led the way both in terms of volume and value. The firm advised on a whopping 55 deals valued at $11 billion. Park Hill brokered 21 deals valued at $7.6 billion. And Credit Suisse worked on 25 deals totaling nearly $6 billion.

Alongside the growth of secondaries activity in recent years, the number of advisory firms serving the market has also expanded – with Eaton Partners among the most recent to add a secondaries string to its bow.

Looking at the numbers from Cogent, Credit Suisse and Park Hill, though, you can’t help but wonder about barriers to entry and how much market share newcomers will be able to capture – if any – from the industry’s entrenched veterans who continue to scale their activities.