Preferred equity

"Fund managers are becoming increasingly sophisticated users of GP capital, whether it's preferred equity or debt," said Tom Glover, BC Partners operating advisor.

Preferred equity volumes more than doubled in 2020 as GPs sought capital to shore up balance sheets and make acquisitions amid market volatility.

This at least the second preferred equity investment the secondaries firm has made in Europe after extending a back-levered tranche to Palamon Capital in 2019.

The investment firm has increased its headcount from 46 at the start of 2020 to nearly 100 today in line with an expanding market.

The private equity stalwart has appointed former Investec fund financing veteran Tom Glover to help grow a GP and NAV-based lending strategy.

Dave Philipp has been with the firm since 2013.

The promotion of Robert de Corainville is one several personnel changes across the preferred equity firm.

Thomas Doyle will leave the London-based preferred equity specialist in the coming weeks, having joined from JPMorgan in 2018.

The preferred equity specialist has raised $7.5bn and grown its headcount to 85 since it was founded in 2015.

Yann Robard, Whitehorse Liquidity Partners’ founder, says his prediction by 2030 is perhaps a conservative estimate.