advisor

These figures represent an increase of around 120% YoY, driven by pent up buyer demand and a steady stream of high-quality LP- and GP-led opportunities.

While GP-led deals managed to retain their dominance over LP deals by a thin margin, both halves are poised for continued growth this year.

The four-strong Asia team, led by partner Vincent Ng, will continue to execute secondaries deals in the wake of Charles Wan's departure, the firm said.

The top-level hire is one of a team of four investment management lawyers to join from Minneapolis-headquartered Faegre Drinker.

The investment bank has added a New York-based senior vice-president and an analyst from Campbell Lutyens and Citi, respectively.

The White Plains-based adviser has promoted four as its LP business comes up on a full year of operation.

The CalPERS sale is among a slew of traditional LP portfolio sales to hit the market since the fall, with prices high and buyer interest piqued by more diversified investments.

The secondary advisory promotions include former Harvard Crimson and Dallas Cowboys American football player Collin Zych.

Debevoise advised on roughly $18bn of secondaries transactions during 2020, a vast majority of which were GP-led processes.

Appetite for secondaries rises as more investors recognise it as way to increase exposure to real estate, according to James Jacobs, head of real estate for Lazard’s private capital advisory group.