Grosvenor seeks talent to expand secondaries team

Grosvenor Capital Management, which last year brought on a former Paul Capital executive, is expanding its capabilities around secondaries investments, according to a source and a spokesman for Grosvenor.

Brian Sullivan, former partner at Paul Capital, leads the secondaries strategy at Grosvenor and has been hiring to expand his team, the source said. At least one position Sullivan is trying to fill is for a vice president in private equity secondaries, the source said.

It’s not clear how many people Sullivan wants to hire. Patrick Tucker, a Grosvenor spokesman, described the plan as an “expansion and continuation” of Grosvenor’s existing secondaries strategy.

It’s also not clear exactly what type of secondaries the group is pursuing. Tucker did not respond to a request for details.

The firm, based in Chicago, acquired the Credit Suisse Customized Fund Investment Group (CFIG) in 2014, instantly turning itself into one of the largest private equity fund investors. Grosvenor’s private markets team has $23.4 billion in assets under management, 48 investment professionals and 430 private market manager relationships, according to the firm’s website.

Grosvenor “inherited” secondaries capabilities and investments when it acquired CFIG, Tucker said. “They’ve had the experience, plenty of capital and they’ve been doing this for a while,” he said.

Grosvenor commits to investments using client capital. It develops customized private markets programs tailored for individual clients.

Action Item: Read more about Grosvenor’s private markets team here: http://bit.ly/1OLVk7a.

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