Park Hill names Costello head of secondary advisory

Larry Thuet, head of Park Hill Group’s secondary advisory team, has moved into the role of vice chairman of secondary advisory, focusing primarily on clients and origination, according to an internal Park Hill Group memo seen by Buyouts.

Jonathan Costello has become head of secondary advisory, while Pablo Calo was named head of international secondary advisory, the memo said.

Costello joined Park Hill last year from Morgan Stanley, where he headed PE secondary investments in the Alternative Investment Partners group. Costello also will join Park Hill’s management committee, the memo said.

Calo joined Park Hill in 2013, prior to which he was a managing director and head of European private equity secondaries at PineBridge Investments.

Thuet is co-founder of Park Hill. He previously worked at Atlantic-Pacific Capital.

The moves don’t indicate any changes in strategy at Park Hill, which advises both GPs and LPs on secondary transactions and helps firms raise capital. The group, owned by PJT Partners, has been one of the leaders in facilitating GP-led transactions like restructurings and tender offers.

Park Hill advised on the restructuring of GMT Communications Partners Fund III, a 342 million euro ($401.3 million) pool from 2007. That deal, which allowed existing LPs to sell their interests or recommit to a new vehicle housing three remaining portfolio companies, closed earlier this year.

Action Item: Check out PJT Partners’ filings here: http://bit.ly/2xhRpxu

A full moon rises behind the Empire State Building and the Chrysler Building over the Manhattan skyline. Photo courtesy Reuters/Gary Hershorn