William Blair, which has been building out a private capital advisory business since hiring Mike Custar from M2O earlier this year, hired another executive from the firm to focus on LP secondaries sales.
The hiring comes as several mid-market investment banks are acquiring capabilities to advise on secondaries transactions, usually focused on GP-led deals like single-asset continuation funds. In this case, William Blair is bringing on LP sales talent, which signals an ambition to build out a hearty secondaries offering.
The expansions are happening as the secondaries sector continues to grow, with both GPs and LPs looking for ways to generate liquidity in the slower M&A environment.
William Blair later today is expected to announce the hiring of Jake Stuiver as a director in New York. He advised on more than $12 billion of LP-led secondaries during his career, the firm said in a statement.
Stuiver joined M2O last year, joining from Evercore, where he worked since 2014, according to his LinkedIn profile. Before, he formed and led advisory shop River Street Capital. Earlier in his career, Stuiver worked as a journalist for Harrison Scott Publications, including for the popular Private Equity Insider.
William Blair hired Custar earlier this year to launch a GP-led advisory strategy, bringing experience from M2O and Credit Suisse earlier in his career, Buyouts previously reported. Shortly after, the firm hired another M2O executive, Quinn Kolberg, as a director to focus on GP-led advisory, and Lazard executive Gage Alpert.
Along with William Blair, Baird and Lincoln International have also launched units, while Piper Sandler and Solomon Partners are also on the hunt, Secondaries Investor reported. Rothschild and Morgan Stanley have also launched GP-led advisory businesses.
Adam Le and Rod James contributed to this article.
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