In light of the difficult deal-making climate, Investec has named Stefano Manna as head of GP Advisory, in response to the rising demand from private equity for alternate exit strategies.
Over half of managers in this field anticipate being more involved in GP-led initiatives over the next 12 months, as IPO and M&A markets remain low, according to Investec’s most recent annual secondaries research, Secondaries shine in turbulent times, which was released earlier this year.
With a primary focus on the mid-market, the newly formed group will offer financial sponsors strategic guidance.
They will additionally supply a variety of private capital raising and liquidity alternatives, such as single and multi-asset continuation vehicles.
The appointment serves as a further sign of Investec’s dedication to meeting the changing demands of the European private equity market.
Earlier this year, the bank bought the majority of Capitalmind, an established European M&A and corporate finance consultancy firm.
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These most recent actions highlight Investec’s goals for industry expansion.
Furthermore, over the last five years, the number of employees in Investec’s European M&A advisory team has grown from 15 to 140 (including Capitalmind Investec).
After working as a fund adviser and capital placement agent at Eaton Partners for over a decade, Manna brings over twelve years of expertise in the private equity space.
He was a member of the Capital Raising and Secondary Advisory team, serving mainly mid-market clients.
Manna will work directly with Investec’s M&A advisory teams, fund solutions division, as well as the company’s private equity business.
Jonathan Arrowsmith, head of Investment Banking at Investec, said: “The decision to create a dedicated GP Advisory team reflects our willingness to evolve alongside our clients. As highlighted by our latest annual Secondaries report, the market for GP-led secondary transactions has enjoyed strong growth. While we expect IPO and M&A markets to improve next year, it’s clear that GP-led secondaries are not going away anytime soon. As we continue to build our presence across Europe, having a market-leading advisory offering for GPs, led by Stefano, will be critical.”
Manna added: “We’re currently experiencing a period of rapid market growth in sponsor-led secondary transactions. Investec is uniquely positioned to capitalise on this opportunity given the breadth of its offering for private equity sponsors. I look forward to working closely with the whole team to provide innovative solutions for both our existing and new clients.”