Key Takeaways
- • John Kopec, a New York-based managing director at the secondary investing arm of CVC Capital Partners, is moving to the Private Capital Advisory team at investment bank William Blair & Company in the new year, according to people familiar with the matter.
- • The move reflects a broader shift of private equity professionals to the sell side as exits and carried interest payouts are pushed further out, with PitchBook noting investment banker bonuses are likely to significantly outstrip PE compensation this year.
- • CVC Secondary Partners, formerly Glendower Capital, held a final close on a $10 billion secondaries fund in September, indicating no fundraising difficulty for the business.
- • William Blair's PCA team advises on middle-market GP-led secondaries, LP portfolio sales and primary fundraising, and has worked on an $850 million continuation fund for Convergint Technologies and a roughly $3 billion multi-asset continuation fund centered on Inflexion assets in the UK.
Summary
John Kopec, a managing director with the secondary investing arm of CVC Capital Partners, is moving from investing in deals to advising on them, according to people familiar with the matter. The New York-based executive will join the Private Capital Advisory team at William Blair & Company in the new year. William Blair, which advises on middle-market GP-led secondary deals, LP portfolio sales and primary fundraising, did not comment. Kopec did not respond to questions about the rationale for his move.
PitchBook reported that the move is part of a wider trend. As exits and the carried interest payouts tied to them are pushed further into the future, more private equity investment professionals are choosing to forgo carry in exchange for near-term compensation on the sell side. PitchBook noted that investment bankers' bonuses were likely to significantly outstrip those of PE investment professionals this year, potentially prompting further moves. Alan Johnson, founder of compensation consultant Johnson Associates, said that "it's not as obvious as it used to be that the opportunity's better in private equity than it might be working in a big bank."
CVC Secondary Partners, the business formerly known as Glendower Capital, which CVC acquired in a deal announced in September 2021, held a final close on a $10 billion secondaries fund in September. William Blair formalized its push into secondary advisory in May 2022 by hiring Mike Custar, former global head of secondary advisory at Credit Suisse, who co-heads the PCA team with fellow Credit Suisse alumni Jerome Wallace and Brian Williams. The bank's transactions include an $850 million continuation fund for Convergint Technologies, a security and safety systems business backed by Ares Management, and a £2.3 billion, or roughly $3 billion, multi-asset continuation fund centered on assets owned by Inflexion in the UK.
The secondary market has been among the fastest-growing segments of private markets, driven by rising demand for liquidity from fund managers and investors. According to data from intermediary Evercore, secondary transaction volume reached a record $226 billion last year, up 41% from 2024, which itself rose more than 40% year over year.
PitchBook reported that the move is part of a wider trend. As exits and the carried interest payouts tied to them are pushed further into the future, more private equity investment professionals are choosing to forgo carry in exchange for near-term compensation on the sell side. PitchBook noted that investment bankers' bonuses were likely to significantly outstrip those of PE investment professionals this year, potentially prompting further moves. Alan Johnson, founder of compensation consultant Johnson Associates, said that "it's not as obvious as it used to be that the opportunity's better in private equity than it might be working in a big bank."
CVC Secondary Partners, the business formerly known as Glendower Capital, which CVC acquired in a deal announced in September 2021, held a final close on a $10 billion secondaries fund in September. William Blair formalized its push into secondary advisory in May 2022 by hiring Mike Custar, former global head of secondary advisory at Credit Suisse, who co-heads the PCA team with fellow Credit Suisse alumni Jerome Wallace and Brian Williams. The bank's transactions include an $850 million continuation fund for Convergint Technologies, a security and safety systems business backed by Ares Management, and a £2.3 billion, or roughly $3 billion, multi-asset continuation fund centered on assets owned by Inflexion in the UK.
The secondary market has been among the fastest-growing segments of private markets, driven by rising demand for liquidity from fund managers and investors. According to data from intermediary Evercore, secondary transaction volume reached a record $226 billion last year, up 41% from 2024, which itself rose more than 40% year over year.
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