The bank has appointed Stefano Manna as Head of GP Advisory, reflecting the growing demand from private equity for alternative exit options amid a challenging environment for dealmaking.
Investec’s latest annual secondaries report, ‘Secondaries shine in turbulent times’, published earlier this year, found that more than half of managers in this area expect to be more active in GP-led solutions over the next 12 months, as IPO and M&A markets remain subdued.
The new team will provide strategic advice to financial sponsors – primarily focused on the mid-market, offering a range of private capital raising and liquidity solutions, including single and multi-asset continuation vehicles among others.
The appointment reinforces Investec’s commitment to serving the evolving needs of the European private equity sector. Earlier this year, the bank acquired a majority stake in leading European M&A and corporate finance advisory firm, Capitalmind.
These latest moves underscore Investec’s growth ambitions in the sector. Investec’s European M&A Advisory team has increased from 15 to 140 people (including Capitalmind Investec) over the past five years.
Bringing more than twelve years of experience in the private equity industry, Stefano joins from fund advisory and capital placement agent, Eaton Partners, where he worked in the Capital Raising and Secondary Advisory team, primarily catering to mid-market clients.
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.”
Stefano Manna, Head of GP Advisory, 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.”
Investec’s annual Secondaries Report for 2023 can be found here.