Secondary Snapshot

In this episode of Secondary Snapshot, we revisit career recommendations from private equity and secondary market veterans. These senior leaders share their insights targeted at those early in their careers, but they could also be applicable to those more senior. Additionally, the group shares some insights on how to get jobs at some of the top firms in the industry.

Matt Gooch, Managing Director of Business Development and Capital Markets at Berkshire Partners, joins Secondary Snapshot to discuss his career and Berkshire Partners approach to the secondary market. During the conversation, Matt shares insights from two successful GP-led transactions, emphasizing the importance of providing LPs with options while maintaining long-term trust. He concludes by advising young professionals to take calculated risks, practice gratitude, and prioritize roles that offer rigorous training and opportunity. Over the past 35 years, Berkshire has established itself as a premier private equity buyout firm, currently managing more than $30B in AUM with a team of over 125 professionals.

Matt Wesley, Global Head of Private Capital Advisory at Moelis & Company, joins Secondary Snapshot to discuss how he built and scaled Moelis’ private capital advisory platform, with a particular focus on the firm’s continuation vehicle (CV) advisory practice. Matt shares insights into the evolution of single-asset CVs. He unpacks key market nuances, including sell vs. roll decisions, asset-class-specific pricing dynamics, and how secondary buyers, traditional LPs, and GPs are each approaching today’s market. He closes with advice for the next generation of secondary professionals: don’t be afraid to take risks, stay excited about the opportunity ahead, and never burn bridges.

Gerald Cooper, Partner and Global Co-Head of Secondaries at Campbell Lutyens, joins the Secondary Snapshot to discuss the path he took in building out his firm’s North America business across secondaries, primary, and minority GP stakes. He shares the trends that are driving how LPs and GPs are increasingly using the secondary market as an active tool to manage their portfolios. The conversation also covers sell-versus-roll decisions for allocators exposed to continuation vehicles, potential future regulation of the industry, and the rise of evergreen vehicles deploying retail capital. Gerald also shares his advice for the younger generation looking to start and excel at their careers —emphasizing the importance of intellectual curiosity, proactivity, and a strong work ethic.

David Markson, Senior Managing Director of LP Secondaries at Evercore, discusses the early days of the secondary market, his rationale for joining Evercore in 2021, and the excitement of scaling a team that now represents roughly 50% of total LP secondaries volume. He also shares why LPs are seeking liquidity and how their motivations have evolved over time, the impact of retail capital entering the secondary space, and the key considerations LPs should keep in mind when looking to sell. David closes by offering advice to young professionals aspiring to enter the secondaries industry - encouraging them to stay open-minded, learn quickly, and always be willing to support senior team members.

Hugh MacArthur, Senior Partner and Chairman of the Global Private Equity Practice at Bain & Company, discusses his career journey and the growth of Bain’s private equity consulting business. He offers insights into the evolving landscape of private equity, particularly the increasing involvement of sovereign wealth funds and the emerging role of the private wealth channel. Hugh highlights the need for greater technology adoption within the industry, the importance of secondaries, and how fundraising strategies are expected to evolve. He concludes by sharing valuable advice for those looking to pursue careers in private equity, consulting, or related fields.

Drew Maloney, President and CEO of the American Investment Council through June of 2025, shares his perspective on how Capitol Hill operates and the importance of educating lawmakers about private equity. He highlights the industry’s positive impact, noting that private equity supports 85% of small businesses in the U.S. and employs over 13 million Americans. Drew also discusses how political dynamics have shaped - and will continue to influence - the future of the private equity industry.https://www.investmentcouncil.org/

Nigel Dawn, Head of Private Capital Advisory at Evercore, reflects on his early career and the launch of the firm’s private capital advisory business. He discusses how Evercore’s business model has fueled the team’s continued growth and success. Nigel also shares his outlook on the future of continuation vehicles, the emergence of new fund structures driven by private wealth, a recap of the 2025 secondaries market to date, and advice for the next generation of industry professionals.

Jason Morris, Managing Director at Jefferies, discusses the evolution of the secondary market and the growing role of GP-led continuation vehicles in providing liquidity and extending the runway for GPs' top-performing assets. Jason also addresses recent market volatility, highlights sectors gaining momentum, examines the outlook for secondary market capitalization, and shares career advice for aspiring professionals.

John Carroll of SCP (Sportsology Capital Partners) discusses the growing adoption of institutional investment into sports franchises, the dynamics around valuing them, and how innovation can create attractive opportunities for investors. He emphasizes that diversified revenue streams, strategic ownership benefits, and favorable market tailwinds position the sports sector as an emerging asset class. John concludes by offering SCP's outlook on the market and sharing advice for young professionals seeking to break into this niche but expanding area of private equity.

Adrian Millan, Partner at PJT, walks through the record volume year of 2024 and his outlook for 2025. He discusses recent transactions, LPs fueling selling volume, and how LPs are growing more comfortable with GP-led transactions. Adrian also touches on the increasing influence of 40-act funds and offers career advice for students and early professionals breaking into the secondary market.

Monty Yort, Managing Partner at GenNx 360 Capital Partners, shares his insights on executing two successful GP-led transactions. In this episode, he discusses market dynamics, the process of selecting the right advisors, managing relationships with Limited Partners, and how firms can continue driving value through strategic ownership via continuation vehicles.

Join us as Todd Miller, Co-Head of Secondaries at Jefferies, highlights liquidity solutions in today’s market, GP and LP motivations, tactics for successful buying and selling, 40 Act funds, and more in a recap of the first half of 2024 in secondaries.

Join us for a market update and trends overview discussion on the secondary market with Nigel Dawn from Evercore in our first podcast episode. Nigel offers invaluable insights into both LP and GP-led transactions, shedding light on the trends, nuances, and opportunities within this dynamic space.