Lazard makes senior private capital advisory hire in Asia
Lazard has recruited Patrick No, formerly head of Asia financial sponsors coverage at Credit Suisse, as a managing director in its private capital advisory group.
Based in Singapore, he is tasked with covering fundraising and secondary solutions across the region.
The new hire means Lazard will have two managing directors in Asia: No and Nick Miles, who continues to lead the private equity business in Europe and Asia. The Singapore office already has 12 professionals, plus four staff who focus on functions such as finance and roadshow coordination.
Miles told AVCJ that No's appointment gives the Lazard Asia team extra leadership and bandwidth to take on additional projects, as well as greater senior-level reach, especially into large-cap sponsors for both primaries and secondaries.
"In addition, Patrick brings a lot of technical expertise relevant to the secondary business around single- and multi-asset GP-led processes because he was covering all the region’s major sponsors and in many cases knows their investments well and he is an experienced sell-side banker," Miles added.
"This will help us understand what they are trying to do at the senior level and offer enhanced advisory services to sponsor clients.”
According to Lazard, global GP-led secondary transaction volume amounted to $30-32 billion in 2020, accounting for most of the overall secondary volume. Single-asset continuation funds were responsible for 38% GP-led activity, in US dollar terms, followed by multi-asset continuation funds on 34%.
The firm’s business in Asia is split 50-50 between primary fundraising and secondaries, although this is subject to intermittent large-scale funds or deals.
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