YouSaid · the spoken record

Nigel Dawn

lines on the record
57
first
2024-04-08
most recent
2024-04-08
sittings or episodes
1
sources
podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

  1. “We work with various public pensions, financial institutions, and this business started to develop, and I think LPs realized the stigma that was associated with selling LP interest was gradually receding. In those early transactions, you mentioned that stigma. What was that dynamic between LPs and GPs? Most LPs were very concerned about asking the GP for the right to sell, because every transaction you require the consent of the GP. And often, then, less so now, that was in the GP's sole discretion. In some ways, it was considered similar to asking a spouse for a divorce. Why would you do this? It's very embarrassing. At that time, it was definitely considered odd. How did it evolve from that in that period of time as you built this advisory business at UBS?”

    2024-04-08 · Capital Allocators · Nigel Dawn - Secondaries in Private Markets (EP.378) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Was not possible what we were contemplating as she swept out of the room. We did it anyway, we close a transaction. And that's the history. How did the secondary market develop from that initial significant harbor best transaction? It's interesting. So on the back of that, I was asked by Richard Alsop, who ran UBS's private funds group, the fundraising, to come and consider starting an advisory business to advise LPs who were interested in getting liquidity, which is very, very new at the time. The trust transaction got a lot of press, so there was a lot of interest, so why not go and do that for other people? Also, maybe 40 to 50% of the flow in the market was actually bank selling similar to UBS. We also found out institutional limited partners who felt like for a variety of reasons they need to remove non-core exposure, one of the early ones, very notable, very public Ohio Bureau of Workers Compensation.”

    2024-04-08 · Capital Allocators · Nigel Dawn - Secondaries in Private Markets (EP.378) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Dylan Reed, everyone had a few funds when you put them all together, it was $2 billion. People said, wow. So I was given the job of selling them into the market, which didn't really exist. So what I first found out there's only one advisor and they were startup in Dallas called Cogent Partners. I Googled secondary buyers, came up with a number of names, and then ran a small auction in 2001, and then to remove most of the other funds. We actually executed a large structured billion dollar transaction with Harbor Vest partners led by a young associate called Jeff Key, who is now one of the leaders of that business. It is amazing in this business what they've achieved. We put together a transaction which probably looks a little bit like one of today's securitizations. And during the course of the transaction, we explained it to the CFO at Harbor Vest, who said,”

    2024-04-08 · Capital Allocators · Nigel Dawn - Secondaries in Private Markets (EP.378) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Business strategy and fixed income. And then I was a chief operating officer for the global trade finance business. And somehow I ended up running a portfolio of e-commerce investments when the banks were worried about the technology companies eating their lunch. They got together and they formed various platforms to transact their business on. For example, FX became FX All, US government bonds became Trade Web. Off the back of that experience, I was asked to sell a portfolio of LP interests. It was about a $2 billion portfolio which had come together through M&A activity. UBS merged with Swiss Bank and Payne Weber and Dylan Reed.”

    2024-04-08 · Capital Allocators · Nigel Dawn - Secondaries in Private Markets (EP.378) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “I went to Newcastle University and studied politics and then East Asian studies and spent a year in China learning Chinese, which was very early. That was 1985. So that was many years ago and got into banking, actually commercial banking with a group called Standard Charter Bank and moved to Hong Kong to work for them and then ran a business in China, which was actually a lot of fun I enjoyed. In the south of China, in a city called Zhuhai, which was one of the original special economic zones. And I met my wife there and followed her back to the US, needed something to do, got an MBA after my MBA became a management consultant, and then eventually wound myself around through UBS and then Evercore to this seat. Your time at UBS, how did you find your way into these nascent secondary market? I started off in”

    2024-04-08 · Capital Allocators · Nigel Dawn - Secondaries in Private Markets (EP.378) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Enjoy my conversation with Nigel Daunt. Nigel, great to see you. Great to be here. Appreciate the invitation today. Why don't you take me back to your upbringing and path to being in the seat? So I grew up in Sheffield, England, which is a northern industrial town. Many people will know it from the Fulmonte, which is, of course, a movie about male strippers who are redundant workers.”

    2024-04-08 · Capital Allocators · Nigel Dawn - Secondaries in Private Markets (EP.378) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “My guest on today's show is Nigel Dawn, the global head of private capital advisory at Evercore, where he leads the secondary's business he started a decade ago. Under Nigel's leadership, Evercorps has become the market leader in transaction volume and is involved in approximately 30 to 40 percent of all secondary's market activity. Our conversation covers Nigel's observations on the growing secondaries market, including its history, rationale for LPs and GPs, incentives, critiques, other liquidity options, and advice for both sellers and buyers of GP interests. Like each of the last fifty-three years, I've started dreaming about a perfect season with the Yankees finishing one hundred sixty two.”

    2024-04-08 · Capital Allocators · Nigel Dawn - Secondaries in Private Markets (EP.378) · IDENTIFIED FROM THE TRANSCRIPT · source