Lazard made a slew of promotions in private capital advisory as the group expands to meet the demands of growing secondaries and fundraising markets.
According to an internal memo seen by affiliate publication Buyouts, the bank’s private capital advisory, led by global head Holcombe Green, promoted:
- Kevan Comstock to head of North American private equity;
- Stephen Salyer to global head of distribution and head of US private equity fundraising;
- Amanda Ugarte to head of US secondaries advisory;
- Adam Handwerker to head of US private real estate fundraising
Comstock’s move reflects the bank’s intention for origination efforts with GPs to be integrated across fundraising and secondaries, the memo said. As well, private equity distribution requires global integration, so Asian and European distribution professionals will continue to report to Nick Miles, while Salyer will oversee LP coverage, the memo said.
Ugarte, who joined Lazard in 2021, will help ensure quality execution and origination capabilities in the US secondaries market. “Amanda is the right person for that role, now and into the future,” the memo said.
Green’s role (as global head of private capital advisory) is not changing, other than having fewer people reporting directly to him, he said. “The moves reflect the strong bench of talent within the group,” Green said.
The intent, as well, was to move the next level of leadership into roles of more responsibility. “We have a group of people who are experienced bankers with deep expertise in their markets – ambitious and ready for leadership positions,” he said.
The promotions come as Lazard’s capital advisory group continues to expand. It has about 100 professionals in eight offices around the world with an expectation of continued growth, especially as overall industry fundraising and secondaries grow.
“This type of growth requires organizational infrastructure, which is what we’re putting in place for the future,” Green said.
Lazard meanwhile has kept busy both in fundraising and secondaries. The bank advised on Madison Dearborn’s recently closed three-asset continuation fund deal that raised $2.2 billion, led by HarbourVest Partners, Neuberger Berman and AlpInvest Partners.
The group also helped Pacific Avenue Capital Partners raise its debut fund with more than $500 million.