A&O Shearman Adds Secondaries Leaders Boghossian, de Ste Croix

A&O Shearman has significantly amplified its private capital capabilities by appointing Gabriel Boghossian and Sarah de Ste Croix as its new Global Co-Heads of Secondaries. This strategic move, which includes the integration of their entire London-based team, aims to solidify the firm's position in the rapidly evolving private markets, particularly within the complex and expanding secondaries sector.

The secondaries market, a critical component of private equity strategy, has seen substantial growth, with GP-led transactions and continuation vehicles becoming increasingly vital tools for fund managers. These structures allow sponsors to offer liquidity to existing investors while retaining valuable assets, a trend that has accelerated as traditional exit routes face new challenges. The addition of Boghossian and de Ste Croix, who bring expertise across continuation vehicles, LP portfolio sales, and GP stakes, directly addresses this market demand.

This expansion is expected to elevate A&O Shearman's standing, positioning it among an elite group of firms recognized with a Band 1 ranking for secondaries transactions. The firm's existing private capital practice already boasts over 200 partners operating across key global markets including the U.S., U.K., EMEA, and Asia-Pacific. The integration of this specialized secondaries team enhances the firm's capacity to manage multi-asset class and cross-jurisdictional deals, offering clients comprehensive solutions.

The secondaries market is projected to continue its upward trajectory. Industry data indicates a significant increase in deal volume and value over the past few years, driven by the need for flexible capital solutions. For instance, the market for GP-led secondaries alone has been estimated to represent tens of billions of dollars annually, a substantial increase from its earlier niche status. This growth underscores the strategic importance of robust secondaries advisory services.

Peter Banks, Global Co-Head of Private Equity at A&O Shearman, highlighted the transformative nature of these appointments, stating that GP-led secondaries have transitioned from a specialized offering to a multi-billion-dollar capital channel. Similarly, Denise Gibson, U.K. Managing Partner, emphasized that the firm listened to client demand for market-leading secondaries expertise, viewing the recruitment of Boghossian, de Ste Croix, and their team as a strong validation of their platform strategy.

Looking ahead, Sarah de Ste Croix expressed enthusiasm for building a next-generation secondaries offering with global reach, while Gabriel Boghossian framed the move as a strategic investment in market growth, emphasizing the team's enhanced capabilities and expanded geographical coverage. This move signals A&O Shearman's commitment to capturing emerging opportunities within the increasingly sophisticated global secondaries arena.