Park Hill Co-Founder Dan Prendergast dies; Schwarzman, others mourn passing

Daniel Prendergast, co-founder and chief executive officer of Park Hill Group, died over the weekend after a long battle with cancer, according to sources and an internal memo from the placement firm.

Prendergast had been battling cancer, sources said. He continued to lead the firm until recently, sources told Buyouts. It’s not clear if Park Hill has named someone to succeed Prendergast as CEO.

Paul Taubman, CEO of PJT Partners, Park Hill’s parent company, wrote in the memo to staff:

Dear Colleagues,

It is with a heavy heart that I write to inform you of the passing of our partner, Dan Prendergast. A mentor and friend to so many of us, Dan will be remembered as a visionary leader, innovative entrepreneur and dedicated colleague. Dan’s commitment to Park Hill was inspiring and his leadership was marked by integrity, kindness and humor.

Co-founded by Dan 15 years ago, Park Hill will continue to build upon his legacy of excellence, entrepreneurialism and commitment to culture. I know you all join me in extending our most sincere condolences to Dan’s family. Details on memorial services and ways to honor Dan’s life will be forthcoming.

In Sadness,

Paul

Prendergast co-founded Park Hill in 2004. The shop, which was formed within Blackstone Group and helped the firm raise funds, quickly grew into one of the biggest placement shops in the industry.

Park Hill also built a secondaries advisory group. Blackstone completed the spinout of Park Hill Group and other advisory businesses into PJT Partners in 2015.

Prior to Park Hill, Prendergast worked at Atlantic-Pacific Capital, DLJ and Merrill Lynch & Co.

Prendergast’s influence was evident from the outpouring of remembrance from people around the industry this week.

“Dan battled his illness with bravery and openness and will be missed by all of us,” Blackstone CEO and co-founder Steve Schwarzman told Buyouts via email. “I had the pleasure of hiring him and watching him build a terrific business from the ground up, that became a leader in its space. He was beloved by his people and an all around great human being.”

Tom Roberts, who joined Park Hill after its launch and later retired, told Buyouts via email: “Dan was a pillar of character: husband, father, friend to all and true leader in the fund placement business. Over 25 years, he was responsible for raising hundreds of billions of capital, for hundreds of general partners, and more important to Dan, was building his firm’s culture of partnership, not titles.”

J.P. Conte, chairman and managing director of Genstar Capital Partners, recalled a man with an infectious laugh.

“Dan Prendergast is one of the early pioneers of the alternative investment industry,” he said via email. “With a big smile, a contagious laugh, a commitment to integrity and tireless energy he opened up pockets of capital around the globe and helped build today’s institutional alternatives industry. He was a close friend in life who shined bright and loved his family, friends and colleagues. It’s a sad day for me and many people around the world. He was loved by so many people in this world and will be missed by me and so many others.”

Mark Barnhill, a partner at Platinum Equity, wrote to Buyouts: “We are bereft at the loss of our friend and partner Dan Prendergast. Dan was a great businessman, a great investor and a trusted adviser. But he was by far a better person, and his indelible presence will be sorely missed. His life was marked by big ideas, high ideals and a huge heart. His sense of purpose was leavened by a sense of joy. He valued collaboration over confrontation, and he surrounded himself with talented people who will ensure that his business legacy is secure. But Dan’s real legacy lies with the loving family and friends he left behind, and with the big ideas and high ideals we are now challenged to live up to in his honor.”

No details were available regarding services for Prendergast.

Action Item: Read more about Prendergast here: https://parkhillgroup.com/leadership/dan-prendergast/.