Park Hill’s secondaries dean, Larry Thuet, to retire

Larry Thuet, vice chairman at Park Hill Group, who for a long time led the firm’s secondary advisory business, will retire, sources told Buyouts.

Thuet co-founded Park Hill, prior to which he worked at Atlantic-Pacific Capital. 

Thuet has gradually been stepping back from the business. Last year, he moved into the vice chairman role after leading the secondary advisory group. Jonathan Costello became head of the secondary advisory group, while Pablo Calo was named head of international secondary advisory.

Costello joined Park Hill in 2016 from Morgan Stanley, where he headed PE secondary investments in the alternative investment partners group.

Calo joined in 2013, prior to which he was a managing director and head of European PE secondaries at PineBridge Investments.

Park Hill has been one of the leaders in helping move secondaries from a market strictly for LPs to trade fund stakes to a way for GPs to manage out older funds.

Most recently, Park Hill ran a process for Providence Equity’s seventh fund that allowed existing investors to sell their interests. The deal also included a shot of fresh capital into Providence’s eighth fund, which is targeting $5 billion with a $6 billion cap.

The deal received strong uptake from existing LPs, with between $800 million to $900 million of existing LP sales, sources told Buyouts. At $900 million of selling LPs, the staple into Fund VIII could be around $450 million, sources said.

The moves don’t indicate any changes in strategy at Park Hill, which advises both GPs and LPs on secondary transactions and helps firms raise capital.

The group is owned by PJT Partners, which completed the acquisition of the group from Blackstone Group in 2015.

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