Eric Pathé has joined UK secondaries firm Greenpark Capital as an investment director. He previously was with mid-market buyout firm Langholm Capital.
Greenpark Capital Limited, a global leader in customised secondaries solutions, has appointed Eric Pathé as an Investment Director. Eric joins a highly successful and experienced multi-cultural team of 12 investment professionals, and will be responsible for deal sourcing and execution.
Eric joins Greenpark at an exciting time for the secondaries market as it develops to become a significantly more important part of the overall asset class. The volume of secondaries deals brought to market in recent years has increased from $10bn to $20bn* and is expected to grow aggressively. It is anticipated that the year-end 2008 mark to market valuation data will generate a new pricing floor for secondaries that will trigger real volume across the asset class. Further NAV adjustments as at March 2009 will get more sellers across the line as the bid-ask spread keeps narrowing. Larger funds, which are less than 40% invested, are already seeing positions trade at less than 20% of NAV but the mid market, where Greenpark has a particular focus, is expected to see the greatest deal volume. Predicted growth in this market has led Greenpark to implement a hire programme to ensure it is equipped with a high calibre team of the right experience and size to respond actively to the market as it grows. Eric is Greenpark’s third senior hire in 6 months.
Eric has spent over 8 years as a specialist in private equity and was a Principal and Founding Member of Langholm Capital, a mid-market buyout fund, with responsibility for deal generation and execution across Europe. Eric was previously a Senior Associate at McKinsey & Co., where he focused on financial services and technology related projects, and a Corporate Consultant at GE Capital. He has an MBA from INSEAD. Eric is French and is fluent in Spanish and English.
*SOURCE: Financial Times, December 7th 2008
Joanna Jordan, Operations, IR Director and Co-founder, comments:
“We are, once again, delighted to be welcoming another highly skilled professional to further strengthen our team. Eric’s hire fits neatly in with our appointment programme to ensure Greenpark Capital is best positioned to embrace the sharp increase in the size of the market we operate in. As we develop as a financial institution of scale we will continue to target high calibre senior hires that are able actively to support Greenpark Capital’s vision.”
Eric Pathé comments:
“Greenpark Capital, currently ranked 15th globally, is a formidable secondaries player with an impressive reputation for innovation, value creation and discretion. The secondaries market is experiencing major expansion and I am thrilled to have joined such a high calibre team at a time when the outlook, in particular, for mid-market European secondaries is so promising”.