PJT’s Park Hill Said to Win Fund Roles as Caspersen Worries Fadeby and
Pegasus, Enhanced Equity said to hire firm for secondaries
Mandates show pipeline outlined last month by CEO Taubman
PJT Partners Inc.’s Park Hill Group won two fund mandates as the unit shrugs off a guilty plea of fraud by a former executive, people familiar with the matter said.
The group got assignments from private equity firms Pegasus Capital Advisors and Enhanced Equity Funds to advise on how to provide liquidity options for backers of their 2004 and 2005 respective funds, said the people, who asked not to be named because the details are private. Representatives for PJT, Pegasus and EEF didn’t respond to requests for comment.
The mandates, known as secondary deals, allow the fund managers to receive new backers in exchange for further time to sell assets and make new investments.
Park Hill, which provides advisory and fundraising services to asset-management firms, separated from Blackstone Group LP last year and combined with New York-based PJT. The group’s image was damaged this year when Andrew Caspersen, who specialized in secondaries, was arrested in March and pleaded guilty last month to scamming clients and family members out of tens of millions of dollars.
Effects of the case on PJT’s business were temporary, Paul Taubman, PJT’s founder and chief executive officer, said last month.
“In the last 45 days we have secured five new mandates in our secondary business with a strong shadow pipeline,” Taubman said on a July 29 conference call discussing second-quarter earnings. “We now expect that our 2016 revenues from the secondary advisory business may well be up year over year. The recovery in this business was faster than any of us expected.”
Pegasus Capital, which has offices in Connecticut and New York, raised $316 million for its third pool in 2004, according to data compiled by Bloomberg. Enhanced Equity Funds, based in New York, focuses on health-care deals and collected about $200 million for its 2005 fund.