Jefferies Prepares to Battle for Talent in Booming Secondaries Market
The firm temporarily tightened some contracts to discourage poaching
Jefferies headquarters in New York.
Photographer: Jeenah Moon/Bloomberg Welcome to Going Private, Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we take a look at the talent war emerging in the booming market for secondaries, as well as the troubling rise in “bad” PIK. Plus, KKR’s dashed plans to take a UK landlord off the stock market — Silas Brown.
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The boom in private markets secondaries is creating a battle for talent among leading advisory businesses. Jefferies is making sure it’s prepared. The firm has temporarily tightened employment contracts for its private capital advisory teams to discourage competitors from poaching, my colleagues Preeti Singh and Katherine Doherty report.
Global secondary market volume surged 51% to $103 billion in the first half of this year, compared with the same period in 2024, as buyout firms and those that invest in their funds sold stakes to bolster liquidity.