Jon McEvoy recently joined David Bodamer on the Wealth Management Invest podcast, to explore how secondaries can provide an additional access point to private markets. Jon discusses the growth story of private equity and private credit secondaries, their potential benefits to advisors and clients, and how Coller Capital uses semiliquid funds to deliver its strategies.
Key Points:
- The evolution of the secondary market from niche beginnings to a $160 billion-plus annual transaction space
- How secondaries provide liquidity, diversification, and the potential for reduced risk by investing in seasoned portfolios
- The advantages of semiliquid fund structures for private wealth investors
- The growing importance of education for advisors and clients when approaching secondaries.
00:00 – 00:26
David Bodamer: Hello and welcome back to the Wealth Management and...
00:00 – 00:26
David Bodamer: Hello and welcome back to the Wealth Management and Invest Podcast. I’m your host David Bodamer with the, uh, wealth management.com editorial team. I cover investments, and this episode I’m very excited to have with us, Jonathan McEvoy, who is managing director, investor relations, and head of private wealth secondary solutions distribution with Coller Capital.
00:27- 00:28
David Bodamer: Welcome to the podcast.
Jonathan McEvoy: Thanks, David. Happy to be here today and look forward to the conversation.
00:33 – 00:59
David Bodamer: So, you know, I got some questions. You know, I wanted to hear a bit about secondaries, hear a bit about what, Coller is doing in the Wealth Channel, but if you could just actually set the stage for us a bit by talking a bit about both about the firm and about about yourself a little bit.
Jonathan McEvoy: Yeah, happy to. I think that segues nicely into the conversation in the subject for today’s discussion, so you know a little bit about myself.
01:00 – 01:50
Jonathan McEvoy: My whole career has been spent in private wealth distribution, specifically alternatives. So pretty much starting post GFC. And through sort of multiple managers and joining Coller in 2022, as the firm, which has a long history of focusing on secondary investing, going back to 1990 where Jeremy Coller did the first secondary transaction in the mid-eighties.
You know, really kind of pioneered the space, but the organisation as a whole really kind of focused more on the institutional fundraising and mm-hmm constructing secondary offerings for institutional clients. With joining here, really it was an evolutionary move by the firm to broaden that distribution because secondaries made sense and with my background here to build out the US capabilities with the resourcing, you know, Coller, as I mentioned, dates back to 1990, pioneer in the space.
01:51 – 02:06
Jonathan McEvoy: Today we’re 40 billion, over 300 employees. I sit here in New York City, but we’re headquartered in London with, with 10 offices globally. So a global reach, and certainly a focus exclusively on just secondaries.
02:07 – 02:25
David Bodamer: So, you know, why don’t we start also just ta talking a bit more about what the world of secondaries entails, are we both, is that both debt and equity? And just, you know, flush out a bit what that, what that actually means for folks who may not understand what that term entails.
02:26 – 03:00
Jonathan McEvoy: Yeah. So. When you think about the secondary market and it’s becoming, you know, something that you’re seeing more and more in sort of the financial news and media. You know, the secondary market largely exists as a liquidity provider for investors who own private market assets with an illiquid structure. So if you invest in, in a private equity fund, in the traditional structure of a capital call, draw down 10 year term structure, you’re gonna have that extended to liquid period.
03:01 – 03:24
Jonathan McEvoy: And if you’re in re, if you’re in need or searching for liquidity prior to the end of that term, you really don’t have an outlet. And, and that’s really where the secondary market was born from. So, you know, looking back at, in 1990, you know, at the start of Coller, you know that year’s transaction volume was about a million and a half dollars.
03:25 – 03:49
Jonathan McEvoy: Last year it was a record year for the secondary market. It transacted about 160 billion, and this year, through the first six months, depending on what broker, you review or, or follow. Through the first six months, we’re at about a $100 to $105 billion of transaction volume. So we’re on pace for another record year.
03:50 – 04:12
Jonathan McEvoy: If it maintains at this pace and what’s notable, you know, inside, you know, those numbers is really sort of the evolution. So within the secondary area of the market, specifically how the business came about was on the equity side. So private equity assets, you know, that was sort of the, the forced foray of where our focus is and actually.
04:13 – 04:38
Jonathan McEvoy: In the evolution as we’ve pushed innovation. Actually we did the first GP-led secondary transaction in 1996. It wasn’t categorised as such today. That’s the fancy name that we provided. But you know, back then it was called a fund restructuring. And so this is where, you know, it was a private equity firm who identified, you know, an asset and was looking for alternatives to provide liquidity to their LPs hang on to an asset longer because that asset had what they felt, you know, continued upside from a growth perspective.
04:39 – 05:01
Jonathan McEvoy: But as, as the industry has now sort of evolved and grown, you know, the GP-led side of the market is about 50% of the overall transaction volume. And beyond that, you know, that’s just the equity side today with the proliferation and the growth on the private credit side.
05:02 – 05:24
Jonathan McEvoy: You know, really kind of stemming from post GFC where you’ve seen private credit funds. You know, really kind of step in where banks sort of pulled away from lending to sponsor backed businesses. You know, that’s a major area of the market where that primary market has developed and because of the illiquidity of that structure, which is slightly inside of private equity, but still an illiquid structure, and nonetheless.
05:25 – 05:48
Jonathan McEvoy: You, you’ve seen a secondary market grow there. And so we at Coller actually focus both on the equity side as well as the credit side. And I would say, you know, that it falls in line very well with sort of our focus as secondary investors. But, you know, having teams in place that focus on equity as well as credit, um, and being a first mover in both, you know, serves us well.
05:49 – 06:08
David Bodamer: So then, when, when we’re talking about private markets, there’s a lot of talk about how there are fewer public companies these days, and what percentage of the market is no longer available on, on those indexes, indices. And then there’s also often talk of, you know, companies staying private for longer.
06:09 – 06:23
David Bodamer: There’s, there’s all these dynamics that seem to be feeding the private side. How do secondaries fit into that matrix, as well into this overall trend of companies, more companies being private, more companies staying private, et cetera.
06:24 – 06:47
Jonathan McEvoy: This is, this has been a trend that you’ve seen where the number of publicly traded companies, has been in a, a steady decline. There are a few statistics that you’ll see out there depending on how you sort of cut up and, and slice the data. But you know, the statistic that we repeatedly see is just, you know, companies of substance, right? So companies of over a hundred million dollars of revenue, you know, and what’s the percentage that are public versus private?
06:48 – 07:12
Jonathan McEvoy: And, you know, the number of private companies with that scale, right? Size, revenue, over a hundred million. It, it’s around 90% of the businesses, so. You really kinda, you know, want private markets exposure and, and in your portfolio to be more holistic. Right? To capture more of those businesses, those companies that you’re just not able to access by just investing in, in traditional stocks.
07:13 – 07:34
Jonathan McEvoy: When you think about more recently, David, the, you know, the, the motivation and the tailwind for secondary investing, it’s really a function of a lower distribution environment. And that’s where, and that’s really kind of started in 2022, where you saw the Fed begin to move off of zero interest rate policy.
07:35 – 07:58
Jonathan McEvoy: And then you had, you know, geopolitical risk that was introduced to markets which created volatility and uncertainty. And when you have that, you know, that is typically an environment where you see lower capital markets activity. Because of that uncertainty and, and that’s just prolonged. And, and here we are that far removed and you’re still dealing with an environment for owners of private equity, private credit as well.
07:59 – 08:24
Jonathan McEvoy: Where private equity firms who typically will look to exit their portfolio companies via an IPO, via a sale to a strategic buyer or another private equity firm. You know, that activity has been quite muted from I would say a normal environment. And when you have that, right, you have an owner of private equity who’s expecting a certain level of liquidity from their private equity portfolio they’re not getting.
08:25 – 08:44
Jonathan McEvoy: And when you have that, they’re really experiencing a liquidity shortfall. And so when you have that scenario, they need that liquidity for whatever their reason and the outlet that they have with that private equity portfolio that’s continuing to grow, that’s performing, that’s of quality, they can go to the secondary market.
08:45 – 09:10
Jonathan McEvoy: And, that’s been a big driver of why you’ve seen supply come to the market now. The secondary market also exists because private equity has become such a meaningful exposure in, in institutional investors, client portfolios, institutional portfolios. And so when you think about that dynamic, that’s a function of the secondary market has become a viable liquidity tool for the, for these owners.
09:11 – 09:38
Jonathan McEvoy: And they could be using the, the secondary market as a portfolio management tool. So you could have a, a large institutional investor who owns private equity in a quite meaningful way. That’s looking at the secondary market and just programmatically coming to the market repeatedly, you know, when they wanna sort of make strategic tilts and shifts in their private equity portfolio, much like you would make in your, in your public equity portfolio if you’re moving from domestic to international or growth to value.
09:39 – 09:51
Jonathan McEvoy: So, you know, you have a number of drivers, but that’s just to come full circle on sort of, you know, the motivation today for, you know, why the secondary market is attractive, but you know, why. You know, companies ultimately may be staying, you know, private for longer.
09:52 – 10:21
David Bodamer: And from an investor standpoint, you know, for someone investing into secondaries or secondary funds or the vehicles that are available, it seems like some of the benefits might be, like, when you think about traditional private equity, there’s the J-curve. But if you’re coming into a secondary, I would assume that you’re getting into, something that, that may be more stabilised and maybe cash flowing, or maybe it may be in a different position in the cycle. So it’s got like a, maybe a different profile than, than if you’re coming in from like just a, a, a more vanilla traditional private equity thing.
10:22 – 10:48
David Bodamer: And the other thing, the other benefit that I would think that maybe there is the, vintage diversification you could achieve. Like even if you are wanting to get like a broad private mar exposure, and maybe you do want to get into again, like a more traditional vanilla thing, but if you couple that with some secondaries, you, you can get exposure to stuff from over the years and create like, you know. Kind of like a, a more robust portfolio. Am I on base with any of that?
10:49 – 11:03
Jonathan McEvoy: Yeah. And, and, and I have a simple illustration to sort of highlight all of that, of what’s the, the benefits of secondaries. And, and so, you know, I kind of like to use this with, with clients when I speak to them to explain sort of secondaries at the onset, which is.
11:04 – 11:22
Jonathan McEvoy: If I, if I brought you to a racetrack and I gave you the ability to, you know, bet on the horse at the start of the race or halfway through, what would be your preference? It’s obvious, right? It’s halfway through, right? You kind of, you know, see who’s, you know, coming outta the gates fast, who’s performing well.
11:23 – 11:43
Jonathan McEvoy: You have the ability to sort of call the race much better midway than you do at the beginning. That’s what secondary investing is. So everything you just highlighted, it’s essentially the benefits. Why secondaries are a great way to invest in private equity. You know, we typically are investing after the, the initial investment period so that that mitigates the J-curve.
11:44 – 12:02
Jonathan McEvoy: What’s the J-curve? The J-curve is essentially, you know, when you commit to a private equity firm, you know, they’ll take a number of years to call your capital to identify companies, invest in those companies, and it won’t be until, you know, a future time where you start seeing the value creation, where you know the value of those assets start appreciating.
12:03 – 12:25
Jonathan McEvoy: As a secondary buyer, we’re, we’re buying in already where the assets have been identified. And so you reduce your blind pool risk, right? We can, we really like secondaries because you can touch and feel what you’re about to own, right? So we can price it accordingly. It mitigates the J-curve and because you’re buying into these seasoned portfolios, meaning that, you know money’s already in the ground, you, you get this cash flowing component.
12:26 – 12:46
Jonathan McEvoy: Which is a really powerful risk mitigator, but because you’re buying into a portfolio that’s going to be heavily, heavily diversified, the diversification’s gonna extend to much greater than just vintage diversification. It’s gonna be, you know, number of private equity firms that will own. That you’ll get in a single investment number of different individual companies.
12:47 – 13:05
Jonathan McEvoy: You know, we’re sector agnostic, so you, you know, pretty much get the, the whole gamut of industries and sectors. Vintage diversification, which is really key because you wanna spread out, you know, when that money goes into the ground, so you’re not subject to any sort of adverse year or batch of years where it was less optimal.
13:06 – 13:35
Jonathan McEvoy: And so, you know, that’s, that’s the beauty of secondaries is basically getting a, you know, getting a head start on a portfolio that’s already in the ground and, you know, getting the diversification, David. Beyond that, you know, not only do you understand sort of the assets that you own, but you get this broadly diversified portfolio and you’re acquiring these assets typically right at a discount because of the market supply demand mismatch.
13:36 – 14:04
Jonathan McEvoy: And I could speak to that in a moment, but when you get all of that, you put that together, you get really solid downside protection. Right? Which really kind of. Which really mitigates principal impairment and as a high net worth investor, as a financial advisor advising clients, right? That’s the first really kind of tool that you’re thinking about when you’re considering, you know, not only what’s the expected return, but what’s my risk of impairment or, or loss.
14:05 – 14:14
Jonathan McEvoy: So, really important to kind of know that about secondaries is not just the outright return that you’re going to achieve, but I’d say the, the risk adjusted return with the downside protection that you get.
14:15 – 14:26
David Bodamer: Yeah. And so you, something you alluded to was gonna be, I think my next question here, which is, uh, when you look at the opportunities for sourcing secondaries, what is that like? How, how do you diligence that? I mean, imagine there’s, there are a lot of opportunities, so how do you kind of identify like the best ones?
14:36 – 14:59
Jonathan McEvoy: So the beauty of secondary investing and, and you know, at Coller, we may be biased when we say this, but we think secondary investing and, and being a buyer is always great and, and the reason is, is that secondaries the market is significantly undercapitalized. And so that provides you as a buyer a significant advantage because of that supply demand mismatch.
15:00 – 15:12
Jonathan McEvoy: And to give you an idea. And I’m gonna start here before I kind of get into sort of the sourcing, but this is sort of, if you look at the total addressable market in any secondary market, it’s a function of the primary market.
15:13 – 15:36
Jonathan McEvoy: Today’s primary market for private equity assets holistically globally is around $11 trillion of NAV. Last year’s transaction volume was 160 billion, so, wow. Okay. If you look at that right, that right there kind of confirms kind of what that supply demand imbalance that I’m speaking to, right?
15:37 – 15:57
Jonathan McEvoy: One, it speaks to sort of the opportunity in front of you for secondaries, right? So even though you’re hearing more and more about it, right? The, the path forward, the growth is significant, but that supply demand mismatch really kind of is something that we lean into. Why? Well, one, we have the biggest investment team dedicated to secondary investing.
15:58 – 16:19
Jonathan McEvoy: It’s almost two X larger than the next biggest competitor that big investment team is, is situated. You know, intentionally, when you look at the makeup of that team, half the folks are principal, partner level, senior folks. They’re sitting in our global offices. Tasked with really cultivating relationships with the biggest owners of private equity, right?
16:20 – 16:43
Jonathan McEvoy: It’s no hidden secret, who owns private equity? So they’re pursuing those relationships to really cultivate those relationships, to drive a relationship, and with our independence, approaching it in a consultative approach to understand and, and sort of have that relationship for when that. Institution has a need for liquidity where we’re their first call or their second call, right?
16:44 – 17:02
Jonathan McEvoy: So we can bring expertise, we can bring certainty, and obviously as a scaled buyer, we can bring, you know, a, a checkbook to really help them. If they do have that, you know, liquidity issue, it extends beyond that, right? So not only the biggest owners of private market assets globally, but also the biggest GPs.
17:03 – 17:29
Jonathan McEvoy: So, you know, we wanna understand, you know, what GPS are dealing with, right? We wanna help them if they have investors that need liquidity. That is a major source of how we get deal flow here at Coller. But there’s other ways that ultimately secondary markets sort of provide supply, which, you know, today, if you look at the investment banks, you know, in Midtown Manhattan.
17:30 – 48
Jonathan McEvoy: They all have teams today that are staffed with folks that are covering sponsors, the private equity firms, as well as teams that are out there talking to institutional owners of private equity assets. Right? For really. Pitching them on if they have a liquidity problem to run a sale, sale process.
17:49 – 18:08
Jonathan McEvoy: And when you run a, a sale process, you’re, you’re essentially running an auction where you’re drumming up a lot of interest. And so with a lot of buyers out there, you know, these brokers are kind of playing that middle. Man to, you know, drive a, an auction process to drive top price for, for the assets that that seller is looking to, you know, sell, to get liquidity.
18:09 – 18:29
Jonathan McEvoy: And, you know, the motivations could be, you know, a whole host of, of reasons why they’re looking to do so. But for, for Coller, you know, looking at the big investment team that we have, we really lean into that size, that global reach. As the, the sourcing engine for us, right? Because that really can lend itself to working with sellers, right?
18:30 – 18:51
Jonathan McEvoy: Motivated sellers and, and doing so at, at a, you know, at a greater premium or for a transaction that we really kind of wanna tailor to fit our buy box. But ultimately it flows through to the more. Folks that we have out there having conversations, the more ideas we having, we have coming through our IC every week.
18:52 – 19:03
Jonathan McEvoy: And it allows us to just be highly, highly selective in an environment where you just have that supply demand mismatch that works into our favor from the, from the start. So hopefully that’s helpful on sort of yeah, how to think about the market.
19:04 – 19:31
David Bodamer: Absolutely. You know, I do wanna pivot now to this question of, what it means to bring the opportunities to the private wealth channel. You know, so we’re at this time where there’s increasing talk of democratisation of private markets. There’s a lot of innovation, there’s a big explosion of there, there’s, a lot of innovation in, in wrappers and, and bringing investment opportunities in, in ways. Different from the traditional kind of drawdown vehicles.
19:32 – 19:53
David Bodamer: So how does what you’re doing fit within, you know, how are you bringing opportunities to the election? And I know like we, like we can’t probably name like specific fund names. There’s all that, you know, compliance stuff, but in, in the broader terms, like just kind of style of funds and, or wrappers or if you could just talk a bit about what it, what you’re doing in the private wealth space.
19:53 – 20:14
Jonathan McEvoy: Yeah. I, I, I think. When you think about any investment in a structure, I think at the core you have to think about, you know, is the structure, does the structure lend itself to what the underlying strategy is? And, and does the underlying strategy and the liquidity of that specifically lend itself to being in a, in a more liquid structure?
20:15 – 20:38
Jonathan McEvoy: And so for the majority of private market assets, that’s not always the case because of the illiquidity, but secondaries. Because of the seasoning component, because you’re buying into these funds midlife, and because they’re cash flowing immediately because of the broad diversification. But because that broad diversification across vintages, you see meaningful return of capital every year.
20:39 – 21:01
Jonathan McEvoy: And so at Coller, it was natural for us to go in this direction because what we’ve been doing for 35 years, you know, with an investment team that’s been built out with that sourcing engine that’s global. With an IC process that’s, you know, been refined, and continues to be re-written to improve outcomes.
21:02 – 21:20
Jonathan McEvoy: We are taking, you know, those outputs, right? So the transactions that we source and bring through our IC and approve we’re, we can bring those and put them into a perpetual structure. And so secondaries lend themselves very well to a, a semi-liquid structure. And what I would say or argue is that in the structure.
21:21 – 21:39
Jonathan McEvoy: As an investor, you know, what are you really looking for? Well, your appetite is potentially changing, so you can still do a, a closed ended structure or you can consider a perpetual and in a perpetual, really what are you picking up? The huge advantage for a perpetual structure is that you don’t have a multi-year investment period.
21:40 – 22:12
Jonathan McEvoy: You don’t have a high, uh, minimum investment. You don’t have a high, client suitability requirement. You get a, you get a much more friendly sort of tax reporting in the form of a 1099, and then you put that all together and you get a cash flowing portfolio. That’s not only gonna be core because it can provide you a single investment that’s gonna give you broad diversification across, you know, GPs, individual companies, sectors, vintages as I mentioned before, but because of the cash flowing.
22:13 – 22:31
Jonathan McEvoy: Component of secondaries rather than the cash flow. You know, just going out the door back to you as an investor, where then you have to make a decision of re where to re redeploy that. But the recycling of capital that’s happening inside a perpetual structure is giving you that all weather feel because you’re getting the repositioning as you’re moving through time.
22:32 – 22:50
Jonathan McEvoy: And so, you know. Coming to private wealth, introducing these new structures specifically in, you know, these perpetual structures with, you know, a $50,000 minimum or a low minimum, you know, lower suitability at the accredited level, instant investment, so you’re not investing over a multi-year period, a 1099.
22:51 – 23:29
Jonathan McEvoy: It really is a great solution. It’s a great way for advisors that, you know, where they have clients that are either considering alternatives or they need to increase their alternative usage. It, it’s a great way to get that core exposure to private equity private markets. And really kind of then from there kind of build off ancillary exposures and, and sort of, you know, start that process with your clients and, and because you’re, you’re in private markets, you know, this isn’t public markets, so you have the natural sort of dampening of volatility that you’re, you know, that should be, that should be lower than public markets.
23:30 – 23:45
Jonathan McEvoy: Because secondaries are so broadly diversified, you get something that really provides you really strong downside protection, right? So it mitigates principal impairment and allows you to compound efficiently, which is the name of the game for what clients are really looking for, you know, in their investment portfolios.
23:46 – 23:59
David Bodamer: So what is your experience like in just interfacing with the advisor universe and talking about. You know, secondary is talking about your opportunities. What, what, what are you finding, in that world?
24:00 – 24:26
Jonathan McEvoy: Yeah. I, I think there’s, there’s a lot on, on advisor’s plates and a lot on investors’ plates, right? Investors outsource their investment to their advisor who really is there to construct, you know, a portfolio holistically. There’s a lot that they have to do, right? So even in today’s environment where alternatives are, are more commonplace than they were five years ago, or when I began 10 plus years ago, education is still important, and I would say it’s quite essential.
24:27 – 25:00
Jonathan McEvoy: That could be educating the advisor or it could be extending all the way to educating the client, you know, on why secondaries, right? The misnomers that they may have on secondaries and overcoming that, right? How to really prepare folks to understand sort of what they’re investing in, which I think is critical on something that you have to do, especially as a sales organisation, which is sort of, you know how I sort of is the ethos of my sales team as we’re out there talking to advisors and clients.
25:01 – 25:15
Jonathan McEvoy: So education is really important. The next is, today there’s a lot of, there’s a, it seems like there’s a lot more folks that are moving into private wealth because they see the opportunity. They’re using secondaries.
25:16 – 25:35
Jonathan McEvoy: So advisors and clients are seeing a lot of different managers doing a lot of secondaries, but they’re different, right? It’s a generalisation to say that you do secondaries. So really then beyond the education of why secondaries, then it is, you know, how do you differ, right? So how does C approach secondary investing? What are you owning?
25:36 – 26:03
Jonathan McEvoy: And that’s really important too because you know, some portfolios may be made up of secondaries plus co-investments, plus primaries. You know, we’re secondaries only, right? So what’s the advantage of that and what do you mean? LP led and GP led secondaries. So then digging even further into sort of the difference between LP led and GP led, especially ’cause they’re hearing more about GP-leds being a major source today and a growth area of the secondary market.
26:04- 26:31
Jonathan McEvoy: So education is really important. And that’s beyond not just the investment themselves, but the structure. Especially for newer clients that, you know, this will be their first foray into alternatives. You know, this structural difference is gonna be. Obviously something that will be different from nutritional stocks and bonds. So educating them on what the, the expectation is on a go forward basis of, you know, this new structure that you’re introducing them to with this secondary exposure.
26:32 – 26:48
David Bodamer: And, you know, I know Coller, you know, globally you’re do, you’re not just serving the us. You’ve got, you’re doing things everywhere. Is there any interesting things you’ve found in trying to like service the private wealth market in the US versus what it’s been like other places?
26:49 – 27:10
Jonathan McEvoy: There, there is a difference. We are doing this on a global basis. Jake Elmhurst here at Coller, you know, is sort of the architect, senior partner at the firm was 25 years at UBS, built the sort of the placement business there on the private equity side, then moved to the private bank as he built out their private markets business.
27:11 – 27:57
Jonathan McEvoy: And so, and what was great about that is that he, he did that both in the US as well as in Europe. So he really saw and really had the, that vantage point of seeing sort of how you need to build this and also how to succeed both in the US, which is a different market than ex-US. And ex-US, you know, I, I sort of, lump that all together, even though you’re dealing with different regions, even just north of our border in Canada, to Europe, to Middle East, to Asia, to Australia. There’s significantly, you know, differences and, and that’s just, you know, in the size of the team that you have, it’s the structures that you have locally in those respective regions.
27:58 – 28:17
Jonathan McEvoy: And so, yeah, we’re doing it on this massive global basis. We’re about 70 folks. What’s notable and you know, what you should sort of be looking for any firm that you know is coming into the private wealth space is, you know, what is your commitment to it? Because of the 70 people, only half of those are distribution, right?
28:18 – 28:42
Jonathan McEvoy: So, you know, we’re inside Coller, which has been around for 35 years, as I mentioned. We, you know, are firm just over 300 employees, but those new employees, you know, of the 70 half are distribution. The other half are actually the infrastructure that you want to have to support this broader business. So that’s legal, compliance, that’s controllers, that’s finance, that’s marketing.
28:43 – 29:09
Jonathan McEvoy: These are all critical pieces as you’re scaling and, and growing a business for the long term, and that’s our commitment. So, you know, you can do that, you know, with patients, but you also need to be resourced. And that’s certainly something that, you know, we at Coller are committing to. And, you know, that’s being bought in by, you know, the whole firm as we look, you know, to embark on this endeavour, which is not so new anymore.
29:10 – 29:35
David Bodamer: Well, I’ve, I’ve taken a good chunk of your time, and you’ve answered all my questions here. I just, you know, before we wrap up, I just wanted to give you an opportunity if, you know, if there are any sort of, either takeaways or points that, that we didn’t get to that you might wanna leave the audience with. And also, if folks want more information about, either you or about Coller, where should they go?
29:36 – 29:50
Jonathan McEvoy: Yeah. Well, well, David, I appreciated your time and, and really appreciate everyone, all the listeners time to, to hear us, for this lively discussion on secondaries and, and the opportunity and how it can be, beneficial for clients.
29:51 – 30:17
Jonathan McEvoy: Love to, open up a discussion and have you reach out to Coller Capital. Everything is accessible through, you know our public website. We have, all that correspondence, but please feel free to reach out. You can reach out to me directly, and you know, would love to discuss, start a discussion and certainly talk about sort of Coller, our platform and, if there’s ways that we could partner and work together. So thank you so much.
30:18 – 30:39
David Bodamer: Great, thank you. You can find me on LinkedIn. You could also find, you know, our, our coverage, ongoing coverage@wealthmanagement.com in our investment section where we cover alternatives as well as ETFs, mutual funds, SMAs model portfolios, all the kind of building blocks that folks are using these days. So I hope folks, if you have found this through some other method, please check us out there.
Potential investors should be aware that an investment in secondaries is highly speculative and should only be considered by investors who have the financial sophistication and expertise to evaluate the merits and risks of an investment.
