Park Hill’s Costello becomes secondaries head – exclusive

Park Hill has named Jon Costello as its head of secondaries advisory as former head Larry Thuet becomes vice-chairman at the advisory firm, Secondaries Investor has learned.

Pablo Calo has become head of secondaries advisory international, according to an internal memo obtained by Secondaries Investor. It is not clear whether they have become co-heads of the unit.

New York-based Costello joined Park Hill in the second half of last year from Morgan Stanley Alternative Investment Partners in the wake of fund restructuring expert Andrew Caspersen’s departure.

Costello and London-based Calo will “lead secondary advisory in sourcing, strategy and execution and will continue to expand the cross-business collaboration within Park Hill and across the firm”, according to the memo, dated 19 September.

Thuet, a founding member of Park Hill, will mainly focus on client coverage and origination in secondaries, as well as opportunities for cross-business collaboration, the memo reads.

Costello has more than two decades of industry experience and prior to Morgan Stanley focused on secondaries at Philadelphia-headquartered investment firm Susquehanna International. He had previously led SSG Capital Advisors’ secondaries advisory business prior to joining Morgan Stanley, as Secondaries Investor reported in August last year.

In his new role, he will also join Park Hill’s management committee, according to the memo.

Calo joined Park Hill in 2013. He was a managing director with PineBridge Investments and head of its European private equity secondaries business. Calo also held various direct investment roles at AIG Global Investment Group and AIG Capital Partners in New York, Buenos Aires and London.

Park Hill had lost its restructurings expert in March 2016 when Caspersen, an executive at the firm, was charged and arrested with attempting to defraud investors of $95 million. Caspersen pleaded guilty to securities fraud and wire fraud at the beginning of July, and was sentenced to four years in prison.

Over the past 12 months, Park Hill has advised on GP-led processes including the restructuring of Swiss private equity firm Zurmont Madison‘s sole fund and healthcare-focused Enhanced Equity Funds‘ two vehicles, as Secondaries Investor reported.

Park Hill declined to comment.