CAIA Pennsylvania- Myths and Realities in GP Led Secondaries
March 28, 2023
Note: All times listed are in local time
Myths and Reality in GP Led Secondaries
The market for secondary investments has dramatically shifted in recent years with the evolution of GP led transactions. Please join us for our panel discussion as we dive into the myths and realities around alignment of interests, trophy versus tail end assets, and buyer and seller motivations.
Time & Date:
Tuesday, March 28, 2023
2:00 PM ET
Details sent upon registration
Organization: Devon Park Advisors
Jonathan Costello, Managing Partner, founded Devon Park Advisors in 2021. Jonathan has 28 years of private markets and advisory experience, including over 20 years focused on the secondary market. His experience spans broadly across the following transaction types: (i) LP interest acquisitions/divestitures, (ii) GP led secondaries, (iii) LP or GP structured equity solutions, (iv) GP stakes, (v) blind pool primary commitments and (vi) direct, control buyouts. In total, Jonathan has advised or served as lead investor in 60+ GP led secondary transactions representing $20+ billion in transaction value. Since forming Devon Park, Jonathan has advised sponsor clients including Ashcroft Capital, Atlantic Street Capital, Avenue Capital, and Oaktree.
Prior to forming Devon Park, Jonathan was an Operating Partner at Stone Point Capital.
Prior to Stone Point, Jonathan was a Partner and Global Head of Secondary Advisory at PJT Park Hill. Jonathan led a team of 35 dedicated advisory professionals based in New York and London. Jonathan and his team advised on 36 GP led transactions in private equity, private credit, real estate, and infrastructure,
including several of the largest single asset continuation vehicle transactions completed to date.
Representative sponsor clients included Avenue Capital, Blackstone, Oaktree, Pretium Partners, Providence Equity, Revelstoke, Riverstone, and TPG.
Prior to PJT Park Hill, Jonathan was a Managing Director, Portfolio Manager and Head of the Morgan Stanley Alternative Investment Partners Private Equity (AIP) Secondary Team. Jonathan was a member of the five person, AIP global investment committee, which approved all investments and dispositions (primary, secondary and co-investment commitments) for commingled private equity fund of funds,
dedicated secondary funds and other separately managed accounts. Jonathan was also a member of the AIP executive committee, which oversaw all aspects of the AIP business. Jonathan managed a team of 12 dedicated private equity secondary investment professionals based in Philadelphia, New York, and London.
Prior to joining AIP, Jonathan worked at Susquehanna International Group, where he led the firm’s investments in the private equity secondary market. Previously, he founded and led the secondary advisory business at SSG Capital Advisors, where he represented insurance companies, corporate, and family office clients in private equity secondary transactions. Before that, Jonathan worked with Safeguard Scientifics, where he was responsible for managing the firm’s private equity fund portfolio and sourcing, conducting due diligence, and structuring direct private equity investments in software and information services companies.
Jonathan received a B.S. in finance from Boston College.
Jonathan is married with three children and currently resides in Wellington, Florida.
Organization: Callan Family Office
Doug Getty, CFA, CFP, Investment Management Partner at Callan Family Office, collaborates with clients and their advisors to meet the unique needs of complex, multi-generational wealth and foundations. With more than 25 years of experience, Doug brings extensive knowledge to customize investment portfolios across the spectrum of public and private markets, with a keen eye towards risk management. In addition, Doug serves in a leadership role to provide strategic direction for the investment platform and due diligence of focused solutions.
Prior to Callan Family Office, Doug was regional chief investment officer for Abbot Downing, Wells Fargo’s ultra-high-net-worth business. In this role, Doug led the investment team, managed a select number of client relationships, and co-led the selection of approved investment managers.
Previously, Doug was managing director for Calibre, the multi-family office of Wachovia Bank, a predecessor of Wells Fargo. In this capacity, Doug helped to build Calibre’s open-architecture investment platform, grow the business, and manage the investment team.
Doug began his career as an associate with CMS Companies, a boutique investment firm focused on the unique needs of successful entrepreneurs and ultra-high-net-worth families as relates to their public and private investments, as well as complex life insurance solutions.
Doug is a graduate of the University of Delaware, with a bachelor’s degree in finance. He also serves as a chairperson for the St. Christopher’s Foundation for Children, which supports the health and wellbeing of children in North Philadelphia.
Organization: Graham Partners
Christina Morin, Managing Principal, joined Graham Partners’ investment team in 1998 and today serves as a senior member of the firm’s leadership team. She serves on Graham Partners’ Investment and Valuation Committees, as well as on the boards of certain portfolio companies. Christina’s past and present board directorships include Abrisa, BrightPet, Eldorado, HB&G, Henry, Mercer, and Universal Pure.
Prior to joining Graham Partners, Christina worked for W.Y. Campbell & Company, a division of Comerica. Previous to W.Y. Campbell & Company, she worked for Borders, Inc. in its Strategic and Financial Planning Division and for Goldman, Sachs & Co. in its Investment Banking Division.
Christina earned her B.A. with honors from the University of Virginia, where she was an Echols Scholar and a member of Phi Beta Kappa, and her M.B.A. from the Wharton School at the University of Pennsylvania, where she graduated as a Director’s List student.
A native of the Philadelphia area, Christina enjoys spending time with her family, gardening, and horseback riding when not working. While at the University of Virginia, Christina was on the varsity polo team.
Organization: WP Global
Mike Raso, CAIA, joined WP Global in 2019. Mr. Raso has over 25 years career experience working with institutional and private wealth investors to gain exposure to traditional, alternative and private market investment strategies.
Before joining WP Global, Mr. Raso was most recently a Senior Investment Specialist for Private Markets and Hedge Funds at Aberdeen Standard Investments. Mr. Raso has also worked at large asset managers such as OppenheimerFunds and AllianceBernstein and at small boutique investment firms, including starting his own firm. His roles have included product and firm strategy, business development and relationship management. Mr. Raso has individually raised over $6 billion for investment strategies and transactions as well as led or participated in team business development efforts.
Mr. Raso holds a B.S. in Economics/Finance from University of Scranton and an M.B.A. in International Finance with a concentration in Public Relations from Fordham University. Mr. Raso is also a Chartered Alternative Investment Analyst and holds certificates from Family Firm Institute in Family Wealth Advising and Family Business Advising.