- Perella Weinberg Partners is acquiring GP-led secondaries advisor Devon Park Advisors to launch a new Private Funds Advisory unit focused on continuation funds and fund secondaries.
- Founder Jonathan Costello and about 15 Devon Park professionals will join PWP, with terms undisclosed and closing expected in early Q4 2025 pending regulatory approval.
- The move targets a fast-growing secondaries market projected to top $200 billion in 2025 as higher rates and trade uncertainty constrain IPO and M&A exits.
- PWP is pursuing the expansion despite lumpy results, with Q2 2025 revenue down 43% year over year but a debt-free balance sheet and significant capital returns.
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The acquisition of Devon Park Advisors signifies a deliberate shift by Perella Weinberg to deepen its exposure to private secondary markets, particularly continuation funds and GP-led secondaries. Devon Park’s specialization in fund secondaries, GP advisory and continuation-fund structures—coupled with its experience advising on over $4.5 billion of transaction value since 2021—gives PWP a foothold in a fast-growing segment where demand is accelerating due to macroeconomic pressures.
PWP is positioning this acquisition as a complement to its traditional advisory offerings, especially as exits through IPOs and trade sales become less reliable amid higher rates and tariff risks. By forming a new Private Funds Advisory practice led by Costello, the firm can offer alternative paths to liquidity for sponsors and limited partners, a service increasingly in demand.
From a financial standpoint, PWP’s latest metrics reflect resilience despite revenue contraction: Q2 revenues fell sharply versus 2024 due to the loss of a large deal fee, but first-half 2025 revenue declined only slightly year-over-year, and the firm has protected its balance sheet (no debt, $145 million in cash). Aggressive capital returns—share buybacks, dividends—also suggest confidence in its cash flow.
Strategically, the deal carries both opportunity and risk:
- Opportunity to capture market share in an expanding secondaries market forecasted to exceed $200 billion in deal value in 2025.
- Potential for cross-selling and leveraging PWP’s global client base to scale the Private Funds Advisory business beyond the initial Devon Park team of 15 professionals.
- But risks include regulatory approval delays, integration challenges, strong competition from other advisors, and the inherent volatility of deal-based revenue. The revenue drop in Q2 underscores how heavily PWP remains exposed to large, lumpy deals.
Open questions include the silence on financial terms of the acquisition: how much was paid, how earn-outs or retention incentives are structured, and what revenue targets PWP has for the new unit. Also, whether PWP can attract more senior talent in secondaries to scale rapidly, and how the firm will compete with established secondaries advisory shops.
Supporting Notes
- PWP announced the acquisition of Devon Park Advisors, a GP-led secondaries advisory firm founded in 2021, expected to close early in Q4 2025 pending regulatory approval.
- Devon Park has advised on over $4.5 billion in aggregate transaction value since launch.
- Devon Park’s 15 advisory professionals, including its founder Jonathan Costello, will join PWP to lead the new Private Funds Advisory business.
- PWP reported revenue for Q2 2025 of $155.3 million, down 43 % from Q2 2024; first-half revenues were $367.1 million, down approx. 2 % year-over-year.
- PWP ended the period with $145 million in cash, no debt, and returned over $145 million to equity holders in H1 2025 via buybacks, exchanges, and dividends.
- Deal volume in secondary private equity, including continuation funds, is expected to exceed $200 billion in 2025—a fresh all-time high following record activity in 2024.
- PWP CEO Andrew Bednar said that firm has seen “surging demand in the private secondary market” amid high interest rates and trade uncertainty reducing traditional exit options.