Key Takeaways
- • A&O Shearman hired Gabriel Boghossian and Sarah de Ste Croix from Stephenson Harwood as Global Co-Heads of Secondaries, along with their full London-based team, strengthening the firm's private capital platform.
- • The hires establish A&O Shearman as one of only three firms in the industry holding a Band 1 ranking for secondaries transactions, reflecting the strategic importance of the practice area.
- • Boghossian and de Ste Croix bring expertise across continuation vehicles, limited partner portfolio transactions, GP stakes, and liquidity solutions—all high-growth segments of the secondaries market.
- • The secondaries team will integrate with A&O Shearman's existing private capital operation, which includes more than 200 partners across the U.S., U.K., EMEA, and Asia-Pacific, enabling multi-asset-class and cross-jurisdictional transaction advice.
- • The addition reflects rising demand from fund managers and investors for secondaries alternatives as traditional exit paths become more complex and investors seek liquidity from existing holdings.
Summary
A&O Shearman has bolstered its private capital practice by recruiting Gabriel Boghossian and Sarah de Ste Croix as Global Co-Heads of Secondaries, bringing their London-based team to the magic circle firm from Stephenson Harwood. The move represents a significant capability expansion in an increasingly complex and high-growth market segment, positioning A&O Shearman among only three firms holding a Band 1 ranking in secondaries transactions.
Boghossian and de Ste Croix advise across a broad range of secondaries structures, including continuation vehicles, limited partner (LP) portfolio transactions, GP-led stakes, and liquidity solutions. These transaction types have become central to the secondaries market as private equity sponsors evaluate alternatives to traditional exits and seek to retain assets while providing existing investors with liquidity. Continuation vehicles, in particular, have driven significant growth by enabling PE firms to transfer assets from mature funds into newly capitalized vehicles backed by both existing and new capital.
The secondaries team will operate within A&O Shearman's broader private capital platform, which encompasses more than 200 partners and advises clients across multiple geographies—the U.S., U.K., EMEA, and Asia-Pacific. This scale and geographic footprint enable the firm to counsel on complex, multi-jurisdictional transactions spanning multiple asset classes. The firm emphasized that the appointments reflect market recognition of secondaries as an increasingly material component of private capital strategy, particularly as fund managers and institutional investors navigate more sophisticated approaches to portfolio management and capital deployment.
Boghossian and de Ste Croix advise across a broad range of secondaries structures, including continuation vehicles, limited partner (LP) portfolio transactions, GP-led stakes, and liquidity solutions. These transaction types have become central to the secondaries market as private equity sponsors evaluate alternatives to traditional exits and seek to retain assets while providing existing investors with liquidity. Continuation vehicles, in particular, have driven significant growth by enabling PE firms to transfer assets from mature funds into newly capitalized vehicles backed by both existing and new capital.
The secondaries team will operate within A&O Shearman's broader private capital platform, which encompasses more than 200 partners and advises clients across multiple geographies—the U.S., U.K., EMEA, and Asia-Pacific. This scale and geographic footprint enable the firm to counsel on complex, multi-jurisdictional transactions spanning multiple asset classes. The firm emphasized that the appointments reflect market recognition of secondaries as an increasingly material component of private capital strategy, particularly as fund managers and institutional investors navigate more sophisticated approaches to portfolio management and capital deployment.
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