Moelis & Company’s Strategic Hires Signal Bold Ambitions in Private Equity Secondaries

The private equity secondary market—a sector valued at over $600 billion globally—is undergoing a seismic shift as institutional investors increasingly seek liquidity solutions for illiquid assets. Against this backdrop, Moelis & Company (MO) has made a decisive move to capitalize on the trend, appointing Jeff Hammer and Paul Sanabria as Managing Directors to lead its Private Funds Advisory team. These hires, alongside the recruitment of Matt Wesley as Global Head of the group, mark a pivotal step in Moelis’s ambition to become a dominant player in GP-led secondaries and sponsor-led capital solutions.

The duo’s pedigree is undeniable. Both Hammer and Sanabria bring over 25 years of experience in structuring complex secondary transactions, having previously co-headed Manulife Investment Management’s GP-led secondaries unit and led Houlihan Lokey’s private capital solutions division. Their track record includes pioneering bespoke liquidity solutions for financial sponsors and institutional investors, a skill set Moelis executives argue is critical to addressing the growing demand for alternatives to traditional buyouts.

The strategic rationale behind these hires is clear. The secondary market has boomed in recent years, with GP-led transactions alone accounting for 25% of all private equity secondaries in 2023, according to Preqin. This shift reflects a maturing industry where sponsors seek to recycle capital and investors demand faster exits. Moelis’s push into this space aligns with its broader strategy of expanding advisory services in high-margin, specialized sectors.

Financially, the move appears shrewd. Moelis’s focus on niche advisory services has historically insulated it from the volatility affecting larger banks. In 2024, the company reported a 19% year-over-year increase in advisory fees, driven by gains in restructuring and M&A. The Private Funds Advisory team’s expansion could further diversify its revenue streams. Ken Moelis, the firm’s chairman, emphasized this in a statement: “Backed by the right talent, we’re positioned to deliver solutions that define the future of private capital markets.”

Critically, the appointments also address a talent gap. The secondary market’s complexity requires advisors with deep technical expertise—knowledge of fund documentation, regulatory nuances, and valuation methodologies. Hammer and Sanabria’s prior roles at Houlihan Lokey and Manulife positioned them at the forefront of these challenges. Paul Sanabria’s LinkedIn profile highlights his co-authorship of industry white papers on GP-led fund restructurings, underscoring the team’s intellectual capital.

The firm’s leadership structure further reinforces its ambitions. Matt Wesley, the newly appointed Global Head, brings a 20-year career in private equity advisory, including stints at Lazard and Jefferies. Together with Hammer and Sanabria, the trio forms a nucleus capable of competing with legacy firms like Goldman Sachs and Morgan Stanley, which have long dominated the space.

Moelis’s bet hinges on two trends: the secular growth of the secondary market and the increasing specialization required to navigate it. With institutional investors allocating a record $1.2 trillion to private equity in 2023, the demand for liquidity solutions will only intensify. By assembling a team that combines transactional prowess with thought leadership, Moelis is staking a claim as the go-to advisor for sponsors seeking to monetize assets without full liquidation.

In conclusion, the appointments of Hammer, Sanabria, and Wesley are more than a talent acquisition—they signal a bold strategic pivot. With a 25% annual growth rate in GP-led transactions and Moelis’s existing advisory strengths, the firm is well-positioned to capture a larger share of a rapidly evolving market. As the secondary sector transitions from a niche play to a mainstream investment strategy, Moelis’s move underscores a simple truth: in finance, the right people can turn momentum into dominance.

Data Note: As of Q1 2025, Moelis reported a 14% sequential increase in Private Funds Advisory revenues, outpacing its closest competitors in the segment.