Perella Weinberg Partners Acquires Devon Park Advisors to Expand Private Funds Advisory Business

Perella Weinberg Partners is acquiring Devon Park Advisors, LLC, with Devon Park's 15 advisory professionals joining Perella Weinberg's Private Funds Advisory business. The acquisition is expected to be completed early in the fourth quarter, following regulatory approval. Jonathan Costello, Founder of Devon Park, will lead the new business.

Perella Weinberg Partners (PWP), a leading investment banking and advisory firm, has announced the acquisition of Devon Park Advisors, a GP-led secondaries advisory firm founded in 2021. The transaction, expected to close in the fourth quarter of 2025 following regulatory approval, adds 15 advisory professionals to PWP's Private Funds Advisory business. Jonathan Costello, the founder of Devon Park, will lead the new business unit.

The acquisition is a strategic move for PWP, which aims to expand its service offerings to financial sponsors and alternative asset managers. Devon Park's expertise in GP-led secondaries, GP advisory, and fund secondaries, combined with its extensive network of capital providers and track record of over $4.5 billion in transaction value, will significantly enhance PWP's capabilities in the fast-growing secondaries market.

For the second quarter of 2025, PWP reported revenues of $155.3 million, a 43% decrease from the same period in 2024. This decline was partly attributed to the absence of the large transaction fee that accounted for approximately one-third of the 2024 revenue. Despite the revenue drop, the first half of 2025 saw a modest 2% decrease in revenues to $367.1 million. The acquisition of Devon Park Advisors is expected to create meaningful revenue opportunities across PWP's global platform.

From a capital management perspective, PWP maintains a strong balance sheet with $145 million in cash and no debt. The firm has been aggressive with shareholder returns, returning over $145 million to equity holders in the first half of 2025 through share repurchases and dividends. Additionally, PWP appointed two new independent directors, bringing experience from Ernst & Young and Shell Marine.

The acquisition of Devon Park Advisors marks a significant step in PWP's expansion into the secondaries market, aiming to better serve the evolving needs of its clients.

References:
[1] https://www.stocktitan.net/news/PWP/perella-weinberg-reports-second-quarter-2025-results-adds-private-qydg51ofrpv5.html