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The
new team will focus on transactions and investments including
last-stage financing of companies before initial public
offerings, structured private credit, infrastructure
investments, and secondary equity monetizations, UBS said in a
staff memo.
Alan Felder will head the team in the Americas, Isabelle
Toledano-Koutsouris in Europe, the Middle East and Africa, and
Nicolo Magni in Asia-Pacific, in addition to their current
roles.
Paul Crisci, who is leading the global roll-out of the team,
will oversee the business.
"Giving billionaires more direct investment opportunities in
private markets is something they will value more than lending,
which they can get from almost anyone," said Piero Novelli, the
co-head of UBS's investment bank.
Such transactions are attractive to banks because they offer
relatively solid fees, although UBS did not reveal these.
Novelli said it was difficult to forecast deal volumes.
"I think in 12 months we will be in a much better position to
scope and size the opportunity," he said.
"It will take several years to get it into the full regime. But
I would not be surprised if it became a half a billion dollar
business one day."
The global net asset value of private equity has grown twice as
fast as public market capitalization since 2000 as more
companies stay private for longer, its investment bank co-heads
Robert Karofsky and Novelli said.
(Reporting by Angelika Gruber, Writing by Michael Shields)
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