Jefferies builds fundraising operation with Credit Suisse execs

The new group is among a handful of competitors vying for business from private markets GPs finding it difficult to raise funds. 

A new private capital advisory group is emerging out of Credit Suisse, which has long boasted one of the largest placement agent groups in the industry. 

A group of 15 to 20 fundraising professionals – about half senior level executives – are leaving the Swiss bank and joining Jefferies, sources told affiliate title Buyouts

The group, when it officially hits the market, will be among a handful of fierce competitors vying for business from private markets GPs who are finding it increasingly difficult to raise funds in the current environment. Other larger competitors in the market include UBS, PJT Park Hill, Campbell Lutyens, Sixpoint Partners, Evercore and Lazard.

The Wall Street Journal reported on the moves earlier. 

The new Jefferies group will be co-led by Daniel Claster and Andrew Wilbur, two managing directors and veterans at Credit Suisse. Claster joined the bank in 2002, according to his LinkedIn profile, while Wilbur has been there since 2009. Claster is based in New York while Wilbur works out of London. 

The identity of the other people joining Jefferies is not clear. A Jefferies spokesperson declined to comment. A Credit Suisse spokesperson also declined comment. 

Claster and Wilbur will report to Matthew Wesley, global head of private capital advisory at Jefferies, the sources said. Jefferies’ private capital advisory focuses on fundraising, secondaries advisory and GP stakes advisory.  

The departures are part of an exodus of talent that has moved on from the bank since the Swiss government forced UBS to buy Credit Suisse in March. Among the various groups, Credit Suisse’s private fund group has seen departures among executives focused on raising money for private investment funds and those who help facilitate secondaries deals.