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- New secondaries investment capability part of Manulife's
strategy to expand its Private Markets investment platform
- Veteran secondary market advisors and investors Jeff Hammer and Paul
Sanabria hired as Global Co-Heads of Secondaries
BOSTON, Oct. 21, 2019 /PRNewswire/ - Manulife
Investment Management ("Manulife") today announced the launch of a
new secondary investment business within its Private Markets group
and has appointed Jeff Hammer and
Paul Sanabria to serve as Global
Co-Heads of this business.
The Secondaries capability is part of Manulife's strategy to
expand its comprehensive Private Markets platform, which includes
Private Equity and Credit, Infrastructure, Real Estate, Timber and
Agriculture.
Mr. Hammer and Mr. Sanabria are expected to build a global
secondary investment capability that focuses on general partner-led
and special situation transactions, and partners with private
equity, private credit and secondary fund sponsors. The new
business will serve the increasingly complex liquidity needs of
private capital markets, and is anticipated to invest in
solution-oriented opportunities as well as more traditional
secondary transactions. Mr. Hammer and Mr. Sanabria expect to
harness Manulife's track record as a collaborative investor and
long-time fund allocator to lead, participate in and invest in
transactions with general partners.
Mr. Hammer and Mr. Sanabria, who have worked together for over
20 years, will draw upon their experience, creativity and
problem-solving capabilities developed as both secondary advisors
and investors. Over the past 10 years at Houlihan Lokey, they built
and led a market-leading secondary advisory business that executed
over $15b USD of private equity,
private credit and other esoteric asset transactions. Previously at
Bear Stearns Asset Management, they built and led Private Equity
Advisors, a private equity investment group that invested balance
sheet and third-party capital into a cross-section of primary,
secondary and co-investment transactions with AUM of $2.1b USD prior to their departure.
Manulife, through its global Private Equity and Credit group,
invests in private equity funds, co-investments and private credit
securities (junior and senior financing) typically in collaboration
with a broad array of leading general partners. Current Private
Equity and Credit assets under management are $6.5b USD on behalf of third-party clients and
Manulife's General Account as at June 30,
20191.
Mr. Hammer and Mr. Sanabria will build a global team
headquartered in New York. The new
team is an important initiative for Manulife and will begin
investing immediately on behalf of Manulife's General Account,
while contributing to the development of specialized secondary
funds, separately managed accounts and other investment products
for Manulife Investment Management's global institutional client
base.
Stephen Blewitt, Global Head of
Private Markets, commented: "The secondary market's rapid growth
presents a significant opportunity for Manulife Investment
Management and our institutional clients. I am delighted that Paul
and Jeff, who have decades of experience and deep relationships in
the secondaries market, will lead this
business."
Vipon Ghai, Global Head of
Private Equity and Credit, said: "The addition of this
Secondaries investment business complements and expands Manulife
Investment Management's existing investment capabilities. It builds
on the strength of our existing GP relationships, where we have
established a highly collaborative approach."
Paul Sanabria, Global Co-Head of
Secondaries, said: "I am excited by the opportunity to build
Manulife Investment Management's strategic Secondaries business
with my long-standing professional partner, Jeff Hammer. Manulife's commitment to grow the
range of private asset solutions for investors, its stellar
reputation and global footprint can provide us with a formidable
platform to establish a world-class capability."
Jeff Hammer, Global Co-Head of
Secondaries, added: "Our broad and deep experience developing
solutions for complex and illiquid assets, coupled with Manulife
Investment Management's scale and distribution through its global
wealth and asset management business lines, I believe will enable
us to create value for Manulife's key stakeholders including GP
partners, third-party investors, and Manulife's General
Account."
Biographies
Paul Sanabria
Mr. Sanabria is a Senior Managing Director and Global Co-Head of
Secondaries at Manulife Investment Management. Mr. Sanabria has
more than 19 years of experience in principal investing and
investment banking, and nine years as a management consultant. He
spent the past ten years as Co-Head of Houlihan Lokey's Illiquid
Financial Assets practice, a unit he co-founded and built into the
leading investment group focused on customized transactions for
holders of illiquid securities.
Mr. Sanabria was previously a Senior Managing Director at Bear
Stearns & Co., where he acquired and led the Private Funds
Group responsible for originating new third-party fundraising
mandates. In addition, he founded and co-led the private equity
fund and secondary investing unit with aggregate AUM over
$2b.
Earlier, Mr. Sanabria was co-founder of BDC Financial Inc., a
firm that provided customized private equity investment management
and advisory services to institutional and high-net-worth
investors, which was sold to Bear Stearns.
Mr. Sanabria received a B.S. from California State University at Sacramento and an
MBA from Harvard University.
Jeff Hammer
Mr. Hammer is a Senior Managing Director and Global Co-Head of
Secondaries at Manulife Investment Management. He has more than
three decades of experience in principal investing, investment
banking, and building businesses in the private markets. He spent
the past ten years as Co-Head of Houlihan Lokey's Illiquid
Financial Assets practice, a unit he co-founded and built into the
leading investment banking group focused on customized transactions
for holders of illiquid securities.
Mr. Hammer was previously a Senior Managing Director at Bear
Stearns & Co., where he founded, built and co-led Private
Equity Advisors, the private equity fund-of-funds and secondary
investing unit of Bear Stearns Asset Management. In this position,
Mr. Hammer developed and managed several secondary-focused private
equity investment management programs that had an aggregate AUM
over $2b. Mr. Hammer also served as
the Global Head of Origination for the Private Funds Group upon its
acquisition into Bear Stearns Asset Management.
Mr. Hammer co-founded BDC Financial Inc., a firm that provided
customized private equity investment management and advisory
services to institutional and high-net-worth investors, which was
sold to Bear Stearns.
Earlier in his career, Mr. Hammer held investment banking
positions at Morgan Stanley and Goldman Sachs. Mr. Hammer received
an A.B. from Princeton University and
an MBA from Harvard University.
About Manulife Investment Management
Manulife
Investment Management1 is the global wealth and asset
management segment of Manulife Financial Corporation. We draw on
more than 150 years of financial stewardship to partner with
clients across our institutional, retail, and retirement businesses
globally. Our specialist approach to money management includes the
highly differentiated strategies of our fixed-income, specialized
equity, multi-asset solutions, and private markets teams—along with
access to specialized, unaffiliated asset managers from around the
world through our multimanager model. Our personalized, data-driven
approach to retirement is focused on delivering financial wellness
in retirement plans of all sizes to help plan participants and
members retire with dignity.
Headquartered in Toronto, we
operate as Manulife Investment Management throughout the world,
with the exception of the United
States, where the retail and retirement businesses operate
as John Hancock Investment Management and John Hancock, respectively; and in Asia and Canada, where the retirement business operates
as Manulife. Manulife Investment Management had C$844 billion (USD $645
billion) in assets under management and administration as of
June 30, 20192. Not all
offerings available in all jurisdictions. For additional
information, please visit our website at
manulifeinvestmentmgt.com.
1
Manulife Investment Management's public
and private asset management business is comprised of several
affiliated investment advisers, including Manulife Investment
Management, which manages public markets investments on behalf of
affiliated and unaffiliated businesses including Manulife's General
Account, and Hancock Capital Investment Management, which manages
private asset investments on behalf of third-party
clients.
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2
Source: MFC financials. Global Wealth and
Asset Management AUMA at June 30, 2019 was C$844 billion and
includes C$191 billion of assets managed on behalf of other
segments and C$136 billion of assets under
administration.
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SOURCE Manulife Investment Management