Dawson Partners

We will be in Québec City next month attending Markets Group's Canada Investors Retreat. Partner Michael Gubbels will be speaking on a panel titled “Exploring Evolution and Innovation in Private Markets.” In this discussion, Michael will join fellow panelists to explore the evolving role of private markets in today’s investment environment, including how investors are approaching portfolio diversification, liquidity and manager selection across private equity and credit strategies. Dawson team members Laura Carrigan and Roslyn McCall will also be attending the conference. We look forward to connecting with you there.

Yann Robard recently joined the LSE Focal Point podcast to discuss the changing dynamics across private markets and Dawson’s journey as a firm with host Dean M. The conversation explored the continued evolution and growth of the secondary market, why scale has become a strategic advantage in private markets, and how structured solutions are helping investors navigate today’s liquidity environment. Yann also shared perspectives on the increasing importance of data, technology, and underwriting sophistication in private market investing. You can listen to the full episode here: https://lnkd.in/ec2SUXeT

Have you read something recently that stuck with you? We asked colleagues from across Dawson to share the books that have had an impact on them. Their recommendations span leadership and historical fiction – and reflects the intellectual curiosity that drives Team Dawson. We’re highlighting a few favourites from Chris Englert, Jean-Paul S., and Kathy Liu, CPA, CA CPA (Texas) as part of our Dawson Reads series.

Liquidity remains the defining issue in private markets. That was a key theme from Yann Robard’s panel at #MIGlobal last week. Yann and other panelists, including leaders from Children's Hospital of Philadelphia, Francisco Partners, GTCR USA, Leonard Green & Partners (LGP), and PJT Partners, discussed how distributions have lagged, portfolios are aging, and capital calls continue to place pressure on LPs. In that context, we at Dawson believe secondaries are becoming increasingly programmatic (structural) and less episodic (cyclical) as both LPs and GPs look for flexibility. While market activity is improving, the recovery is likely to be gradual, with a meaningful backlog of exits still to clear. In this environment, scale, access, and data-driven underwriting are emerging as real differentiators. What does this mean? Secondaries can help bridge the gap between GPs' need for duration and LPs' need for flexibility. We believe that growth of the market is not purely cyclical or structural, but reflects the continued evolution of private markets. Thank you to Ivan Lehon for moderating an engaging discussion. It was a productive week in Los Angeles. #MilkenInstitute #PrivateEquity #Secondaries #PrivateMarkets

We will be in Chicago later this month attending Institutional Investor Magazine's Private Credit Forum. Partner Joshua Booth will be speaking on a panel titled “Beyond Plain Vanilla: Are Niche Strategies Worth the Risk and Complexity?” In this discussion, Josh and fellow panelists will explore the growing private credit market, in particular, private credit secondaries, among other strategies in today’s market. Dawson team member Jasmine Mussani will also be attending the conference. We look forward to connecting with you there.

Market volatility isn’t slowing secondaries activity – it’s accelerating it. That was a central theme of PEI's latest secondaries roundtable, where Yann Robard joined leaders from Debevoise & Plimpton, AltamarCAM Partners, Ardian, and Barings to discuss how the market is evolving amid persistent macro uncertainty. The discussion highlights several structural drivers behind the continued growth of secondaries: innovation, broader adoption by LPs and GPs, and the expansion of asset classes and transaction types. We believe the secondaries market will reach $300B in volume in 2026—achieving another record year. As Yann notes: “we believe this is a market that is only just getting started.” Read the full article for more insights:

Last week, we celebrated our winter interns for their contributions to Dawson over the past few months. We’re grateful for the energy and commitment they brought and are wishing them success in the year ahead. We are always looking for individuals who exemplify our culture. Interested in an internship opportunity with Dawson? Learn more about future roles here: https://lnkd.in/eN_GpmTk

Along with the opening of our new office in Hong Kong, we are pleased to announce our first senior hire in the Asia-Pacific region (APAC). Rachel Guan, CFA will be based in Hong Kong and joins as Senior Principal, Head of Asia Institutional. She has 15 years of experience in private markets fundraising and strategic advisory. Most recently, she served as Partner & Head of Asia at a global placement agent and advisory firm.   Rachel will be supported by Yulhee Kim, who will be relocating from our London office to Hong Kong. Yulhee has been with Dawson for over six years and her contributions have been instrumental in supporting APAC fundraising efforts over that time.   Building a truly global capital raising platform has been a priority for the Firm. With Rachel’s leadership and Yulhee’s experience, we believe we are well positioned to deepen our relationships across Asia-Pacific, while continuing to scale our investor base in a disciplined and consistent way.   Please join us in welcoming Rachel to Team Dawson and congratulating Yulhee on the move.

We are pleased to announce the expansion of Dawson’s global capital raising platform into Asia with the opening of a Hong Kong office.   This expansion marks an important milestone in our evolution as a global firm, building on our established presence in Toronto, New York, and London. The Hong Kong office will serve as a regional hub focused on investor engagement and supporting the Firm’s broader capital raising efforts.   We look forward to strengthening our relationships with investors across Asia-Pacific.   Read more here: https://lnkd.in/etizvgYz

Liquidity is becoming a central focus in portfolio construction as private markets continue to evolve. Recently, at #ALTSCAN, Partner Michael Gubbels joined Michael Bowman CA,CPA of Northleaf Capital Partners, Denise Kehler of WTW, and Stephan Smith, CFA, MBA of Chronicle Wealth to discuss how investors are navigating liquidity needs in a more complex market environment. They discussed how a slower exit environment is reshaping how allocators think about accessing liquidity and the growing role of the secondary market as a tool to manage portfolios and generate liquidity. Thank you to CPP Investments | Investissements RPC's Annie Harlow for moderating an engaging discussion.