JPMorgan Chase has appointed Will Boyle, previously of Morgan Stanley, as global head of secondary advisory, as the bank steps up its focus on private market liquidity solutions.
Based in New York, Boyle will lead JPMorgan’s advisory efforts for private equity sponsors on secondary transactions, continuation vehicles and other structures designed to generate liquidity outside traditional exits such as IPOs or strategic sales. He will report to Keith Canton, global head of private capital advisory and solutions.
The hire reflects JPMorgan’s ambition to capture a growing segment of sponsor-led liquidity transactions, which the bank estimates represent a market opportunity of around $100bn within the broader private capital ecosystem.
The secondary market for private equity interests is currently estimated at roughly $200bn–$225bn annually, with sponsor-led or general partner-driven deals accounting for close to $100bn of that activity. The bank views this segment as a key growth area as traditional exit routes remain constrained.
The shift comes amid a prolonged slowdown in IPO markets and more limited distribution activity from private equity portfolios, prompting sponsors to increasingly rely on alternative structures. These include continuation funds, dividend recapitalisations and partial secondary sales to return capital to investors.
JPMorgan Chase said Boyle will work closely with its broader private capital markets and M&A advisory teams, which together comprise more than 40 professionals globally focused on sponsor-related transactions.
Boyle joins from Morgan Stanley, where he led its global private capital advisory business for nearly five years. He previously held roles at PJT Partners and GSO Capital Partners.
