Mid-Market Banks Can't Compete in Secondaries Advisory Without Internal Deal Flow

DC Advisory disbanded its European secondaries team over the past year, withdrawing from a segment it methodically built starting in 2022. The departure reflects a structural problem: secondaries advisory—advising on continuation vehicles and GP-led transactions—concentrates deal flow among three dominant incumbents (Evercore, Lazard, Jefferies) and specialists with deep buyer relationships. Mid-market challengers lacking either a captive primary sponsor base or proprietary fund struggle to sustain advisory units when deal pipelines dry up.