Episode 31: Inside the Secondaries Market: A Conversation with Adrian Millan of PJT Partners

Welcome to another great episode of The Investment Banking Leaders Podcast! In episode 31, our host Pete Nieberg chats with Adrian Millan, a respected partner at PJT Partners in New York, known for his forward-thinking approach in the secondaries market. This conversation covers the journey through investment banking, the evolving world of secondaries, and the keys to effective leadership and talent development.

A Journey Through Investment Banking

Adrian Millan shares his remarkable career trajectory, from starting in corporate finance at Credit Lyonais, navigating the telecom boom of the late 90s, to his pioneering role in Blackstone’s LP advisory practice, and currently leading one of Wall Street’s most innovative secondary teams. He illuminates how diverse experiences across corporate finance, development, cross-border M&A, and secondaries have shaped his leadership style.

The Excitement of the Secondaries Market

Adrian emphasizes why secondaries is one of the most dynamic areas in investment banking, illustrating tremendous growth from a $15 billion market to $165 billion in activity last year, with expectations to soar towards a trillion by 2030. This explosive growth is attributed to low turnover rates and increasing interest from both institutional and retail investors looking for higher returns in alternatives.

Attracting Top Talent at PJT Partners

The discussion dives into how PJT Partners has become a sought-after destination for top talent. Adrian attributes this to the purposeful assembly of teams and a unique culture of collaboration and innovation. This fosters a strong sense of shared goals and allows for a non-traditional hierarchy, empowering both junior and senior professionals to expand in their careers.

The Role of Technology and Innovation in Secondaries

An exciting segment of the podcast focuses on how technology is reshaping the investment banking landscape, specifically within the secondaries market. Adrian highlights the innovations in technology that allow for faster deal processing without doubling human capital efforts. By improving the efficiency of processes like data management and document handling, PJT Partners is set to significantly scale their operations.

Leadership and Mentorship in a Demanding Industry

Adrian shares valuable advice for those aspiring to climb the ranks in investment banking. He advocates for experimentation, understanding one’s own career drivers, and setting ambitious goals. He stresses the importance of perseverance and constant self-assessment in achieving long-term career success.

Key Takeaways and Why You Should Listen

This episode provides a wealth of knowledge for anyone in or aspiring to join the investment banking industry. Adrian’s insights into the secondaries market, talent development, and the integration of technology offer a comprehensive look into the industry’s future dynamics. Whether you’re a VP, associate, or seasoned professional, this episode will leave you with actionable advice and a clearer understanding of the pathways to success in investment banking.

To gain a deeper understanding of these insights and hear Adrian’s full story, tune into The Investment Banking Leaders Podcast! All episodes are available on Spotify, Apple Podcasts, and YouTube. This episode is a must-listen for anyone looking to enhance their understanding and navigate the challenges of the investment banking world with confidence and clarity.

Stay tuned for Episode 32!