Overview
Greenhill & Co. is an independent investment bank founded in 1996 by Robert Greenhill, the former president of Morgan Stanley. The firm’s Capital Advisory group provides placement agent and fundraising advisory services to alternative asset managers, operating alongside Greenhill’s M&A advisory and restructuring practices.
Greenhill’s Capital Advisory business has grown into one of the more prominent bank-affiliated placement practices. The team has advised on tens of billions of dollars in fundraising and secondary transactions, working with some of the best-known names in private equity, real estate, and credit.
The firm operates from New York with offices in London, Frankfurt, Tokyo, and other financial centers. Greenhill’s global footprint provides LP access across major institutional markets. The Capital Advisory team comprises senior professionals with backgrounds in fundraising, institutional investing, and investment banking.
Greenhill’s position as an independent investment bank (not affiliated with a large commercial bank or asset manager) is relevant for GPs who want to avoid potential conflicts that can arise with bank-owned placement agents. The firm’s independence means its advisory work is free from cross-selling pressures related to lending, prime brokerage, or proprietary investing.
Strategy Focus
Greenhill Capital Advisory has historically focused on larger, more complex fundraising mandates. The team works with GPs raising capital across private equity (buyout, growth, and special situations), real estate, private credit, infrastructure, and hedge funds.
The firm’s sweet spot tends to be funds of $1 billion or more, though they have worked on smaller mandates when the GP profile and strategy are compelling. Greenhill’s investment banking DNA means they bring a more strategic advisory lens to fundraising, helping GPs think about fund structuring, LP term optimization, and competitive positioning within the broader context of their business.
Secondary advisory is an important part of Greenhill’s Capital Advisory practice. The team advises on GP-led continuation vehicles, LP portfolio sales, and fund restructurings. As the secondary market has grown in size and complexity, this capability has become increasingly valuable. Greenhill’s M&A advisory background also positions them well for GP stake transactions, where private equity firms sell minority interests in their management companies.
The firm brings a sophisticated understanding of capital markets dynamics to the fundraising process. Their analysis of LP portfolios, allocation constraints, and competitive fund positioning draws on the same analytical rigor that characterizes their M&A advisory work.
LP Network
Greenhill’s LP network benefits from the firm’s broader investment banking relationships. While the Capital Advisory team maintains its own dedicated LP coverage, the firm’s M&A and restructuring practices bring additional touchpoints with institutional investors who are both M&A clients and alternative asset allocators.
The firm’s LP relationships include major U.S. public and corporate pension plans, university endowments, foundations, insurance companies, sovereign wealth funds, and large family offices. Greenhill’s global office network provides coverage across North America, Europe, and Asia-Pacific.
Greenhill’s strength in LP access tends to be concentrated among the largest institutional investors, which aligns with their focus on larger fundraising mandates. The firm’s investment banking brand and senior-level relationships open doors with CIOs and investment committee members at major institutions.
The firm also has relationships within the growing GP stake market, where investors like Dyal Capital, Goldman Sachs Petershill, and Blue Owl acquire minority interests in alternative asset managers. This connectivity can be valuable for GPs considering strategic transactions beyond traditional fundraising.
Working With Greenhill & Co.
Greenhill Capital Advisory operates with the professionalism and rigor of an investment banking engagement. The firm assigns a senior-led team to each mandate and provides comprehensive advisory services from pre-marketing through final close.
Placement agent fees typically range from 1.5-2.5% success fee plus retainer. Contact Greenhill directly for current terms. As an investment bank, Greenhill may structure advisory engagements differently than standalone placement agents.
The firm’s advisory work extends beyond LP introductions to include strategic counsel on fund terms, market timing, competitive dynamics, and long-term business building. For GPs who view the fundraise as part of a broader strategic conversation about their platform, Greenhill’s investment banking perspective adds a layer of strategic thinking that pure-play agents may not provide.
Greenhill is selective about mandates and tends to work with GPs who have established track records and institutional-quality platforms. First-time fund managers or emerging managers may find better fit with agents who specialize in that segment.
GPs should consider whether they want a placement agent that also provides investment banking advisory or a pure-play fundraising firm. Greenhill’s model appeals to GPs who value the broader strategic perspective and institutional brand, while GPs seeking purely transactional fundraising execution may prefer a dedicated placement agent.
Frequently Asked Questions
How does Greenhill's Capital Advisory differ from standalone placement agents?
Greenhill's Capital Advisory group operates within the broader Greenhill & Co. investment bank, which also provides M&A advisory and restructuring services. This means the Capital Advisory team can draw on the firm's broader relationships with corporate executives, financial sponsors, and institutional investors. However, the placement function is run by a dedicated team with deep fundraising expertise, similar to a standalone agent.
What types of mandates does Greenhill Capital Advisory typically handle?
Greenhill Capital Advisory has historically focused on larger fundraising mandates, often working with established managers raising $1 billion or more. The team advises on primary fundraises, secondary transactions (including GP-led continuation vehicles), and strategic advisory for alternative asset managers. They have also worked on GP stake transactions and fund restructurings.
What are Greenhill's Capital Advisory fees?
Placement agent fees typically range from 1.5-2.5% success fee plus retainer. Contact Greenhill directly for current terms. As an investment bank, Greenhill may structure advisory engagements differently than standalone placement agents, potentially incorporating advisory fees for strategic elements of the mandate.
