Raymond James Financial announced a leadership change at its institutional private capital advisory arm, Eaton Partners, on July 20, 2026. Mickey Brunton was appointed as the new Co-Head of Secondary Advisory, a move signaling the firm’s strategic expansion in the fast-growing private equity secondaries market. This $120 billion annual transaction market has become a critical liquidity mechanism for limited partners and a tool for general partners to manage fund lifecycles. Brunton will share leadership duties with the existing Co-Head, focusing on client coverage and deal origination for one of Wall Street's longest-standing placement agents.
Context — why this matters now
The appointment arrives during a period of heightened activity in the private equity secondaries market, which has evolved beyond simple LP stake sales. The last major surge in deal volume occurred in 2021, when transaction values hit a record $132 billion, driven by a wave of portfolio rebalancing and liquidity needs. The current environment is characterized by a normalization of interest rates, with the Federal Funds Target Rate holding at a range of 5.25%-5.50% as of mid-2026, which pressures fundraising and exit timelines for traditional private equity. This pressure has catalyzed a shift toward complex GP-led restructurings, such as single-asset continuation funds, which now constitute an estimated 45% of the secondary market by volume, up from just 20% five years ago.
The trigger for Eaton's leadership addition is the intensifying competition for advisory mandates. Rivals like Evercore, Jefferies, and Campbell Lutyens have all expanded their secondary teams in the last 18 months to capture market share. Eaton, a unit of Raymond James, manages over $100 billion in fund placement capital and requires dedicated senior leadership to manage the intricacies of structuring these larger, more bespoke secondary transactions. The firm’s decision to appoint a co-head, rather than replace an existing leader, indicates an intent to scale coverage and deal flow capacity without disrupting existing client relationships.
Data — what the numbers show
The private equity secondaries market has demonstrated consistent growth, with annual transaction volume averaging $108 billion over the past five years. The market is projected to reach $130 billion in total volume for 2026, a 15% increase from the 2025 estimate of $113 billion. Secondary deal pricing has also recovered, with average pricing for LP stakes in buyout funds rising to 93% of net asset value (NAV) in Q2 2026, up from a low of 85% of NAV in late 2023. This represents an 800 basis point improvement in liquidity valuation over 30 months.
A comparison of leading secondary advisors by estimated 2025 advisory volume highlights the competitive landscape. Evercore led with an estimated $28 billion in advised volume, followed by Jefferies at $22 billion. Eaton Partners, advising on an estimated $18 billion in transactions, ranks among the top five advisors globally. The secondary market's growth rate of 15% year-over-year significantly outpaces the estimated 5% growth rate of traditional private equity fundraising, illustrating a shift in capital flow dynamics. A key performance metric for advisory firms is fee revenue, which typically ranges from 50 to 150 basis points on the total transaction value advised.
Analysis — what it means for markets / sectors / tickers
The expansion of Eaton's leadership directly benefits its parent, Raymond James Financial (RJF). The firm's capital markets segment, which houses Eaton, contributed approximately 25% of RJF's total net revenue in its last fiscal year. A strengthened secondary advisory practice can boost high-margin fee income, potentially adding 2-3% to segment revenue growth in the coming fiscal year. The move is also bullish for publicly traded alternative asset managers with large secondary strategies, such as Blackstone (BX) and Blue Owl Capital (OWL), which both manage dedicated secondary funds exceeding $15 billion in assets under management. These firms benefit from a more liquid and efficient secondary market for their own fund stakes and portfolio companies.
The primary limitation for the secondary market's continued growth is deal supply. While demand from dedicated secondary funds is strong, with over $200 billion in dry powder targeting the strategy, the availability of high-quality portfolios at acceptable discounts remains a constraint. A counter-argument is that a surge in continuation fund deals may simply be recycling existing assets rather than providing genuine liquidity. Current positioning shows institutional investors, including large pension funds like CalPERS, increasingly allocating to secondary funds as a core portfolio strategy to manage vintage year diversification and improve interim returns. Capital flow is moving away from pure primary fund commitments toward hybrid strategies that blend primary, secondary, and co-investment exposures.
Outlook — what to watch next
The next major catalyst for the secondary market will be the Q3 2026 fundraising reports from major secondary specialists like Ardian and Lexington Partners, due in October. Their capital raise totals will signal institutional appetite for the strategy. A second catalyst is the Federal Reserve's policy meeting on September 17, 2026; a sustained hold or cut in interest rates could further compress discount rates used in secondary valuations, supporting higher pricing levels. The key level to watch is the average secondary pricing for buyout funds maintaining above 90% of NAV, which would confirm a durable seller's market.
Market participants should monitor the volume of single-asset continuation fund deals closing in H2 2026. If this sub-segment maintains its 45%+ share of total volume, it will validate the strategic shift toward complex restructuring that advisors like Eaton are targeting. Another metric is the pace of GP-led tender offers for mature venture capital funds, which could unlock liquidity in a sector that has seen fewer traditional exit paths. The performance of publicly traded business development companies (BDCs), which can act as buyers in smaller secondary transactions, may also serve as a bellwether for mid-market liquidity conditions.
Frequently Asked Questions
What does a secondaries co-head do at a firm like Eaton Partners?
A secondary advisory co-head is responsible for leading a team that advises clients on buying and selling existing private equity fund interests. Their core duties include sourcing deal flow, structuring transactions like GP-led continuation funds, running competitive bidding processes, and negotiating terms. At Eaton, Brunton will specifically focus on deepening relationships with institutional limited partners like pension funds and endowments to source sell-side mandates, while also working with general partners to design liquidity solutions for their aging funds. This role is critical for capturing the high advisory fees associated with complex secondary deals, which require deep knowledge of fund legal terms and valuation methodologies.
