JPMorgan Chase & Co. hired Will Boyle from Morgan Stanley to lead its team that advises private equity firms on structuring private deals, as the bank looks to build out its capital advisory business for sponsors.
Boyle will serve as global head of secondary advisory in New York, JPMorgan’s global head of private capital advisory and solutions Keith Canton said in an interview. Boyle will report to Canton and will work closely with the bank’s strategic investors group mergers and acquisitions team to advise financial sponsors and institutional investors on private market deals, such as secondary sales and continuation vehicles.
The move is to tap into what Canton sees as a $100 billion opportunity where financial sponsors seek to execute deals that can provide investors with liquidity beyond a traditional sale or initial public offering, the banker said. The team under Boyle will work with JPMorgan’s more than 40 people globally dedicated to private capital markets, he said.
“The private placement secondary market is $200 billion to $225 billion in size, with the general partner-led portion close to $100 billion, and that’s what we’re targeting,” said Canton.
“Compare that to the IPO market, which we expect to be about $60 billion in 2026, excluding the rumored mega IPOs, and we think sponsor-backed IPOs will be about a third of that volume,” he said. “Private alternatives dwarf those numbers so it’s a large opportunity.”
Private equity firms have been challenged with finding exits through IPOs to return cash to investors over the past several years with capital markets bankers anticipating a rush of deals in 2026 that has yet to play out.
That has pushed sponsors to use different structures from continuation vehicles to dividend recapitalizations to secondary stake sales, which JPMorgan will push to take advantage of.
“We’re having a number of conversations with investors who are looking to provide solutions to sponsors who may need to think creatively about a partial or potential full exit from their portfolio companies,” Canton said.
Boyle spent almost five years at Morgan Stanley, most recently serving as the bank’s global head of private capital advisory. He also worked at PJT Partners and GSO Capital Partners, according to his LinkedIn profile.
Written by: Bailey Lipschultz and Anthony Hughes @Bloomberg
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