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Evercore$EVR · filed: grew revenue 29.5% in FY2025 to $3.9BNew shipNext year $3.5B–$5.9B sealedCheck ▾Close ▴
What Evercore filed
Grew revenue 29.5% in FY2025 to $3.9 billion, equity 37.9% of assets, and dividend per share up 16 years running. Every figure links to the filing it came from on Evercore’s card. New ship: no warning signs.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $3.5B and $5.9B, an 80% range sealed on 27 Sept 2026 · receipt #974291 · graded in public by the revenue in Evercore’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Evercore's **$120B** H1 2026 secondary volume signals private-asset liquidity has industrialized, with GP-led deals and wealth allocators replacing pension LPs as primary counterparties.
$120 billion
in secondary transaction volume across private assets in the…
62%
of Evercore's revenue
$75 billion
of the total
$45 billion
with wealth-management platforms and insurance allocators replacing traditional pension…
Evercore reported more than $120 billion in secondary transaction volume across private assets in the first half of 2026, the largest six-month tally in the firm's history and roughly double the prior peak recorded in H2 2021. The advisory business segment, which accounts for approximately 62% of Evercore's revenue, captured the inflection as general partners and limited partners simultaneously sought liquidity outside traditional fund cycles.
The volume splits into two structural drivers. GP-led continuation funds and single-asset spin-outs accounted for an estimated $75 billion of the total, reflecting sponsor reluctance to sell crown-jewel holdings into compressed public-market valuations. LP-driven secondaries, historically the dominant format, contributed the remaining $45 billion, with wealth-management platforms and insurance allocators replacing traditional pension sellers. Evercore advised on 22 transactions exceeding $1 billion each during the period, compared to 14 in all of 2025.
The shift matters because it changes who pays for liquidity and when. GP-led deals allow sponsors to extend hold periods on appreciated assets while offering partial exits to early investors, effectively creating a private refinancing market that bypasses public equity altogether. LP secondaries, meanwhile, now trade at discounts averaging 6-8% to net asset value, tighter than the 12-15% range that prevailed through 2024, signaling that buyers no longer demand illiquidity premiums at prior levels. Evercore's fee structure captures both: advisory fees on the sell side, placement fees on the buy side, and fairness opinions when independent valuations are required.
The advisory margin expanded 240 basis points year-over-year to 28.4%, driven by higher revenue per senior managing director and lower variable compensation accruals relative to prior quarters. Evercore deployed 11 additional advisory professionals into secondary coverage during Q1 2026, adding capacity in London, Hong Kong, and Menlo Park. The firm disclosed no material increase in direct co-investment alongside clients, maintaining its posture as intermediary rather than principal.
Watch three catalysts before year-end. First, the European Central Bank's September meeting; a 50-basis-point cut would accelerate euro-denominated LP secondaries as valuation marks reset lower. Second, the U.S. Department of Labor's final rule on private-asset concentration limits inside defined-contribution plans, expected in Q4 2026; expanded access would deepen the wealth-channel bid. Third, the maturity wall for $340 billion in private-equity funds reaching the end of their terms in 2027; sponsors will choose between forced sales, continuation vehicles, or term extensions, all of which generate advisory work.
Evercore's secondary desk is now larger by transaction count than its restructuring practice was in 2009.
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For the principal
If your family office holds legacy PE funds, secondary bids are now arriving at tighter discounts—time liquidity decisions accordingly.
For the operator
Monitor Evercore's placement-fee revenue next quarter; rising sell-side advisory without matching buy-side flow means bid-ask spreads are widening despite headline volume.
For the house
We hold no EVR in named accounts; secondary transaction volume is a leading indicator for capital-markets positioning—watch KKR and Blackstone next.
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