Evercore’s Rainmaker Is Driving PE’s $200 Billion Bright Spot

The team at the center of one of Wall Street’s trendiest markets recently celebrated its blistering run in an unusual way: racing armadillos at a Texas dude ranch. At the invitation of their boss, Evercore Inc.’s Nigel Dawn, the group of roughly 150 gathered for three days of horseback riding and other Western-themed bonding last month, a much-needed chance to recharge and regroup. The deal flow is showing no signs of letting up.

Evercore Private Capital Global Head Nigel Dawn.

Photographer: Krisanne Johnson/Bloomberg

Their specialty is “secondaries,” deals that help investors get rid of stakes in funds they no longer want or allow firms to hold on to ...