Investment banking advisory firm Evercore is launching a private capital advisory business focused on secondary transactions for private funds interests, headed by two former UBS executives.

Evercore said the service complements the capital raising advisory services provided by its private funds group and the strategic and merger advisory services offered by its advisory business generally.

Nigel Dawn will oversee the private capital advisory business globally, while Nicolas Lanel will head the European operation.

Dawn was most recently managing director and global co-head of the private funds group at UBS.

Lanel was previously a managing director and global co-head of secondary advisory at UBS, where he led the expansion of the business into Europe.

The business will be majority owned by Evercore, with Dawn and Lanel among the key principals owning a minority stake.

Evercore said the business is expected to launch during the second half of 2013, following the hire of additional professionals in North America and Europe.