Dawson Ranked 12th in Secondaries Investor's 2026 SI 50 Ranking (opens in a new tab)
Ranking announcement; the release puts AUM above US$30 billion and deployment above US$37 billion across 320+ transactions.
Private Equity Secondaries
Toronto-headquartered secondaries firm that provides structured liquidity and financing to private equity LPs and GPs.
Dawson Partners is a Toronto-headquartered alternative asset manager founded in Q4 2015 by Yann Robard and Michael Gubbels; it operated as Whitehorse Liquidity Partners until a 2024 rebrand. Rather than doing buyouts, it gives private equity investors (LPs) and sponsors (GPs) structured liquidity: preferred-equity-style financings and portfolio purchases as alternatives to a plain secondary sale, plus GP financing and collateralized fund obligations (CFOs). It manages over US$30 billion, has 280+ employees and also has offices in London, New York and Hong Kong, but Toronto is the head office and where its posted student internships sit.
0 open roles3 deals6 people19 sources
The core business: structured liquidity for holders of private equity fund portfolios, offered as an alternative to a traditional secondary sale so the seller gets cash now and keeps some upside while Dawson's vehicles get downside protection. Funded through the Dawson Portfolio Finance series (PF1 at US$400 million in 2017 up to PF6 at a US$7.0 billion hard cap in 2025).
Structured, non-dilutive financing for private equity sponsors, positioned as an alternative to selling a GP stake, used for things like larger GP commitments. Dawson entered this market in 2019 and raised GP Finance 2 at a US$750 million hard cap in 2026.
Designs and issues collateralized fund obligations (the Dawson Logan series) that give insurers and other investors structured exposure to private assets; about US$5.2 billion issued across six GP-led CFOs since 2022.
Fundraising and investor relations with institutions (pensions, insurers, endowments, family offices) across 17+ countries, plus a Private Wealth Solutions business that gives individual investors access to private markets.
| Toronto | ON | headquarters |
London · New York · Hong Kong
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Other programs at Dawson Partners open on their own dates; their windows are under Programs below.
Programs
Intern / Co-op (Winter term) · Toronto
Toronto internship for the Winter 2027 term on BambooHR. Despite the title, it sits in Capital Management (fundraising and investor relations): investor due diligence requests, LP research and marketing materials, CRM and data-room upkeep, and fundraising documents. Aimed at business, commerce or economics students graduating in 2027 or 2028.
Intern / Co-op · Toronto
Partner & Chief Operating Officer
Operations Management
Promoted to Partner in Q2 2021 and is Chief Operating Officer, in the Operations Management division. He spoke for the firm on its 2024 year-end promotions round.
Managing Partner
Strategic Management
Co-founded Dawson with Michael Gubbels in Q4 2015 and leads the firm as Managing Partner. He is the firm's main spokesperson on its fund closes, transactions and rankings in 2025 and 2026.
Partner
Capital Management
Co-founded Dawson with Yann Robard in Q4 2015 and is a Partner in the Capital Management division, which runs fundraising and investor relations.
Partner
Asset Management
Joined Dawson as a Partner in Q3 2017 and sits in the Asset Management division. He spoke for the firm on the 2025 Thrivent financing, the 2026 GP Finance 2 close and the July 2026 US$1.8 billion liquidity solution.
Partner
Portfolio Management
Promoted to Partner in Q4 2018 and sits in the Portfolio Management division. He represented Dawson on the 2024 US$425 million Churchill Asset Management structured liquidity deal.
Partner
Capital Management
Promoted to Partner in Q2 2021 and sits in Capital Management, leading on fundraising; he commented on the PF6 and GP Finance 2 closes and the Hong Kong capital-raising expansion.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
Apr 28, 2026
Rachel GuanHire
Senior Principal & Head of Asia Institutional
Global placement agent and advisory firm (unnamed) → Dawson Partners
Hired to lead investor relationships across Asia-Pacific as Dawson opened its first Asian office in Hong Kong.
Mar 25, 2026
Sean MaloneHire
Senior Principal, Structured Products (New York)
KBRA → Dawson Partners
Joined the Structured Products team in New York alongside the Dawson Logan 6 CFO close; brings 15+ years in private credit and investment banking.
Mar 25, 2026
Ariella RosenzweigHire
Principal, Structured Products (New York)
GoldenTree Asset Management → Dawson Partners
Joined the New York Structured Products team with over a decade of private credit experience.
Jan 1, 2025
Matt Kuchinsky, Jenn McGoey and Chris EnglertPromotion
Partner
— → Dawson Partners
Three leadership team members were made Partners, taking the partnership to eleven; part of a round of 46 promotions.
Jul 14, 2026
Diversified private assets portfolio (30 fund interests, 500+ underlying assets)
Liquidity provider / structured investor · Private equity secondaries
Buyer Dawson Partners vehicles · Seller Undisclosed long-standing institutional partner
Structured liquidity solution on a portfolio with over US$1.8 billion of NAV, letting the counterparty accelerate liquidity and reallocate while keeping a share of future upside, in place of a traditional secondary sale.
Oct 1, 2025
Thrivent portfolio of primarily co-investment private equity fund interests
Financing provider · Private equity (middle-market co-investment)
Buyer Dawson Partners vehicles · Seller Thrivent
Over US$2.0 billion structured financing, Dawson's largest ever, supporting the growth of Thrivent's middle-market PE co-investment strategy; Dawson also committed to Thrivent's co-investment fund. Value shown is the stated floor (over US$2.0 billion).
May 17, 2024
Portfolio of 19 buyout fund interests
Liquidity provider / structured investor · Private equity secondaries
Buyer Dawson Partners vehicles · Seller Churchill Asset Management (Nuveen affiliate) investors
US$425 million structured liquidity transaction, solely financed by Dawson vehicles, giving Churchill investors immediate liquidity plus future upside while Dawson's vehicles received downside protection.
Ranking announcement; the release puts AUM above US$30 billion and deployment above US$37 billion across 320+ transactions.
Firm release on a structured alternative to a secondary sale covering 30 fund interests; also states AUM above US$27 billion and 260+ employees at the time.
First Asian office, focused on investor coverage and capital raising.
Second GP financing fund closed above target; firm says it has done over US$8.5 billion of GP solutions deals with 19 GPs since 2019.
Dawson promoted 64 people, about 26% of the firm, effective January 1, 2026.
Largest fund in firm history, oversubscribed, with over US$7.7 billion including co-invest vehicles; AUM passed US$27 billion.
The firm, founded in 2015 as Whitehorse Liquidity Partners, completed its rebrand to Dawson.
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Dawson Partners · Sep 1, 2026 · dawsonpartners.com
Dawson Partners (BambooHR) · Aug 10, 2026 · dawsonpartners.bamboohr.com
Dawson Partners · Jul 14, 2026 · dawsonpartners.com
Dawson Partners · Apr 28, 2026 · dawsonpartners.com
Dawson Partners · Mar 31, 2026 · dawsonpartners.com
Dawson Partners · Mar 25, 2026 · dawsonpartners.com
Dawson Partners · Dec 16, 2025 · dawsonpartners.com
Dawson Partners · Oct 23, 2025 · dawsonpartners.com
Dawson Partners · Oct 1, 2025 · dawsonpartners.com
Dawson Partners · Dec 17, 2024 · dawsonpartners.com
Dawson Partners · May 17, 2024 · dawsonpartners.com
Business Wire (Dawson Partners) · Apr 8, 2024 · businesswire.com
Dawson Partners · Date unavailable · dawsonpartners.com
Dawson Partners · Date unavailable · dawsonpartners.com
Dawson Partners · Date unavailable · dawsonpartners.com
Dawson Partners · Date unavailable · dawsonpartners.com
Dawson Partners (BambooHR) · Date unavailable · dawsonpartners.bamboohr.com
Dawson Partners · Date unavailable · dawsonpartners.com
Dawson Partners (BambooHR) · Date unavailable · dawsonpartners.bamboohr.com
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