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High-level insights on Secondaries as a career path?
-What is the function of this division? -What are you doing on the job ? Does it differ per shop/coverage ? -Comp? (if anyone is comfortable sharing) -General pros and cons I'm looking to make a go-to thread for information on secondaries, newly becoming hot and not much info on WSO to my...
Secondaries PE Recruiting
For secondaries PE recruiting, I am wondering how important the following are : 1) Being in a secondaries coverage group or sponsors coverage group. These seem like the most directly related groups for a secondary role, so I am wondering how much being in other groups would hurt. 2) Bank level. Does...
Fund Memorandum for an interview case study?
Hey guys, I have an interview with a large FoF player that does primaries, secondaries and co-investments. Part of the interview process is a Fund Memorandum case study. Does anyone have any insight into what this is? I havent come across this before. If someone could let me know what contents are...
PE Secondaries Comps 2024
What is your total comp for PE secondaries secondaries these days? Asking for the analyst to VP level in the US. Am I underpaid far below the market? Firm: 2nd tier PE Secondaries firm (GP/LP-led) based in 2nd / 3rd tier city in terms of COL (think Chicago, Dallas) Position: 2nd year associate Base:...
Investcorp takes minority stakes in Banner Ridge
Any thoughts? What's Banner Ridge reputation in the market? https://www.businesswire.com/news/home/2024020518…
PE secondaries firm / advisory consolidation
Just taking a glance at the list below, it is clear there are more consolidations happening in the industry. Any names I might be overlooking? What's driving this trend? Is this going to continue? It could turn out to be a good thing for folks already working there – getting an instant brand name...
Secondaries Business Model Question / Hypothetical Scenario
I'm having a random thought this morning, and even though I work in secondaries, I don't want to ask this question to my peers and would opt to ask this forum instead. All this thought spurred after seeing Lex's mega raise yesterday. Imagine a scenario where there's an LP "A." LP A already has...
Infrastructure secondaries?
Hello, it seems like infra secondaries continue to account for the larger share of the total secondaries transactions volume lately. I understand that investors like the infrastructure as an asset class given that it is typically inflation-hedged and backed by long-term contracts in light of the...
GP led vs LP led secondaries market trend - which one is a better strategy?
Hi all, I have been a long-time lurker here. I am currently working at a large secondaries firm that does both GP and LP-led transactions. I have noticed secondaries market trends being somewhat bifurcated. We have seen established players raising single-asset dedicated funds or new market...
GP-Led Secondaries Case Study Inquiry
I am struggling with the final part of a secondaries case study. I have already built the LBO and created the distribution waterfall. It states, "based on your answers what would you pay for this asset this year as a % of NAV if you were a secondaries investor? Build a transaction sources and uses...
Looking for a mentor/(s) to break into the Secondaries Industry via Private Capital Advisory
Nice to e-meet you all. I'm currently a 1st year IB Analyst working in Infrastructure. I want to transition to a secondary advisory/P.E. group as it's a great space. Since It's in its infancy, there will be an opportunity to find ways to unlock more value for investors in the future, and I want to...
PE Secondaries Day-to-Day
Was wondering what those of you that work in secondaries do on a day-to-day basis? I have heard it’s very modeling heavy. Can the skills be transferred to buyout if you go straight from Undergrad -> secondaries? Have a tough time making this decision, as I am picking between MM IB and Top 5 PE...
Pomona Capital 2023 Thoughts?
Secondaries has obviously been creeping up in popularity, and Pomona seems to come up every now and again whenever I do research. Any insight on their current comp progression/culture/deal flow?
Looking for small, middle-market direct lending shops
I am a Director in Short Term Credit Trading, MBA, with over 15 years of experience, including 2 in banking. For a handful of reasons, I am looking to restart (I know this will be really hard) and begin a new career in direct lending or secondaries. Through a ton of networking, I know that a) I will...
LGT Capital Reputation in 2023?
Can anyone please comment on life at LGT now, especially at the analyst/associate level? How is culture / hours, comp, performance etc? Currently in undergrad (ignore title) and have always been curious about them. Especially since they just opened a new SF office.
Lexington / HarborVest secondaries case study
2nd year BB IB coverage analyst here. I am interviewing with Lexington Partners & HarborVest (both PE secondaries investment) for Summer 2023. Has anyone have any insight on their case study (2-hour LBO)? I read through previous WSO posts on PE secondaries, Hamilton Lane, other competitors etc but...
M&A Corporate Strategy or Private Equity Secondaries
Hi Everybody, I am looking for advice in this Forum given a potential opportunity to join the M&A strategy team of a large publicly traded Aerospace & Defense corporation. For background: Currently a Senior Associate at an $8bn AUM FOF private equity working on secondaries and co-investments in...
PE Secondaries Question
In PE Secondaries, what are the four types of GP-led transactions? If you can add a sentence or two explaining each one, I'd appreciate it.
Preparation for Private Capital Advisory/Secondaries interviews
Hello, I am planning to pursue a career in the PCA/secondaries sector for firms such as Evercore, Greenhill, PJT (Park Hill), Lazard, etc. Does anyone have guidance on how to best prepare for interview questions in this space? I have read industry reports from Blackstone, Privcap, Preqin, and Hogan...
PE Secondaries- Excel Case Study
Hi I have a case study soon for a graduate role in Secondaries, The firm mainly does GP-Led transactions and a few LP-led transactions, I was curious how can I prep for such a case study is it primarily DCF to asses the LPs stake or would you use an LBO any advise would be helpful thanks. edit: I...
PE Secondaries Exit Opps
Hi all, I have offers from two reputable PE secondaries firms ($30B-$40B AUM). I was curious as to the feasibility of lateraling into direct PE or even IB following an analyst program at one of these places. I know the financial modeling training is not as robust, but these firms place a heavy...
Secondary Advisory Fees
Anyone familiar with the typical fee structure for secondary advisory groups ( Evercore , Greenhill , PJT Park Hill)? I understand this is likely negotiated but trying to get a better understanding of what an average fee might look like (e.g. 1%), and if fees might differ between LP-led and GP-led...
IB or Co-investments/Secondaries PE?
Hey guys, I did 2 years at a boutique IB and am now looking for opportunities in both IB and PE . I am interested in exploring both options. But what would you guys recommend in this scenario: 1. Move to a slightly larger boutique IB analyst role 2. Move to a large ($50Bn+ AUM) analyst role in the...
PE Co-invest & Secondary Shop vs Consulting @ Deloitte S&O
Hello WSO , I'm currently a few months into a Corp Fin gig at a F500 company (non-tech) and am looking at lateral offers as a Business analyst at Deloitte S&O and as a PE analyst at a well regarded PE FoF with well defined co-investment and secondaries arms (think: Adams Street/Coller/Pantheon...
Pomona Capital
Anyone have any information on them? Seems to be one of the early players in the secondaries market. Curious if anyone has done a deal with them / worked there
PE Secondaries Advisory Interview
I have a final round interview for a PE secondary advisory shop. They informed me that I will have a case study including "some basic analysis in excel and prepare a few slides on powerpoint to present your my findings". Does anyone have experience with a secondary case study/modeling test? Will...
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