Infrastructure Private Equity Secondaries

Hi,

I've been headhunted for an infrastructure private equity secondaries analyst position, not sure how as I do not come from an infrastructure background however the fund is open to backgrounds.

I understand how it works for traditional private equity secondaries, buying existing stakes in funds and valuing those stakes by breaking down the portfolio and looking at each of the companies, performing valuation using things like comps and high level DCF analysis, maybe a LBO i.e. backtracking from a required IRR to value the company etc.

How would it work for an infrastructure fund? How would you value the LP stakes of an infra fund considering how granular and in detail infra PE modelling is, it appears far more complex than traditional where you can do high level valuation through comps and DCFs etc..

Thanks

 

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