What do the investment professionals at secondary funds do after they've purchased a portfolio of private equity interests? Are they passive? Do they do what primary funds do and get involved in recruiting managers, advising on strategy and financing, sourcing acquisitions, etc? Does it depend on whether they buy LP interests or direct investments?
If they aren't as active with the portcos' day to day management, how do they spend their time? (I'm sure they're busy, but with what?)
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