Feb 25, 2023
116 Comments
 
PE
Analyst 1 in PE - LBOs
Senior Baboon
3y
Most Helpful

I interviewed for secondaries but ultimately ended up in traditional PE so my view may be limited. The technical Questions I received were my standard IB technical questions, however, be prepared to talk about these. 

1) What are secondaries?

2) What is the difference between LP and GP led secondaries. 

3) why would an investor want to invest in secondaries? 

4) What is the J curve? 

5) Why do secondaries occur, both on the LP and GP side. 

6) Talk about secondaries deal you have seen or followed, and what was the rationale behind it. 

Ultimately, I might be missing something technical. However, this was my experience with Glendower, GCM Grosvener, as well as LGT Capital Partners. 

If you would like, I can also PM you some information I utilized when I was considering going into the Secondaries Space. 

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Authored by: Certified Private Equity Professional - 1st Year AnalystCertified Private Equity Pro
 
ragna786's picture
Chimp IB
3y

Hey man, I'm currently interviewing for a private capital and secondary advisory roles as well. Couldnt find much online so would really appreciate a PM from you on the secondaries guide. Thank you in advance!!

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inflationista's picture
Senior Chimp HF
3y

Analyst 1 in PE - LBOs

I interviewed for secondaries but ultimately ended up in traditional PE so my view may be limited. The technical Questions I received were my standard IB technical questions, however, be prepared to talk about these. 

1) What are secondaries?

2) What is the difference between LP and GP led secondaries. 

3) why would an investor want to invest in secondaries? 

4) What is the J curve? 

5) Why do secondaries occur, both on the LP and GP side. 

6) Talk about secondaries deal you have seen or followed, and what was the rationale behind it. 

Ultimately, I might be missing something technical. However, this was my experience with Glendower, GCM Grosvener, as well as LGT Capital Partners. 

If you would like, I can also PM you some guides/information I utilized when I was considering going into the Secondaries Space. 

Oh please PM me too! Very interested in learning. Thanks.

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inflationista's picture
Senior Chimp HF
3y

Analyst 1 in PE - LBOs

I interviewed for secondaries but ultimately ended up in traditional PE so my view may be limited. The technical Questions I received were my standard IB technical questions, however, be prepared to talk about these. 

1) What are secondaries?

2) What is the difference between LP and GP led secondaries. 

3) why would an investor want to invest in secondaries? 

4) What is the J curve? 

5) Why do secondaries occur, both on the LP and GP side. 

6) Talk about secondaries deal you have seen or followed, and what was the rationale behind it. 

Ultimately, I might be missing something technical. However, this was my experience with Glendower, GCM Grosvener, as well as LGT Capital Partners. 

If you would like, I can also PM you some guides/information I utilized when I was considering going into the Secondaries Space. 

Oh please PM me too! Very interested in learning. Thanks.

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yaz_000's picture
Chimp O
2y

I interviewed for secondaries but ultimately ended up in traditional PE so my view may be limited. The technical Questions I received were my standard IB technical questions, however, be prepared to talk about these. 

1) What are secondaries?

2) What is the difference between LP and GP led secondaries. 

3) why would an investor want to invest in secondaries? 

4) What is the J curve? 

5) Why do secondaries occur, both on the LP and GP side. 

6) Talk about secondaries deal you have seen or followed, and what was the rationale behind it. 

Ultimately, I might be missing something technical. However, this was my experience with Glendower, GCM Grosvener, as well as LGT Capital Partners. 

If you would like, I can also PM you some guides/information I utilized when I was considering going into the Secondaries Space. 

Could you please pm me those guides? Thank you so much for your time!!

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Greek92's picture
Chimp IB
2y

Anonymous Monkey:

I interviewed for secondaries but ultimately ended up in traditional PE so my view may be limited. The technical Questions I received were my standard IB technical questions, however, be prepared to talk about these. 

1) What are secondaries?

2) What is the difference between LP and GP led secondaries. 

3) why would an investor want to invest in secondaries? 

4) What is the J curve? 

5) Why do secondaries occur, both on the LP and GP side. 

6) Talk about secondaries deal you have seen or followed, and what was the rationale behind it. 

Ultimately, I might be missing something technical. However, this was my experience with Glendower, GCM Grosvener, as well as LGT Capital Partners. 

If you would like, I can also PM you some guides/information I utilized when I was considering going into the Secondaries Space. 

Hello, please PM for my upcoming PCA interviews. Thanks!

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Prospect - Secondaries - Certified Professional
Chimp ST
2y

Anonymous Monkey:

I interviewed for secondaries but ultimately ended up in traditional PE so my view may be limited. The technical Questions I received were my standard IB technical questions, however, be prepared to talk about these. 



1) What are secondaries?



2) What is the difference between LP and GP led secondaries. 



3) why would an investor want to invest in secondaries? 



4) What is the J curve? 



5) Why do secondaries occur, both on the LP and GP side. 



6) Talk about secondaries deal you have seen or followed, and what was the rationale behind it. 





Ultimately, I might be missing something technical. However, this was my experience with Glendower, GCM Grosvener, as well as LGT Capital Partners. 





If you would like, I can also PM you some guides/information I utilized when I was considering going into the Secondaries Space. 


Anyway you could PM this guide? Thanks in advance!

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Joe Coleman
 
Prospect - Secondaries - Certified Professional
Chimp ST
2y

Anonymous Monkey:

I interviewed for secondaries but ultimately ended up in traditional PE so my view may be limited. The technical Questions I received were my standard IB technical questions, however, be prepared to talk about these. 



1) What are secondaries?



2) What is the difference between LP and GP led secondaries. 



3) why would an investor want to invest in secondaries? 



4) What is the J curve? 



5) Why do secondaries occur, both on the LP and GP side. 



6) Talk about secondaries deal you have seen or followed, and what was the rationale behind it. 





Ultimately, I might be missing something technical. However, this was my experience with Glendower, GCM Grosvener, as well as LGT Capital Partners. 





If you would like, I can also PM you some guides/information I utilized when I was considering going into the Secondaries Space. 


Anyway you could PM this guide? Thanks in advance!

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Joe Coleman
 
dehrize_232's picture
Baboon IB
2y

Hi bro, please can you pm the guide you used to prepare for secondaries interviews also? Also what case study would it be? 
 

Many thanks

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Jay00's picture
Chimp IB
2y

Hey, thanks for sharing your knowledge on your secondaries' interview.

Could you perhaps share a few resources that helped with your secondaries' recruitment? Thanks!

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PM402's picture
Chimp O
1y
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anonymou060606's picture
Chimp IB
11mo

Anonymous Monkey:

I interviewed for secondaries but ultimately ended up in traditional PE so my view may be limited. The technical Questions I received were my standard IB technical questions, however, be prepared to talk about these. 



1) What are secondaries?



2) What is the difference between LP and GP led secondaries. 



3) why would an investor want to invest in secondaries? 



4) What is the J curve? 



5) Why do secondaries occur, both on the LP and GP side. 



6) Talk about secondaries deal you have seen or followed, and what was the rationale behind it. 





Ultimately, I might be missing something technical. However, this was my experience with Glendower, GCM Grosvener, as well as LGT Capital Partners. 





If you would like, I can also PM you some information I utilized when I was considering going into the Secondaries Space. 


Could you PM me the guide? Thank you so much!

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IB
Prospect in IB - Gen
Senior Baboon
3y

I interviewed at a top PCA firm (EVR/PJT). They asked me standard IB questions and they put a lot of emphasis on GP Leds. They asked me what a continuation fund and what kind of other exits a GP would have other than continuation funds. They also asked about why an LP and a GP might be inclined to do secondary transactions.

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Net Present Value (NPV) is One Type of
 
PE
Associate 3 in PE - Other
Orangutan
3y
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Neanderthal IB
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IB
Analyst 1 in IB-M&A
Monkey
2y

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Chimp IB
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