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 Lovells (among others) but still do not feel fully prepared for any technicals that may be asked (currently a consultant, not an investment banker).
Any help or guidance on preparation steps would be greatly appreciated.
Start with an overall understanding of how the secondaries space works and why you are interested. Know the pros and cons of secondaries (j-curve mitigation, multi-layer fees, etc) major players in the industry (buy side and advisory side), know the different types of deals, LPs vs GP leds (dive into the different types of GP leds) Might also need to know some stuff like MOIC, TVPI, and how to price secondaries transactions.
Thank you, do you have a recommended resource for finding this information? For example, the only way to price secondary transactions that I have seen in industry reports is at a discount to NAV (e.g., ~95% of NAV as benchmark according to BX), are there other ways that I am not seeing from other reports?
Thank you again.
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