Private Capital Advisory, Secondary Advisory - Difference, Day-to-Day, Exit Ops, Learning, Hours, Bonus
I'm not very knowledgeable about PCA and Secondary Advisory. In fact, I am not even sure if PCA and Secondaries are the same space/role just said in two different ways. From someone who works in PCA/Secondaries:
What are the differences between the two?
What is daily work like compared to, let's say, an M&A IB Analyst role? Is it similar to a Sponsors role?
How are exit opportunities from these groups? What type of skillset do you build relative to other IB Analyst roles and how is it from a learning standpoint?
Are the hours and is the bonus similar to standard coverage or M&A hours?
Any information would be much appreciated!
Answers to all these questions are on here. Search secondaries advisory or PCA and you’ll find threads discussing this.
Private Funds Group, Private Capital Advisory, Private Funds Advisory are all different names for the same thing. Depending on the bank (most are integrated these days) these groups advise on primary fundraising and/or secondaries transactions (LP portfolio sales or GP-led continuation funds).
Will do, Ty. A bit confused though on 2 things: 1) PCA is the same as secondary advisory right? 2) for LP vs GP led secondaries wouldnt it be GP led (rather than LP) that advises on PE portco exits either through sale or IPO?
Correct, every bank that refers to PCA is referring to secondaries advisory. That said, other banks have secondaries advisory and it’s just called something else (PFG, PFA, etc.) Evercore for example has both - PCA: Secondaries Advisory and PFG: Primary Fundraising.
GP-leds are advising on continuation funds which are an alternative to an IPO or full exit via M&A. The GP generates liquidity for its existing LPs and remains in control of the asset. Other GP-led transactions include tender offers, strips sales, NAV loans / pref equity, etc.
Work in one of the more well known PFG/PCA shops. Day to day on the secondaries side is similar to M&A — we internally refer to these deals as M&A lite.
Transactions involve drafting similar marketing materials albeit to a lower degree of granularity (which I personally really enjoy haha). Think CIM, teasers, etc. Modeling typically involves layering onto the GP build, rolling up asset(s) into a tiered waterfall, and sensitizing secondary buyer net returns.
Will note the above applies to GP-led secondaries.
Will you PM me? Appreciate the info and have some further questions
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