What is a GP led secondary transaction
Recruiter called me with a later move to go to into secondary advisory that does a lot of GP led secondary transactions. wtf is that? It's a top shop, just no idea what it actually is.
Is there modelling? Or is it just marketing?
PJT secondaries...From what I know you're helping sponsors offload assets within some of their funds that haven't matured yet, stuff like that. I don't think there would be any modeling.
LP wants to sell their stake prior to pre-determined liquidation date, usually the 10 years. GP runs a process on their behalf to find another LP to keep the fund’s overall interest in its portcos the same.
It’s both modeling and marketing. Modeling individual companies obviously won’t be as deep as if you were a traditional PE buyer. But you’ll be doing some form of valuation analysis on every portco and converting those into cash flows to find the fund’s overall NAV and your expected IRR (net of fees and carry).
As a secondaries advisor, you’re probably doing buyside DD and recommending a fund bid price for another LP who’s interested in purchasing the stake that the current LP doesn’t want anymore.
I only interned at one of these places before. Maybe someone with more experience on the forum can explain it better. Hope this helps though
This was quite helpful. valuation for every portco seems like a nightmare though.. assume modelling will be more along the lines of finding what time investments will be exited and the associated fees etc as opposed to running an LBO type analysis where you actually dig into the company?
Any ideas on hours? Compenstaion looks to be the same as M&A
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