How to prepare for a private equity secondaries or a private credit secondaries interview?
There seems to be very little info online about PE secondaries or Private Credit Secondaries. What types of technical questions should I prepare for? And is there a specific type of financial model I should know about?
Ah, diving into the world of Private Equity (PE) and Private Credit secondaries, are we? It's a niche but fascinating area within the finance sector. While the context provided doesn't specifically mention PE secondaries or Private Credit secondaries, we can draw some parallels and insights from the general preparation advice for PE and Private Credit interviews to help you gear up for your interview. Let's break it down:
Technical Questions Preparation
Based on the most helpful WSO content, for PE and Private Credit interviews in general, you should be well-versed in the following areas:
Financial Modeling for Secondaries
Additional Tips
While specific information on PE secondaries or Private Credit secondaries wasn't directly covered in the provided context, using the general preparation strategies for PE and Private Credit interviews as a foundation and tailoring your preparation towards the unique aspects of secondaries should put you in a strong position. Remember, the key is to demonstrate your analytical skills, understanding of financial modeling, and knowledge of the secondaries market. Good luck!
Sources: Private Equity Interview Questions - 13 Topics to Know, Private Equity Interview Questions - 13 Topics to Know, Private Credit Interview Advice, https://www.wallstreetoasis.com/forum/investment-banking/how-to-prepare-for-restructuring-technical-questions?customgpt=1, Typical PE Credit Interview Questions
For PE Secondaries, on the technical front you should prepare in the same way you would prepare for a direct buyout PE role. You are likely to get similar technical questions and a standard LBO model or case study. You aren’t likely to be asked secondary-specific technicals, which can’t really be studied and wouldn’t be learned on the job in banking, and are much easier to quickly learn on the job compared to the hard modeling skills and LBO knowledge you would be asked to show in the interview process.
On the behavioral side, have a solid answer for why secondaries compared to a standard PE role. Could be about why the day-to-day is a good fit, interest in the product, etc. Historically, secondary groups didn’t have enormous expectations of banking candidates knowing much about secondaries, but as the market has exploded and become more known as an exit opp to IB analysts, candidates have gradually been, on average, more knowledgeable about the space during their interviews.
Appreciate the color. I proceeded to the next round which will be a case study on private credit secondaries. Any chance you know what one could expect in a case study for private credit secondaries investment?
Bid 90 cents and get backleverage. Pretty much all you need on the LP side.
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