Hello,
I’m beginning to interview with a number of PE secondaries firms. Generally understand the space, but would be helpful to get some insight as to how those in the industry view its merits, growth, and market posture. If anyone has any interviewing material or guides that would be much appreciated as well!
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Hello there!
Sounds like you're about to embark on an exciting journey in the PE secondaries world. It's a dynamic field with a lot of opportunities. Here are a few insights that might help you:
PE secondaries are gaining popularity due to their ability to provide liquidity in a traditionally illiquid asset class. They offer a unique way for investors to enter or exit investments according to their liquidity needs and risk tolerance.
The growth in the PE secondaries market has been impressive. This is driven by the increasing sophistication of market participants, the growing need for liquidity, and the evolution of transaction structures.
In terms of market posture, PE secondaries are seen as a mature, yet innovative part of the private equity industry. They're known for their ability to adapt to changing market conditions and for their creative deal structures.
As for interview preparation, it's crucial to understand the latest trends in the market. For instance, single-asset secondaries and continuation funds are becoming more common. Interesting transactions to look at include BC Partners continuation fund for Springer Nature and Hellman & Friedman's transfer of the remaining portfolio companies from Fund VII to its own continuation vehicle.
In addition, you might want to check out resources like "An Introduction to Private Equity Secondaries - CAIS", "A Liquidity Cushion in Troubled Times: The PE Secondaries Market - INSEAD Knowledge", and "Navigating Secondaries: A Guide to Changing Currents - Landmark Capital / Ares". These resources can provide you with a deeper understanding of the market.
Remember, the key to acing your interviews is to show your understanding of the market, your analytical skills, and your passion for the industry. Good luck!
Sources: Learning recs for secondaries, Private Equity Interview Questions - 13 Topics to Know, Secondaries PE - Any insight on work and lifestyle?, Q&A: PE Secondaries Principal
Name the firms and I'll tell you if they're worthwhile.
I have an upcoming Secondaries PE Associate role, firm similar to Whitehorse Liquidity (more tail-end secondary transactions focused), what interview questions/case study will it likely consume?
Please could anyone send me any case study materials/study materials, prep material or interview Q&A's for an PESecondary Investment Associate role at a firm similar to Whitehorse, predominantly tail-end acquisitions, and also let me know what likely I will be doing day to day and also what interview questions will I be asked? What will the 2 hour case study I have will cover?
Please send me a DM and send over anything of the above that could help me as I would really appreciate it, I can also provide my email on DM also.
Many thanks,
Sounds like dorchester
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