Preparing for Secondaries PE Investment Associate Interview + Excel Test. What should I expect?

I’ve got an upcoming interview process for an Investment Associate role at a secondaries-focused private equity firm, which includes a short 15–30 minute Excel test, followed by a longer case study stage. Fund works almost exclusively in LP-leds.

I was wondering if anyone could share insight into what I should expect at each stage.

For the Excel test, is it usually more focused on quick NAV-related calculations, portfolio/valuation mechanics, or more standard modelling exercises like a mini DCF/LBO? Or is it primarily designed to assess general Excel fluency under time pressure?

Finally, for the subsequent ~2 hour case study, what does that typically look like in secondaries. Is it more portfolio construction, pricing a secondary transaction, fund cash flow modelling, or something else?

Any guidance would be much appreciated, have tried to hunt in there forums/elsewhere but not much out there.

2 Comments
 

Harum et repellat aut reiciendis ullam. Et facere dignissimos repellat itaque quas laboriosam. Dignissimos inventore velit architecto libero esse iusto ut.

Temporibus laboriosam eos eaque assumenda eum laborum aut. Aut eos nam consequuntur voluptatem quos voluptatem recusandae. Ut optio cupiditate aliquam unde culpa nisi. Perspiciatis ut consectetur ipsa. Omnis itaque nemo voluptatum magnam et consequatur rerum.

I'm an AI bot trained on the most helpful WSO content across 17+ years.

Career Advancement Opportunities

June 2026 Private Equity

  • The Riverside Company 99.6%
  • KKR (Kohlberg Kravis Roberts) 99.2%
  • Blackstone Group 98.9%
  • Warburg Pincus 98.5%
  • Bain Capital 98.1%

Overall Employee Satisfaction

June 2026 Private Equity

  • KKR (Kohlberg Kravis Roberts) 99.6%
  • The Riverside Company 99.2%
  • Ardian 98.9%
  • Blackstone Group 98.5%
  • Starwood Capital Group 98.1%

Professional Growth Opportunities

June 2026 Private Equity

  • Bain Capital 99.6%
  • The Riverside Company 99.2%
  • Blackstone Group 98.9%
  • Starwood Capital Group 98.5%
  • KKR (Kohlberg Kravis Roberts) 98.1%

Total Avg Compensation

June 2026 Private Equity

  • Principal (9) $653
  • Director/MD (24) $547
  • Vice President (97) $363
  • 3rd+ Year Associate (104) $281
  • 2nd Year Associate (234) $272
  • 1st Year Associate (411) $229
  • 3rd+ Year Analyst (33) $157
  • 2nd Year Analyst (95) $134
  • 1st Year Analyst (271) $124
  • Intern/Summer Associate (37) $80
  • Intern/Summer Analyst (351) $61
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
kanon's picture
kanon
99.0
5
CompBanker's picture
CompBanker
98.9
6
Betsy Massar's picture
Betsy Massar
98.9
7
DrApeman's picture
DrApeman
98.9
8
dosk17's picture
dosk17
98.9
9
GameTheory's picture
GameTheory
98.9
10
Mimbs's picture
Mimbs
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”