Secondaries Advisory Pay

secondaries

Yep that makes sense. I mean, for LP basket deals it's basically just project management: define the buyer list from an internal database, send those buyers to GPs for approval, reach out to smaller list of buyers to solicit interest and work NDAs, have an initial pitch/discussion on deal, send a dataroom invite, check in to see how their underwriting is going and if they're going to submit a first round bid, take in all bids and go back to groups that have BS LOIs to have them indicate line by line or vehicle by vehicle pricing, discuss pricing with your client, hold an additional round with fewer buyers, fast forward to binding offers, discuss offers with client and buyer to ensure they are real, send PSA and ask for comments, fwd comments to seller counsel, get tax info from GPs and ask about ECI and wht, project manage the execution until PSA is signed, ensure dataroom has updated cashflows as deal progresses, check in with both parties on closing date to ensure payment is made.

This isn't investment banking, it's project management and relationship management with a very rudimentary understanding of private equity. The fact this work commands pay even remotely close to m&a is beyond me, but that's why most shops are super hard on single asset and GP led deals cause the fees are significantly richer and you actually need to sell the deal and build monster decks and answer lots of buyer questions.

I can't tell from your comment if you are being sarcastic. If you are, I am with you. If not, what is it that you think investment bankers do? If you are on a sell-side for a strategic, you have just described 90% of what industry bankers do, the only difference being the different market players involved.