Secondaries Case (Take-Home)
What should I expect for a secondaries case (take-home)?
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You gotta describe the role more? LP stakes, GP led? Credit? Equity? What we talking about
LP and GP-led
GP led expect traditional LBO. You’ll have access to the information from the GP, LP stakes are more nuanced, market research , determining what discount is appropriate. What asset class?
Thanks! This is for PE - buyout. An LBO for GP led side is what I would expect. Any more info related to an LP led case?
LP stakes, for me is about modeling the waterfall, you may have minimal information, if the LP is sensitive you may only get a cap account and a financial statement, you could get underlying portfolio updates 1 pagers that present some financial metrics.
For example we gave an analyst a financial statement that didn’t break out the underlying portfolio of loans / pref equity. We just gave the industry and asked them to come up with a general thesis based on that , recommend a discount etc.
I’d be interested to see the case study once your done if you can share anonymously
TY
is that a no burger to sharing lol
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