PE Second Advisory Brokers

Hey guys,

wanted to have your opinion of PE secondary advisory brokers (Greenhill, PJT Park Hill, BX etc.) in terms of work experience

Could one say that they are the basically doing the same thing you'd do in a M&A team at a BB or EB but only for PE secondary deals (i.e. all the marketing, modelling, execution etc?) or are they basically doing only marketing leaving the modelling stuff to the secondary buyers?

Maybe there's somebody here working in such a group who could shed some light on actual work done. Would really help me! Maybe also compared to work at a M&A group at a bank,

Thanks!

 

Hi Bagge, the silence is deafening, sorry about that.... Any of the threads below helpful?

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No promises, but thought I'd mention a few relevant users that work in the industry: na11 SoutheastEquity I Invest

If those topics were completely useless, don't blame me, blame my programmers...

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

Hi Bagge, yes, I'm a bot, but I'm also good looking. Hopefully, these threads help you:

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Maybe one of our professional members will share their wisdom: mknickerson adi1494 MBEuro

I hope those threads give you a bit more insight.

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 
Bagge:
Hey guys,

posting this here again with the hope of finding someone in this forum who might know something. I am a recent graduate looking for an Analyst Position in M&A or Restructuring and came across an Analyst position in Secondary Advisory: I wondered if this will leave me with the same experience as M&A or RX.

Wanted to have your opinion of PE secondary advisory brokers (Greenhill, PJT Park Hill, BX etc.) in terms of work experience

Could one say that they are the basically doing the same thing you'd do in a M&A team at a BB or EB but only for PE secondary deals (i.e. all the marketing, modelling, execution etc?) or are they basically doing only marketing leaving the modelling stuff to the secondary buyers?

Maybe there's somebody here working in such a group who could shed some light on actual work done. Would really help me! Maybe also compared to work at a M&A group at a bank,

Thanks!

Hey man, I have not worked in a secondary advisory broker but currently work in a secondary fund so interact extensively with brokers one of whom is mentioned in your list. Over the years have gained some insight into how they approach their deals but this might not be entirely accurate.

In terms of experience, you would not get the kind of experience of working at an M&A team. The level of analysis you perform is on funds so there you definitely would not go as in-depth for your marketing presentations. For LP secondary transactions, normally the brokers just send us a list of funds that are on offer and the key terms eg. deadline etc. There are no analysis of the funds and we are expected to do the modelling ourselves. I get the feeling they just package whatever funds are available for sale into a PPT and throw them at us. For secondary direct transactions, I have seen them do a model on it but even then their analysis is at a pretty high level eg. projecting EBITDA, revenue, net debt.

Your exit opps coming out of a group like would thus be very different from those in M&A or RX. I have seen guys move into secondary funds, fund raising positions etc.

Would m8 like to comment? I know he / she works / worked in secondaries.

Good luck.

Hope this helps.

 
Most Helpful

Agree with laughing_man

I worked at at one of the larger secondary advisory shops, and am now currently at a secondary buyer. The level of modelling is non-existent for LP portfolio sales, and rudimentary at best for GP-led restructurings / secondary directs, where usually you just copy GP projections in and make very high-level adjustments for your models. The reason for this is because it's inefficient for the brokers to model themselves, and buyers will not take sell-side models into consideration anyway, especially as they likely actively price the funds in most of the LP portfolios. Unlike M&A, most, if not all, mandates are going to be sell-side, which means pure execution and less engaging work.

If you are interested in going to the buy-side in an investment role, I would recommend you go for M&A / restructuring. This applies even if you are interested in secondary funds - rarely do I see people come from secondary advisory because the technical skillset is not at the same level.

With that said, secondary advisory is definitely a great career if you are interested in it - the lifestyle is better than M&A and you still make around the same (and even more than M&A in some EBs). Just be wary that you are likely stuck in terms of exit opps, as you will only be able to go to other secondary brokers, investor relations roles or (rarely) secondary funds.

 

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