Preferred Equity Securities in GP led Secondaries

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I've got an interview with PJT secondary advisory coming up for analyst role and I was wondering if anyone could break down GP led Preferred equity secondary transactions briefly. I know that the GP issues preferred equity securities to new investors for priority Right to distributions from the portfolio companies. But I'm curios at to the nature of the security and whether act more like debt than equity and simply what is the nature of this security?

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