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Real Asset Secondaries – comp/firms/deal-types
Have become really interested in Secondaries recently and was wondering what the deal with real asset secondaries is? Are you investing directly into the assets, or only into the continuation vehicles/funds which own these assets? This seems close to/almost direct investing, but was curious to hear...
Infra secondaries -> Infra direct
Hi all, I am an associate at a large secondaries firm. I am a generalist but looking to move to infra secondaries role. My question is how feasible it is to move from infra secondaries to infra direct. Has anyone made a similar move in the past?
GP Led Secondaries Questions
Hi All, Delving into the world of Secondaries with some upcoming processes and would appreciate some clarifications as its a more niche area where there isn't as much info around. Any info is much appreciated! 1. Rationale for doing a multi-asset vs single-asset deal from GP manager perspective and...
Secondaries Advisory Interview
I have an interview with a secondaries advisory firm coming up and was wondering how to best prepare for the technical round. Been reading up a lot on secondaries transactions but should I expect similar questions to a normal PE interview? Also as someone who would eventually want to become a hedge...
Private credit vs. secondaries
Seems like both secondaries (GP-led, LP-led) and private credit (direct lending, mezzanine) are good alternatives to direct equity career paths. If you had to compare, what are the pros and cons of these jobs? Pay / WLB Industry outlook Technical skillsets required Exit Would like to hear your...
Lateral hire from a second-tier secondary shop
Currently working as an associate at a second-tier secondary shop (think Adam Street, Stepstone), doing both GP and LP led deals. With 2-3 years of associate experience, is it possible to move to a brand-name shop such as Coller, Lexington, Glendower, etc? Does anyone have similar experiences? Do I...
PE Secondaries Comps 2024
What is your total comp for PE secondaries secondaries these days? Asking for the analyst to VP level in the US. Am I underpaid far below the market? Firm: 2nd tier PE Secondaries firm (GP/LP-led) based in 2nd / 3rd tier city in terms of COL (think Chicago, Dallas) Position: 2nd year associate Base:...
Investcorp takes minority stakes in Banner Ridge
Any thoughts? What's Banner Ridge reputation in the market? https://www.businesswire.com/news/home/2024020518…
PE secondaries firm / advisory consolidation
Just taking a glance at the list below, it is clear there are more consolidations happening in the industry. Any names I might be overlooking? What's driving this trend? Is this going to continue? It could turn out to be a good thing for folks already working there – getting an instant brand name...
Venture - Secondaries
I work at an early-stage VC firm - we have a position in an earlier fund that we are potentially interested in exiting (portco acquired and we now have shares of acquiring co). It seems like everyone I talk to has a different path for pursuing secondary sales. It's a small enough position (
Secondaries Private Equity Opportunity
I'm a long time reader of WSO and wanted to post this here. A few colleagues of mine are working on an interesting opportunity and are looking to connect specifically with analysts / associates working in Secondaries. If applicable, please feel free to DM me.
Venture Secondaries Firms
Hey Monkeys, Hope you've all been well. VC secondaries (direct, not fund) carry a slight stigma for founders/their primary investors, so I've noticed not many firms advertise themselves as outright secondaries VCs. There are of course some (e.g. Industry Ventures) that champion the sub-industry, but...
Secondaries Business Model Question / Hypothetical Scenario
I'm having a random thought this morning, and even though I work in secondaries, I don't want to ask this question to my peers and would opt to ask this forum instead. All this thought spurred after seeing Lex's mega raise yesterday. Imagine a scenario where there's an LP "A." LP A already has...
Campbell Lutyens x J.P. Morgan Strategic Collaboration Update? + IB vs. PA?
Wondering how the CL and JPM collaboration has played out since it was announced in March 2023. Also looking to learn more about the difference between secondary advisory within IB (EVR, LAZ, PJT Park Hill) vs secondary advisory at PAs (CL, Rede, Eaton). If anyone has any insight to share that would...
Infrastructure secondaries?
Hello, it seems like infra secondaries continue to account for the larger share of the total secondaries transactions volume lately. I understand that investors like the infrastructure as an asset class given that it is typically inflation-hedged and backed by long-term contracts in light of the...
Primaries & secondaries analyst comp + exit opps?
Hello fellow monkeys. Curious if anyone has insights on comp (bonus range, total comp) and exit opps from an analyst position at a top secondaries shop in the US (think Ardian/BX/GS) out of undergrad? Would skipping IB and going into secondaries directly cut you off from buyouts PE or direct...
Secondaries Interview Help
Have an interview coming up with a secondaries PE firm. Does anyone have any good resources to help prep for the technicals that I'll be facing in the interviews? Thanks!
GP led vs LP led secondaries market trend - which one is a better strategy?
Hi all, I have been a long-time lurker here. I am currently working at a large secondaries firm that does both GP and LP-led transactions. I have noticed secondaries market trends being somewhat bifurcated. We have seen established players raising single-asset dedicated funds or new market...
Direct Investing to Secondaries
For the past few years I've worked at multiple small time VC/Growth Equity funds in DC area. I love the small firm culture and have really enjoyed the deals and companies I've worked on. However, at my current job the macro environment and some poor managerial decisions have moved the fund into near...
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GP-Led Secondaries Case Study Inquiry
I am struggling with the final part of a secondaries case study. I have already built the LBO and created the distribution waterfall. It states, "based on your answers what would you pay for this asset this year as a % of NAV if you were a secondaries investor? Build a transaction sources and uses...
Looking for a mentor/(s) to break into the Secondaries Industry via Private Capital Advisory
Nice to e-meet you all. I'm currently a 1st year IB Analyst working in Infrastructure. I want to transition to a secondary advisory/P.E. group as it's a great space. Since It's in its infancy, there will be an opportunity to find ways to unlock more value for investors in the future, and I want to...
Mid Level Comp - Secondaries or Co-invest
What’s an accurate comp target for mid-level secondaries / co-invest role in a HCOL? Executive recruiter hired by the firm looking to make an offer, threw out $190K salary and $45K bonus (total comp roughly $230-$250K when you include some other things). These are their expectations. I thought...
2024 Glendower Graduate Analyst Program
Hi everyone, I just applied for Glendower's 2024 US FT analyst class and saw that apps opened last week on Handshake. Just wanted to start this thread to see how recruitment goes this year. Does anyone have insight into the interview process?
Pomona Capital 2023 Thoughts?
Secondaries has obviously been creeping up in popularity, and Pomona seems to come up every now and again whenever I do research. Any insight on their current comp progression/culture/deal flow?
Looking for small, middle-market direct lending shops
I am a Director in Short Term Credit Trading, MBA, with over 15 years of experience, including 2 in banking. For a handful of reasons, I am looking to restart (I know this will be really hard) and begin a new career in direct lending or secondaries. Through a ton of networking, I know that a) I will...
Secondaries vs. Direct
Many pros & cons on both sides of the aisle Direct - Pros: Mgmt. team exposure, board exposure, deep industry knowledge, port co exit opps - Cons: Deep diligence process, widely different experiences depending on firm, sweaty or longer hours, competitive processes, every investment is important...
Leverage in secondary deals
I’ll preface with that I was just a SA so I don’t have much experience but my impression was that the use of deferred payments as a means of leverage in secondary deals is the most common way of doing things. However this website: https://mjhudson.com/leverage-pe-secondaries-deal… also refers...
JP Morgan / Campbell Lutyens Secondaries Partnership
Interesting news out today: https://www.businesswire.com/news/home/2023032100…
Lexington / HarborVest secondaries case study
2nd year BB IB coverage analyst here. I am interviewing with Lexington Partners & HarborVest (both PE secondaries investment) for Summer 2023. Has anyone have any insight on their case study (2-hour LBO)? I read through previous WSO posts on PE secondaries, Hamilton Lane, other competitors etc but...
GS Vintage
Lots of great secondaries threads recently. Haven't seen too much about GS's Vintage team/platform even though they're one of the largest along with BX, Harbourvest, etc. Any thoughts on the opportunity and culture there, as well as relative performance?
Secondaries Investment Banking in 2023
There hasn't been an updated discussion on the state of Secondaries Investment Banking in a while, so wanted to hear everyone's thoughts on it. 1. Is Evercore PCA still the top player in the space? 2. What is comp/WLB in the secondaries groups of banks such as Evercore, Jefferies, PJT, Lazard, etc...
Brookfield Buys Deutsche Bank's Secondaries Division
Brookfield recently purchased DWS Group, a division of Deutsche Bank. I would love to hear everyone's thoughts on it - especially considering Bruce Flatt said that secondaries could grow into a $50 billion business for them a few years ago.
PE Secondaries / Co-Invest roles out of undergrad
I'm currently a junior at a semi-target undergrad. I learned about PE Secondaries / Co-Invest through friends and learned more about the field through my own reading. I find it super interesting and very promising in the next few years, given the huge growth it is seeing. Is there any secondaries...
Secondaries at Credit Suisse
Can anyone give me some insights on the Secondaires team at Credit Suisse? Been interested in applying for them but not sure how good of a career choice it would be. Don't want to end up being stuck at a job I am not sure I will enjoy even though from speaking to members of the team the money is...
Continuation Vehicle Modelling
Hey guys, I briefly came across a continuation vehicle process but it ultimately didn't happen. CVs seems to be getting more popular as GPs look to keep the quality assets for longer given where things are getting priced these days. Very interested to see if anyone knows how this is modelled from a...
Is GP-led same as M&A?
Heard it is essentially sell-side M&A but how different they are? Appreciate any insight people might have.
EB PCA vs BB Fintech Coverage
Currently associate. Deciding between a Tier 1 EB PCA offer (i.e. Evercore, PJT, Lazard) vs a lower BB Fintech coverage offer (i.e. CS, UBS, DB). PCA is booming in the past two years, and EB have dominant share in this market. Pay is higher than M&A and high upsides if stay within secondaries....
Evercore PCA Bonus 2022
Hello, Does anyone know what bonuses look like for Evercore PCA this year? Would really appreciate any insight into Evercore PCA bonuses of equivalent shops (Laz/PJT/etc) Thank you!
Where will the big money be made during the 2020's?
Where do you see finance's biggest "white spaces" in this era? Let's assume your goal is to become a billionaire in financial services, to put it simply. Let's also assume tomorrow you're given $25 Million dollars carte blanche, as well as a healthy rolodex, to assist you on your journey toward this...
IB Secondary Advisory Role
Hi everyone, I hope you are well. As the title suggests, what does one do in secondary advisory at an IB on a day to day basis? I have seen the posts for PE secondaries but not advisory. I would appreciate if you could shed light on the following areas: - What is your day to day role like as a...
Q&A: PE Secondaries Principal
Hi there, I wanted to host a Q&A to see if I can be helpful to anyone. A bit about me: -Non-Target Undergrad (no MBA) -4 years I.B. -5 years in PE secondaries, promoted 1 year ago to Principal -Active in all types of deals (Vanilla LP, tail-end, Late Primary, GP-led, Credit, Pref. Equity, Real...
IB SA --> REPE, Brokerage, Secondaries FT
I recently accepted a SA job at a BB. It is bittersweet: I love the people and the opportunity (I won't be the guy to be ungrateful). With that all said, I really am passionate about RE, and, during this recruiting cycle, I have tried to target RE-focused firms, but this opportunity came up and I...
Secondaries/co-investments shops in London
Hi folks, Keen to hear your thoughts/insights on different secondaries/co-investments shops in London. anything on hours/ culture/ comps/ prospects/ people/ offices
Secondaries - Case study
hey guys - I've got a case study coming up with one of the top secondaries shop (format is case study immediately followed by interview that would last 3hrs in total) and am wondering if anyone's got any tips or past case studies to share. First time interviewing with a secondaries shop so would...
Secondaries
Curious about top places to join for Secondaries, exit opportunities and in general suggestions to someone who is going to start a career in the industry? Many thanks
GS AIMS Private Equity Group
I've been looking into the Private Equity Group within GS AIMS recently (saw a posting a few weeks ago) and noticed a lot of former analysts were able to exit into PE buyout shops, despite the group doing primaries / secondaries / co-investments, rather than LBOs . Would anyone have insight into why...
Secondary PE to Direct
Hi everyone, I’ve got about 3 years experience as an analyst at a small-mid market secondary PE form (AUM around €500m), does anyone have any advice on how to move into directs or routes from here? I’ve considered advisory/placement agent but I wasn’t sure about salary long term and if the...
Secondaries PE interview with a large fund
I have an upcoming interview with one of the large PE secondaries funds in London. I have a few questions I was hoping someone could help answer What do secondary funds look for in their candidates, vs. a traditional direct PE fund? Versus traditional PE , is there more/less emphasis on: financial...
Secondaries PE
Guys, What exactly does an associate at a big secondaries fund such as AlpInvest, Lexington Partners... do? How are the exit opps and also bschool applications? Thanks so much!
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