Quality positions for sale
Fund interests and portfolios, before they trade.
PE Secondaries Investor
Secondaries from sellers who are ready, GP references, and allocation access across private funds.
Requests
What you can ask for here
Each is a kind of request other members answer. Pick the one you need and it goes to the people who can act on it.
Access to a round that is hard to get into
Candid references from other LPs
Honest reads before you commit
Funds offering co-investment
What you can answer
Requests where someone in your role is the person they are hoping hears them.
Qualified buyers for your shares
A plan to return capital
Contribute
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What the role involves
- 01
A recurring responsibility is evaluating both LP-led portfolio purchases and GP-led or continuation-vehicle opportunities rather than treating secondaries as one uniform transaction type.
responsibility
- 02
A recurring responsibility is producing independent financial models and valuation analyses for funds, portfolios, and underlying companies, including sensitivity testing of uncertain outcomes.
responsibility
- 03
After approval, the investment team works with legal counsel to negotiate documentation, preserve protections, structure terms, and close the transaction.
task
- 04
After closing, the investor monitors portfolio investments and contributes to ongoing portfolio-management and reporting activities.
task
- 05
During full diligence, the investor builds models, tests sensitivities, evaluates value drivers, capital structure, risk, and downside cases, and conducts independent research beyond sponsor materials.
task
- 06
During preliminary diligence, the investor reviews GP presentations, data-room materials, industry work, and financial models and meets with sponsors or company management.
task
- 07
The investor prepares an Investment Committee memorandum or final investment report that states the analysis, risks, structure, and recommendation.
task
- 08
The investor sources or receives opportunities and performs an initial screen of assets, deal attributes, market conditions, competitive dynamics, information advantage, and portfolio fit.
task
- 09
The investor tests each opportunity against existing sector, strategy, sponsor, geography, deal-size, and concentration exposures before recommending it.
task
- 10
A representative workflow is opportunity sourcing, initial screen, preliminary diligence, portfolio-fit review, full valuation and risk diligence, investment report and committee decision, negotiation and closing, then monitoring and reporting.
workflow
What shapes the decisions
- 01
In GP-led continuation transactions, a recurring concern is whether inherent conflicts, disclosure quality, process design, and compressed timing allow an informed and aligned decision.
concern
- 02
Key decision criteria include price to NAV, fund age and strategy, underlying asset quality, sponsor quality, expected cash flows, unfunded obligations, concentration, downside sensitivity, portfolio fit, legal protections, and structural terms such as deferred consideration.
decision criterion
Who they work with
- 01
Core counterparties include selling LPs, GPs and sponsors, continuation-vehicle participants, portfolio-company management, secondary advisers, internal portfolio teams, legal counsel, consultants, reference contacts, and the Investment Committee.
counterparty
- 02
The investor needs fund and company financials, NAV and valuation histories, cash flows and unfunded commitments, portfolio-company operating data, sponsor track record, data-room and legal materials, transaction structure, pricing, reference information, and current portfolio exposures.
information needed
- 03
The role sits in a dedicated or integrated secondaries investment team inside a private-markets manager, pension investor, or multi-strategy investment platform and works with portfolio, direct-investment, legal, and investment-committee functions.
organizational context
- 04
An LP liquidity or rebalancing need, a GP continuation proposal, a portfolio concentration issue, or a new data-room opportunity can trigger a secondaries evaluation.
trigger
Tools and vocabulary
- 01
Recurring artifacts include teasers and bids, data-room files, GP presentations, fund and company models, valuation and sensitivity analyses, exposure reports, diligence questions, reference notes, Investment Committee memoranda, legal documents, closing records, and monitoring reports.
artifact
- 02
Natural terminology includes LP-led, GP-led, continuation vehicle, secondary interest, NAV, price to NAV, unfunded commitment, data room, portfolio construction, sensitivity analysis, deferred pricing, Investment Committee memorandum, sell, roll, and closing.
terminology
Pick your way in
Three ways into the startup world. Choose the one you came for.
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