Secondaries

You run the day to day work of deals that help private equity funds and their investors sell or reshape fund stakes before a fund ends. The seat is Investment Banking Associate in the Secondary Advisory team, part of the Private Capital Advisory business. A private equity fund buys companies and is meant to sell them within a fixed life. When the manager wants to keep a company for longer, or an investor wants its money back early, the stakes in the fund itself are sold or moved. The team advises on those deals, including continuation funds, where the same manager sets up a new fund to keep owning companies it would otherwise have to sell, and sales of whole portfolios of fund stakes.

This is different from the mergers and acquisitions bankers, who sell single companies. As an associate you sit between the senior bankers and the analysts, managing the workstreams of each deal and dealing with clients directly.