Secondaries

You help buy existing stakes in private equity funds and the companies inside them, from investors who want to sell early. Private equity funds lock investors' money up for many years. The secondaries market lets those investors sell their stakes to a buyer such as StepStone, and lets fund managers move companies they still own into new funds. As the analyst you do the analysis behind each purchase in Europe.

The team recently closed its fifth fund with $7.4 billion of total commitments from investors. It buys stakes that investors hold in private equity funds, backs deals started by the fund managers themselves, and does structured deals such as team spin outs and fund recapitalisations.