Secondaries

Secondaries is the market for buying and selling stakes in private equity funds, and in the companies those funds own, after the original investment has been made. A private equity fund ties investors' money up for many years, so the secondaries market is how an investor gets out early, or how a firm keeps hold of a company it is not ready to sell.

There are two main kinds of deal. In an LP sale, an investor such as a pension fund sells its stakes in one or more funds to a specialist secondaries buyer. In a GP-led deal, the private equity firm itself moves one or more of its companies into a new fund, often called a continuation vehicle, and gives its existing investors the choice to cash out or roll over.

The work is valuing portfolios of private companies, often many at once, and agreeing a price against what the fund says they are worth. People work either at the funds that buy these stakes or at the advisers who run the sales, and the adviser side has its own page under Private Capital Advisory on Learn.

Open jobs

4 open jobs that use this word

Job	Firm	Level	Stage	Posted
Secondaries · Infrastructure	LGT Capital Partners	Experienced	8+ years	2 days
Secondaries	StepStone Group	Analyst	1 to 2 years	7 weeks
Secondaries · Real estate	Blackstone	Summer	Second-to-last year at university	3 months
Secondaries · Strategic partners	Blackstone	Summer	Second-to-last year at university	3 months

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