Secondary Investing's Massive Growth: 1: In 2013, the secondaries market generated $10B in deal volume. In 2024, secondaries deal grew to $145B (yes, you read that correctly!) It is expected to hit $1T in 15 yrs., equating to 5-10% of total transaction volume in investing.
Our Client: With $125B+ in AUM and 42+ years of experience, our client is one of the world's most revered independent, global private markets investment specialists. Their global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co-investments in comingled funds or separately managed accounts. The firm has more than 1200 employees, including more than 230+ investment professionals in 14 global offices. Over the past 42 years, more than 500 institutional investors have committed over $155 billion to funds managed by our client, across global primary, secondary, direct co-investments, infrastructure and real assets, and private credit.
About the Secondary Investment Team: Our client's secondary investment team has been a pioneer and leader in the secondary market since making its first investment in 1986. The team recently closed the third largest secondaries fund ever raised with $15.1B (at hard cap) for their oversubscribed Dover Street XI fund combined with a further $3.4B for secondary co-investment opportunities. There are over 60 members on the team today. They are widely considered a leader in the complex end of the secondary market, including the rapidly expanding GP-led market where the team is actively leading and structuring some of the largest transactions in the market today. This GP-led segment grew from just $5B of volume in 2013 to $55B in 2024. Once a small subset of the overall secondary market, GP-led deals have soared to account for approximately half of all the secondary deal volume since 2020.
Culture: The firm enjoys an extremely special culture! Despite its large global size, it is a flat organization with an easy-going and accessible senior team. It is employee-owned and the leadership provides top level transparency/ updates on a quarterly basis. Throughout the pandemic, senior personnel had monthly check-ins with each person on the team to see how they are doing personally. Today the team enjoys lunch, happy hours, and team offsites together. The analytics are equally as rigorous in this role, but the aura is less intense than regular PE and seldom work on weekends.
Role: Responsibilities will include evaluating and transacting on private equity investment opportunities in the secondary private equity market. The Associate will gain exposure to all types of secondary transactions with a particular emphasis on complex secondary opportunities including GP-led secondary transactions (both single and multi-asset); secondary direct transactions involving the purchase of portfolios of direct company interests; and structured liquidity solutions. As an industry generalist, the Associate will be responsible for evaluating companies across a variety of industries, including but not limited to, Consumer and Retail, Healthcare, Financial Institutions, Industrials, Technology, Media, and Telecommunications. The principal functions include investment analysis, due diligence, and assisting in the legal documentation and closing process. All live deals; no pitching or portco responsibility. One can easily expect to close 3-4+ deals per year!
Qualifications: Ideal candidates will have 1-3 years of investment banking or related finance experience or sit within a "private funds & secondaries" group.