Investment Banking Associate - Private Capital Advisory (GP & LP-Led Secondaries)

A leading investment banking platform with a dedicated Private Capital Advisory team is seeking Associates to join its Secondaries Advisory team. The group advises General Partners and Limited Partners on GP-led and LP-led secondary transactions across private equity, private credit, real assets, and growth equity strategies.

This is a highly specialized role. Candidates must have direct secondaries transaction experience through advisory or investing roles. Generalist backgrounds without secondaries exposure will not be considered.

Role Overview

Associates will support the execution of complex secondary transactions, working closely with senior bankers, institutional clients, and secondary investors. The role requires strong technical execution, a deep understanding of private fund structures, and familiarity with secondary market dynamics.

Required Experience & Qualifications

This role is not intended for generalist candidates.

• 2–5 years of relevant professional experience in:
• Secondaries investment banking / private capital advisory or
• Secondaries investing (fund or direct secondaries)
• Demonstrated hands-on involvement in GP-led and/or LP-led secondary transactions
• Strong understanding of:
• Private equity and private capital fund structures
• LP interests, NAV mechanics, and fund economics
• Continuation vehicles and secondary pricing dynamics
• Experience at large, well-established financial institutions or platforms is preferred but not required
• Targeting candidates Class of 2021 ±1 year, typically aligning with ~4–5 years of total professional experience

Key Responsibilities

• Execute GP-led secondaries, including continuation vehicles (single-asset and multi-asset)
• Support LP-led portfolio sales and structured liquidity solutions
• Build and maintain advanced financial models, including:
• NAV-based valuation and pricing analysis
• Cash flow forecasting and sensitivity analysis
• Waterfall and carry modeling for continuation vehicles
• Prepare transaction materials, including:
• Confidential Information Memoranda (CIMs)
• Management presentations and investor marketing materials
• Data room organization and diligence tracking
• Coordinate diligence with GPs, LPs, secondary buyers, legal counsel, and third-party advisors
• Assist with buyer outreach, process management, and transaction execution
• Track market activity, pricing benchmarks, and trends across the global secondaries market

Platform Overview

The firm operates a market-leading private capital advisory franchise within a global investment banking platform, providing institutional clients with deep expertise in secondaries and access to a broad investor network.