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Case study · TresVista · PE secondaries · From Jun 2022
Pricing LP portfolio bids for a top-3 global asset manager
Situation
The client's secondaries fund buys existing LP stakes in private equity funds. To bid on a portfolio, it needs a value for every fund in it, kept current each quarter.
Approach
Reviewed funds run by large buyout managers and underwrote the top 80% of each fund's assets (up to 12 companies per fund) with top-down industry analysis and a DCF of each company's expected exit value. Used fund commentary and quarterly GP calls to set uplift assumptions for the next few quarters.
Outcome
The pricing models fed the fund’s bid decisions on LP portfolios and were updated every quarter. I was fast-tracked to Senior Analyst and trained the next analyst on the client.
Timeline
- Jun 2022Joined TresVista as an Analyst on the client’s secondaries team.
- Every dealWorked deals from logging in the fund’s tracking system through to closing, along with portfolio review models and investment memos.
- Every quarterUpdated the pricing models for the funds I covered and discussed fund performance with fund directors and associates.
- Dec 2023Promoted to Senior Analyst six months early. Trained a new analyst on the client and took on a second client.
Team context: our team of six analysts covered 24 funds.