The Private Equity Secondaries Investor: A Practitioner's Guide to LP Portfolios, GP-Led Deals, and NAV-Based Pricing

Master the craft of private equity secondaries.The secondary market has become one of private equity's most dynamic engines - yet almost nothing explains, in practical terms, how it actually works. The Private Equity Secondaries Investor does.This practitioner's guide takes you from first principles to the mechanics that define the job: - Why the market exists - buyers, sellers, advisors, and intermediaries- LP-led portfolio sales and GP-led continuation vehicles, tender offers, and strip sales- Sourcing, bottom-up NAV analysis, and underwriting a fund interest through the J-curve- Pricing with discounts, premiums, and deferred structures- Return modeling - IRR, MOIC, and the time value of a discount- Diligence, legal transfer mechanics, and portfolio construction and riskIt closes with a concrete 30/60/90-day plan and a career roadmap. Clear prose, realistic examples, checklists, and reflection prompts throughout.Educational content; not investment advice.