Investment Banking Associate | Private Capital Advisory

Chicago, IL, United States

Jefferies Private Capital Advisory is one of the pre-eminent advisors to financial sponsors and institutional limited partners on transactions involving the private equity secondary market. Our professionals work closely with private equity sponsors seeking to utilize the secondary market to generate liquidity through single- / multi-asset continuation vehicle transactions among other GP-led secondary transaction types. Additionally, the PCA team advises institutional investors such as sovereign wealth funds, pensions, endowments, foundations, and other large institutional investors in the private markets on the sale of portfolios of limited partnership interests in alternative asset funds.

PCA Notable Facts

~60 dedicated secondary advisory professionals worldwide based in New York, Dallas, Chicago and London

Signed / closed 24 GP-led transactions (e.g., continuation vehicles) totaling $10B+ of equity volume in the last 16 months (~20% global GP-led market share)

Advised on $160B+ of transaction value across 10k+ PE funds, including dozens of GP-led and LP-led transactions for 100+ repeat clients

Description

Jefferies is seeking an experienced Associate to join its PCA team in Chicago

The PCA team is focused on executing GP-led and LP-led secondary transactions across the private markets (e.g., private equity, private credit, infrastructure, energy and real estate).

GP-led secondary transaction mandates include single- and multi-asset continuation vehicles, tender offers, structured preferred equity solutions, and NAV loans, GP stake sales, and various other financing solutions for sponsors and their portfolio companies. GP-led secondaries are an innovative and increasingly utilized liquidity solution for private equity firms and an important part of Jefferies full-service offering for leading financial sponsors.

The GP-led secondary market has rapidly grown from $14B of global transaction volume in 2017 to $52B in 2022, representing a 30% CAGR. Approximately half of GP-led secondary transaction volume consists of single-asset continuation vehicles, where a single portfolio company is recapitalized.

LP-led secondary transaction mandates include portfolio, single fund and co-investment secondary sale advisory, buy-side advisory, fund valuation and analytics and fund- and portfolio-level financing

Candidates will join a highly collaborative and dynamic team that often works in tandem with Jefferies sector bankers, leveraged finance and sponsor coverage teams on its transactions. Jefferies PCA offers a unique opportunity to work on transactions with meaningful exposure to senior bankers across Jefferies as well as leading private equity GP and LP clients. The Associate will play an integral role in transaction execution and new business development for ground-breaking secondaries advisory assignments.

Responsibilities

Prepare and contribute to the delivery of client presentations and interact with senior bankers, clients and lawyers

Interface with sector / product banking professionals and contribute to the development of financial models and valuation analyses

Perform company- and fund-level due diligence, prepare information memoranda and other transaction-related documentation

Conduct secondary market research including identifying trends in the alternatives investment industry

Manage secondary investor outreach and due diligence (e.g., sponsor roadshows, management team meetings, plant and office visits)

Assist in preparing responses to due diligence requests from potential secondary investors

Communicate regularly with Jefferies’ industry and financial sponsor coverage team members

Track market data to assist with PCA’s communications with clients and industry coverage teams

Maintain a database of secondary investor profiles, investment strategies, and transaction feedback

Qualifications / Credentials

Four-year Bachelor’s degree, with a distinguished academic background

3-6 years of relevant professional experience (e.g., investment banking, valuation advisory, alternatives investment management, private equity consulting)

Private equity secondaries investment / advisory experience is seen as beneficial, but is not a requirement

Analytical and quantitative problem-solving skills including academic / professional experience in financial modeling and valuation

High levels of maturity and ability to interface effectively with professionals at private equity firms, portfolio companies, and secondary investors

Willingness to work on a wide range of secondary transaction types across different segments of the private markets and industry verticals

Strong multi-tasking and organizational skills with consistent attention to detail

Profound dedication to the role (i.e., willingness to take ownership of client deliverables)

Strong judgment, critical thinking skills with resourcefulness and the ability to improvise effectively

Exceptional communication skills (verbal, written and illustrative) across various mediums (predominantly Microsoft Word, PowerPoint, and Excel)

The salary range for this role is $150,000 - $225,000.

At Jefferies, we believe that diversity fosters creativity, innovation and thought leadership through the infusion of new ideas and perspectives. We have made a commitment to building a culture that provides opportunities for all employees regardless of our differences and supports a workforce that is reflective of the communities where we work and live. As a result, we are able to pool our collective insights and intelligence to provide fresh and innovative thinking for our clients.

Jefferies is an equal employment opportunity employer. We practice equal opportunity for all, and all qualified applicants will receive consideration for employment without regard to race, creed, color, national origin, ancestry, religion, gender, pregnancy, age, physical or mental disability, marital status, sexual orientation, gender identity or expression, veteran or military status, genetic information, reproductive health decisions, or any other factor protected by law. We are committed to hiring the most qualified applicants and complying with all federal, state, and local equal employment opportunity laws. As part of this commitment, Jefferies will extend reasonable accommodations to individuals with qualified disabilities, as appropriate, under applicable law.

All employees must follow Jefferies’ COVID-19 protocol policy, which is subject to change.

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