Assessing NAV Quality
Easy
Tests whether a candidate treats reported NAV as evidence rather than fact.
How would you assess whether a private equity fund's reported NAV is reliable?
Valuation · Private Equity · ~7 minModel answer & graded attempt
All interview questions
Ardian interview questions
Other14 questions reported in Ardian interviews, organised by the group that asks them. Every question carries a model answer and graded feedback on your own attempt.
Questions
14
Easy · Medium
5 · 5
Hard
4
Model builds
0
Built in the spreadsheet grid
Secondaries
NAV discounts, J-curve mitigation, continuation vehicles and pacing. 13 questions
LP-Led Versus GP-Led Secondaries
Easy
Tests core market structure in a secondaries interview.
What is the difference between an LP-led and a GP-led secondary transaction?
Deal Analysis · Private Equity · ~7 minModel answer & graded attempt
What Does a Discount to NAV Mean?
Easy
A foundational pricing concept in a secondaries interview.
An LP interest is offered at 85% of NAV. What does that tell you, and what does it not tell you?
Valuation · Private Equity · ~7 minModel answer & graded attempt
Why Secondaries Instead of Direct Private Equity?
Easy
A standard first-round motivation question at secondaries investors.
Why does secondaries investing appeal to you relative to direct private equity?
Deal Analysis · Private Equity · ~7 minModel answer & graded attempt
Why Transfer Consent Matters in an LP Secondary
Easy
A first-round fund-document question at a secondaries investor.
An LP has agreed to sell you an interest in a private equity fund. Why do you need to read the transfer provisions and obtain the GP's consent before treating the purchase as complete?
Due Diligence · Private Equity · ~7 minModel answer & graded attempt
Testing GP Alignment in a Continuation Vehicle
Medium
A GP-led diligence question at secondaries funds.
Which terms tell you whether a GP is aligned in a continuation vehicle?
Due Diligence · Private Equity · ~10 minModel answer & graded attempt
The J-Curve and How Secondaries Mitigate It
Medium
The structural argument for the secondaries asset class.
Explain the J-curve. How do secondaries mitigate it, and what does an LP give up in exchange?
Portfolio Construction · Private Equity · ~11 minModel answer & graded attempt
Underwriting Concentration Risk
Medium
A portfolio-risk follow-up in LP-led underwriting.
How does concentration change the way you price a secondary portfolio?
Portfolio Construction · Private Equity · ~10 minModel answer & graded attempt
Using Secondaries for Distribution Pacing
Medium
A portfolio-construction question for secondaries and institutional investor interviews.
How can a secondaries allocation help an LP manage its private markets pacing?
Portfolio Construction · Private Equity · ~10 minModel answer & graded attempt
Analysing a Continuation Vehicle
Hard
GP-led deals are now most of the secondaries market, and the conflict is the analysis.
A GP proposes moving its best portfolio company into a continuation vehicle. As a secondaries buyer, what do you assess?
Deal Analysis · Private Equity · ~13 minModel answer & graded attempt
Pricing an LP Secondary
Hard
The core analytical exercise on a secondaries team.
An LP wants to sell a $50m NAV position in a 2019-vintage buyout fund. How do you price it?
Deal Analysis · Private Equity · ~13 minModel answer & graded attempt
Underwriting a Stapled Secondary Transaction
Hard
An advanced secondaries interview case involving a GP seeking liquidity and fresh primary capital.
A GP offers you a $150m LP portfolio at 82% of NAV, but only if you also make a $50m commitment to its next primary fund. The portfolio has two years of unfunded commitments, and the GP's prior fund…
Deal Analysis · Private Equity · ~14 minModel answer & graded attempt
Using Preferred Equity in a Secondary Transaction
Hard
A structured-solutions question for advanced secondaries candidates.
Why might an LP choose preferred equity rather than sell a fund interest outright?
Deal Analysis · Private Equity · ~12 minModel answer & graded attempt
Buyout
LBO modelling, leverage capacity, value creation plans and exit paths. 1 question
Choosing an Exit Route
Medium
Underwriting an entry requires a view on the exit. Funds ask this at IC.
A sponsor is ready to exit a portfolio company. Compare a strategic sale, a sponsor-to-sponsor sale, an IPO and a continuation vehicle.
Deal Analysis · Private Equity · ~11 minModel answer & graded attempt
Practise the Ardian set under interview conditions.
Write your answer, get it graded on technical accuracy, completeness and communication, and see exactly which mechanic you missed.
Company tags reflect where a question type is commonly reported in interviews. They are not sourced from, endorsed by, or affiliated with Ardian.