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
All interview questions
Blackstone Strategic Partners interview questions
Other5 questions reported in Blackstone Strategic Partners interviews, organised by the group that asks them. Every question carries a model answer and graded feedback on your own attempt.
Questions
5
Easy · Medium
0 · 2
Hard
3
Model builds
0
Built in the spreadsheet grid
Secondaries
NAV discounts, J-curve mitigation, continuation vehicles and pacing. 5 questions
Updating a Secondary Underwrite After a Quarterly Report
Medium
A live-deal update question for a secondaries investment team.
You are underwriting an LP portfolio whose largest asset is marked at 14.0x EBITDA. A new quarterly report shows revenue grew 4% versus the budgeted 12%, EBITDA is 8% below plan, and net debt is $40m…
Financial Analysis · Private Equity · ~11 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
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
Practise the Blackstone Strategic Partners 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 Blackstone Strategic Partners.