Private capital advisory, or PCA, can cover several businesses depending on the bank. A team may advise on secondary transactions, private fund placement, or broader capital solutions for private equity firms and institutional investors. Read the group’s website and recent transaction announcements to determine its actual mandate.
For secondaries-focused teams, learn the two main transaction categories. In an LP-led deal, a limited partner sells one or more fund interests to obtain liquidity or rebalance its portfolio. In a GP-led deal, a general partner creates a liquidity option for existing investors, often by moving selected assets into a continuation vehicle managed by the same sponsor.