Investment Banking Associate | Secondary Advisory (GP, Real Estate & Infrastructure)

Jefferies; New York (NY); On-site; USD 140,000 - 200,000; Full time

Job summary

Jefferies’ Private Capital Advisory, Secondaries team in New York, seeks an Associate to lead execution on real estate & infrastructure GP-led transactions, including continuation vehicles and recapitalizations. You’ll work with senior PCA bankers and asset managers, building models and crafting investment materials.

Ideal candidates have 2–5+ years in investment banking or private capital advisory, strong valuation skills, and the ability to manage complex processes and sponsor relationships.

Qualifications

• 2-5+ years of experience in investment banking, private capital advisory, secondary advisory, real estate advisory, or infrastructure investing.
• Direct exposure to GP-led transactions, continuation vehicles, sponsor coverage, or complex private market transactions is preferred.
• Strong foundation in valuation methodologies relevant to real assets, including DCF, NAV, project finance, and asset-level cash flow analysis.

Responsibilities

• Lead/co-lead day-to-day execution of single-asset and multi-asset continuation vehicle transactions across real estate and infrastructure portfolios.
• Own financial modeling, valuation analysis, and underwriting materials for real estate and infrastructure assets, portfolios, and funds.
• Coordinate buyer outreach, investor diligence, bid evaluation, syndication processes, and transaction closings.
• Serve as a day-to-day coverage point for real estate and infrastructure sponsors and asset managers.
• Manage Analysts, mentoring junior team members and maintaining high execution standards.

Skills

Investment banking experience

GP-led transactions

Valuation analysis

Team leadership

Financial modeling

Relationship management

Asset underwriting

Presentation skills

Tools

Excel

DCF modeling

Job description

The Associate will join the firm's Private Capital Advisory (“PCA”) – Secondaries team in New York, with a dedicated focus on Real Estate & Infrastructure GP-led transactions, including continuation vehicles, recapitalizations, and joint ventures. The Associate will play a central role in execution leadership, sponsor relationship management, asset underwriting, and transaction structuring, working closely alongside senior PCA bankers and Jefferies’ Real Estate Gaming & Lodging and Infrastructure coverage teams. This role is designed for a banker who combines M&A-level execution rigor with a deep understanding of private capital markets, real asset investing, investor dynamics, and GP objectives across the fund lifecycle.

Team & Platform Overview

The Private Capital Advisory platform is part of one of the largest and most active fully integrated franchises on Wall Street, advising sponsors on strategic franchise enhancing transactions. The team advises leading managers across a broad range of sectors, including but not limited to digital infrastructure (data centers), industrial, residential, hospitality, and self-storage.

• ~20% global GP-led market share in 2025
• 95 GP-led transactions signed or closed since January 2022
• $63B+ of GP-led transaction volume signed or closed since 2022

The team operates as one integrated Private Capital Advisory platform, combining:

• 110+ dedicated secondary advisory professionals across seven global offices
• 150+ private capital professionals globally

Responsibilities

• Lead/co-lead day-to-day execution of single-asset and multi-asset continuation vehicle transactions across real estate and infrastructure portfolios
• Own financial modeling, valuation analysis, and underwriting materials for real estate and infrastructure assets, portfolios, and funds
• Analyze asset-level operating performance, cash flow characteristics, capital structure considerations, and long-term value creation plans
• Prepare and manage CIMs, management presentations, term sheets, LP election materials, and investment committee documentation
• Coordinate buyer outreach, investor diligence, bid evaluation, syndication processes, and transaction closings
• Serve as a day-to-day coverage point for real estate and infrastructure sponsors and asset managers
• Manage Analysts, maintaining high execution standards and mentoring junior team members
• Support senior bankers in origination efforts and strategic advisory dialogues regarding portfolio optimization, fund liquidity solutions, and continuation vehicle opportunities
• Work closely with sector banking, project finance, and capital markets teams to evaluate asset-specific investment considerations and market dynamics

Qualifications & Profile

• 2-5+ years of experience in investment banking, private capital advisory, secondary advisory, real estate advisory, or infrastructure investing
• Experience evaluating or advising on real estate, infrastructure, or other real asset investments is strongly preferred
• Direct exposure to GP-led transactions, continuation vehicles, sponsor coverage, or complex private market transactions is preferred
• Strong foundation in valuation methodologies relevant to real assets, including DCF, NAV, project finance, and asset-level cash flow analysis
• Understanding of private fund structures, sponsor economics, and institutional investor requirements
• Ability to manage complex transaction processes and senior stakeholder relationships
• Demonstrated leadership, project management, and team management capabilities
• Exceptional analytical, communication, and presentation skills with a high level of attention to detail