PE secondary access: boutique adviser or larger platform?
Compare verified access, legal structure, diligence, accountability, full economics and conflicts for the specific transaction.
The appropriate route depends on the asset, transaction structure, investor eligibility, desired ticket, diligence access and service required. Compare the specific transaction and named execution team using a written scorecard.
Access and inventory
Ask whether the provider controls the interest, represents a verified seller, operates a vehicle or is introducing another intermediary. Require a complete diagram showing legal ownership, counterparties and every fee layer.
Diligence and information
Compare the information available on the issuer, fund, SPV and seller. Establish who verifies title, transfer permissions, conflicts, valuation reference points and the vehicle’s legal and tax structure. Record what cannot be verified. FINRA publishes risk and regulatory information on private placements.
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Execution and accountability
Identify the named senior professional responsible for the transaction, the regulated entities involved, custody and payment mechanics, complaint process and continuing reporting. Test each proposed service through written deliverables and accountable owners.
Economics
Calculate the full cost, including entry premium, commission, placement or advisory fee, SPV administration, management fee, carried interest, financing and exit charges. Compare like-for-like net outcomes under several timing and valuation cases.
Decision scorecard
Score verified access, legal structure, diligence quality, fee transparency, service, conflicts, regulatory status, reporting and exit mechanics. Decline a route where ownership, permissions or economics remain unclear.
Related pages
Frequently asked questions
Provider size alone does not establish transaction quality. Verify access, legal structure, ownership, transfer permissions, regulated roles, fees, conflicts and accountability for the specific transaction.
Compare entry premium, commission, advisory fees, SPV administration, management fees, carried interest, financing and exit charges on a like-for-like basis.
Include verified access, legal structure, diligence quality, fee transparency, service, conflicts, regulatory status, reporting and exit mechanics.
Last updated: July 2026.
Discuss a mandate
Speak to a partner about how this applies to your transaction. A partner responds personally, typically within one business day.
