KEY LEARNING OUTCOMES • Review the components necessary to have an effective secondary model. • Identify the essential data inputs needed to underwrite a fund interest. • Discuss the different variations in fund waterfalls. • Forecast the projected exit proceeds and exit timing of underlying portfolio investments for both public and private companies. • List the ways in which modeling techniques can be adjusted to account for various fund strategies. • Describe how to incorporate unfunded capital commitments into the model. • Integrate sensitivity tables into a functioning secondary model. • Determine the key drivers in a secondary model. • Explain how to evaluate and model idiosyncratic fund characteristics. • Describe the rationale for variances between a fundamental secondary valuation and current market pricing for secondary fund interest. 19 DEVELOPED FOR LIMITED PARTNERS BY LIMITED PARTNERS SECONDARY SERIES COURSE OUTLINE MARKET OVERVIEW WHAT IS A SECONDARY MODEL? SECONDARY MODELING CONSIDERATIONS KEY INPUTS AND ASSUMPTIONS OUTPUTS AND EVALUATION ADDITIONAL CONSIDERATIONS AND SCENARIOS CASE STUDIES