Secondaries, with look-through and waterfall built in
LP and GP-led, continuation vehicles and strip sales modelled with reference-date NAV and full underlying look-through.
Secondaries pricing depends on what sits underneath. LP interests, GP-led continuation vehicles and strip sales each demand different underwriting frameworks but share one requirement: complete visibility into the underlying portfolio at the reference date. Reuben AI provides reference-date NAV modelling, full look-through to underlying fund holdings, and the waterfall logic to move from gross asset value to investor distributions across single-asset and multi-asset transactions.
Why this asset class needs a different operating model
Pricing depends on look-through. A bid on an LP interest is a bid on the underlying portfolio. Without holding-level visibility you are pricing blind.
Reference dates create snapshot complexity. NAV must be reconstructed as at the reference date with adjustments for distributions, capital calls and FX between reference and signing.
GP-led structures need bespoke waterfalls. Continuation vehicles, strip sales and tender offers each have their own carry, hurdle and ratchet provisions that affect investor economics.
Diligence is asymmetric. Buyers have weeks. Sellers have years of context. Software needs to compress the gap.
How Reuben AI covers it
Reference-date NAV modelling
Reconstruct NAV as at the reference date with full reconciliation for capital calls, distributions and FX movements between reference and signing. Audit trail preserved for closing diligence.
Underlying portfolio look-through
Holding-level visibility into the underlying fund's portfolio with company-level scoring, performance and risk signals. Buyers see what they are actually buying.
Single and multi-asset waterfalls
Carry, hurdle, catch-up and ratchet provisions modelled for LP secondaries, continuation vehicles, strip sales and tender offers. Investor distributions computed automatically.
Structured diligence
Multi-dimensional analysis tailored to secondaries: LP register quality, transfer restrictions, key-person provisions, tax leakage and regulatory consents tracked alongside underlying portfolio diligence.
Investor coordination
ROFR, consent and approval workflows for LP secondaries. Tender mechanics for GP-led transactions. All run through structured workflows with full provenance.
Sub-asset overlays inside Secondaries
Secondaries carries 7 sub-asset overlays in the Reuben AI rubric registry: LP-led portfolio, GP-led continuation, Single asset continuation, Strip sales, Direct secondaries, Preferred equity secondaries and Tail-end portfolios. Those overlays are part of the 314 sub-asset overlays the platform maintains across 56 of its 68 native asset classes.
An overlay never reweights the parent rubric. It adds the extra scoring criteria, risk flags, document types and key term fields that only apply to that slice, so a lP-led portfolio deal and a tail-end portfolios deal are both scored on the shared secondaries rubric while each is still asked the questions specific to its structure. That is what keeps deals inside one asset class comparable to each other and to the rest of the portfolio.
Selecting an overlay at intake changes what the platform expects: the document checklist, the extraction schema for key terms, and the flags raised when a term sits outside the range the rest of your secondaries book has accepted. Nothing is retrofitted later by hand.
- LP-led portfolio
- GP-led continuation
- Single asset continuation
- Strip sales
- Direct secondaries
- Preferred equity secondaries
- Tail-end portfolios
The diligence record a secondaries deal produces
Every secondaries opportunity that moves through Reuben AI leaves a structured record rather than a folder of documents and a memo. The rubric score is stored with the criteria that produced it, each extracted key term is stored with the clause and page it came from, and every flag is stored with the reason it fired and who cleared it.
The practical effect is that the investment committee paper, the LP report line and the audit trail are all reading the same underlying record. When an LP asks in year three why a secondaries position was underwritten the way it was, the answer is retrieved, not reconstructed.
- Rubric score with the criteria and weights that produced it
- Key terms extracted with a clause-level source reference
- Risk flags with the trigger, the owner and the resolution
- Comparison against prior deals in the same asset class
- Investment committee pack generated from the stored record
- An immutable trail of who changed what and when
What this means for fund operations
Secondaries sits as a core allocation for PE and Institutional mandates, and is adjacent or opportunistic for 6 of the other fund types the platform serves.
That matters operationally because most funds do not hold secondaries alone. The moment a portfolio spans more than one asset class, comparability becomes the constraint: a position scored on a bespoke secondaries spreadsheet cannot be ranked against a position scored somewhere else. Running secondaries on the same rubric engine as the rest of the book removes that break.
Reporting inherits the same property. Portfolio monitoring, valuation cadence, capital account movement and LP reporting all draw from the single stored record, so a secondaries position appears in the quarterly pack on the same basis as every other holding, with the same evidence behind it.
Relevance by fund type
VC
Adjacent
PE
Core
Private Credit
Opportunistic
Growth Equity
Opportunistic
Hedge Fund
Adjacent
Infrastructure
Opportunistic
Family Office
Adjacent
Emerging
Niche
CVC
Niche
Institutional
Core
Asset classes held alongside this one
Fund of Funds
Multi-manager allocation with manager scoring, vintage diversification and look-through reporting.
Private Credit
Direct lending, mezzanine, unitranche and NAV facilities with covenant tracking and real-time NAV.
Asset-Backed Lending
Asset-backed and receivables-backed lending with borrowing base, collateral surveillance and covenant monitoring.
Growth Equity
Late-stage minority and structured growth investments with operational value-creation tracking.
Private Debt
Direct lending, BDC and diversified credit strategies with covenant tracking, borrower monitoring and portfolio yield analytics.
Private Equity
Institutional PE covering buyout, growth and platform strategies with value-creation tracking and ILPA-aligned reporting.
Full coverage across all 68 native asset classes is listed on the coverage page.
Related solutions
Common questions
Does Reuben AI support GP-led secondaries?
Yes. Continuation vehicles, strip sales and tender offers are supported with their own waterfall logic and investor coordination workflows.
How does reference-date NAV work?
NAV is reconstructed as at the reference date and reconciled against capital calls, distributions and FX movements between reference and signing, with a full audit trail.
Can buyers see underlying portfolio holdings?
Yes, where the underlying GP permits. Holding-level look-through with company-level scoring is supported, subject to confidentiality.
How many sub-asset overlays does Secondaries have?
7: LP-led portfolio, GP-led continuation, Single asset continuation, Strip sales, Direct secondaries, Preferred equity secondaries and Tail-end portfolios. They sit within the 314 overlays the platform maintains across 56 of its 68 native asset classes.
Which fund types treat secondaries as core?
PE and Institutional. Relevance for every other fund type is shown in the relevance grid on this page, graded as core, adjacent, opportunistic or niche.
Can secondaries be compared against other asset classes in the same portfolio?
Yes. Every asset class runs on the same rubric engine, so scores, flags and key terms are stored in a common structure. Positions across different asset classes are ranked and reported on the same basis.
See Secondaries in Reuben AI
Book a demo to walk through deal flow, diligence and reporting tailored to this asset class.