In this episode of Balentic Edge, Kasper Wichmann sits down with Julien Marencic, Managing Partner at Jera Capital, to unpack a disciplined approach to the secondary market - from industrial-grade origination and selection to portfolio construction across cycles.
What does quality really look like in secondaries when discounts don’t guarantee returns? Julien lays out Jera Capital’s engineer-like playbook: scale origination to widen the funnel, apply ruthless selection to avoid misallocation of time and capital, and maintain a tight feedback loop by converting pre-investment models into live monitoring tools.
The discussion compares LP secondaries vs GP-led continuation vehicles, explaining where multiples, liquidity timing, and alignment truly differ.
Julien and Kasper explore evergreen fund structures focused on sub-€50m deals, an under-served third of the market that attracts only ~5% of secondary capital, and how pacing across vintages helps avoid the J-curve and overpaying at peaks.
Julien also tackles today’s risk realities: NAV loans, leverage in a non-zero-rate world, distribution dynamics, and how to assess GP incentives (including valuation “POP” before exit).
Finally, they cover syndication access, being a “good counterparty,” and what LPs should do when those election notices hit their inbox.
If you care about private markets, LP insights, GP-led continuation vehicles, evergreen funds, and navigating NAV loans and leverage, this one’s for you.
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AboutBalentic empowers private markets with expert-built tools and data to streamline fundraising and discovery. Orca, our AI-powered platform, transforms how LPs and GPs connect through smart filters, transparent data, and thematic insights.For inquiries: edge@balentic.com
Disclaimer: The views are those of the host and guests and are provided for informational purposes only. They do not represent the views of any employer or affiliated entity. Nothing herein constitutes investment, legal, tax, or business advice, or an offer, solicitation, or recommendation to buy or sell any security. References to funds or companies are illustrative only. Please consult your own advisers before making decisions.