Associate

Overall Process: The interview process consists of at least 3-4 rounds. The firm hires Associates on a near rolling basis, so the chances of getting into the process are relatively high. That said, the process is somewhat unstructured, and candidates often need to follow up proactively with HR to get updates on next steps or the status of their application.
Round 1 – Junior Team Member (Behavioral): The first interview is with a junior member of the team and is primarily aimed at assessing behavioral fit within the firm and whether your profile is of interest. It was very straightforward, with no technical questions asked.
Round 2 – VP Interview (Technical): A few days later, HR reached out to schedule an interview with a VP. This round was entirely technical, though the questions were not particularly challenging. Topics included:

Table of Contents of a CIM
Sources and Uses
Differences between TLA, TLB, and RCF
The most important driver to decrease a DCF valuation

Round 3 – Second VP Interview (Technical): After roughly 3-4 weeks (again, requiring some follow-up with HR), a second VP interview was scheduled. The questions were comparable in difficulty to the first VP round:

How an LBO can be used as a valuation method and why it differs from other methodologies
Walk me through a DCF, with particular focus on Beta calculation, unlevering, and relevering
Whether or not valuations should be included within a CIM, and the rationale
How to design a teaser for a target company

Neither of the two VP interviews represented the hardest part of the process.
Final Round – Partner Interview: The final round is with one of the two partners and is noticeably more demanding. Questions included:

The difference between Working Capital dynamics in the US vs. Europe
What happens to the deal after the Locked Box mechanism, and how risk transfer works
What is a ticking fee
A brainteaser: calculate the angle between the hour hand and the minute hand of a clock at a specific time

Final Thoughts: Overall, a somewhat unstructured process that requires the candidate to be proactive with HR to keep things moving. The questions are well-calibrated to the seniority expected for the Associate role, with technical depth that ramps up meaningfully at the partner stage. Solid preparation on M&A technicals (CIM structure, financing instruments, DCF mechanics), LBO theory, and SPA/deal mechanics (Locked Box, ticking fees, WC adjustments) is essential, alongside being ready for at least one brainteaser in the final round.