Discussion Transaction Experience in Lateral Interviews

Based on the most helpful WSO content, here’s how to approach your situation:

1. Discussing Your Deals

• Depth of Knowledge: At 3–4 months in, interviewers generally don’t expect you to have deep technical insights into deals, but they will expect you to know the high-level details. Be prepared to discuss:
  • The industry and business model of the companies involved.
  • The rationale behind the deal (e.g., synergies, market expansion, etc.).
  • Your specific contributions, even if they were support-focused.
• Framing Your Role: Be honest about your responsibilities but frame them positively. For example:
  • Instead of saying, "I only formatted CIMs," say, "I supported the preparation of marketing materials, ensuring accuracy and clarity in presenting valuation and strategic insights."
  • Highlight teamwork and exposure to the deal process, even if your role was limited.

2. Handling Questions on Valuation and Models

• If you haven’t worked directly on valuation or model structures, don’t pretend you have. Instead, pivot to what you did learn:
  • "While I wasn’t directly responsible for building the model, I gained exposure to the process and ensured the outputs were accurately reflected in client-facing materials."
• If pressed, acknowledge your limited experience but express eagerness to deepen your technical skills.

3. Discussing Their Deals

• Preparation: Knowing the basics (background, rationale, price) is a good start. To hold a 5–10 minute conversation:
  • Formulate a thoughtful opinion on the deal (e.g., "I found the valuation multiple interesting given the industry trends").
  • Be ready to discuss broader industry implications or ask insightful questions (e.g., "How did the team approach diligence on customer concentration risks?").
• Engagement Strategy: Share what you know, offer a reasoned opinion, and ask questions to show curiosity and critical thinking. For example:
  • "I noticed the deal was priced at X EBITDA multiple, which seems aggressive given [industry trend]. Was that driven by competitive dynamics or unique synergies?"

4. General Tips for Lateral Interviews

• Focus on Storytelling: Be conversational and confident when discussing your experience. Even if your role was limited, show that you understand the bigger picture.
• Balance Detail and High-Level Thinking: Avoid getting lost in minutiae. Instead, demonstrate your ability to connect details to strategic outcomes.
• Prepare for Behavioral Questions: Be ready to explain why you’re looking to lateral, why you’re interested in their group, and how your experience aligns with their needs.

By framing your contributions effectively and demonstrating curiosity about their deals, you’ll position yourself as a thoughtful and motivated candidate. Good luck!

Sources: My Path - MBA Banking Associate to PE, https://www.wallstreetoasis.com/forum/investment-banking/breaking-into-private-equity-from-banking?customgpt=1, "Walk me through a deal" for consultants, How to Talk About PE Deal Experience?, How did you transition from an analyst/support role to a sourcing/production role?