So I've been wondering, what exactly does live deal experience consist of. I am on the buyside right now doing post-LOI DD for a company we are about to buy. I have not modeled for the deal as all the models were built before I arrived for the summer, just doing basic research. Does this count as working on a "live deal"?
Thanks.
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Live deal from the perspective of whom, future employers? You can easily use your current experience to craft a convincing story of live deal experience. It sounds to me that you are currently in the confirmatory due diligence phase and barring any MACs or MADs or other adverse issues you have consummated the transaction. My perception of live deal experience is more of a beginning to end involvement. (i.e. review the teaser, sign the CA, review the OM/CIM, perform preliminary DD, put forth preliminary bid, get accepted to round 2, management meetings/facility tours, line up financing, consummate deal, closing party and lucites).
Ha. I'd done a lot of the steps you mentioned up to the review OM/CIM point. then it dies......
Do analysts really participate in the management meetings/facility tours, line up financing deal parts?
Again really contingent upon the shop, my group is fairly small and very flat (i.e. no strict hierarchy) so ive had the unique opportunity of being involved early on. Analysts generally do not attend management meetings/facility tours unless one of the VP/MPs wants someone there to take notes, take pictures and carry shit. Financing negotiations generally occur at the most senior level and analysts generally are not involved (again unless someone is needed to take notes).
The worst part of PE is doing months of work only to lose in the final round to BX, KKR, Apollo etc.
I'd like to reiterate that it completely depends on the shop. I've attended probably close to 20 management visits and I've seen every possible combination of attendees. There is always a senior guy from the PE shop, but after that it's all up in the air. In fact, usually there is some junior guy running logistics for the rest of the team. Of course, by junior guy I mean an associate who has completed two years of i-banking, not an analyst straight out of undergrad, but most of the shops I've dealt with do not hire out of undergrad anyways.
This is something you need to diligence when applying to work at a PE shop.
~~~~~~~~~~~ CompBanker
Deal Experience (Originally Posted: 01/09/2007)
Question came up today in the office:
After your first year as an analyst, would you rather:
1) Have completed a $6 billion merger as your only transaction
or
2) Have completed 5 M&A deals with average value of $400m
2
But we had one analyst arguing that getting front page of WSJ trumped doing smaller "shit" deals.
Variety of deal experience is worth more when you're first starting out, so #2.
It's not like the analyst gets to claim credit for sourcing/closing a multi-billion-dollar transaction. And the mechanics and considerations are pretty much the same no matter what deal size you're talking about...so those things being equal, different deal experience = better analyst experience.
2, its not like the analyst sourced the deal, just contributed to some of the work
Quo ratione sed et. Modi ratione in vel quod et sunt illo error. Ducimus eaque beatae sint quia laborum ad enim. Et praesentium et odit est est quis harum.
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