PE Offer Holder - Knowledge Gaps
All, I secured offer for on-cycle and am coming to an end of my 2 year stint in IB. The only caveat is that in these 1.5 years I have still not managed to cover every single thing on a deal life cycle. Would be surprised if I will cover everything in time.
Gaps: proceeds modelling (flow of funds), closing mechanism / completion accounts, helping draft engagement letters, nuanced sale structures: escrows, rofr, rofo etc.
Do all oncycle offer holders cover all of the above things in their 2 years? I mean, a lot of them work in coverage teams with various product offerings so to get staffed mostly on M&A and then within that to cover all these aspects seems remarkable. Is that true?
Going to PE (vanilla LBOs) so not sure how much this next bit matters but I have not really worked on any complex deals: reverse mergers, take privates, activism / defence. I mean, may not use it in my day-to-day but overall will I be at a disadvantage in terms of skillset and product toolkit?
You’ll learn it all in PE. There are still some aspects I haven’t covered.
Yes, but won't I be expected to know all of the above (not including the stuff in the last paragraph) from Day 1. I mean, I expect they will think I should know it fully.
Sorry, realised I didn’t hit direct reply.
No. They know IB stints are pretty hit-or-miss in terms of applicability.
Roughly what % of joining associates will have done a full sellside including the non-obvious technical stuff like completion mechanisms, proceeds / funds flow modelling, negotiating CA / EL / SHA (not the whole thing but I mean contributing).
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Bump
Aaaanyone?
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