Silver BananaTopicReplies
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2017 Private Equity Report – 8 Category Highlights The 2017 Private Equity Industry Report compiled by Wall Street Oasis (WSO) provides insight on total average compensation, professional development, senior management and more. All statistics featured in the reports are based on 4,750+ user submissions from professionals in the private equity ...
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WSO Hall of Fame: Private Equity Forum The Wall Street Oasis Private Equity Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the private equity industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigate h...
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Why do senior notes have higher penalty for prepayment?And for that matter, when you're doing a paper LBO (simple - term loan and senior notes are the only two items on the debt schedule) why do you leave prepayment as $0 for senior notes? Thank you so much as always....
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Brightstar Capital Partners - Interview - Private EquityThis was my first ever take-home case study. I was given a 60 page CIM and was asked to build a model on the business and put together a 5 - 10 page investment memo (presentation or written) in 48 hours. After submitting the case study, I had to present the case to two VPs to which I received many ...
LaSalle Investment Management - Interview - Portfolio ManagementWhat form of real estate financing do you know? How would you finance a development? And a rented office? Do you know the difference between preferred equity and mezzanine? What do you know about our platform? Where would you invest £100ml (within real estate)? What country and what asset class? Pl...
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Top Private Equity firms Austin, TX? I am aware that Austin may not be that big in the PE scene but just wondering if anybody has heard anything on the PE scene in Austin, Texas? ...
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What does product specialist really entails? This role seems like a writing role in the long run.Hi guys, the nearest topic that I found through the search is wallstreetoasis(dot)com/forums/what-is-product-specialist and wallstreetoasis(dot)com/company/partners-group/interview/product-specialist-investment-writer Recently, I have progressed into the 2nd interview for the role of Private Equit...
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PE Secondaries pay and exit opportunitiesHi, I am thinking about joining a secondary fund team in an investment bank after 2 years of M&A. I need to tell them my expected salary and bonus. Can you tell me about the average salary level and the split between base and bonus? Also important what are exit options? Thank you very much ...
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PSP Investments - Review - Private EquityWeekends are off for the vast majority of the year. Busy during Mon-Thurs. General autonomy for juniors.. Lack of intellectual rigour among investment theses, over-reliance on GP partners, not a ton of driven individuals on the investment teams....
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Mega Fund Associate - AMA Asia Pacific EditionThis website gave me a lot of true (and not so true) information into the industry, but more importantly, the amount of comments from people who have no idea what they are talking about made me laugh a lot. So in this context I thought I would give back to the community that provided me with such en...
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I think I am being set up to fail by my boss. What should I do? I am a summer analyst at a small startup PE firm. We haven't closed any deals yet. My boss has essentially put every analyst on a specific industry that he likes. Lots of cold calls and whatnot, nothing particularly glamorous but it's fine. The problem is that my assigned industry is already oversat...
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Private Credit FundsCan anyone discuss their experience working at a private credit fund (senior loan fund, BDC, etc.)? In terms of exits, I've read that most people tend to stay in industry, but what other opportunities are possible with private credit investing experience? ...
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How to find investors for a durian plantation?The durian industry is seeing skyrocketing demand from China. I'm now helping a fledgling durian plantation find investors. They've structured the investment like this: 1. You buy the title to a number of trees 2. Based on how many trees you buy, you're then entitled to a proportionate share in th...
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Founding a startupI work for a middle-market private equity fund and dream of starting my own business. I have been talking to friends with similar aspirations. Anyone have any ideas / similar aspirations? ...
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How easy is it to jump between junior roles in VC & PE?Let's say you're an analyst at a non megafund PE firm. How feasible is it to land a gig as an associate at a reputable VC firm after 1-2 years? What about the other way round - you're an analyst at a VC firm, how feasible is it to jump to an associate gig at a PE firm? ...
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Canadian Pension Fund Private Equity interviewsDoes anyone have any insights about Canadian pension fund (Teacher's, CPPIB, OMERS, CDPQ) interviews for their private equity teams? Would particularly like to know more about how many rounds should be expected, type of questions asked in each round (behav, case, paper LBO, excel LBO - how long?), a...
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What sector do you work in and why does it excite you? What's the coolest deal you've seen in your space? If you could start all over, would you choose the same sector? Would love to hear some cool stuff this Monday....
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Change in equity value as result of paying down debtHi everyone, I am confused to how equity value increases as result of paying down debt with the LBO target's cash flow after the acquisition. According to Investment Banking by Rosenbaum&Pearl and other online sources that describe this process, since equity value = enterprise value - net debt, bec...
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Agriculture Focused Private Equity FundsI was trying to find a good list of Agriculture PE Funds-- Middle Market and Megas. I've tried searching but haven't found anything useful. Anyone who knows, your input will be appreciated! Thanks...
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Denver Private EquityWhat is the scene like for PE professionals in Denver? Who are the most well respected shops? Is it developed enough to network effectively? Does the lifestyle support longer term opportunities? ...
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1st Year Private Equity Associate Compensation UpdateSaw that the most recent compensation updates for private equity positions are from 2016 and since then, many investment banks have raised 1st year associates salary base to 125 so just wanted to get an update. Obviously this number would vary between lower MM, MM, upper MM, and MFs, but would love...
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The Riverside Company - Review - GeneralistFairly happy. Although the hours are long for associates. The interns don’t stay in the office after 5 pm. . Wish we learned more about financial modeling. Definitely got to learn about the ins and outs of PE industry but not much modeling. ...
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No response after Superday invite - Please helpI recently had a phone interview with a senior professional at a mid market PE firm; she said at the end of the interview that she'd like to bring me in for a superday to meet the team; didn't specify when, but told me to follow up with my calendar. The call happened a few days ago, I followed up w...
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2019 Blackstone SA TimelineDoes anyone know when Blackstone is planning on opening their applications for the 2019 SA position? What does their timeline look like? ...
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Anyone Seen the Groupon Model Pivot Successfully?Bought a group deal site recently that was doing ~$20M a year a few years ago that has since turned into a shitshow. The one problem with their model is that gross margins for the business suck which means it has to be run very lean, large, and effectively. Has anyone seen a group deal site pivo...
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Hybrid Private Equity/Hedge Fund Trying to piece together which funds offer associate programs that walk the line between hedge fund and private equity in the distressed space. I know Centerbridge at one point was known for having an associate program like this (not sure if that still holds true). Any others?...
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Blackstone Group - Review - Technology, Media and Telecom (TMT)...............................................................................................................................................................................................................................................................................................................
The Abraaj Group - Interview - Private EquityPaper LBO and mini consulting case combined. Spend at least 30 minutes talking through the case. The case was based on a random portfolio company owned by the private equity firm. Normally they choose an obscure industry to really test your knowledge. Key emphasis on why emerging markets in all 4 r...
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AMA: Non Targ -> BB Coverage Group -> Incoming MM PEHey y'all, i haven't been nearly as active on this website in the past few years, but this place was instrumental in my development as a prospective student, intern and also as a relatively avid reader during my time in IB, so i figured i would try and give back via an AMA. Quick background: went ...
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2nd round interview - Case study - thoughts?Hi All, Made it to the 2nd round with an international VC and was given a brief case study to prepare at home. As I don't have too much experience with early stage/pre-revenue companies, would appreciate your thoughts / ideas on how to go about it. Basically, case is about a tech company requirin...
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Partners Group - Review - Mergers and AcquisitionsGood learning environment, lots of deal exposure and high deal flow. Recognised by industry for company growth.. Far too rigid in its investment committee process and day to day HR operations are an after thought. Middle management is weak...
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Short / 1 hour real estate modelsGuys do you know where to get short real estate models which are doable in one hour (similar to LBO paper exercises or one hour LBO models but specific to real estate) ? I want to train for an REPE interview (the case study will be one hour)… Thank you!...
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AMA: My journey, from the lab to MMPEI’ve been threatening to do one of these for a couple months, and I figured I’d slam it out while I have some downtime in the office. I’m in my early 30s and I work at a middle-market private equity firm in the Southeastern US. I’ve taken a rather long, circuitous route to get here, and I’...
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Did Deutsche Bank's Junk Bond Firesale Just End The Party?Again, previous content didn't really generate much traction so maybe I am posting this in the wrong forum or I am completely wrong. I just think it would be really interesting to hear PE professionals take on the state of the leveraged lending market (recently heard that a big name private credit p...
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AEA Investors - Information on hours and reputation? Hey, Is anyone familiar with AEA Investors? I am looking for any information you can provide from hours to reputation to pay. Thanks so much, Run...
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Leveraged/Sponsor Finance Exit OpportuntiesI wanted to ask a question on what the exit opportunities are like for someone who spends time as an analyst and maybe even associate in leveraged/sponsor finance. Specifically, it would be good to know what some exit opps are at some of the leading mid market players (i.e. GE/Antares). In your op...
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PJT Secondary Advisory FT Analyst? Hello everyone. A bit new to WSO in that I have not officially posted before. I recently received a first round interview invitation for PJT Partner's Park Hill Secondary Advisory Group in NYC. I interned at a BB this past summer. I have not been able to find much information online since PJT Partne...
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JUMP InvestorsWhat is JUMP Investors? I looked at their website and it said JUMP is an early and growth stage VC firm. They have apparently invested in Google, Akamai, Didi, and Lyft which is super impressive but I don't know how good they are/their reputation so if someone could let me know that would be awesome...
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Can someone explain annual amortization of a term loan?I'm practicing LBOs for an upcoming interview and notice cell H20. I know how to use it in the calculation but don't know what it means and have trouble understanding from the relevant wikipedia article. Can anyone explain? https://multipleexpansion.com/excel/blank-easy-lbo.xlsx This is from the ...
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Is Audit the worst??Not sure if this is the right place to post but I'm looking for some advice on a potential Audit internship. I started college intending to work for the UN or something but I recently changed my mind and am interested in a financial career- I don't know much yet but I think I'm interested in Private...
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Recommendations for Advanced Excel for FinanceI am a relatively competent coder soon to be working at an agri-focused PE firm. Already have TTS, but what are some good books teaching more complex financial modelling tools in Excel such as Monte Carlo, Black Scholes, etc... Also, this is my first finance-type job. Do people just not use Excel ...
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Due Diligence Question GuidanceHello Everyone, I'm an intern at a PE shop and was asked to make some initial due diligence questions for a possible deal we may look further into. It is a staffing company for Finance/Accounting services. Any questions I should ask for this sort of deal? Or what questions are good initial questio...
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PE Recruiting From Middle Market IB'sHey all, I'll soon be a first year at a MM investment bank. In terms of PE recruiting, I imagine it won't have as strong of a reputation as BB's and EB's, but I'm curious if anyone has any insight to what the process looks like for analysts at reputable MM banks. It seems that most of the informa...
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What is "Capital Break Even"Hey guys, Late night modelling exercise. Have been asked to do a capital break even analysis on a project we're working on and I don't really know what that means. Is capital break even different than break even? I'm trying to sensitize a single input, but I don't know if it is referring to a more ...
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Generalist Private Equity Associate Programs Of the MFs, upper MM, and more well known MM funds which associate programs are generalist and which funds hire associates for specific sectors? ...
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Family Office Private EquityWanted to get the community thoughts about family office PE firms in general and my situation. A little background - this is for a junior level position, I am currently working in the credit arm of a large PE firm (think Sankaty of Bain, Thoma Bravo's credit arm, Whitehorse Capital of HIG, etc.) on...
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PE Fund of Funds to Actual PE?Hey guys, I am curious as to whether any of you believe that working for a private equity fund of funds (a company like stepstone) provides a realistic path into landing a job at a PE firm. I can see how a great deal of the knowledge would be transferable and valuable from the standpoint of underst...
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Goldman Sachs - Review - Private EquityGoldman HQ is has a network that enables everyone to make connections and explore all services and knowledge at the firm.. Goldman can be too careful and strays from rocking the boat at the cost of innovation and being geniune at times....
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Met one of the biggest figures in PE at a small personal event, how should I follow up?I was attending a small personal event and ended up meeting one of the biggest names in PE, think Kravis/Schwarzman/Black tier for one of the top funds. I didn't want to come across as some schmoozing opportunist so I avoided trying to really talk about work stuff and instead shared some personal in...
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Goldman Sachs - Review - Special Situations GroupGroup is full of great people, made some lifelong friends. Work is very interesting in nature, lots of opportunity to invest across the capital structure. Lots of corporate process due to increased regulations. Lots of compliance hurdles to jump through, etc....
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PE Business Development: How to actually get to the CEO?Hey everyone, I wanted to get your take on how to best approach cold calling for a PE firm looking to generate new leads without having to go through a broker/banker. When do you think is the best time of day to call? How do you get around the "gatekeeper" in order to actually reach the CEO/manage...
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Little John & Co - Interview - GeneralistAssume you are looking at a U.S. wine bottle distributor as a potential investment opportunity. What are the key areas you would want to ask about as part of your diligence? What are the key risks? What are some potential opportunities? How would you model out this opportunity? What do you think is...
Hamilton Lane - Interview - Private EquityI was asked various questions from going through an entire DCF to trivial algebra gmat like questions. We were asked off the Wall questions as well like, if you can be any super hero what would it be and why. How many cats are there in New York. A lot of behavioral and questions trying to see how yo...
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Starting in Venture Capital. Where/Why/IfHi, Everyone. First of all, I’m just discovering this community and I wish I had known about it earlier. Thank you guys for contributing here to reveal the real world to students. For a quick profile overview, I’m a rising senior in college interning at a VC Fund in Columbus, I spent the last s...
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Houlihan Lokey M&A Exit Ops and CompensationI know people have discussed this before, but many of the posts are outdated. Can someone provide more insight about HL CF's pay for first year analysts and PE exit ops? I understand that placement into MM PE funds is solid, but what kind of MM funds and is there a chance to be placed into upper MM ...
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Looking for a Female Roommate in SF Area!Looking to share a 2BD/2BR in a safe neighborhood with doorman. I have a few buildings in mind and the rent would be in the range of $2,500 / person. I'm going to look for units with washer/dryers, stainless steel appliances and hardwood floors. I work at a VC after doing my time in investment ba...
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Applying to a New Job Before Even Starting My First?I recently graduated from a top target and will be beginning my career in Tier 2 consulting (OW/S&/LEK) this July. I am interested in lateraling to private equity when I get the chance and seeing that I am not at a BB or MBB, I am worried that PE headhunters will not be reaching out to me this winte...
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VC IR offer - Is it compelling or not?Hi everyone. I wanted to get some candid advice from all of you about a job I'm thinking about taking. It is a VC investors relations associate role at 2-year-old $400M VC firm. They are raising a second fund. I have been working at the allocators' investment side (asset management) for about 4 yea...
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Small cap PE Pay/Life/Exit?!Currently, I'm a first-year student pursuing an internship at a (regional) boutique and I absolutely hate it. I'm doing a lot of research, power point, excel and a bunch of grunt work (I really expected IB to be more glamorous). Due to extensive research and networking, I have the opportunity of in...
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BlackRock - Review - Consumer - RetailA lot of opportunity, work, and exposure on the analyst level, people are very determined and smart, . Hours are incredibly long, there is "hazing" period where everyone wants the first years to struggle, a lot of stress and poor managers...
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Does anybody know what Akshay Shah looks like or have any info on him? He was aveteran GSO, blackstone credit default manufactuI cannot find a picture of this Akshay Shah dude, or a bio. He is a bit of a beast, he used credit default manufacturing and blackstone's brand to terrorize notable big firms, even Goldman. He is Indian born, cambridge educated, and joined GSO in 2008, about 40, worked at Lehman brothers before GS...
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Lateraling VP LevelHi guys, Anybody seen lateral promotions in PE firms? I mean moving from associate -> senior associate / VP by hopping firms. -AZMonkey...
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Capital structure brainteasersDear all, I have a few cap structure brainteasers I wanted to consult you on. Is my reasoning sensible? Also, could you please share any other similar brainteasers. Thank you. *Number 1* You have a company with a Market Cap of 100 and Net Income of 10. • First question – what is your P/E Mult...
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How do I make the best impression possible given that I'm the underdog?A little background: I graduated from a top 40 undergrad b-school with a 2.3 GPA studying finance. Honestly, I loved finance, especially pitching investment plays in school - my team had the highest ROI in my investments class with our Vice Fund (during the recession we banked on growing sales of a...
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New Mountain Capital, Advent, Berkshire PartnersDoes anyone know anything about these firms? I did my own research but would like to know what you guys think with regard to: - culture - reputation - business school pipelines...
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Why don't more operators go into PE?In VC, you work alongside a multifarious set of backgrounds. Career VC's, former investment bankers, former management consultants, startup tech guys, corporate tech guys, and even journalism/media types are all found in VC. However, in PE, it seems that it's mostly former bankers, a few former co...
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Private Equity - Carried Interest?Have a question for all the PE guys here. I've been trying to figure out if the carried interest I get paid (middle level guy..senior associate/VP) is market. My fund based out of SF focuses on the middle market, but we have a decent fund size (between $2 and $2.5 billion). I receive 0.5% carry on...
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Traditional Private Equity vs. Special Situations Investing Starting FT at an EB (laz/evr/pjt) and considering the fact that recruiting seems to get pushed up every year, have started giving some very minor thought to my own buy side interests. I have concluded that I have no clue where my interests lie. I spent last summer interning at a MF in one of their ...
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Goldman Sachs Merchant Banking - Off-cycle InternshipHi all, I have recently been invited to the first stage Hirevue Interview with GS MB in London, for an off-cycle internship. I was wondering whether any of you can shed some light on the exact types of questions that would be asked both in the Hirevue and the subsequent face-to-face interviews? ...
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FSN Capital - Interview - Private EquityThere were no overly unexpected interview questions. The associate gave me a case, in which I needed to calculate through a paper LBO and arrive at an IRR for a certain investment, given some assumptions. The partners mainly asked about my past experience, why i wanted to switch into private equity...
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Triangle Capital Sells its PortfolioJust a follow up to a [previous discussion](https://www.wallstreetoasis.com/forums/discussion-on-the-poor-performance-of-triangle-capital-and-medley-capital) I posted earlier that got very little traction. Triangle Capital is a BDC who was doing pretty poorly but Benefit Street Partners purchased Tr...
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Dividend Recaps for Smaller Companies?Has anyone seen dividend recapitalizations done for smaller/younger companies with EBITDA between $500,000 - $1.5M? ...
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Chicago Private Equity - Help for 1st Year analystDoes anyone have any insights into the private equity market in Chicago? I am a current 1st year BB analyst in NYC looking to transition over eventually. I know the big firms are GTCR, MDP, and BDT with each at $5bn+ AUM. Has anyone worked with these firms and what associates typically do after th...
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Private Equity Salary ExpectationsHi guys! I just finished the final round for a private equity consulting firm and the MD just emailed me asking what my salary expectations are. He said it will be taken into consideration as they are down to the last few candidates. I am fresh out of college and don't have a ton of experience in t...
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MBB to PE/HF?Hi guys, Long story short, I had initially planned to go into IB after UG and eventually try to make the move to PE/HF. However, I did not manage to secure any BB IB offers, but ended up with an MBB offer (which I am very grateful for). My question is, if my goal is an investments-type role down ...
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Heidrick & Struggles Report: Carry for VPs?I'm referencing Heidrick & Struggle's 2017 Report (Google: Heidrick and Struggles 2017 Private Equity since I can't post links) My question: is the average VP making millions in carry? For example, page 17 shows the median VP carry for $1 billion AUM fund is $2.5 million. I'm assuming that's annual...
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PSP Investments - PE interview (Please provide advice)I've got a finance interview with PSP Investments (Montreal) soon. I was wondering if anyone has been through the process and can give me some advice or suggestions? i was told there will be a case study where I'm given 3-4 hours to prepare a presentation for the team. They didn't tell me if it's a...
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Ardian - Review - Private EquityGood exposure to deals, a lot going on at a company growing quickly in an interesting space. Major European player expanding US ops.. Thrown into the fire, which is good and bad. Good to get the experience and opportunity, started to struggle at points when it was difficult to catch up and get a gra...
Advantage Capital Partners - Interview - TechnologyThere wasn't anything special or difficult. Just make sure you know what industry they operate in and how it is different from the normal Private Equity / Venture Capital firms. Research on the deals they invest in, by looking at their website. Be prepared for mental math questions and market sizing...
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Pantheon Ventures Fund of FundsAnyone know any more about Pantheon Ventures than what is listed on their site? Any analyst or associates that worked there? What is the firm and culture like?...
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Cinven fund performance and cultureDoes anybody have thoughts on CInven fund performance (e.g. IRR/top quartile previous funds) and working culture at the office for Associate level? ...
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Potential Role: Portfolio Analyst at Top Tier PE firmHi All, I'm currently looking at a potential role as a portfolio analyst for a Credit Fund (+25billion AUM) at a top tier Private Equity firm. Short description of the role is below: The candidate will be responsible for providing all portfolio exposure, fund performance analytics, 'and investor ...
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2018 Macquarie Infrastructure & Real Assets (MIRA) Sophomore Outreach Has anyone else applied to the 2018 MIRA Sophomore Outreach in NYC? Does anyone know how helpful this program is to 2019 recruiting?...
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Reinvesting in a PortCo After Previously ExitingCouldn't find anything on the forum related to this. Have you seen this happen? I've seen this before, but not first hand and would be interested in hearing from someone on the buyside. Curious as to how the economics would work as well. Did the fund get the thesis wrong the first time? What chang...
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Macquarie Group Limited ABN - Interview - InfrastructureQuestions re. fit / behavioral / conversational - as expected Quite a bit of focus on testing technical / analytical / mathematical skills when interviewing with investment professionals (ranging from Vice President to Director levels) - How would you think about returns for toll roads vs airport...
First Potomac Realty Trust - Interview - Prime BrokerageIf asked this question, be honest and specific about your future goals, but consider this: A hiring manager wants to know a) if you've set realistic expectations for your career, b) if you have ambition (a.k.a., this interview isn't the first time you're considering the question), and c) if the posi...
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Philosophy in Private EquityHi everyone! At the college I will be attending, I was accepted into the Philosophy Honors Program. Meaning, instead of the normal general education courses, I would be taking classes in philosophy and english literature instead. Is this worthwhile for a finance career, or does nobody care about the...
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