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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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Private Equity success (or failure) storiesHey team, I'm surprised there aren't that many detailed "PE recruiting stories" on WSO. Would really appreciate it if people would share theirs or point me in the direction of a few good ones. I saw the "my 4 part recruiting process" post and that was quite helpful. Anything else would be great! ...
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The Masters of Private Equity and Venture Capital: Management Lessons from the Pioneers of Private InvestingAnyone who has read this? Do you recommend it? https://www.amazon.com/gp/product/0071624600/ref=ox_sc_act_title_5?smid=ATVPDKIKX0DER&psc=1 ...
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Please rip apart my PE/VC information Memorandum (attached)Hi all, we are listing a SPAC that focuses 100% on Mining companies. The model is simply a listed PE/VC firm. Find attached our Memorandum and rip me apart like a Monkey. Tell me the fund is terrible and advise me where you can, I really respect the wealth of experience in this form. In the last se...
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Chances of getting into PE straight out of undergrad?I'm wondering whether it is worthwhile to pursue obtaining a private equity job straight out of undergrad or not. What type of firms hire out of undergrad and what can I do to increase my chances? Additionally, say getting in straight out of undergrad isn't an option, would 2 or 3 years of IB exper...
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Figuring Things Out vs PE Timeline?Hi WSO I'm a recent grad heading to join a MM and I'm really looking forward to experiencing investment banking. Most of my friends who are also heading to IB are already talking about PE recruiting and I'm a bit confused as to how the process works for those who aren't necessarily set on jumping s...
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Hypothetical RedoIf you could redo it and go right into any PE firm you wanted (based off learning, exit ops, pay, lifestyle, etc.) Which firms would be at the top of your list and why?...
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Abraaj Capital - Global Anlayst Program - 2017 IntakeHey Guys! With regard to the above captioned subject, I'm looking to get in touch with candidates who have applied for Abraaj's GAP for the 2017 intake. In this regard, I'd be grateful if people can apprise about the status of their application process. Also, all those who are familiar with the sai...
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Full Time Megafund RecruitingWas wondering if anyone had any information on the full time recruiting process at MF's (BX, KKR, Apollo, TPG, Warburg, etc.) for undergrad students. I'll be at a top EB for my SA stint and, though I will most likely stay for FT, I figured I might as well at least try for a few MF's now since it mig...
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Michael Flynn in PE? Former national Security Adviser Michael Flynn has opened a new consulting firm called Resilient Patriot LLC. The firm specializes in advising private equity firms. Prior to working in the Trump Administration, Flynn was a consultant for the PE firm Francisco Partners. Flynn was also an adviser fo...
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Would you live here for $200k?A lot of basis towards each coast and no love for the middle of this country. Would you take a job in one of the flyover states for $150k base, $90k(mixed Bonus) for 2 years then it jumps up VP, SVP ($400k base) etc? Corporate Development type of role with financial analyst mix. If so what city wo...
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What to prep for my boss?I'm a rising sophomore interning in the PE department of a pension company. We invest in funds and participate in co-invests alongside GPs but we also source and raise our own deals. My senior portfolio manager was traveling when one of his friends told him about an opportunity to buy a private comp...
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Does doing Investment Banking and Private Equity at junior levels actually prepare you to be a good investor?Most MDs at PE firms and investment professionals at fundamental hedge funds come from an investment banking and PE junior background having to work their way up. But we all know you're just doing a lot of grunt work (running excel models, pitchbooks, creating presentations) - for all the time spent...
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PE firms with Analyst PositionsMonkeys, Which PE firms have analyst positions? I know some MM shops do but I have heard the training is often inadequate. Whereas I have heard at some MM shops the training and experience is second to none with chances of promotion. Please let me know, thank you in advance!!!...
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Esoteric & Niche InvestmentsThere was recently an article in Bloomberg called [Robots Are Eating Money Managers' Lunch](https://www.bloomberg.com/news/articles/2017-06-20/robots-are-eating-money-managers-lunch) that discusses "esoteric" assets, or assets without established markets where you basically need to build a business ...
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Starting A Search Fund (Micro PE Firm)I'm finishing up my MBA at Wharton right now and am starting a search fund right now. I've read that PE firms are starting to eat into search fund territory in terms of company type ($1-$3 million EBITDA). If that's the case, perhaps search funders can use some of the same deal sourcing techniques/...
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Target monkey who graduated from non-target zoo. Landed an interview with Vista Equity Partners. What do I expect?Been fighting like hell to break into banking. Became deal sourcing ninja. Now have PE interview. What to do now? How to prep?...
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Top Cities For Venture Capital In The US and Internationally? Bit curious as to what you all view as the top VC markets in the US/Internationally currently? In the US, I'd assume that the San Francisco Bay Area is the top but what other major cities do you see as hotbeds for lots of activity right now? Also looking on towards the future, what are some up and c...
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Top PE Firms in Media & TelecomI have a good list for the banks/advisory shops that focus on media / telecom (Allen & Co, Raine, BAML, MS, GS, JPM) but was wondering who the big boys were in the media world of PE. Bain is probably up there I assume - anyone else know of any upper-middle market PE shops focusing on media & teleco...
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Tricks of the TradeJust want to share best practices and hear what other people do to be more efficient. I'm wrapping up 1st year associate in middle-market growth equity shop... PortCos * Keep a folder for each portco in outlook where I save all correspondence * Save all files received from each portco in spec...
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Factset vs. CapIQThe age old question. Does anyone have an opinion on this? My PE shop is getting rid of Bloomberg for a cheaper alternative and I'm wondering if anyone has a preference/recommendation. Sad to be losing the Terminal but it is what it is. All insight appreciated....
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Biggest wastes of time in Private EquityWant to hear from junior PE monkeys what their biggest wastes of time are. I have to deal with a bunch of process bullshit, and I want to hear what else sucks up people's time. For example: - When first looking at a company, I have to enter details on salesforce and send around a "minimemo" which ...
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Modeling tests/case studies to share? I'm just beginning the recruiting process at a number of PE shops and wanted to ask if anyone is willing to share some modeling tests/case studies? I want to brush up on my skills. Happy to share what I have as well....
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Junior Internship-In your opinion, what internship at a PE shop would be the best to go to in terms of learning, exit ops, and lifestyle? Basically, where would you send your kid if you could choose?...
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Biggest differences between Sponsors / M&A LBO modeling and sponsor modeling?For those of you who worked in a group that did Excel stuff when you were in banking, and then later moved over to PE, what were the biggest differences in how you looked at companies / investments? The difference between the level of DD required for a pitch / sale vs an investment is the obvious an...
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Best FREE Sites for Company info by Industry (must have revenue) Title really says it all. I work at a small shop where I do the basic industry and company research on various niche industries. Minimal access to subscription sites, and the ones I do have access to almost never turn up anything relevant to my search. Any advice or guidance would be much appreciate...
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Coding in Private Equity?Do you ever use coding in PE? Would an interviewer appreciate programming skills at all? Obviously not a make or break, but as part of a well rounded resume. If it wouldn't help in the interview, would it help on the job?...
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Anyone have any insight on Paine Schwartz Partners?Paine Schwartz Partners ~$1.4B AUM New York, NY "A global leader in sustainable food chain investing, Paine Schwartz Partners is a private equity firm that focuses on investment opportunities in the fast-growing, dynamic global food and agribusiness sectors. The firm’s investment, operations and ...
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Company Interview: Apollo Global Management - ApolloAlthough all of the interviews were difficult and extremely technical, the most unexpected "interview," per se, was the dinner that they invited us to go to. It was completely unexpected and, in my honest opinion, did not really demonstrate the qualifications of candidacy--instead, it seemed like a ...
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Business Development Companies (BDC's)Anyone have any insight on some of the larger BDCs? Comp/culture/hours/exit opps? Particularly ones that invest across the entire capital structure. ...
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Clean Tech and Advanced Energy Private EquityI am interested in recruiting for either traditional private equity or growth equity in clean tech, advanced energy, or other related industries within the renewable energy supply chain. Some example funds/strategies that match what I am looking for are TPG Alternative & Renewable Technologies, Silv...
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Agricultural Investing I would appreciate any primers about agricultural investing. It seems like a very niche space. Thanks in advance ...
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Board of Directors as an AssociateDoes anyone have any insight on associates serving as a director for a portfolio company? I am joining a small mm shop and wanted to see if there have been cases of joining a board as an associate....
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Calling Ex-Pats: Transition to PE AND moving countries - one at a time?Hey monkeys. I've been on the buy side as an equity analyst for just over 3 years now, after changing careers (from astronomy, PhD under the belt). I'm based in South Africa and wishing to emigrate. I have a British passport, but trying to break into finance in another country still feels daunting -...
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PE Interview Question: 5yr EBITDA growth ratehi all, wondering if anyone has a shortcut they can share on how to mentally calculate 5yr ebitda growth rate knowing volume and price growth rates and the company's margins. as an example, interviewer gives you 5 yr market growth, market share development, 5 yr price growth, var. cost margin and fi...
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How can I join the Board of a Company/non-profit as a young private equity professional? Hi All, I recently joined a middle market private equity fund after spending a few years in banking out of undergrad. I would like to join the board of a company/non profit/startup as I have some spare time and I think it would be great experience. I have been approached by friends with startups f...
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Why do ppl choose megafunds over MM?Wondering about this. Is it just the prestige/pay? Seems like your experience would be quite limited at megafunds (type of work similar to banking, just modelling focused). Why don't more people pursue MM -- especially if it is less competitive? Moderator note: This has turned into one of the most ...
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Taking over a company using the cash the acquiring company has Hi guys, Quick question: When an entity buys 51% of the equity or takes over a company, are there cases when the acquiring company uses the cash the target company has on their balance sheet for the transaction or they can't touch that cash? If there are cases, do you mind throwing out some example...
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Difference between MoM and DPIDistributions to paid in Capital (DPI) measures the ratio of money distributed by a fund against the total amount of money paid into the fund.  At the start of the investment, this ratio will be zero, and will begin to increase as distributions are paid out. When the DPI is equal to one, the fund ...
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Went from Community College & Fast Food with a 2.8 GPA to one of the most active PE funds in the world within 3 years. AMA.Happy to answer any questions. Message me personally if you'd like 1 on 1 help. ...
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PE Fund Fee QuestionI'm aware the PE funds typically charge management fees on all committed capital from day 1. Is there ever a point at which the basis for the management fees goes up or down? Specifically I'm looking at a fund where they're fully invested 5 years in, but the M2M on their investments is at best 50%...
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Home Run in PE & VCIs a good investment one that doubles your money in 3 years? Or is that a home run? We are starting a VC and PE firm to invest in mining startups and I am calibrating my cashflow models so looking for assumptions. Anyone?...
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Best day of my life. I broke into PE coming from Community College. Here is my story.I wanted to tell my story on this forum - as WSO has been the sole reason which helped me learn about the industry and how to break in. I am from downstate New York, born and raised. I was a poor student in high school, so much so I didn't even take my SAT's. I was sent off to a residential junior c...
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Structure of Goldman Sachs APAC GIR ART?Does anyone have more details regarding the structure Analyst Research Training program itself? I've tried searching on the forums, but most responses were regarding how to get in and whether the position is worth taking up or not. If I am not mistaken, does the ART program mean that you will have...
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How prominent is the 2 and 20 HF/PE model these days?Just curious, I grew up having this engrained in my brain. Friend tells me Im a fucking idiot and that no one uses this, just some derivative of this business model. I work at a search fund so our fund doesnt operate that way, thoughts?...
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Tech Growth Equity RecruitingDoes any one have any advice regarding growth equity recruiting? ...
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Anyone know anything about Intermediate Capital Group (ICG)?Anyone know anything about Intermediate Capital Group (ICG)? Seems like an interesting shop but can't find much info outside of what's on their website. http://www.icgam.com/...
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Best Minor to add to Finance Major for PE?So I am going to be a freshman next fall at Pitt. I'm majoring in Finance and plan to do a certificate in entrepreneurship and innovation. My advisor has encouraged me to take a good amount of extra accounting classes throughout my four years. However, my study abroad director, who was a business pe...
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MBB or Big 4 corporate finance/deal for PEHi, I'm a final year undergrad in Asia (top school in country w/ high gpa). I have CPA designation in my country. Looks like I'll be able to choose between MBB and Big 4 (both are local offices in my home country). MBB position will be management consulting, while the Big 4 will be corporate finance...
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Navis Capital Partners: Interview + Modelling test?Hi all, I have an interview lined up with Navis Capital Partners, and am quite interested to know if anyone here can provide an idea of the interview process(es) as well as what the modelling test is like, just to best prepare myself for it. Thank you very much for your time!...
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Going into my senior year of high school. What can I do to get ready?A stated in the title, I am a senior in high school and I have two jobs this summer, one being a caddy at a country club and another for a financial advisor. I knew I wanted to go into finance but I wasn't sure what I wanted to do. I caddied for someone and we had a great conversation about PE and s...
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How to Land a Spring PE Internship/JobI am currently a summer analyst at a middle market investment bank (tech - SF) and will be graduating college in December. I really want to intern at a PE shop next Spring before starting as a full-time analyst in June 2018. Would really appreciate everyone's advice on how to tackle the networking ...
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Search Fund - Ghosted hard after perfect InterviewI worked at a search fund this summer, and am excited to say that I watched the PE firm make it through a successful acquisition. I want to work at another in the fall (flexible hours around class schedule). I spoke for an initial phone conversation with the principal of a firm I would describe as p...
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Why would a Private Equity Firm go Public? (Blackstone, KKR)From my understanding, a Private Equity firm's only revenue streams are its management fees and carried interest. As a firm, what is the purpose of going public? Can you use the stock proceeds to create another fund, collect mgmt fees, increase the company's value, and continue the cycle?...
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KKR Names Two Successors to Kravis and RobertsHenry Kravis and George Roberts have named two successors to lead KKR when they eventually retire. Do you think this will be one of many across the industry (and not just MFs), or will GPs/owners continue to hold on til the bitter end? From what I've read there is still a big problem in that mid l...
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Private Debt - possible interview question (internship)Hi guys, can you please tell me a list of possible question for an internship interview in Private Debt? Thank you in advance ...
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Sponsors vs M&A for breaking inI´m just wondering whether it´s easier to break in from the M&A or Sponsors Division. Assume we´re talking about the same bank. (e.g. Nomura or Macquire m&a vs their Sponsors group)...
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PE VP RecruitingHey WSO community, Long term lurker on this forum (as my username implies) and have always found the content to be incredibly helpful, including both recruiting processes that I've been through. I'm about to make the transition from consulting to private equity at a fairly well-known MM shop with a...
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Learning about the Real Estate VC industryMy background is in commercial real estate where I am currently an analyst for a bank doing commercial loans and debt capital market functions. The real estate has always lagged behind, but as someone who's kind of a tech nerd, I've noticed the last few years have really taken a turn in the real est...
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Cohen Private Ventures (Point72)Cohen Private Ventures (CPV) is the private investment arm of Point72 (new SAC Capital) that invests in a variety of private markets. couple Q's: - any idea if this is totally secluded from the broader P72 firm or integrated? (i.e., are you really part of P72 or is this run in it's own building wit...
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PE Case Study ChallengeI had a few questions about a case study I had to do a few days ago while interviewing for an internship position at a PE fund. After getting all of the qualitative stuff out of the way, I figured I would go ahead and create an lbo model. However, the document they gave me was only 6 pages long and...
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Upper MM Funds on West CoastHow do the upper MM in the Bay Area stack up against the top firms on the east coast? Particularly, I am thinking of H&F, Golden Gate, Genstar, and FFL. I've heard that some of these funds have had great returns at the expense of culture since they lack the resources a mega fund does. ...
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Debt FinancingI am trying to understand the differences between the various sources of debt financing for PE firms. As I understand they either go to banks or "direct lenders" (not totally sure what that means). Banks typically provide senior secured debt with low interest rates and high covenants wheres direct l...
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Lead Edge Capital - Upcoming summer associate interview - Insights?Title. I have an upcoming phone interview with Lead Edge Capital, a growth equity fund with $1B AUM that invests in Saas companies, unicorns, and tech giants. It appears to be a small fund, and I assume they don't take very many interns. Looking for any advice in regards to what they're looking for,...
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FoF Secondaries Case StudyPlease delete if this is too much of a replica, but I feel in all of the old threads, there was never any solid advice from someone who had had an interview / case study recently. I am a 2nd year BB IBD analyst who has an interview with a secondaries fund next week. Description is "valuing an LP's...
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Secondary PE ModelingI have a 2nd round interview coming up with a secondary PE fund. They do mostly LP secondaries of funds that are majority invested. I'm still trying to understand exactly how they value these LP interests. In the round 1 interview, they told me that they do a bottoms up analysis on the underlying p...
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Civil Engineering to PE/HF/VC/IBEver since my time at university, I knew that the traditional engineering role was not my calling, and I was definitely unsure of what else I could possibly do with a background in civil engineering, outside of the traditional roles that graduates would typically fill. Let me first by giving you so...
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Investment UpdateI wanted to reach out to you guys as I am a bit nervous with this task my boss had just given me. I have been a straight analyst basically just crunching number and making decks since I have been with the firm. Although midway through Q2 our senior associate got promoted and all of his duties have...
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Importance of "having/telling a story"Hey team, Interested to hear what recruiting veterans have to say about the importance of having a "story" when interviewing for PE firms (interested in upper MM, maybe some MFs). I read in a guide that it should be compelling/coherent/not let the interviewer lose interest/whatever. Still, I have...
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Initial coin offerings in Private EquityHello Monkeys, Has anyone thought of the strategy to use initial coin offerings as an exit for a private equity firm? (Initial coin offering; ICO, is the offering of smart contracts of value. This would be a similar strategy as an IPO, but with new technological applications and legal aspects) I am...
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From Undergrad to PEHey guys, I'm new to WSO but I've been stalking it for about a year now. I graduated high school literally two days ago, and my goal is to get into PE straight out of college. I know this is usually seen as a hard swing, but a few months ago I got into a top target school that has a track record of ...
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Would a GP accept any LP as an investor?I'm not very familiar with PE. But I was wondering, would a GP at anytime during fundraising reject an LP as an investor? ex. a Pension Fund. I understand the elements LP's are looking for when investing in a GP, but what about the other way around? If yes, for what reasons? Or is all money general...
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Sourcing Acquisition TargetsHey guys, I just landed my first job as a PE associate, focusing on M&A for our portfolio companies. I've been using Google and CapIQ to moderate success but it's almost impossible to tell their size. The only real way I've found success is through networking. Anyone know of any easier ways to rel...
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Family Office Introductions-how hard is it?Has anyone had good/bad experiences trying to get capital, fund raise, or access family offices for investments? I was curious to see if anyone on here has had luck and what their experience has been? Family offices can be very difficult to get information on. One of the most difficult FO's to cont...
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Advice Please! Growth Equity Interview Questions?So I just got notified that I've been invited to interview at a top tier growth equity firm, and the opportunity just sounds absolutely amazing so I'm desperate to land the position. If someone currently at a growth equity fund wouldn't mind elaborating on the interview process, I'd be forever grat...
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Deal Sourcing Leads GoalI will start lead sourcing for a small PE firm in Atlanta. I want to be realistic so in terms of leads(not closed deals) how many leads can one generate per month if they are spending 8 hours a day sourcing deals? I am trying to set some goals that way my day is very structured and methodical. ...
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Working for European PE as an AmericanI'm wondering if it is at all possible to recruit for the London/Europe offices of the major European players in PE (CVC, Permira, Cinven, EQT, BC Partners, Bridgepoint, PAI etc.) as an NYC IB analyst. Also curious if anyone has crossed the pond and stayed on the sell side. Would be interesting to...
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LBO - Sources Question (Full Cash on Balance Sheet vs Excess Cash)I have a question regarding the sources section of an LBO. I understand that min cash is a use of cash because it is the minimum amount needed to run the business so it effectively will increase the amount we pay or "use of cash." Where I get confused is on the sources side. Do I then include the ...
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Special Sits PE Case Study ExampleThe webinar for this case is TODAY, July 6th, at 5:00pm EDT. If you miss it, it will be replayed for free on the homepage on August 6th Even though recruiting season is not necessarily around the corner, I thought I'd share the below with the community. If anyone has a case study/modelling test com...
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Difficulty of Securing Funding From A Brand-Name LP? @BentRover 's post about GP's potentially rejecting an LP was one that I found quite interesting. This piqued the question in my head, what is the difficulty of securing funding from a reputable/brand-name LP in the case that one wanted to start a VC/PE fund? What are some reasons behind a LP wantin...
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Typical VC General Partner Backgrounds I read in a tweet from a reputable general partner at a VC firm (forget who) that many VC firms are looking to hire more female partners/POC partners. Which brings me to ask, what are the typical backgrounds of general partners at VC firms work experience wise? Is becoming a general partner a pipe d...
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Internal PE at banks I'm interested in learning more about private equity arms of IBs, both BB and MM.boutique banks (GS PIA vs. Baird Capital for example). What is the recruiting process for these (do they take analysts from their bank or hire externally?) and what is the difference between working there vs. a standalo...
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Long-term advice for development As the finance profession (typical goal of IB to PE route) continues to become more competitive, I find that alot of WSO monkeys spend lots of concern about being the top tier analyst, getting into a BB IB firm, making it to the buy-side, etc. But as I continue to network throughout the finance/busi...
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Family Offices ListDoes anyone have access to or know how I can obtain a list of Family Offices in the US?...
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PE fundraising??Hey guys, I recently saw an ad for an SA position within a PE funds group. However, the position is within another department within PEFG and the candidate should have a strong interest in learning about private equity fundraising. I was wondering how different is PE and PE fundraising? ...
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Pe performance - Capital DistributedHi everyone Long time lurker. I am currently looking at online published PE performance from a pension fund. And I can't get the numbers to make sense. What does "Capital Distributed" entail? First I thought that it was simply the money that was paid back, but that can't be right. Or what? Does any...
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LSTA's Complete Guide to Credit Agreement PDFDoes anyone have this on PDF? Would really appreciate it. PM me or post on the thread. https://www.amazon.com/LSTAs-Complete-Credit-Agreement-Second/dp/1259644863/ref=sr_1_1?ie=UTF8&qid=1481486851&sr=8-1&keywords=The+LSTA%27s+Complete+Credit+Agreement+Guide Thanks again...
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Phd & Private Equity I'm fairly new here and really eager to hear your thoughts on the subject above. I've read some older posts regarding phds and investment banking but nothing really extensive on private equity. I'd like to know how competitive a phd from a business school would hold up to regular mbas in recruitme...
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Altamont CapitalAny insights on Altamont Capital (reputation, lifestyle, etc.)? Have heard good things about the firm but nothing concrete or recent. What is the recruitment process like for associates? Any insight is much appreciated....
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Sources to get smartHey team, Any resources you guys would recommend for getting smart on PE "current events"? I figure recent happenings/a sense of the investment environment will be helpful as I look toward recruiting, especially if I gradually build it up over the next few months. FT has some decent coverage, but...
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PE FoF Primary Investment Case studyHi everyone, I know that there's been multiple threads on the PE FoF industry but I can't really find out much about the quantitative aspects of the case study (for a role with the primary investment team). I get a lot of the qualitative bits are about the track record of the fund, management tea...
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Management Pool in LBO - ExcelHow do you treat the cash proceeds received from excercising the management pool options (awarded) at exit in an lbo model Is it distributed to: 1. both sponso and management - I think this is the case as the cash from exercise essentially becomes distributable equity value? 2. Only sponsor - thi...
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Overview of Infrastructure Private EquityHello WSO, I have been a long time lurker, and this is my first post (or maybe I am one of the top rated authors who decided to make a post anonymously). I have noticed a certain lack of information about infrastructure investing on WSO, and those threads that are created from time to time, are long...
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Starting Private Equity Career Can I start my private equity career through a recruiting/staffing firm? If yes, how and which firms in NYC are good? ...
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2 hour LBO modeling test. How simplified can the model be?Hello all, I have a few PE interviews coming up for smaller 500m > AUM firms, and am trying to seek assistance with preparation. I've been told there is going to be a 2 hour modeling test, apparently consisting of 1 hour of discussion/familiarising with the company in question and 1 hour of buildi...

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