Silver BananaTopic
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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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http://supplement4help.com/massive-testo/**Massive testo Reviews** pick up to slow down. Power It's essential to be straightforward with yourself here. Have you been hitting the exercise center with a similar force or simply disregarding those last couple sets and promising to compensate for them the following day Ensure you are propelling...
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Financial modelling on the buysideHappened to be taking some financial modelling courses and a thought came to my head. Suppose you were on the buyside and on a daily basis investment banks are sending you CIM for reviews. This would also mean the bankers have already done the financial models themselves. Thus, would a buyside firm ...
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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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PE Biz Dev v.s. Unpaid IB Internshiphello all, I graduated undergrad 8 months ago and did a post-grad internship at a boutique valuation firm. Some unfortunate things happened and I left after the 3 month internship. I am now unemployed and am considering these two opportunities: 1. 3 month unpaid IB internship at a no-name boutique...
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The rise of business development roles in the industry Hello, Just trying to pick up your brain because I'm going to interview with another small cap private equity firm for a business development role. I was wondering what internal/exit opportunities are to be expected. Is there room for qualitative strategy work in that role or its the Associate/VP t...
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Path to post-MBA PE without Pre-MBA PE Work Experience. Hi everyone- I find myself in an interesting position. I want to move into private equity from S&T. Does anyone have any experience with this-- is it doable? I've not found much discussion on this topic, and I thought starting a new thread might help people in the same position as I. My backgrou...
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Will Private Equity Continue With the Amazing Returns?Private Equity has been a solid investment plan for the last few years. There is a huge cash flow going into the private equity industry. There is concern that these returns will diminish as more competition is entering the field. [quote]“Private equity managers, on average, are unlikely to delive...
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How Private Equity Owned Companies Fund Add-OnsJust like the title says I am interested in learning more about how PE backed companies finance add-on acquisitions. Generally when these companies are already levered up, they need to use excess cash to pay down debt. Is the company able to use the additional excess cash to fund the acquisition or ...
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Anybody heard of Crystal Financial/Crystal Capital? They are a middle market secured term loan lender that does a lot of sponsor lending. Used to be a debt fund called back bay capital and then crystal capital after being spun out of BOA. I think Soros and maybe even Cohen might've owned them for a while. Now owned by a BDC. Anyone have any insight o...
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LBO structure question about subordinated / high-yield debtWhen raising the high-yield debt tranche of an LBO, how do GPs decide whether to raise the debt in the public bond market, vs. the private credit/institutional market? How is that decision made and what factors are considered?...
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Company Interview: Axios Holdings - Private Equity Fall AnalystThere wasn't anything too difficult. It was mainly just telling them in detail of what I did and what i wanted to get out of this internship. We talked a lot about how to utilize what I did at my last internship over at this new one, and how i would be adding value to the fund. There wasn't anythin...
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Small PE shop onsite interview what to expect?Hi everyone, so I have an onsite interview at a small PE shop this Friday. The internship was supposed to be just sourcing deals and some qualitative research, but I asked the owner if interns have chances to get exposed to financial modeling. He called me the afternoon I sent him my resume and he a...
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LBO Debt QuestionHow would you determine how much debt can be raised in an LBO and how many tranches there would be? Thanks!...
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Why is Centerbridge so respected? Never really understood why Centerbridge is so well respected. Do they have stellar returns, are they extremely exclusive, why are they so highly regarded? ...
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Consulting to PE/VCI'm considering doing an MMS and most of the placement are in Consulting. If I'm able to get a consulting position, how hard will it be to break into PE or VC? ...
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Company Review: McKinsey and Co - mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda . mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda mda ...
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Corporate Development to Private EquityHey everyone, I previously posted about [this](https://www.wallstreetoasis.com/forums/entry-level-corp-dev-exit-opps) in the CF forum, but would like to see if anyone in the PE forum could share their experience moving from an entry level corp dev position into a PE analyst/associate role. Thanks...
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Initiating interview process through headhunter or contacts at firms?I spent a lot of time networking during college with people at the firms at which I'd like to work. My question is this: when I am ready to start interviewing, do I reach out to my contacts directly and ask if they have any opportunities I can interview for, or do I inform headhunters of my conne...
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Do's & Dont's - 1st Year Private Equity AssociateThere are a lot of posts on WSO about IBD, the internship, the do's & don'ts, how to handle PE recruiting, etc. I feel like there is a lack of material on the do's and don'ts of being a new PE associate. I felt like this definitely would have helped me handle the transition, so just throwing some i...
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Company Review: Blackmore Partners - Good company for starters who want to break into the PE industryThe internship training is very useful. We can learn a lot from the training, especially the PE industry.. I would say it's a good company for students who want to break into the PE industry so there is no negative thoughts I can think of....
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Company Interview: Pegasus Capital Advisors - AnalystWhat are the three line items you'd look at to evaluate a company? What happens if you change from FIFO to LIFO accounting? In the income statement, balance sheet, cash flow statement, etc. What accounting tricks do you look for when evaluating a company? What's the greatest challenge you've faced?...
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Stick to current MM or move to established upper-end MM? I'm currently interning at a European mid-market PE firm that's (relatively) unknown outside of domestic borders. A significantly larger and more established EU firm (think Cinven, Advent, 3i) has recently set up shop in my city and extended me a conditional offer upon finishing my current intern...
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Company Review: Goldman Sachs - hello paypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypay. paypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypaypayp...
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Evaluating Portfolio Company TalentDoes anyone have any criteria or metrics they use to evaluate the performance of key individuals at their portfolio companies? Specifically interested in the CFO....
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Company Interview: Blackstone Group - Blackstone BREP Internshipspecific cap rates for logistics buildings in certain suburban areas? Check this on websites like JLL etc. and key your assumptions of of that influence of different loan structures on exit value? This is something you can figure out by reading Geltner / Rosenbaum's chapter on financing influence of...
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Infrastructure Private Equity Basic SkillsHello WSO, I will be interning at an Infrastructure Private Equity Fund in December and I want to do some preparatory reading and learning before this to make the most out of this opportunity. I have two questions: 1. What are the technical job-specific skills and knowledge which I will need durin...
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Company Interview: Verizon - internPlease be as detailed as possible about the hiring process at this firm. Please include everything from your initial communications with the company, organization and planning of the interview, number and type of interviews, and any advice you might offer to other interview candidates. We also appre...
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Series B Investment OpportunitySorry that this is not a career or job related post. I'm helping a vertical e-commerce company in an emerging market raise a Series B round ($10m+). It's focused on the baby/child vertical and is the leader in its space in that region. If any of you are at a fund that looks at these types of deal...
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Back Office to Real Estate Front Office at a major PE shop (Carlyle, BX, KKR, etc.)I know there's been a lot said about this, what I wanted to get a feel for some more recent accounts people had. I'm wondering whether anyone has had any luck in transitioning from a back office role (accounting, operations, etc.) in larger PE shops into more front office roles, particularly in the ...
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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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Real Estate PE LBO - Exercises Dear all, I made it to final rounds at a large Real Estate PE Firm. I am a second year undergraduate student and therefore have not to much PE interview experience. I would be super happy to find any helpful material to train for Paper LBOs, as I will be given short 20-30min cases during the inter...
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DeleteDeleteDeleteDeleteDelete 1. Delete 1. Delete delete Delete 1. Delete 1. Delete delete DeleteDeleteDeleteDeleteDeleteDelete Dd ...
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Where to find historical price of commodities etc ?I'm an intern at a PE shop. My background is in medicine so naive questions maybe. 1. How do you find historical S&P 500, GDP and Crude oil prices 2015-2017? 2.How do you find prices of what I assume are commodities, e.g. recycled paper pulp, corrugated paperboard? 3. What factor is used to compare...
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Case Study: please comment on my investment memoHi guys, I am preparing for the case study and would love to see your comments on the investment memo. The case is "KKR to acquire Laser Clinics Australia" Feel free to try! ** Let me know what do you think of this memo, what do i miss/ how can i improve. Thanks a lot! ** Investment Memo 1. Su...
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Why do EVs increase over time if companies FCF growCould someone please explain to me why for a company with an expected FCF growth CAGR of 3% forever, the EV calculated year by year also increases by 3%. Under perfect market theory, I would assume that EV does not change is the company exactly meets it's expectations of FCF. I know that mathematica...
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MM PE vs. Big 3 ConsultingIf one is from a top target school, wants to do PE as a career, cannot/did not do BB IBD, is it better to do MM PE* or Big 3 Consulting immediately out of undergrad? The aim is to eventually find a better/larger PE firm, if possible, or go to BSchool and then do PE recruiting again. *Decent firm bu...
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LBO case study: should i use "PF Ebitda" or "Ebitda"?hi everyone, I am preparing for the case study using the IMs I find online. Most of them highlight multiple and growth rate of PF Eibita instead of Ebitda. i am wondering if I should use PF Ebita to build my model and my valuation, or I should stick to Ebita? If i need to use PF ebitda, how can i ...
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PE analyst at a megafund vs. banking/consultingWhat are the pros and cons of taking a megafund analyst role (e.g., KKR, Bain Cap) vs. an offer from a bulge-bracket bank or MBB? I've heard some say that megafund analysts are basically guaranteed return offers, but also heard from others that PE analysts really struggle relative to bankers/consult...
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Hardest off-color interview questionsFor those of you who went through PE / HF recruitment, what was the strangest or most difficult question you were asked? ...
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Honest GPA typo on a resume sent out for buyside opp. What to do?Hi, I am a 3rd year IB analyst currently at the last round of interview for a major sovereign wealth fund. Was going through my computer files and just realized that the resume sent out to them weeks ago had 3.5 instead of 3.4(my undergrad gpa). This was truly an honest mistake by typo. Should I t...
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AM vs PE FoF for exits into Growth/VC or corp devI realize this topic seems to have been beaten to death, but I was wondering if anyone has experience (first hand or anecdotal) of people who started at a respectable AM (e.g. Putnam, Capital Group, AB) and subsequently moved on to do either some form of private investing (specifically growth or VC)...
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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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Take MM PE offer out of undergrad? or go to MBB/IB?Hey all - I have a question about an offer decision I have to make. After doing an internship at an MBB and finding the work not too interesting, I took an extra semester of college to go through another recruiting cycle. Long story short, I ended up interning at a ~$500M-$1B truly operationally foc...
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Distressed Primers Other than like Moyer and that distressed debt blog, does anyone have decent resources for distressed debt - either primers or case studies? Would appreciate any help...
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Company Review: JP Morgan Securities - Please use the sharing tools fo Please use the sharing tools found via the email icon at the top of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article servi...
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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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list/ breaking into Private fund group/ Private placement/ Fund placement/ fundraisingHey guys i was wondering which firms should i be targeting if i were to land a job in a private fund group. If someone could give me a list (Boutique firms) or opinions of how to best position my self landing a job there that would be great. I'm aware of the budge bracket firms like UBS and Credit S...
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Company Review: Chatham Capital - Great Work Life BalanceGet exposure to lots of various industries. Upper management is respectful of you having a personal life and gives explicit and realistic timing expectations so you do not have to stay up all night working on something they won't look at for 2 days.. Pay could be better as well as the training and j...
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Skipping 1st year PE recruitingI'm a first year analyst at a solid MM tech group that is very interested in private equity, but due to personal constraints (military-related) I'm missing part of my first year. With the process being moved up so much I feel like recruiting as a first year doesn't make sense since I'll have even l...
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MM PE vs MM IBHey guys, I currently have an offer from a MM IB firm for full time and am going through the process of interviewing at a MM PE shop (~$700mm between 2-3 funds). What are the pros and cons of going straight into a deal sourcing analyst position with a MM PE shop? Would that pigeonhole me into PE f...
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Experience transitioning from LP to GP?Hello all, I am currently at a well known PE FoF with strong secondary/co-investment arms. I've become very interested in the strategy of one of the MM funds we've invested in, and wanted to approach them at some point expressing my interest in working for them. I'm junior enough where I don't thi...
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Company Review: Grosvenor Capital Management - Good firm, lacking cultureGreat people, learning opportunities Office is in a nice location near central park Senior Partners are extremely knowledgeable . Culture is focused on the CEO and his inner circle Not as much development or training for junior people Recent turnover...
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Effect of Debt to Equity Swap on 3 statementsHow would you evaluate the impact of a debt to equity swap on the 3 statements in a restructuring context? A step-by-step approach would be much appreciated! ...
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Company Interview: JP Morgan Securities - Summer AnalystWho is the best Beatle? John lennon, Paul McCartney, Michael Johnson, Joe Walsh, Tom Rudolph, Nick Mancini, Scott McGuidwin, the Kobe Mamba, who is the smartest, who is the sadasdasd s asdapdhasldiabkhsbjpfijbksfjopasjdjbfksbjjpoadfsjbkbfbfdsbjk...
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Headhunters - 2017Quick question for those who have recruited/are recruiting. Is there a way to find headhunters client lists before meeting with them??? Can we only rely on word of mouth from coworkers? I really want to schedule my first meeting with a firm that has a very low prestige client list...thoughts? ...
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Ares Management PE SA InterviewHave an interview coming up with Ares Management for a PE summer analyst position. Does anyone have any advice on the structure of their interviews and the types of questions that will be asked? Any advice or insight would be helpful even if its not company specific. ...
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How serious of a challenge is it to raise private equity for a businessman?Anybody in PE here that knows the process ? I'd like to be a businessman in the long-term, but as a failed entrepreneur (couldn't even raise a million for a venture in college that was pretty seriously focused on), I feel fear in my stomach thinking about how difficult it is to raise funds. From si...
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For the resume: Help me recast what I am doing as PE intern associate for resume?Help me rewrite what I am doing as PE associate intern for resume. 1. Is this cash flow analysis? 2. This has been first week only. 3. I'm interested in IB. I'm a non- traditional applicant coming from medicine. (First year of med school, specifically.) 1.Analyzed (parsed?) multi-year tax return s...
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Materials for Starting the JobHello everyone, I'm going to be starting in PE soon, and I was curious if anyone has any presentations/materials that will help me get up to speed on the job. I'm looking for something along the lines of a training manual that an entry level associate would get. I already got the job, so now I wa...
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3-4 hours model test, what should i expect?Hi everyone, I have a PE interview coming next week. it's my first time to do PE interview and I really want some advice on how I can prepare for it. I was told i need to do a 3-4 hours modeling test in their office. It's a case study and I need to finish a model and write a brief investment memo. I...
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Thinking like an Investor: The key financial metricsI've quite often come across the phrase "thinking like an investor" in books and here on WSO, "not thinking like an investor" seems to be a fairly recurrent reason cited for getting dinged in a PE interviews. It's quite natural, since it is not something that one can pick up from a banking stint. Th...
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Interview - What makes a good growth equity investment?Hello Guys, Was wondering if you could share thoughts on what makes a good growth equity investment (no debt) as opposed to say an LBO investment....
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Ever hear of Stripes Group?Undergraduate junior here, currently going through the recruiting season for BB IBD. We had a small resume drop earlier and I was invited for first round phone interviews with Stripes. They seem very interesting, especially with the kind of companies they invest in (I love tech). But while I have d...
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Tricky compensation situationLong time lurker, first time poster I'm in a tricky compensation situation. I'm 6 months into an associate job at a well regarded mm fund, and have recently learned that I am being paid ~50k less than 1st years before me. Has anyone else been in this situation? I'm thinking of negotiating but unsu...
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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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REPE --> Infrastructure PE Possible I have seen this asked in threads regarding REPE exit opportunities, but never fully answered. Is it possible to move from REPE to Infrastructure PE? I am an associate at a REPE funds with 4 years of RE experience (3 in REPE, 1 in Lending) and interested in trying something new. Given the revenue st...
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Which recruiting firm is responsible for which PE firms So I have been trying to figure out which recruiting firms are responsible for which PE shops, can someone give me some guidance on the following names? CPI Dynamics Partners SG Partners Henkel Amity Oxbridge Also appreciates if someone tells me more about the names of PE headhunter firms! Than...
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Highly Securitized Small Cap LBOsIn my freshman year Finance 101 class, my professor brought in a friend of his who is a partner at a big 3 consulting firm to give us a talk about debt. He walked us through a basic LBO, and specifically one he performed back in the 80’s where he brought a common product overseas. However, what wa...
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Parthenon Capital Partners - new Analyst program, reputation, lifestyle?Was wondering if anyone had any in-depth information about Parthenon Capital Partners. They recently posted that they're recruiting Analysts right out of undergrad, for summer 2017 start, on my school's (target) job board. This is apparently the first time they're doing an Analyst class, probably fo...
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Some cultural red pills on applying for PE in LondonSome of these similar to US funds, some quite different: - 25% of PE jobs here require someone with European language, and typically it will be 1 or 2 specific ones they look for (ones I see most often are French, German, Swedish, Dutch) - If you want large cap or mid cap PE, its pretty damn near...
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Does anyone have any insight into Triton Partners?As per the title, I'm interested in any insight about Triton Partners. They are a European Mid market PE (c. €4bn AUM) that have recently established a €600m distressed/special sits fund. Particularly interested in their distressef/special sits fund, but any info (also on the PE) on culture/peop...
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Private Equity/Hedge Funds based in Seattle?I'm currently a first year investment banking analyst and am beginning to think about upcoming recruiting for PE. While I know I want to stay on the west coast, I wanted to get an idea of whether there are any strong exit opportunities in Seattle (what industry, what firms, etc), or if opportunities...
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Infra PE shop online maths test - what to expect ?Evening, I just got approached for a role in a PE shop, managing below 10Bn USD with a strong focus on infrastructure. There is an online maths test to do - but I have never done any maths test online before (except for internships years ago), any ideas what to expect? I will go through some GMAT m...
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LONDON: Blackstone Tactical Opportunities teamHi all, Could anyone give me some insights on Blackstone's tactical opportunities team in London? (recent deals, culture, working hours, asset class focus (an estimated % breakdown would be nice)). Their mandate seems to be pretty loose ... from what I understand they pretty much invest in any ass...
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IRR time series - PE Funds - BO and VC performance I need quarter IRRs time-series (at least 10 years) of private equity funds performing BO and VC investments. I got accesses to Bloomberg, however it provides return at a single point in time. Does anyone know how to download time series? I tried also with capital IQ but in this case only more gene...
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Off Cycle Mega Fund Analyst - 4th round 90-minute Case Study Interview - What can I expect?Title says it all - I have a 90-minute case study coming up with a MF for an analyst position. I already had a first case study round, but have been asked to come in to complete another one. Given the time allotment is fairly slim (90 mins), what can I expect? I don't think 90 mins is enough time to...
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Blackstone Strategic Partners InterviewHi, Applying to Blackstone Strategic Partners, and haven't found any meaningful prep material online. Anybody have tips/resources to help a brother out? Also, any inside info about the company would be greatly appreciated....
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AMA: 3rd Year PE Associate ($10bn+ AUM, MBO/LBO, equity, mezz, distressed debt)Edit: Wow, did not expect this thread to get so popular. Apologies if you PM'd me and I have not responded - there are dozens of messages I would respond to if I wasn't getting crushed on a deal. My firm must monitor my WSO activity and figured I needed more work to do... ### Two quick updates: 1....
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Company Interview: Susquehanna International Group - Private Equity InternWas there any specific company in Susquehanna Growth Equity's portfolio that stood out to you and how so? Why do you specifically want to go into private equity and not trading? The rest of the questions were fairly standard background and fit questions. For example, I was asked about how my intere...
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1-hour financial modelling test. What should I expect?Hi all, I have a modelling test coming up for a FT analyst position, and I'm told it will be an hour. I'm not too sure what to expect, I've done full-blown 3-statement LBOs which I don't think I'm able to finish in one hour and I've also done short-form LBOs where I just built out the income statem...
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case study presentation question?I'm working on a take home case study presentation, putting together a few slides about a specific company and presenting operating model, lbo model, and other figures. One of the instructions says to provide an analysis of valuation multiples at various prices (ebitda, ebitda-capex, unlevered fcf,...
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Net Working Capital - Valuation model To any/all who can advise on a question I have regarding the following, I'd have much gratitude: I am working out a Valuation model for a theoretical Steel MFG outfit, using a Free Cash Flow - NPV approach to find a value for the firm. I have mocked up financials, and only a small amount of inform...
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Axial CostDoes anyone know how much Axial Costs. I know they publish some pricing, but heard rumors of big discounts off of that. Thanks...
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2018 Summer Internships in VC/Growth PE/PEI'm currently a junior at NYU and applying to structured programs for VC/Growth PE internships next summer. The only ones that I've found so far are Stripes Group and Insight Venture partners. Does anyone know of firms that are recruiting for summer internships? Couldn't find a thread on here, but m...

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