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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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MM PE Salary ProgressionHi, quick question about PE compa progression for pre-MBA MM fund. Know that there is a significant difference bet different firms, but say if I make ~$245,000 all in in year 1, what should I expect to make going forward?...
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Is there a perfect profile for an Entrepreneur?Ok, so long time lurker here. I am 25 yo about to start a MIM degree in September. I have some previous entrepreneurial experience but in south Europe in an non sexy industry (think non-tech and very niche market) so VC funding was not for me. However the business is doing good in that market with ...
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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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When Do BX SA Applications Open?Specifically for the Blackstone private equity Summer Analyst applications? I know their process is a bit later than for IB....
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Exit Options from New FundPosting from a new account. Curious to get thoughts from people who have either been in my situation, seen people in similar situations, or are very familiar with the PE recruiting process post entry-level. I came from a fairly strong coverage team at a BB in NYC. As an analyst, I was interviewing ...
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What makes a good growth equity investment?Hello WSO, I have an interview for an entry level position for a growth equity firm. I would just like some input on what would make a growth equity investment. Could you please elaborate/add to some of my thoughts below. As no debt is being used I believe stating things such as minimum CapEx an...
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Least modeling-intensive PE firmsJust curious as to which PE firms have a minimal amount modeling (relatively speaking)? Growth equity, FoF (but that doesn't really count)...any others?...
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How brutal is Blackstone as an analyst?Curious if anyone who works/worked at BX (PE) or has secondhand knowledge would be willing to share. Is it true the hours are even worse than BB IB and you are continually worked to the bone? Does the firm give any damn about your well-being? ...
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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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MBA student/restaurant franchise owner new to WSOI am an MBA student and a restaurant franchise owner. I intend to transition to a private equity firm that is interested in restaurant and franchise activity once I complete my MBA in 2019. Does anybody have similar experience or any advice to give? Thanks a lot....
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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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Search Funds?Anyone have experience running or knows someone who has successfully run a search fund? I'm an MBA student at an M7 and am looking to go into VC but have been intrigued by search funds recently. Haven't seen a lot of posts on here about search funds and was curious to hear about experiences anyone h...
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Specialty Lending (GS/TPG) - Any insights?Can anyone give some insights about specialty lenders such as GS Specialty Lending or TPG's Specialty Lending platform? They both sit within their respective Special Situations Groups. I'd be interested in * the actual work you do and how much different it actually is compared to traditional lendin...
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IB to PE for Analyst RoleMonkeys, Some friends and I were chatting and I had thought to reach out to just ask you all your opinions. What are the details on moving into a PE Analyst role directly out of undergrad? Is it actually a good play? Is the investment banking 2 year deal better than an analyst role in PE. My b...
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Large BDC Interview for VP roleI have an upcoming interview from a VP level role at large BDC later this week. Meeting with multiple folks. Can anyone please advise on how I can best prepare for this? I am currently a PE associate and never interviewed for a VP role. What qualities might they be looking for? Any specfic technic...
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Uber CEO ResignsAfter several months of scandals and upper management issues, including many key figures leaving, investors have had enough and Kalanick is being forced to resign. It's surprising to see investors turn their back on a startup founder, because there is this "founder-above-all" attitude amongst many c...
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Wexford Capital, PE arm?Does anyone have much information on Wexford Capital the HF and their bayside arm? I have a call coming up with a guy that I believe is in the PE arm. I cannot access information on the firm because I am not an investor do not have an access code. I spent a few hours reading their 13F but that is ...
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Other "cross-asset" funds similar to Blackstone Tactical Opportunities?I'm interested in knowing if there are other groups out there that have unconstrained mandates, like how Blackstone Tac Opps invests across asset classes. If anyone also knows how it's like to work at Tac Opps, please let me know!...
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Private Debt ValuationWith the rise of private debt as an asset class, especially for institutionnal investors, I am call to find a valuation model to price private debt for the firm I'm currently working for. Especially finding quantitative or even qualitative inputs that affect the price. I first started with simply ...
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Asset Management (Equity Research) To VC?Was wondering if anyone here has (or knows of friends who have) made the jump from Asset Management (equity research) to VC? ...
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PE/VC ownership of a target companyHow much does a PE/Venture capital firm own in a portfolio company and what usually determines this? How much equity does the PE/VC receive for investing in my company? And does this differ between PE and VC?...
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Private Equity at Pension Fund (LP) Advice/HelpHi everyone, I require some advice and would appreciate it. I have a job interview within the Private Equity team at a large Pension Fund. This Pension Fund is usually a Limited Partner and works with General Partners. The job description has limited info and I am not sure what I will be asked at i...
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Internship at Startup? Looking towards next summer, I would like to get some startup experience on my resume. Has anyone interned at a startup? What is the recruitment process like? And how valuable would this experience be for VC/IB jobs? I've heard vaguely that VCs love startup experience but not sure if startup interns...
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Move from Long-Only Fund to Private EquityLong time browsing on this website - had a quick question as I am interviewing in the next week for a private equity role in London. Bit of background: I graduated from a top university in the UK, worked at a large institution in research (non-financial for a year) and moved to a long-only fund wh...
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Recruiting process after spending two years as PE Analyst---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------...
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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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Hamilton Lane AdvisorsAnyone heard of them? I am confused as to what they are considered...an AM maybe? I would appreciate someone's help. Thanks to all in advance...
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Can you solve this PE interview brainteaser?Imagine you have a special dollar. You can play a game with me. I'll toss a coin and if you call it right, you have two dollars; if not, you take home only one dollar. You can keep playing if you call correctly, doubling your money each time How much would you pay for the special dollar?...
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English speaking Venture CapitalIn September I will start my studies in a target University in mainland Europe for a MIM but my German are far from good and from my experience , recruiting in Europe is really regional so I'm in a need of some help for my next steps. My goal is in 7-6 years time to try and make my own VC fund whic...
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Great Return Bad GradesSo I'm currently a junior in college, I'm studying finance and a minor in economics. I played football from the second grade and loved everything about it. Until I switched my passion to Stock trading in the 10th grade, it's the same euphoric feeling to me as playing football. I started doing my res...
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Research and advisory report (thesis) Private equity UndergraduateDear wso'rs, Thank god we have such an active forum where professionals can help each other out. I am seeking advice for my research and advisory (thesis) report. In the period of February 2018 to July 2018 I will have my research and advisory report (thesis) assignment. I would like to do research...
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Deferred Sales Commissions Excluded from EBITDAA deal I'm looking at is for a company that relies heavily on paying certain lead generation players to acquire new customers. Using fictional numbers, let's assume they generate about $50 million in EBITDA but they pay $30mm year in referral fees to these lead generators annually.. and in turn try ...
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MM Industrials LBOs to Tech/Consumer Growth Equity?Currently an associate at a MM fund focused primarily on later-stage, industrials LBOs and while I like PE generally, I find myself somewhat bored by the companies I'm dealing with. A lot of our operational value add comes from cutting costs and optimizing supply chain/logistics - certainly helpful ...
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Cross-border Investments in PEI'm highly considering making the switch to buy-side but still debating on the type of asset class/fund. Right now, I'm an Associate in an IB coverage group and have been getting introduced to various PE positions from recruiters. I have experience in various industries (even though I'm in a coverag...
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BB ...
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Has anyone heard of Midtown Partners?Hi All, I got an interview with Midtown Partners to talk with VP. I'm new to this industry. I'm going to get my PhD in Biological Engineering and helped found a biotech start-up. Have anyone heard of this company? I wonder how the interview format will be. I will appreciate it if anyone can provide...
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PE interview question - If you can only know 3 things for an investment analysis?I received this PE interview question awhile back and I was wondering how one would answer this? If I wanted to evaluate an investment opportunity for PE and I can only ask for three things, what would I ask for and why? No details are provided about the company (not what it does, not what industr...
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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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Agricultural Investing I would appreciate any primers about agricultural investing. It seems like a very niche space. Thanks in advance ...
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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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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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2nd year vc analyst, fund closed down, what now?I live in Asia. I worked in a VC for a year, then the partner I worked for there decided to leave to start his own VC fund. I joined him because he brought in exciting deals, was a good mentor, and was offering to pay me much more. He assured me the funds had already been raised, and it was in the h...
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Going back into Banking from PE I graduated from a top 3 MBA last year and before that worked for 2 years in a Top 10 boutique bank and 2 years at a global CPG company as a corporate development professional. My dream for B-School was to land at a mid-market consumer PE/Growth fund, and I made it happen by hustling harder than ev...
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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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Blackstone RE interviews - best interview guide to use?Hi all, I am currently debating between WSO's PE interview guide and Merger and Inquisition's Real Estate Modeling Guide. WSO's guide seems like a more well-rounded interview guide overall, but M&I's seems like it may be more relevant to a BX RE interview. Any insight as to which I should purchase...
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Comp, upside, and trade commission "etc"Hey, I've just been offered an analyst position with the intent on immediately getting me 63 series license. I'm a scientist by formal education/training, but have been recruited to a biotech fund group. I do not know how to negotiate this deal. "Try to provide compensation guidance which hopefull...
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How to do entry analysis on private companies?Hey everyone, I was recently interviewed for an internship with a local Investment Bank. More specifically, it was for their Mezzanine Capital Unit/ private equity arm. After the interview, everything was going fine and I had a good feeling. However, they asked me to do a quick analysis on a pri...
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Advice on Sourcing Family Office info to help secure LP'sI'm starting an internship with a boutique VC firm next week. I have limited prior experience, but I'm determined to show my value. Their first project is to have me source family office info and HNWI info in the Boston/Northeast with assets in the range of $50-$100m who we can pitch as LP's to c...
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Best European mid market buyout fundsWhat do you think are the best European mid market private equity firms in buyout in London? Is speaking several European languages a truly competitive advantage to work at those PE firms or just an illusion?...
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PE from Wealth Management?Good afternoon all, I feel naive for asking, but Is it possible to make the jump from Wealth Management/Advising to Private Equity? I entered the broker business 5 years ago knowing that advising was as far as I would make it without a 4 year degree, so I looked at it as a way to gain client facing...
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Berkeley Haas or Cornell AEM for undergrad?Admissions and costs aside, which would you go to and why? I regularly hear these two compared with each other and was wondering what you guys thought....
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SoftBank 100bn fund raising debtThis morning I was reading an article in the FT about SoftBank's mega fund and its uncommon capital structure. https://www.ft.com/content/b6fe313a-4add-11e7-a3f4-c742b9791d43 Basically, SoftBank raised/is going to raise almost 44bn of its 100bn target in debt for the fund. The article mentions th...
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PE Interview Case Study - LBO Modelling Training in LondonI'm looking for a good LBO modelling course in London to prepare for PE case interviews. Unfortunately its on really short notice (should take place in the next 1-2 weeks). Does anyone have good recommendations? Thanks!...
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Abraaj GroupIt's been a while since they were discussed on this forum and never really in depth. They continue to grow their fund ($9B currently) and expand their international presence. I was just wondering if anyone has had any experience interacting/recruiting/working for them. I'm currently at a BB on the...
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Secured MM Private Equity Role - Can I start one year early?I joined a large investment firm out of college and am considering whether I should try to start at my next middle market PE firm earlier. Background: I interned at a bulge bracket bank for three summers (senior year of high school, sophomore year, and junior year) and went to a target school. I la...
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Self-taught coders?Are there any self-taught coders on here? I am interested in learning how to code and would like to know what would be some good resources to get started. In terms of a programming language, I heard that Python is one of the easiest ones to learn. Is Python used frequently in the finance world (mai...
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PE Fund-of-funds......exit ops?Given the state of the economy, like many other recent MBA grads I find myself considering alternate career paths. I currently have an offer at a PE Fund-of-funds. The position involves investing in different GPs across the PE industry along with co-investments in portfolio companies. My main questi...
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Headhunter referencesHi all, Recently started responding to headhunters (think CPI, Amity, HSP) who have been reaching out to me since I started my job at MBB. Is it normal for them to ask for references before even starting the PE recruiting process? If so, how did you guys go about this discreetly? Don't yet want to...
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Secure PE compensation packageA few months ago, I joined (have no ownership) an exiting first time mid market buyout fund in Europe. The PE firm is still aiming to raise €200m from investors. Thus the PE firm is not making money yet so none of us get any salary. The idea was to help the team make some direct deals at first in ...
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Hamilton Lane Excel TestHey guys, going to Hamilton Lane's office for an Excel test. Any one know what the test consists of ? Any tips on how best to prepare ?...
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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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Antares CapitalAntares Capital (formerly GE Capital) - Can anyone tell me what compensation is like for an analyst? LIfestyle? Trajectory within the group? Exit ops? Thanks!...
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Where to Start Hi I come from a non target school with a good GPA and want to get into the fiance field with an internship in Private Equity or Investment Banking. Graduating in 2019. Besides making connections where should I focus my time? Is the certain ways to find the right companies I should be applying to? W...
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New VC Fund CompI have an opportunity to join a new seed stage VC fund by a successful entrepreneur in the Bay Area and I've been trying to figure out what comp structure and amount to ask for. It's a $60M fund with 1-2 GPs and I will be brought on as a Jr Partner/ Principal (but titles don't really matter since it...
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Fixed Income PMG to PE?Is this possible at all even with an MBA? Does one need to get into the equities side first before even considering this move or is it impossible without IB experience?...
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Just joined WSO and looking to get into PEHi, I've just joined the forum and wanted to say hello. I received an engineering degree in undergrad and have worked in a number of startups in marketing and operations. I've recently moved from Silicon Valley to the midwest and I am planning to attend an MBA and make a transition into PE. From wh...
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Private Equity compensation packageWhat is a standard compensation package for a PE associate at a European first time buyout fund with €200m AUM? (Base salary, bonus, carried interest, co-invest, Board Observation seat at portfolio companies, any other benefits?)...
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Modeling Question Hi all, I am building a model, and am wondering how to best show how much EBITDA can decline ($ amount or % decline) in order to stay under a specific leverage multiple, say, for example, 4.0x? How can I best build this into the model? My initial thoughts were to make total leverage a driver, but ...
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2016/2017 Private Equity Recruiting ResultsBased on what i have heard from friends one year older (i just graduated), PE recruiting seemed pretty brutal across the board for BB, EB, and MM first year analysts. Just was wondering whether this year was especially brutual, or if it is simply a continuation of increasing competitiveness year ov...
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Degrees Needed To Break into PEHello: I am a high school junior who has his own portfolio and aspires to break into PE one day. I am looking at UPenn's dual-degree programs right now including LSM and M&T. I want to be in PE Biotech Firms. What degrees would you need to break into PE Biotech? ...
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Helios Investment Hi all, I'm currently looking for any information on Helios Investment Partners in London : - Culture - Hours - Comp - Exit opps - Interview process Anyone here already interacted with them ? Thanks a lot !...
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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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Future of Placement AgentsWhat do you guys see as the future of placement agents in the industry for PE, HF, Real Estate, Alternative Credit, etc..? I know the industry and business is relatively young ...
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Direct PEWhat exactly is direct family capital? How does that differ from traditional PE? What does one expect to make as an analyst from UG or at the Associate level? Can you get carry and what are the reputable firms? Anyone have any experience with a family office/ direct family capital PE firm?...
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Why are PE Funds much larger than Hedge Funds?In terms of AUM, PE Funds tend to be larger than HF funds given the same number of FO investment professionals. I hear that PE is much more scale-able (though I always thought public equities would be more scale-able). Why is that so? Also, if the same # of employees can manage a much larger fund in...
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PE Business Development?Lately I've been seeing a lot of the larger PE firms have entire divisions dedicated to bizdev. Can anyone shed some light on what they do exactly? Exit opps, lateral movements, day-to-day, pay scale, etc....
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Risk Management/Compliance InternshipHow useful would a risk management/compliance operations internship be for breaking into PE and how is it looked upon on a resume? Did a search but couldn't find any answers. Wondering if it has any relevance or usefulness to private equity....
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Private Debt Portfolio AdministrationPrivate Debt Portfolio Administration Working with investment professionals on domestic and international teams to support consistent processes on transactions, data capture, and reporting; supporting team members with key portfolio administration matters, including amendments, pricing; preparation...
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PE M&A AttorneysJust joined the site, hopefully a PE attorney who is totally fine making less money and being far less cool than his PE clients/counterparts is welcome here. I worked in private equity shortly before going to law school so I've always loved the industry and still keep up on all things finance/M&A. ...
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VC scene in EuropeThe question is pretty simple. The VC field in EU is very fragmented and nowhere near the size and dynamism of the US one. Why you think is that? Is the usual time-lag of Europe in adopting new things or is something more organic that prevents VCs (and entrepreneurship) to grow? ...
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Need a quick progress check on setting myself up to get into PE from consulting.......................................................................................................
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IAmA Private Equity Intern, AMAHi all, I have never posted on WSO. But I have used the resources a lot, and would like to give back. I'd like to share my story, my background, and how I managed to secure an internship with a private equity. And I would be more than willing to give my opinion on how to best approach getting into ...
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Consulting or Infra PE, best way to transition into PE?Hi everybody, First post here, and I just wanted to start off by thanking everyone active here in these forums for the highly valued insights you all have provided me. Hopefully, I will one day be able to give back to this forum as well. I have succeeded to put myself in a quite peculiar situation...
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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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What's Abraaj Group Singapore like compared to other hubs / Dubai? Are there any differences in performance/culture/specialisation? Do they deal in the growth equity and/or buyouts, or are they more a VC firm, like with a recent investment they made? ...
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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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How do you value a mobile dating app?Recently took on a project to look at the valuations of mobile dating apps (2-3 years in operation with less than 10m revenue). Literature on their valuation methodology is sparse on the internet. Can anyone shed some light on looking at these companies? There hasnt been much precedent transactions ...
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Merchant Banking Rothschild - Direct Lending (Five Arrows CS)Hi, so I have this interview coming up for Rothschild's Debt Fund (FACS) long term internship and I would like to get some insight from you guys on what to expect and on what kind of questions I should prepare for an interview for a direct lending fund. Any help much appreciated, I'm a bit clueless...
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Interim DistributionsAnybody familiar with funds that have interim profit distributions? If so, is the profit distribution based on both realized and unrealized values?...
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VC --> VC resume sample?Hey guys. I'm considering a lateral move within the VC industry. I'm with my first VC firm, so I've never written a VC to VC resume before. I've led 7+ VC deals and thought it would be nice to see some other VC resumes to get a sense of how to put together my current VC experience for a lateral mo...
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How much staffing on typical PE deal?Quick question for the other private equity guys on here. How do you typically staff(or get staffed on) live deals? Is it as lean as a VP/Associate pair with Partner oversight? Would multiple associates get staffed on a larger deal? I know it differs firm to firm, but curious to get everyone's expe...
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Joining a Middle-Market Private Equity Fund soon - any advice? I am starting a new job at a middle-market private equity fund soon. I have spent the last few years in investment banking in New York. I would appreciate any advice you may have about the transition from investment banking to private equity. They cover an industry that is new to me. I feel I should...
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How to Spend the Next Year in IB to Prepare for PEHello all - for those of us who have accepted PE offers for summer 2018, what would you recommend us do in our next year in banking to help prepare for the job? My understanding is to: 1) take every opportunity to think like an investor, 2) step up and try to take on more and more responsibility (si...
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Nanotech Analyst to IB I'm a rising undergrad junior and recently landed an analyst role at Nanotech Industrial Solutions - the only manufacturer of a proprietary nano lubricant among (other products), and a pretty major player in the industry. My question is, can I leverage this summer's experience to land an analyst rol...
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Any recommended offline VC forums in Silicon Valley?Hey guys! Does anyone know of any good, week-long Silicon Valley VC forum or startup / VC networking program I can attend this year? Thanks!!...
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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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Best non-MBA masters degrees for career-changers/starters...with the end goal being PEI started another thread on this board three or four days ago...and it essentially turned into a discussion about the best non-mba business-relevant masters programs...and i wanted to get as many opinions as possible on the subject, so i thought i'd post the question as a seperate thread... here's...
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Grad SchoolsI want to go into Private Equity and eventually open up my own shop one day. I am graduating early from a target school (WH), and I figure I should enjoy school one more year and get a graduate degree. What would you say would be the most useful degree for what I want to do? Thanks for the help!...
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RE PE to other sectors of PEHi all, I graduated from a non-target in 2015 w/ an unrelated (Biology & Chemistry) major and have been working as an analyst in the cap market division of a real estate investment firm since. I have become obsessed with finance. Eventually could be interested in transitioning to healthcare, ventu...

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