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WSO Hall of Fame: Private Equity Forum

WallStreetOasis.com

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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LBO Model Practice Sources?

Kanzu

Hi Guys, Wondering if you have come across any good LBO modeling exercises available on the internet? Personally, I've used the WSO model course, the free StreetofWalls modeling example and the Macabacus one. Would be interested to know if any other sources are out there. Any insight would be mu...

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What Banker Processes Need Updating/Automating?

HowlerMonkey

Not for their sake, but for yours? What's old fashioned or needlessly manual in the deal execution process that banks should update? - CIMs sent in hard copy? - Inability to send/receive text messages? - "Please find attached version XVII of the Project [] WGL"? - Physical signature pages? - Lack o...

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Fortune 200 FP&A > Big 4 Financial/Strategy Consulting > Fortune 50 FP&A > Private Equity?

Fortune200to50

(1 year, Financial Analyst) - Worked at a Fortune 200 company after graduation in Corp. Finance (budgeting, variance analysis, forecasting etc.) (1 year and some change, Senior Consultant) - Transitioned to a Big 4 firm, in management consulting (Financial Management/Strategy) - worked on some acqu...

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AMA: 2nd year BA/A/AC at MBB going to UMM/MF in 2020

embeebee

Graduated from a non-target university and joined MBB at a mid-size office. Just signed a UMM/MF PE offer during 2020 on cycle. Feel free to ask me anything related to experience at MBB, PE recruitment, etc. ...

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Kingfish Group

notoriousstunts

Wondering if anyone here has heard anything about Kingfish Group? They seem to have a very unique investing structure. Anyone know anything else specific about them? How they pay? What the work there is really like?...

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Going from PE Portfolio Company to PE

APLEE

So, I'm currently working at a PE portfolio company as a Sr. Finance Manager; hoping to exit in around 2-3 years. I'm coming from another Portfolio company (where I was a Corp Finance Mgr) that exited. I'm wondering if PE firms are looking to hire people with portfolio company/exit experience to wor...

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AEA Investors - Information on hours and reputation?

run4run

Hey, Is anyone familiar with AEA Investors? I am looking for any information you can provide from hours to reputation to pay. Thanks so much, Run...

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Consulting projects for PE firms

angrybanana

I've been trying to get into PE for the last 7 years with no success despite an Ivy League MBA and pre-MBA investment banking experience (but no pre-MBA experience). I've found it incredibly hard breaking in. I went and got some operating experience in the hopes that they would see some value in t...

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Gap Year Recruiting

TheStory

Wanted to ask for help on my recruiting situation: I am finishing up a 2 year contract in IB. I didn't recruit for PE last year, and I won't be getting an offer for a third year. I am in discussions with a Top MF-PE for summer 2020. This would cause me to have a gap year between now and when I star...

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Free resume review

Private what...

Despite being across the ocean (Europe - not UK), but working for a MM PE fund I would like to voluntarily review resumes. I have been in the industry for some time and have gathered some experience in helping others to land a PE / IB job....

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Startup Studios and Venture Buildings

ThatOtherGuy

I've been working closely with various portfolio companies in my own at an operational level. I think after my 2-3 years are up I'd like to start something on my own in the ancillary cannabis space so I've been planning my concept and looking at various ways to build it up, particularly reaching ou...

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2 year PE MF program with MBA requirement - potential exits?

Tobuysideornot

Fellow monkeys, Just accepted an offer to join a PE MF in ~2 months time. Given that this is a 2 year program (with an MBA requirement to progress to a VP-equivalent role), would want some insight on exit opps from people who've been on the same path. Some background: HYPSW undergrad, and 1st year...

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AMA: MM PE (~$1.5B AUM) Associate in Asia

Dorsia Board Observer

Hi WSO community, The forum has always been beneficial to me. Therefore, I decided to do this AMA to help others. I'm currently an associate at a middle market private equity firm (~$1.5B AUM) in Asia. My background is relatively typical: top 4 undergrad in China, two years at tier 2 consulting f...

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Transitioning Culture: Distressed Deal

m_1

Anyone have a good learning resource on transition culture at a distressed company post-acquisition? Feeling pretty good about a distressed co. we just picked up but the culture is seriously fucked because the last owner was not running off a real management structure....

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LMM PE Buyer Questions?

YungGoblin

I'm interning at this LMM PE fund. So I'm helping evaluate deals. With this one project we signed the NDA, bankers sent us a CIM. I went through the CIM, came up with questions. I then sent the list to the banker for call today (I sent the list 3 days prior). Examples of Questions I asked: How m...

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preferred equity investment

pacopacopaco595

For a fund looking to make a preferred equity investment, what are all the factors to consider? I assume a growing industry, experienced management team, etc are important, but is there anything specific to a preferred equity investment? This analysis is new to me, so I appreciate any and all resp...

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Most active credit shops in the market?

Looney_Tunes99

First year IB analyst looking to make the transition to direct lending, who are the most active direct lenders/mezzanine/opportunistic credit shops in the market right now?...

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Ghost stories from the BO

Orangatndm

TLDR The graveyard is a better place for careers than the BO. This post was originally a tantalizing parable about the daily experiences of a back-office drone. Seems it was way too fucking long so it is being revised Short story coming soon. I spent several weeks working the BO and for those who ...

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PE & Junior Exchanges

m_1

Anyone aware of private equity funds that focus on take-privates with companies listed on junior exchanges? IE OTC/pinks? ...

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B4 Audit > TAS/FDD > PE Resume Template

exaudit16

Long time lurker here and looking to make the transition from senior associate in a TAS/FDD group to PE. Through my personal network, I have been lucky enough to get introductions to a few LMM / MM funds. I realize that the road ahead will be tough but I want to be prepared for possible next steps. ...

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Private Equity Investor Relations/Business Development

yituraxi

Was wondering if anyone had thoughts on starting a career in IR/Biz Dev at a reputable PE shop (15B+ in AUM) that takes IR seriously (decent sized team, majority were actually analysts at BBs beforehand). This would essentially be fundraising/maintaining relationships with LPs. I'm currently a seni...

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Breaking down fixed vs variable costs in modeling?

newkid2019

Hi guys: Would anyone mind walking through how they would go about finding the information and breaking down fixed vs variable cost for modeling a company please? Generally, how does one model a company based on "unit economics"? If someone could walk through an example or point to an online tuto...

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Representation and Warranties

peking123

Many NDAs that I have seen have clauses saying that the seller is not making any representations or warranties as to the accuracy or completeness of the provided information. Understand that there's always a possibility of innocent errors or overly optimistic projections - however, how does the bu...

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Technology PE

33333

How would you compare firms like TPG, Advent and Apax for a tech growth/buyout investing role? Would like to learn about the culture and particular strengths (sector, etc.) of the mentioned firms, and also compare their tech capabilities to firms that are tech-specific like Insight, Thoma, etc....

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Transferring offices internationally within an UMM/MF from the growth equity / MM team to the main buyout team

World Traveling 2

Hello monkeys, Here is the predicament I am in: I'm about to accept an offer in a major city (e.g., London / HK / NYC / Boston / Paris / Sao Paolo) for the growth / middle market team of a MF. By all accounts this is a dream job. However, my wife is in an interesting situation where she got accept...

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Estimating my future PE comp?

American Psycho987

Just joined a decently well known MM buyout shop on the east coast as an analyst out of undergrad earlier this year, offer was relatively standard in terms of street comp, $85k base, $35k target bonus, and $10k signing bonus. Any idea into comp I should anticipate as an associate? Past analysts have...

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Management Fees Before Investment

mhaugen

Is it typical for a GP to charge the LPs fees on committed capital after the fund close but before the funds are called for investment? I ask because, without the management fee how does the GP fund the search for the portfolio companies to purchase. As this may take up to 2 years cash flow will obv...

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What do I do with my FINRA licenses now that I am in PE?

Xzas22

So my firm doesn't have any need for my series 7, 63, 66, or 79, and they don't want me shelf registering with a BD for compliance reasons. I assume everyone just lets them lapse, but the thought of all the potential work to relicense if I move back to IB or whatever I end up doing is painful. So ...

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BIWS modeling vs real life?

newkid2019

Hi guys: For those of you who have worked in private equity - how does your real, on-the-job modeling experience compare to advanced lessons offered by Breaking Into Wall Street? Is your real-work modeling significantly more complex/more difficult than the advanced courses offered there? Just tryin...

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Private Equity Operations / Portfolio Career Path

PEquestion1234

Recently was hit up by a head hunter for a PE Operations (non-buy side role). Coming from MBB this sounds interesting and I like their mix of portfolio companies. However, in looking at the Operating Partners, most of them tend to be ex MBB Partners or C-level execs. This begs the question, where do...

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Anyone know Acon Investments?

theotter

Anyone know anything about this firm? We ran into them during a process and I had never heard of them. This despite their website saying they manage ~$5B and have very recognizable portfolio company names (Borden, True Value, etc.). They also do not seem to be very focused on A&D (despite being in...

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Africa

Dobinhom

Greetings All, I was born and raised in an African country but I have been in the U.S since I was 16. One of my cousins is now stationed here in NYC as a diplomat representing my country at the U.N. Although her background is in law, she is now in charge of the investment division and is tasked with...

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Transition from Capital Markets to Real Estate Private Equity

CirclingBack

Currently a capital markets analyst at a top 3 shop working with a high performing office & industrial team. Wondering if anyone had advice regarding timing, preparation, and networking to eventually work for a REPE group? The models my team works with are heavily catered towards a PE real estate mo...

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Blackstone PE off-cycle interview London 1st round - GMAT test and interview

G.London

Hi guys! I have a 1st round Blackstone PE off-cycle interview in London coming up consisting in a GMAT maths test and an interview. has anyone done this before and have some insights? or remember what the questions for either were like? Thanks!!...

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Owl Rock Capital?

Buyside Monkey34

Does anyone have any insight into Owl Rock Capital? I know it’s a private credit shop founded by former GSO Capital, KKR, and Goldman Sachs partners, but if anyone could shed some light on reputation/comp/hours/culture, would be very much appreciated. Thanks!...

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Want to build a startup & raise some money? Part II

SmokeyTheBear

Hello again everyone! This is the second part of my startup 'series'. Check out the first one here. I've also done somewhat of an AMA/introductory post here on interning at a VC firm. In this post, I'll be describing the process for raising money for a startup from a VC firm. I'll try to walk you ...

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Private Equity Recruiting Walkthrough – My Experience

embeebee

I’m 6 weeks removed from receiving an offer at a UMM/MF – it was truly a thrilling experience. Now that I’m back into the swing of things at work, I thought I’d give back to the WSO community by providing a detailed walkthrough of my recruiting experience. ###Quick background about myself: ...

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Credit Fund - General interview questions for Grad (topics for interview, EBITAR, case study)

Luxco19

Hi, I will be interviewing for a grad position at a private debt fund and coming from a legal background with a masters in finance. 1st question is general about the technical topics you'd recommend to prepare, I've so far spotted 3 main areas being: - Private Equity / LBO Models / Strategic rat...

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Differences in career path between MM vs Megafund PE?

newkid2019

Hi everyone: I was wondering if those in the industry could shed some light on the difference in career path between MM and Megafund PE please? I have heard some people say that megafund PE is more structured /less entrepreneurial, one would have to bide their time there; whereas MM might be more e...

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How do I get out of origination?

ObviousThrowAwayAccount

Hi guys, I would very much appreciate your input here, particularly those of you who have made the jump from similar backgrounds. I'm currently doing origination for a industry focused private equity. It is pure BD, and the experience is limited to that with some minor but basic understanding of co...

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Turnaround Strategies for Distressed Companies

Kamoroun

What are some of the common turnaround strategies for distressed companies and what books can I read that cover the topic from a practical perspective. Thanks...

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Recruiting for Top Infra Funds (MIRA, GIP, BIP, etc.)

Buyside_Blues

Hi everyone, After spending some time going over threads about Infra PE on WSO, I realized there's very limited info on the recruiting aspect for top infra funds. Can someone who has gone through the recruiting process for any of these funds shed some light on them? Some insight regarding prefer...

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Consulting to Private Equity

ThrowAway1841

Quick Bio: Graduated last year from a target school and had offers from Elite Boutique IBs and 2nd tier consulting firms. I ultimately went the consulting route and ended up at Accenture MC/Deloitte S&O/PwC MC. I was competitive for MBB (Top ECs/Grades) as well but honestly those firms didn't recrui...

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Post-MBA case study

add_vocado

Hi guys, What levels of detail would be expected for multi-day post-MBA case studies please? thanks for the insights!...

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Credit to PE

bubbaliciois

I'm an undergrad who will intern at a credit fund at a larger PE firm like Apollo/Ares/TPG/BX/Bain/KKR. I'm not sure if credit is what I want to pursue long term, and don't know about placement yet -- I could end up doing anything from distressed to CLO to direct private credit investing. If I want ...

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Volcker Rule and PE Groups at iBanks?

NonRecourseLandLoan

Can someone please explain to me how investment banks still have private equity and merchant banking groups post-Volcker Rule? My (laymans) understanding is that these kinds of activities were either banned or severely limited with the Volker Rule. If banned, what happened to the existing groups? I...

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Venture Debt/Lending Industry and Career Opportunities

gostate11

I could not find much information on this site regarding lifestyle/career progression/compensation of folks working in the venture debt space. However, my concern is that venture debt funds are essentially no different than other tech lenders such as SVB/Square One. Looking at lending opportunities ...

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UWO JD/MBA with $$ or UofT JD for Corporate Law With Interest in Exit to Distressed Finance

qharrington

I've got the following in hand: JD/MBA offer with $40k scholarship from Ivey, likely no $$ from Western Law. (~154k tuition > 114K). 3 yrs. JD offer from UofT, no $$ but reasonably confident in $8K annually through financial aid (~114K tuition > 90k). 3 yrs. My aim is to find a role with major To...

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Latam (Santiago-based) boutique IB analyst hoping to work in NYC PE - What are my options?

ChileanSeaMonkey

Hi guys, I was hoping to get some advice. This is my first post, but I've been reading this website a lot. I'm a New York born and raised guy that went to a liberal arts college and played top 20 division I lacrosse (earning a 3.4 GPA). My international family background made me become fascinated by...

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Looking for advice on how to prepare for a future career in PE.

dbdb123

I am currently a 4th year analyst a boutique hedge fund. The majority of my job is back office (not entirely what I was expecting when I signed on). But I have had the opportunity to do some investment research (DCF modeling, pitching to investment team, etc.). I also function as the funds primary i...

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Any thoughts on Axium?

dontbugme

Curious if anyone has any insights on Axium Infra's platform based out of Montreal. Anything on their culture, comp, etc. would be helpful. ...

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What do PE associates like to hear in an interview?

Waymon3x6

Hi all, I have been scheduling calls with a few firms over the past few months. I am an IB analyst at a decent-sized firm with very good deal experience looking to get into the MM / LMM buyout space. In addition to going through recruiters, I have been having side conversations with (mainly assoc...

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Private Equity Burn Out

monkey_scribe

I've had a few years as an IB analyst, about 6 years as a PE associate at a few different shops. Wonderful opportunities, met some great people, learned tons, but I'm burned out. The stress and demands on my time have taken their toll - each shop was the same, mind you, so I've concluded it's the na...

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Reneging on a PE Offer

conums

Currently an IB analyst. Accepted an offer during recruiting. Used one of the big headhunters and signed with a megafund. I should have given it more thought - it’s not in the industry I am really passionate about. I was put in a room by fund and given 30mins. On top of that I had the recruiter ...

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Anyone heard of the MM PE fund in NYC / Chicago called Flexpoint Ford?

bbrigade

Any opinions? Came across them while scanning recruiter lists and they seem like an interesting fund with pretty solid associate recruits. Looking for anyone who has insight into culture / comp / prestige / heard on the street etc. Thanks! ...

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EV question

bukijusu-.

Hey guys, I am in 2nd year of uni (pls don't judge me) and I have a question related to EV. In the EV calculation, you Include (+) debt and exclude (-) cash. However, why is debt inflating the EV in the calculation? Common sense would tell me to **subtract** debt and **add** cash, which is the opp...

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PE Associate - Co-Invest

Coinvestor

Do most private equity firms allow associates to co-invest in their fund? ...

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Can someone please explain this to me?

LBOking13

I was recently offered a position to join the valuations desk of a MF PE Shop. I am from a nontarget and my ultimate goal is to eventually go to a M7 program for my MBA. Would taking this BO job hinder my ability to make that transition? Also, does anyone have any numbers into how compensation is ...

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What are board meetings like?

deas7

For anyone that is on/attended board meetings, what are they like? I would assume there’s probably some standard procedures (discussing financials/budget) with the rest of time focused on specific pressing issues currently facing the business. Can someone educate me? Also would be curious to the t...

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Target Company Business Plan

DexMc

Question for the PE guys here... are you presented with a business plan from management when you are doing due diligence on a company? If so, are they as formal as they would be for a start-up, or similar when they are first seeking financing? Lastly, any examples?...

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Infrastructure PE Interview (Intern)

WallStJesus

Monkeys, Can anyone offer some insight regarding the interview process for an internship in Infrastructure PE? Ratio of behavioral to technical questions? What can I expect in regards to technicals; given that infra PE is more cash flow based I'm assuming a strong percentage of DCF / LBO questions....

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Family Office Database list

SundanceKid77

Hello fellow chimps- After seeing the other thread on WSO for interest in family office lists, I’ve compiled a number of family office databases which I’m willing to offer to those in need of a good list. I worked in a fundraiser/investor relations role for a few VC/PE funds and have switched ro...

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Do PE IR guys get paid on par with Investment team?

firstclassflyer

Curious if anyone has any visibility on compensation as you approach the upper levels of IR/Marketing/BizDev roles at large funds? It appears that compensation becomes very close to that of the investment professionals, particularly as you get to the upper levels where equity stake gets invovled. ...

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Softbank vision fund

PJ101

Hi guys, I've searched the forum but didn't find any particular information regarding the hiring process of the vision fund. Do they use recruiters or referrals? Has anyone gone through their interview process? What are they looking for at Associate/VP level? What is the culture like? How rigorous i...

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Operations (BO, MO) is a FUCKING nightmare

Orangatndm

Friends Please be wary of all operations (BO, MO) work. It is stupid; it is a waste; it is asinine; it is to Othello as was Ophelia. Unsure where this post should go but it is truth. If you are an UG or young professional, do any role but BO MO A thoroughly retarded tardigrade should be working in...

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Suggested/Necessary GPA for Middle Market Credit Fund or PE recruiting? (Intern or Analyst)

seekingajob

Hey everyone! I am a current sophomore at a non-Ivy target B-school in the Midwest (think Michigan, IU, ND etc) and am curious about how my GPA will affect my recruiting in the Fall. I currently have a 3.47 GPA but will have a 3.5+ and am majoring in Finance. I have recently become interested in Pr...

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Good Short-Term Investments? Bonds?

bankerella2

Hi All, I am trying to find good short term investments for a shorter 5-6 year duration. Hoping to buy a house then. Any suggestions? I am considering fixed income investments - like the Vanguard Long-Term Corporate Bond ETF or the Vanguard LifeStrategy Income Fund (though that is low yielding.) I...

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Sam Zell's fund EGI

Little Sheep

Anyone come across this fund in a process or know what it's like to work there? EGI is the name of the fund....

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Smaller PE/VC Fund --> ??!?

throaway92

PE/VC as an asset class has exploded in size over the past several years, and there are a lot of young and/or unproven funds in the market. I thought this style of question might be of interest to others who are in the same boat or may face a similar decision down the road. **Background** - Sr. A...

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MM PE Analyst Questions

Non-Target-Banana

A position is offered for a firm with a vintage fund of around ~250M. Recruiter got into contact and said an analyst position was being explored. Firm has a founder, 2 principals, 2 associates, and a lot of operational partners. Said the role was a lot of financial modeling with sourcing (called it ...

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