Silver BananaTopicReplies
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2017 Private Equity Report – 8 Category Highlights The 2017 Private Equity Industry Report compiled by Wall Street Oasis (WSO) provides insight on total average compensation, professional development, senior management and more. All statistics featured in the reports are based on 4,750+ user submissions from professionals in the private equity ...
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WSO Hall of Fame: Private Equity Forum The Wall Street Oasis Private Equity Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the private equity industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigate h...
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Should I take a job with Apollo?I am a petroleum engineer, been working at major O&G firm for the past 6 years as a reservoir engineer in A&D. I’m also in business school for MBA. I got a job offer with Apollo mgmt in Houston as an engineer to help manage a small portfolio of oil companies? I have no clue about Wall Street or th...
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No country for old I-bankers (starting a mid-career thread for finance professionals)Starting a thread for mid-career finance professionals. Where did you guys go after banking? I ended up in PE myself, but man, it's hard. Seems WSO is all about the younglings but I wanted to hear what you fellow mid-career guys are experiencing. It's quite amusing to see the many young WSOers wa...
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Does anyone know of any Private Equity firms that invest in SaaS companies >$10m revenue? I am just curious if there are any well-known boutique/mid-sized firms investing in smaller deal sizes that you guys/gals may know of?...
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2019 Blackstone SA TimelineDoes anyone know when Blackstone is planning on opening their applications for the 2019 SA position? What does their timeline look like? ...
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Who actually works at a SPAC?Just curious, does anyone know of any junior or mid level employees who currently work or have previously worked at an "independent" SPAC like CF Corporation? I'm wondering how people land such gigs and what happens once a deal is in hand. It seems like it would be an interesting experience, but I d...
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PSP Investments - Interview - Private EquityMost unexpected one was walk me through an LBO, which isn't that tough in itself, but it becomes more difficult when they ask the harder hitting questions like oh what happens when variable x changes within the LBO model, also the company that I had to do an LBO company on was an early stage tech co...
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Do I have a chance to start off as a junior (associate/entry level) position in a PE Firm?I graduated 2 years ago. I majored in accounting and got very bad grades. I worked for 5 months in a major bonding company as an underwriter's assistant, officially called financial analyst. It is very technical and I really just made risk reports and analyzed financial statements and ar lisitings f...
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NAT Gas phys Trader to BD roleHey all, Looking for some advice. I am under 30 and have been trading phys nat gas for 3 years for a top 5 trading shop.(I got lucky) I’m the youngest on the floor by a good bit but recently had a completely different opportunity arise on the BD side of a PE backed midstream company. Trying t...
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PE vs. growth vs. VCHey guys, I've always worked in growth capital. Does anyone have any experience working at VC and PE both and can compare and contrast the experiences / firms, the nature of work performed, the opportunity for advancement, and comp? ...
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Bregal Partners - Interview - Private EquityHe asked me to walk through my resume. Then he dug a bit deeper about what I actually did in my prior experiences as an intern at an investment bank and the deals that I worked on. Then he asked about my interests and what I was involved in on campus. There were a few more behavioral questions. The...
Cerberus Capital Management - Review - Private EquityPeople work hard, culture was pretty good. Everyone was very smart and intelligent. Great deal flow. . During big deals, hours can get really bad. Not the best communication between senior management and associates....
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Paying for carry at fundJust joined a secondaries fund and was given the option to subscribe for carried interest at the fund. However, I would need to finance this myself. Was wondering if: (a) Do you all pay for the carry at your fund? Wanted to see if this was market practice. (b) If not, do you invest the maximum that...
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Mainland China Opportunities post IB stint in USAHello, Can anyone provide some insight on working in finance in Asia (particularly Mainland China)? I grew up in the US and am working currently an IBD analyst in the US at a bulge bracket firm. I do have the language capability to work in China. I would be interested in either working for a weste...
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Looking for Private Equity Startup Talent Launching a PE Firm and looking for talent with PE Experience at all levels. Landed a three project development that includes three Marriott branded hotels, residential tower and 100,000 sq ft Casino. One hotel already built and operating, second breaking ground 1st quarter 2019 and third breaking...
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Does anyone know of any PE firms that write smaller check sizes (SaaS >$10m)I am asking because it seems like the majority of PE firms have higher investment criteria like $10m+ in revenue, $2-5m+ EBIDTA, etc....
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Blackstone BREDS Full-Time Phone InterviewAnyone else have a phone interview yet for debt strategies group? ...
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Infrastructure PE News SourcesI know infrastructure can mean a huge variety of things, but what are some good news sources to get a better understanding of larger deals? Would it be trade journals or something like that?...
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Cerberus Capital Management - Review - Strategy and OperationsThe culture is entrepreneurial. Employees choose work streams they would like to participate in based on personal strengths and abilities.. HR is weak and the resourcing is unstructured. Development opportunities should be added to develop young professionals....
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KKR Real Estate Private EquityHi, Does anyone have some insight about KKR Real Estate private equity or has anyone worked there or working there now? I have an interest in applying for a junior position and want to know more about it. Do they have both equity and debt funds or just one of them? How is the interview? Is it very ...
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Bank Merger ModelAnyone from a FIG group have a scrubbed LBO model that could bum from them or swap them for some sexual favors much appreciated. ...
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Internship ChoiceHi guys, may I ask your opinions on the internship choice of the below situation? I recently got admitted by Wharton MBA and am thinking about doing a pre-MBA internship. I am currently working in PE industry in China with a local fund covering an industry I kinda dislike, so I want to quit my cur...
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Other - Review - Private Equity* smart colleagues * very interesting projects * prestigious firm / fund * very strong brand in China * lots of exit options in the local Chinese market . * insufficient recognition in the PE industry outside of Asia * grueling hours / schedule, with lots of late nights and weeke...
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Consulting to PE: Portfolio Teams Hi all, first time poster. Joining a strategy house/DD specialist in London (think LEK/EY-P/S&/OC&C) entry-level, with half an eye on transitioning to PE later in career. ***Context*** Having networked (+ desktop research + WSO trawling) I'm aware the main pool for PE is IB and that consulting as...
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PE question: FX hedge sizing EBITDA or EV?Say a US PE firm buys a European firm using USD funds. The target has USD revenues and EUR costs, resulting in an adjusted EBITDA made out of USD 70mn and EUR -20mn. Using a 5.0x valuation multiple, the fund has effectively a short EUR 100mn exposure. If I decide to hedge, should I enter a EUR 100mn...
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How do you gain insight into a PE firm's culture/lifestyle in the interview process?Going through interviews in MM PE right now and am wondering if there are good questions to ask or red flags through the interview process? Obviously don't want to come off as a slacker, but also don't want to jump blindly into a firm with toxic culture and soul-crushing lifestyle. I have heard ther...
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Looking for VC study materials (valuation, term sheets, etc.)Anyone got training materials for venture capital? I'm ideally looking for technical materials, such as info on valuation, term sheets, etc. ...
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Susquehanna International Group - Review - Private Equitysuper cool team, love the people here, it's all about merit and the work you produce and not about how much you can smooz your way around. not in the city, and even if it was it's philly. small team that works a little too hard sometimes but fun when they let loose a little...
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Debt Funds in ChicagoWhat is WSO's take on some of the Debt funds in Chicago? What is the career path like? Skills that one would obtain working at one vs traditional buyside? Will I become the queen/king of debt? Thoughts on comp and hours? Maranon Capital Hancock Capital Management Golub Midwest Mezzanine Funds Dee...
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Do PE IR guys get paid on par with Investment team?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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Escape Club / Exit HatchStarting a thread for those who are finding ways to get financially free - while working in finance. I've come to realize I cannot count on this financial career forever, and in any case, I don't want to *have* to keep on working if I can avoid it. So I've put a bunch of my money into real estate,...
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how to be a good intern / employeeI'd like to share the following story from the trenches, in the hopes that it helps others. I run the department of a family office's investment vehicle, and previously I was in PE. Those whom I feel are top performers do 3 related things: they are proactive, they take ownership, and they work coll...
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What is the best way to fund a roll-up strategy in a SaaS niche market without a stake/company (LOIs signed and ready to go)?Speaking more of from a fundraising perspective versus sourcing the deals to a regular PE firm. Would an Angel investor/VC be more willing to fund such a venture?...
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Consulting, MBA, PE FoF. Breaking into PE direct?Hi everyone, here my long story in short: 5 yrs strategy consulting tier 1/2, MBA top 5 worldwide, M&A for an institutional bank, now entering as VP into an LP/ PE FoF, where I will focus 50% on direct coinvestments. Got exp in strategy and operational consulting over large companies, portfolio co...
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Is there another good finance-career forum out there?I was reccomended to this forum by a friend - he said it was the best one out there - and there does seem to be a lot of knowledgable experts in here. But, there also seems to be about 3 or 4 times as many bitter smart arses. So, I was just wondering, do any of you know of any good alternative for...
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Armanino - Interview - Generalistwhat are the different revenue streamlines you know?what are the different revenue streamlines you know?what are the different revenue streamlines you know?what are the different revenue streamlines you know?what are the different revenue streamlines you know?what are the different revenue streamlin...
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Megafund Credit to BschoolI'm planning on joining the Credit team (looking at HY specifically) for a MF firm (GSO, Apollo, Ares, Bain Capital) as a first year analyst out of undergrad. I'm obviously aware of PE placement from these firms but are Credit analysts/associates looked at in the same manner? My goal is to eventuall...
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Private Credit FundsCan anyone discuss their experience working at a private credit fund (senior loan fund, BDC, etc.)? In terms of exits, I've read that most people tend to stay in industry, but what other opportunities are possible with private credit investing experience? ...
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Other - Review - Private EquityYou get to work on interesting lifescience and healthcare projects, among smart colleagues. Working in healthcare means you feel you're making positive social impact.. This place has extremely high turnover because the CEO is a world-class douchebag. He cannot keep the team together as he is abusi...
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anybody knows anything about Beacon Tree Capital in Boston?https://www.beacontreecap.com/ seems like they have a decent team. Anybody knows anything about the firm ? like the deal flow, reputation and etc ? ??...
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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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PIK Preferred Equity ModelingHey guys - quick accounting question that I wanted to double check with you. I need to model PIK preferred equity (8% PIK) and am thinking myself in circles around how this shows up on the three statements. I know that the PIK will be accruing to the Preferred Equity on the balance sheet each year, ...
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What is so bad about LMM/MM funds?Why do many people who work at a MM Boutique never break (or I guess don't want to get) into PE? I understand that there is a lot of competition within MF (Carlye, KKR etc.) / upper MM Funds (Summit, Equistone, Permira etc.) but especially in LMM Funds up to Funds with 1bn AUM there seems to be onl...
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Best way to learn PE relevant finance: I've done modeling practice, but it's going over my headThis is an earnest appeal for advice on getting my finance chops up to speed as I am trying to make up for past laziness and learn what I need to to get out of the hell that is consulting and into finance. Because I have 1y of PE DD for MM/MF under my belt, I have judged that entering MM PE is my be...
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How to tell the prestige of LMM or MM PE firms?Hello all - I am currently interviewing for multiple LMM and MM firms (Undergrad Internship) and I was wondering how I can assess the quality of a mid-market shop. I feel like there's a group of huge PE firms that everyone knows and can assess the quality of, but then a ton of MM PE shops that do n...
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Private Equity - Interview with PartnerMonkeys! Anyone could share any tips for last round PE interviews with partners / senior guys? What to expect / structure / approach etc. Thanks!...
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Please delete (double post)please delete double post.. ...................................................................................................
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Great Range Capital - Interview - N/AWalk me through the main valuation methods? What the main financial statements and what are major line items from each? What is an LBO? Why would a private equity firm use an LBO? If depreciation increases by 10 (40% tax) walk me through the changes to the financial statements? In what situation wou...
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Private Credit / Venture Case Study - Model NeededIn process with a venture bank and received a case study in which I need to analyze whether a company should be given a debt facility and if so, how to structure it. Given monthly financials going back 1.5 yrs plus some industry info. I'm familiar with equity models but not sure how to tackle this o...
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Neuberger Berman - Review - Private EquityEntrepreneurial culture Growing organization with strong reputation in the alternatives space Decent pay. Pay lower than traditional buyout PE firms Top management heavy 401K benefits are deducted from cash comp...
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Mezz Debt Lenders for a $5M ecommerce business?hey WSO, A friend of mine looking to tap into the community knowledge. Anyone have any recommendations or references for mezz debt lenders to help fund an eCommerce acquisition that will be in between the $4-5M range? Thanks! Patrick ...
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Top Venture Capitals that hire juniors?Pretty self-explanatory question. What are the top 10-20 VC firms that hire pre-MBA analysts/associates/junior investors? ...
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Canadian Pension Fund Private Equity interviewsDoes anyone have any insights about Canadian pension fund (Teacher's, CPPIB, OMERS, CDPQ) interviews for their private equity teams? Would particularly like to know more about how many rounds should be expected, type of questions asked in each round (behav, case, paper LBO, excel LBO - how long?), a...
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Elon Musk stated that he is working with Silver Lake on a take private of TeslaAny thoughts on this? Firstly, I think Silver Lake has not even enough capital to take a company private half of Tesla's size. Secondly, this is for me a consortium play with some sovereigns/ pension funds/ PE firms of the size of KKR Thirdly, I do not consider a tech company? ...
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On Cycle Recruiting 2018: What to ExpectMonkeys - due to the absurd timelines for private equity recruiting, many first year analysts (including myself) feel pressured to proactively prepare for on-cycle private equity recruiting. Would be helpful to have the community outline a prep plan for the next few months. Particularly, how should ...
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Favorite PE Plays?What are some of your favorites? Always thought this one was fairly clever: https://foragerfunds.com/news/dick-smith-is-the-greatest-private-equity-heist-of-all-time/ ...
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PE recruitment - recruiter list LONDON 2017Dear WSO, This topic has been brought up earlier, although the most recent thread for London recruitment that I have been able to find dates back to 2012. Thus, I felt it could be time for an update of relevant PE recruiters in London, for all the newly started monkeys who are dreaming of making th...
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Advent International Corporation - Review - Private EquityGood culture. Good exposure. Professional people. Smart investments made. Good track record of returns and hence carried interest . Travel. Compensation is high, but not in large fund level. No perks or non-salary benefits. It as well known ...
Neuberger Berman - Review - GeneralistGood work life balance, nice team of people, wide array of projects that expand investment education. Not too many to note here, other than slightly lower pay than other friends in PE but thats about it...
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AMA: Non Targ -> BB Coverage Group -> Incoming MM PEHey y'all, i haven't been nearly as active on this website in the past few years, but this place was instrumental in my development as a prospective student, intern and also as a relatively avid reader during my time in IB, so i figured i would try and give back via an AMA. Quick background: went ...
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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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Is Healthcare PE unethical?PE shops that invest in healthcare companies can help with efficiency but also play a part in driving prices up. Is it possible for these firms to combat this without federal intervention! I know they just want to make money but seems a little immoral to me. ...
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1st Year MM Buy-Side Analyst - Ask me anything (AMA)This forum has helped me tremendously the last 4-5 years so wanted to give back and provide a AMA for the community. Background: Attend a public semi-target think UNC Chapel Hill/UT- Austin/Indiana/Michigan/UVA with a ~3.5-3.6 GPA and am going full-time to a private investment firm in a core, but n...
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HIG Capital - Review - GeneralistGenerally good work life balance, with in-office hours being very reasonable and little "face-time" requirements. No issues taking work home with you as needed in the evening and leaving the office relatively early. Strong leaning opportunities and ability to take on responsibility above your title....
China Merchants Capital - Interview - Private EquityWalk through the model you made before. Expected very explicit answers and how to count the goodwill in the whole structure . Goodwill questions were asked several times like whether goodwill exists in consolidated financial sheet or other sheet. Why didn't use another sheet to make the calculation....
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Canadian Pension Fund InterviewsDoes anyone have experience interviewing at a Canadian Pension Fund for an associate (or analyst) PE role? From what I gathered, first rounds are essentially fit with some technicals and only during the final round would a LBO case be given (how long and complex, though?) ...
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Should you sell your business to a PE firm who makes a preemptive offer before a broad auction sale process?Suppose a middle market company hires an investment banking firm to sell the business with a broad auction process. But before the broad auction process begins, a PE firm makes what seems to be a reasonably high take it or leave it offer. If you pass then that PE firm will refuse to participate in t...
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Typical Percentage Carry at a Megafund vs. MM FundWas wondering if anyone had a good sense for what a "typical" carry precentage is for each investment professional at megafunds (e.g., Apollo), upper MM funds (e.g., Vista Equity Partners), MM funds (let's say investing out of ~$1bn current fund), and smaller funds (e.g., $500mm)? How does that vary...
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Newbury Partners?Does anyone know anything about Newbury Partners? I've searched on so many sites and forums and can't seem to find much about them outside of the fact that they just raised their fourth fund and that many of their associates have stayed within the firm. Any information would be greatly appreciated...
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HIG Capital - Review - GeneralistGood deal experience, ability to receive generalist experience and understand companies across industries. Lower than market average comp, work-life balance could be improved based on current compensation levels...
Accel-KKR - Review - GeneralistGreat atmosphere, high quality training, work on meaningful projects. I have overall had a fantastic experience at the firm. I have had other internships in the past and nothing has compared in terms of quality of training and projects.. High expectations and can feel isolating. Don't get me wrong, ...
CPP Investment Board - Interview - GeneralistHe asked for a stock pitch right off the top. I started making the pitch but every 15 seconds, he would stop you to ask for what you mean. Its very aggressive so you have to defend your thesis a lot. Towards the end of the pitch, he will ask you more questions about if your catalyst is actually goin...
Grosvenor Capital Management - Review - Private EquityGreat culture. Fully paid benefits. Diversity. Flexible career progression within different business units within the organization.. Not sure how meritocracy is valued or implemented. Working remotely with some seniors based in random locations could be less efficient at times....
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Cerberus culture/work environment (NYC)Can anyone provide insight into this subject? How crazy are the hours? Dress code? Flex work schedules or telecommuting? How does pay compare to other firms (PE, BB, HF)? Thx!...
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Blackstone Group - Interview - Financial SponsorsIf I gave you the cash multiple at 12x today, and assume to grow into perpetuity, what’s your expected return and IRR for this return? What is 55*55 mentally math? Without any pen or pencil? If the stock went up 25% and give me a return of 600 today, what’s the stock worth a day ago? Why black...
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Paycut to go to small buyside firm - advice neededI am a third year analyst at a top MM IB. My goal has always been to pursue a career on a buyside. I have interviewed at various buyside firms throughout my Analyst career. Made it through case studies and to final round interviews at a few places but have not been able to close an offer. However...
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Private Company Due DiligenceCurious if anybody has seen any material (whether online, print, case studies, etc.) that details how a PE shop would analyze/diligence a target. Looking for something more granular than pure transaction/valuation modeling, but more along the lines of revenue/expense bridges, customer/cohort analyse...
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