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+89
Must Know Finance Terms

Armhoo1

Wanted to start a thread compiling a list of finance vocabulary, formal or informal. Words can be as "basic" as *EBITDA* or as "fancy" as *capital extraction*. The more pretentious the better. After all, capital expenditures aka capex essentially means to fix shit up or to...

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+54
AMA: GS/MS IB Analyst —> Megafund PE Associate —> HBS/GSB Business School

Classica

Hi Everyone, I’ve lurked on this site for a long time and it’s been extremely helpful at different points in my career. I’m interested in giving back via an AMA thread as I’ve seen others do over the years. Quick background: - Graduated from one of the top liberal arts schools -...

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+34
Can one get rid of a company's pensions during LBO?

chips_ahoy

Hi guys: For companies with large pension obligations, is it possible to get rid of them during <abbr title="leveraged buyout">LBO</abbr> through some kind of structure, or would that only happen during bankruptcy? Thanks!

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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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Recently Active Topics
Replies
+89
Must Know Finance Terms

Armhoo1

Wanted to start a thread compiling a list of finance vocabulary, formal or informal. Words can be as "basic" as *EBITDA* or as "fancy" as *capital extraction*. The more pretentious the better. After all, capital expenditures aka capex essentially means to fix shit up or to buy new assets lol. Point...

65
+1
Consulting to PE

themanthemyth

I'm going to start working at Strategy& in their Deals Strategy Team. I'm interested in ultimately ending up in PE. I'm wondering if I stand a good chance of doing this and how I can further my chances of breaking through. Can I do this without going to B.School? Do I need to change jobs at some poi...

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+5
Blackstone Tac Opps

throwawayaccount1098248

Anyone know more about Blackstone’s Tac Opps? I know it’s not Corporate PE exactly but how does one recruit/what kind of candidates get interviewed/get offers. Also if it’s not traditional corporate PE is it comparable to UMM or Mm?...

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+2
Symphony Technology Group - Interview

Instagram_Famous1989

Does anyone have insight on STG's interview process, particularly the model test? I am interested in the firm and would like to be as prepared as possible. I have heard that their test is particularly difficult. Any insight on how exactly it is challenging and ways to prepare would be extremely help...

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What is "external manager credit program" at a pension fund?

MrInferiorReturn

Can someone give some insights on what a team under an "external manager credit program" at a pension fund does? I have no experience in this and couldn't find much info online. I am guessing it's a team that selects external fund managers, but would like to learn more details. Thanks....

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+5
Big Four Deal Advisory --> M7 MBA --> PE or VC. Possible or am I being overly optimistic?

colew44

I'm currently at a good non-target university (One of the UCs, but not UCLA or UCB) with a job offer to go full time at a Big Four firm in Deal Advisory in the Bay Area. I'm viewing Deal Advisory as a chance to learn FDD and improve my resume for a few years before potentially applying to grad schoo...

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+1
Real Risk of PE?

Jacob42

Came across this comment, [quote="mergersandacquisitions78"] I'll give you a long term perspective. I started about fifteen years ago in what was back then considered as a top tier firm and group, and out of a group of about fifty analysts, this is what happened. - about 20% are bankers. Of those ...

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+3
SIlverLake Partners; Buyout, Late Stage Growth or both?

theshire

I noticed that Silver Lake Partners pursues "large-scale private investments in companies within the technology, tech-enabled and related growth industries" but that it seems from looking at their portfolio they do a combination of buyout (Dell) and late stage growth (Groupon, Ancenstry). Is this ...

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+7
Not Having an MBA can be a Good Thing

Armhoo1

Wanted your guys' opinion on how realistic it is for someone *competent* to raise a search fund without an MBA. Based on my research so far, I haven't come across anyone without an MBA, although some went to no-name schools. Obviously, b-school is where the Entrepreneurship Through Acquisition (ETA)...

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+54
AMA: GS/MS IB Analyst —> Megafund PE Associate —> HBS/GSB Business School

Classica

Hi Everyone, I’ve lurked on this site for a long time and it’s been extremely helpful at different points in my career. I’m interested in giving back via an AMA thread as I’ve seen others do over the years. Quick background: - Graduated from one of the top liberal arts schools - Spent 2 ye...

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0
Undergrad to Private Equity?

NJStudent1021958

Hi, So quick background: I am a High School Junior from NJ, and I've always been interested in investment banking, particularly private equity. I know that it's rare for undergrads to get a PE job after graduation, but I wanted to know which schools give the most likely chance of getting a PE job ou...

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+3
Leading Chinese funds

unigenitus

Not sure how much WSO knows about China, but here is a question: what is the landscape for VCs in the new economy / tech sector beneath the first layer of obvious ones? I would typically see firms like IDG and Hillhouse in the top tier, with maybe foreign companies like Sequoia too. Beneath this th...

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why doubling your money after 2 years wouldnt be 50% IRR

Anon163862

hi in an interview I was asked what IRR would be after doubling your money after 1 and what it would be if doubling ur money after 2 years, i said 100% after 1 year and around 40% after 2 years. the interviewer followed up with if its 100% after one year, why would it not be 50% after two years? My...

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LP to GP - What would it take?

ILikeRealAssets

I am curious to understand, from the perspective of WSO'ers who are currently working at GPs, what would it take for you to consider bringing on people (at the Associate/VP level) from an LP, assuming this individual would have direct transaction experience and has been managing various assets in th...

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Moving to private equity associate role from a non-traditional background - how to prepare?

Redelephant

I will be moving to an MM private equity fund in a deal role as an associate from a non-traditional (legal) background in June. While I have been told there will be formal training (there are a few others in my class from more traditional backgrounds), I want to be able to get up to speed as someon...

0
+7
Search Funds?

Frank Slaughtery

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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+2
Ultimate goal to end up at Consumer Retail PE

happyhippie

Hi, I am a junior at a target who is going to work at a BB in the summer, but I know my end goal is somewhere like TSG Consumer, L Catterton etc. What are some paths to these types of jobs? Is there a way to get to firms like these immediately? Do they offer internships? ...

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+9
PE associate comp

abmp789

Hi Everyone, I recently received an offer from a PE firm. The offer came in at lower than expected. The fund has done extremely well and it is definitely on a path to go somewhere. I love the culture, the location and the people. This is a partner track role and they mentioned multiple times in the...

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Advice Please! Growth Equity Interview Questions?

BankingWaffle

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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+1
First Day PE/VC Intern? Any good advice? !

yzhao2

Hi Everyone, I recently got an internship from a small PE/VC company in NYC. I will directly work for 5 partners of the company. My academic background was in Financial Mathematics, but after graduation (3 years from now), I didn't go directly into finance. This internship is my pre-Master internshi...

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+1
Growth Equity Case Help - what to do if I think the case has an error?

Roundaboot

So I'm in final rounds for a GE firm, and one thing has been bothering me. I've a few years of M&A modeling under my belt at this point, but I am uncertain how to model for a non-control investment. It seems to me like part of the case that I was given is...simply wrong. To start, some background: ...

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New Fund IRR calculation and prediction

latetothegame

1. In the real world, how do prospective PE firms model IRR projections? For the pitch deck, is it common to sensitize and demonstrate several possible outcomes, e.g. expected, over-, and underperforming? 2. If a fund invests in different asset classes and/or different geographies (each with its own...

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Energy / Infrastructure / Power Private Equity Recruiting Experience

jperry3175

Hi everybody - I currently work at a middle-market boutique and am looking to go into either energy or infrastructure private equity. I have spoken with some firms and am wondering about how the actual recruiting process works. Does anybody have experience recruiting with some of the larger named en...

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+3
IB SA --> FT PE -- Interview Timeline/Process during Summer

specterross21

From just a quick scrape of LinkedIn, the number of IB Summer Analyst jumping to FT Private Equity has definitely increased than in years past. For those that did make the jump, how did you navigate the interview process/timeline during your Summer Analyst program? Did you call out sick on superday...

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+2
CONSULTANTS: How did you prepare for LBO modeling tests?

carrigan

Also, did your interviewees ever provide a template for the test? If so, how detailed was it? (I've heard of some firms providing candidates with consulting backgrounds a template to work off of in the test.)...

1
+10
Vista Equity Partners Analyst Program

MarthaStewartsAFelon

I'm doing an summer analyst internship at a MM bank right now. Me and a bunch of other people in my class got a blast email from a recruiter a VEP about summer networking events they're having in Chicago and NYC this month. I applied and (surprisingly) was invited. Does anyone know anything about V...

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+2
PE fund-specific performance

PositivelyInquisitive

Outside of the CALPERS Private Equity Program Fund Performance Review, what resources do you use to find specific fund performance information?...

6
+2
IFC modeling test?

seren

Has anyone interviewed for IFC Inv. Analyst? Looking for some advice on 2nd and 3rd round, particularly the case study/modeling test on the 2nd round. I have no idea about the time limit and the type of analysis required. DCF? IRR? etc? Appreciate your feedback!...

10
+2
Growth Equity Shops Associate Source Model vs Others

wallmonkey511

So I'm just trying to dive into learning a lot more about growth equity. I feel like I've gone to quite a few of the top GE firms websites, read news articles and talked to a few professionals, but one question that I've been afraid to ask is which shops follow the associate sourcing model and are p...

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Insights on Digital Bridge / Colony?

NYsummertimechi

Received a headhunter email for them last week, but haven't been able to find much info on these guys. They've been in the news recently for leading a pretty big consortium deal with Stonepeak and EQT and raised ~$4b for their first fund. Seem to fly pretty under the radar though. Anybody have any...

2
+8
Looking to acquire an SME, question about LBO model cases and level of risk in classic PE

Ballingwithabudget

Hi, I am in the process of searching for a small company to acquire, and have been struggling to find a target due to the various targets inability to service debt if business declines somewhat. This has led me to pull out of several discussions and I am starting to wonder about my approach. I ...

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+1
Oaktree Real Estate Reputation

average intern 43

Hey Everyone, BB IB analyst here. When comparing Oaktree to some of the other megafunds, how does Oaktree rank? I know they're renowned for their success in credit, but I don't know much about their real estate platform. Can someone tell me a bit more about this firm's real estate group? Thanks i...

1
+1
KCET Result 2019

vyadavseo1

The[ KCET Result 2019](https://duportal.in/kcet-result/) shall be containing the critical details related to the candidate and his/ her performance in the examination. Post the release of the merit list, the authority will be conducting the counseling session. One, who has qualified the examination...

1
+3
Investing across the Balance Sheet

Aschrack

In preparation for a case study interview I came across the following question: Given is a company ABC, business plan assumptions for the next 5-7 years and a financing package. Question: Shall we Invest in the Senior Debt, Mezzanine or Equity of Company ABC? How do you approach this? Do you reco...

4
+2
Private Equity but with no carry

nori90

Hello, How can companies such as the Canadian pension funds or the Temasek of the world be competitive if they dont offer carry to their employees when they are doing direct PE deals? Thanks!...

1
+2
Calling All Intellectual Titans of Finance & Tech Nerds...

Wags_Wagner

Who knows about fund tokenization with respect to both theory, (high level) technical underpinnings and practical implementations to date? Not saying this would / should facilitate access to non-accredited investors like the public markets, but instead simply broaden opportunities for exposure and...

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+1
AUM or Fund Size per Investment Professional and Associate

blahh23

Hey guys, I know you can do this manually but easier to crowd source. What's average total AUM (or latest fund size) per investment professional? Per associate? Not sure what would be the better metric but trying to gauge average number of people at a fund based on size. Thanks!!...

1
+1
Venture Debt - Loan origination & servicing + Case study

oasis1234567890987654321

Hi, I'm currently interviewing at a venture financing firm focused on venture debt, and was wondering if you guys have some advice on loan origination & servicing. For instance, what should I look at specifically in terms of: * cash balance * financial projections * burn * break even/pro...

3
+1
Tech buyout help

Holdthedoor

Could someone provide a brief description of what makes a solid tech buyout candidate and what the process is like from the view of a Growth Equity investor? Perhaps provide an example of a previous deal? Trying to get up to speed for an interview with a hybrid (minority/majority) model. ...

3
+8
Real Talk - do you think buy and build strategies work

tonapornottonap

With buy and build strategies being so popular, I want to discuss what other PE managers think about the add-on component of your value add. Do add-ons work regardless of your fund size? When will it be less effective (threashold)? How do you guys think about the bought CAGR in revenue and EBITDA...

8
+1
Private Equity vs Hedge Fund Performance

gc2019

Just curious if anyone knows how Private Equity firms performance compares to Hedge Funds performance. I tried looking up research/white-papers but couldn't really find anything comparing the two. If anyone has seen any articles about this please share!...

1
+1
Family Office PE -Experience, hours, placement...

Jimbo192

Hey Everyone, I know there have been a couple of posts about family offices and family office private equity. I was just wondering what people's experiences have been working at them and any placements afterward. I understand that it's very dependent on the size of the office, the deals, etc. but I...

1
+15
How Private Equity Owned Companies Fund Add-Ons

5000 Meters

Just 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 ...

17
+1
Anyone have experience on the IR side in a mid sized PE shop?

Greyjjw

I'm interviewing for a mid size pe firm the does secondary, primary and co-investments in an IR role. Does anyone have any experience of this and what the exit ops are like? Also the compensation as you progress? I'm guessing its not expected to be at the level of the investment team but is it possi...

1
+34
Can one get rid of a company's pensions during LBO?

chips_ahoy

Hi guys: For companies with large pension obligations, is it possible to get rid of them during LBO through some kind of structure, or would that only happen during bankruptcy? Thanks!...

43
+1
Biz Dev Comp?

differentialequations12

Does anyone kow what Biz dev guys who try to bring in deals in PE generally get paid? I cant seem to find this info anywhere......

1
+1
Upper Middle Market Private / Growth Equity

MonkeyWorkNeverStops

Hello everyone, I've been searching forums pretty heavily on this site but haven't found much on this topic. I will be joining a technology group at an upper middle market bank i.e. Jefferies, Houlihan, and RBC. Due to prior opportunities, I am extremely interested in private / growth equity within...

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+5
Pre-asset Portfolio Company Equity Comp

ResponsibleRinger

Any experience with what % equity (incentive shares) a VP of finance level should expect when joining a portfolio company that was just formed? This is in the energy space. Any experience would be helpful - particularly interested in hearing about associate at PE Fund -->> VP Finance at sponsor ba...

3
+2
Sample PE pitch deck?

latetothegame

Can any experienced monkeys on WSO help out a newbie? I'm interested to see what a real-world PE pitch deck looks like--the initial PowerPoint presentation a firm would send to a prospective LP (not a PPM), outlining investment strategy, management team, etc. I understand they are proprietary, but i...

3
+27
Keeping Management Motivated Post-Exit

takenotes08

Hey all, I was able to acquire a small managed service business a few months ago ~1M Revenue, 300k EBITDA almost all recurring revenue. I am looking to acquire another one in a different area ~3h flight away from where I am living now. The deal is ~2M Revenue and ~500K EBITDA, with about 60% bei...

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Crestview Partners 2020

throwaway7890

Did anyone else get the email from SG Partners regarding the 2020 Associate position? Looking for any insight on the firm and interviewing as there's not much on the site....

4
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Advisor Role - First Time Fund

bankerella2

Hi there, I have several years of investment banking and private equity experience. I was recently approached by a former Google guy, who is looking to raise a first time VC fund. He wanted my help to create his pitch deck and wants just general advice about the fundraising process, etc. Curious if...

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+12
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...

42
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Doing On-Cycle Recruiting 1 Year Later

InvestmentBonker

I'm an incoming analyst and just curious if its possible to do on-cycle recruiting 1 year later - as opposed to immediately. I would imagine I would have to stay an extra year as a third year analyst....

4
+2
LBO Model - Study Material

alberto.jg

Hello. I am preparing for PE interviews. I have 2 questions: - Books to learn to do LBO modeling? - I know the key is to practice as much as possible, Material to practice doing LBO models? ...

1
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Book - LBO Model

alberto.jg

Which book would you recommend to lean about LBO models. I'll be applying to jobs in Private Equity and I want to prepare. ...

1
+1
Best reading materials for private debt / private lending?

CU04

Hi guys: What are some good resources to learn about private debt / private lending please? Any good primers we can find? Thanks!...

3
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Carried interest / carry interest for a $100 - $200mn fund with a 2-3 person team?

Namaste_omm

Hi there, am hoping to get your view on the appropriate carry structure (as well as base + bonus range) - $100 - $200mn VC fund - I will join before securing anchor LP (i.e., have not started fundraising) - Joining as senior associate (4 years of BB IBD experience) - 1 to 2 partners (depending on ...

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H.I.G. Capital Email Format

adpp0

Does anyone know the email format for H.I.G. Capital? Trying to connect with a friend but don't know his email there....

2
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Thoughts on H.I.G. Capital (NYC)?

chels0192

Last thread on the fund was a few years back, does anyone have updated insights on HIG PE in NYC? Thanks in advance....

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Special situation as a potential intern...

goskins5

Hey guys, I am on track to start a PE internship this summer as a Junior however I was recently involved in a sports related injury and have been given the option to take a gap semester to recover. Unfortunately, if I do this I won't be able to return to campus until the Spring of 2019 which will me...

1
0
Employee co-investing in a PE fund with an IRA

ProjectGTFO

I'm starting at a PE fund that allows me to co-invest in the fund, and I was planning on investing through my IRA. PE investing through an IRA can be done as long as it's done through a self directed IRA. HOWEVER, according to the IRS, you can't invest a self directed IRA in something that "accepts ...

4
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Urgent- NFI-ODCE.

Brody92

Does anybody have NFI-ODCE index returns broken down annually in the last 30 years? Or can someone point me in the right direction how to access it? I have been searching on NCREIF or Prequin but I have been unsuccessful. I really appreciate any help here, thank you so much!...

1
0
Canadian PE shops

ibanker2006

Does anyone here have experience with any of the top Canadian PE shops, just trying to figure out who the top TIER 1 PE shops are in Canada. Any insight into experience, hours, culture, comp. would be greatly appreciated. What would be the ranking of tier 1 shops? Potential Tier 1 List: Onex Birc...

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Who are the top providers of ABLs?

Kickball123

Need to get an ABL (asset-backed loan) for a lower mid-market investment, who are the shops that would provide this?...

7
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Total Comp MD first year

snowywhite

What would you think a newly promoted MD in a MM PE firm with around 30bn AUM would make as he has not built up any MD carry to vest yet......

1
+4
Private Equity firms in LA? Reputations, culture, compensation?

dontbugme

Hi all, I wanted to ask and glean a more updated view of PE funds in LA. The ones I'm interested in are Ares, Oaktree, Platinum, Aurora, Marlin, Pacific Coast (or others I'm missing) in terms of returns, reputation, culture etc. Would love any thoughts! Thanks!...

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