(2nd round interview) Commercial Software PE case
Prior IB/ER experience and am interviewing with a software focused PE fund for an investment associate role.
Right after the first round they informed me that they would like to invite me to the 2nd round, which is a software focused business case (fund only does software PE so it was fine to tell me) where they would like to understand how I think about investing into companies.
No modelling test will be involved in this round, but its apperantly important to understand the case. (I assume its due to recording unearned revenue from a subscription-based software or due to the CCC)
The investment Manager I interviewed with told me I should know all relevant software KPI's by heart and be able to apply them.
now to my questions:
- what is a PE business case? Do they hand me a CIM and then ask me my opinion of the company and whether or not I would invest?
- how should I structure such a case? Is this a good way?
Introduction (executive summary)
Quality ( Porter 5 forces)
Growth
Key Risks
- what are the important software KPI?
Hard to say exactly what the case will look like - some firms start out with "would you invest in this business if I told you it does $X revenue at Y% growth with Z% margins? Or what else do you want to know?" while some feed you a lot more info at the beginning. Regardless, a few things you should hit on (not comprehensive):
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