For those of you who work in private equity, do you have a Bloomberg terminal and if so, in what ways / how often do you use it? Our shop uses a combination of CapIQ & Factset, and I am trying to figure out whether adding a couple of BBG terminals will be additive to our investment process or diligence efforts in any way.
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It’s useful for certain things like bond trading levels, swap curves, and also if you have public equity investments in certain circumstances, or are looking at take private, etc. It’s definitely first thing on the chopping block if something had to get cut though. Most often see partners on it..
The only value I would see would be bond trading levels, but I guess that you could just ask bankers to pull shit up for you and format it nicely as part of the relationship business (ie pitch updates etc). Pretty sure we did this (I was in IB) for a PE fund that was trying to understand the trading level of their portco debt by looking at peers.
Thanks guys. Do you think it's useful at all for spreading comps or looking up precedent transactions?
Not more so than capiq
I actually preferred using CapIQ for comps and transactions vs BB. And Factset has some nice M&A timelines and revenue splits.
Hey man, can you elaborate a bit on why you found CapIQ better than BB for comps? Was it the ability to audit the data / cleaner data / something else? thanks.
In case it is a helpful reference point: We have one Bloomberg terminal for the whole floor but I have not yet used it since I joined ~1 year ago. In banking, I sometimes used to go to Bloomberg for forward curves (LIBOR, FX) or intraday share price data. Intraday share price data I have not yet needed since moving to PE and the forward LIBOR curves I now get via the email distribution list of a bank (thanks MS!) who send them out on a weekly basis which is very convenient. I think you can also get some of the common forward interest curves on google if necessary (e.g. https://rates.chathamfinancial.com/us-market/forward-curve</a">here). For forward FX rates I would still go to the Bloomberg terminal and I also see other people here use it mostly for that purpose.
Everyone also has CapIQ on their computer which I use all the time.
(background: 2nd year associate in the buyout team at a large cap PE fund in London)
Its a good status symbol
If you have CapIQ, I would say the addition of a BB terminal is not particularly valuable. However Pitchbook would be useful (or Preqin if you're fundraising).
Useful when evaluating public to private situations regularly since I'm familiar with the terminal UI. Nothing that you can't do on FactSet or CapIQ though.. always fun to keep in touch with my banking friends via IB though lol
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