Do PE associate interviews ask you to pitch an LBO candidate?
If so, what do they expect in your response? Does it differ between MF/MM?
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As someone who worked in European LBOs and interviewed associates, I would ask:
Are you following the private equity / LBO market? What did you think about about Deal X (name one of the recent deals)? Do you think it will be a good investment and why?
What do you think is the worst deal our fund has done? Best deal? What makes them good / bad investments?
Among the companies you know and follow, what would be a good LBO candidate? Why? (if the person does not know, then I would ask what theoretically makes a good LBO candidate)
I am looking for someone who has an opinion and is beginning to exercise their investment judgment muscle. I am impressed with the people who focus on valuation and understand that if you overpay for a good company, you can lose money and if you buy a mediocre business cheaply, you can make good money.
Also, I am impressed with people who can analyze the industry in a systematic way and dissect the company's business model. Management assessment is also a good brownie point as it demonstrates the maturity of the associate candidate.
Good luck,
Tamara
Hi Tamara - thanks for the extremely insightful post! Can you give an example of a systematic analysis of an industry + dissecting a company business model? Also, what kind of comments on management do you look for in particular?
Could you please PM me and I will try to help?
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