Enterprise Saas PE Investing

what level are you recruiting for? analyst or associate? 

I’d recommend subscribing to Clouded Judgment (weekly email newsletter). Not necessarily PE-focused prep but the author (a partner at Altimeter) gives weekly updates on the broader SaaS market (i.e. valuations, news, macro backdrop, operating metrics, etc)

From a modeling perspective:

Your build to recurring revenue should be based on a rollforward. So start with monthly or annual recurring revenue, add in new bookings and upsell, subtract churn and downsell, to get to ending recurring revenue for period, then that ending recurring revenue becomes beginning recurring revenue for next period. In terms of drivers, you can control things like annual bookings ($), gross retention, net retention, etc.. Spend some time getting familiar with the mechanics of a rollforward so you feel comfortable if you encounter a model that requires it

Then other thing to call out here is S&M efficiency. Google / read about sales efficiency metrics - stuff like LTV / CAC, payback period, etc.. Most software firms will be focused on seeing how your revenue growth assumptions link to S&M spend

Deferred revenue is another concept you'll probably see - at a high level, a lot of software companies will include change in deferred revenue as an adjustment to revenue or EBITDA.