Headhunter asking about transaction experience

Hi all, I'm a first year in a product group at an UMM IB. I have a call with a few headhunters next week for PE roles. My first call with a different HH was a bit abrupt and I was definitely unprepared. 

When headhunters ask to talk about your transaction experience, how in depth should you go? Last time I mostly grazed over a wide variety of deals inclusive of those listed on my resume. Should I go more in depth (products involved, rationale, my role) and focus only on the deals listed on my resume? I haven't done any LBOs, so should I also note that we did LBO training in our training program or is that expected at any large IB?

I figure other questions might include Tell me about yourself, why PE, why this location, what do you want in PE, etc. 

 

Typically would focus on your roles and responsibilities on the transaction. You can give a high level overview of the transaction but would not go too in depth on the transaction dynamics unless they ask. The crux of the question is they are trying to understand what you have done on the job so far. They want to hear you have done more than move logos around. You shouldn't note that you did LBO training, that is surface level training that is not going to get you through the LBO modeling tests. 

 

I would disagree here. Responsibilities don't matter - the deal dynamics/rationale is most important.

Agreed on the LBO training point - best not to mention.

 

Hmm when I recruited for PE most of the MFs / HH I spoke with emphasized on understanding my roles & responsibilities in the deal. I remember when talking abt one of my deals which had quite an interesting/ complex deal dynamic, I mentioned that I didn't hold master / drive the model (was mostly my associate) and it immediately raised eyebrows from the interviewers asking "oh you didn't hold model?" etc

But when I mention being the only analyst in a diff M&A deal so I held master on model, CIM etc they looked much more content lol 

 
Most Helpful

1. Always say you were the sole Analyst on your deals - FYI I was in an industry group and we did 0 modeling, apart from "mini-models" and have an M&A team that ran everything. I told every HH and fund I was the only Analyst and ran with everything

2. With HH - keep it high level. I.e., "I've worked on advising XXX on its sale of XXX to XXX. [Brief background of business, process, buyers, etc.]. I was the sole Analyst on the team and held significant responsibility working through diligence, modeling, CIM drafting. [Outcome of the deal]". Make sure this deal ties into your story / why you're interviewing with a certain fund

3. Never say you never did an LBO. I didn't do a single LBO during my 2 years in banking at a BB that was more than 10 rows in excel. Yet in my interviews and meetings with HHs I said was fully comfortable with building LBO models. But, you will 100% need to know LBO modeling, at an intermediate level, for interviews so practice this and learn on your own

 

I'm a PE Headhunter

Don't lie about your transaction experience; the people interviewing you most likely came from IB and know the game. Tell them your role in the deals you worked on, what your responsibilities were and where you think your strengths are. I ask my candidate to walk me through a recent deal from LOI to close and what role they played. 

At least half of the interviewing process is personality based; be honest and be yourself. We know when you're lying, trust me. 

 

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