How's this "why PE" answer?
About to get started FT in a Tech M&A IB group, and have been trying to get ready for some tech buyside prep on a high level when I feel like it. This would be a high level skeleton for the answer, would be further tailored based on the investment style/strategy of the particular fund, etc. Thanks!!
"Having had the chance to deal with multiple sell side processes in the technology/software space, my interest in this vertical continues to grow as I garner experience and continually develop additional perspective on the nuances of this industry.
Having been fortunate enough to deal with multiple high profile clients in the space as a sell side advisor, I have begun to and desire to continue developing the aptitude and skillset to recognize attractive sell side targets, and to work towards taking step towards recognizing and unlocking value within these companies on an extended time horizon.
With the skills I've developed on the sell side (financial modeling, crafting and developing marketing materials, directly interacting with management with multiple high profile clients in the space, among many others), I believe I could use my experience to develop in to an effective private equity professional."
Would also try to weave in the ability of interacting with management teams of Portcos to develop strategy, get into my passion for learning how to effectively deploy capital, etc.
I'm not in PE, so take my opinion with a grain of salt, but my one piece of advice is don't sound so robotic / formal. I've been out of college for several years now and I've noticed younger people (myself included at one point) talk so robotic. The current response is a lot of words that don't say that much that's unique to how other interviewees would respond. You're smart, they will know that, so your best way of getting the job is to demonstrate that you're likeable and willing to grind / learn.
Above all else, the obvious tip I have is to make sure you demonstrate interest in the specific private equity group you interview with. You alluded to this in your post, so I think you’re thinking about it correctly, but your current answer could be a straight up copy and paste type of response for any tech PE group. You're going to want to take the extra step and research each group you interview with and be able to intelligently speak to the company and have good questions specific to the PE group. This is really a tip for any interview process (PE, corporate, etc). Show some passion in your answer to stand out! Don't just be another smart IB analyst who speaks formally without saying anything substantial
Thanks for this- totally agree. I think part of what helped me get my IB offer was letting my personality through instead of just acting too robotic/formulaic. I just figured I should have a baseline answer that makes logical sense, so I can take hints from it for to implement it during interviews.
You're not responding to 'why PE', except maybe in the last sentence.
Your answer highlights skills/interests/traits that you can find in other finance careers, and frankly, I would even argue they put forward reasons to stay in Tech M&A. I made the same mistakes in some of the earlier interviews, and interviewers just countered with asking me "OK, so why not stay in IB? It sounds like what you are looking for can be find by staying in your seat."
Any suggestions for what you did to improve your answers?
I mean I would think about what excites you about private equity.
Your current answer doesn’t answer that question.
This is personal and will depend on your motives. For me, it was (i) being in the 'driver seat' as opposed to being an advisor on someone else's deal; (ii) the intellectual curiosity that expands corporate finance (i.e. bringing together IB, MBB and Opps skills); and (iii) being able to critically think about scenarios/assumptions (as opposed to just taking everything from sellside models or consensus).
Separately, someone else mentioned a good point: stay away from sounding to salesy. The majority of people that will be interviewing you, will have done a stint in IB, and will see through the BS. Everybody knows an analyst doesn't interact directly with mgmt. teams (apart from sending out decks, occassional replies to emails and sending outlook invites)
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