Interview at PE Fund specializing in distressed situations
Hi,
I am currently in my 5th semester at university and passed the first two recruiting rounds at a PE fund focusing on distressed situations.
While the first rounds were relatively easy (motivational, group-specific and technical (basic accounting questions and a bit of lbo and dcf modelling)), I was wondering how the final round would look like. Because my last interviewer told me that the next interview would be much more industry and group-specific. For example, since they invest mostly in distressed situations, they barely use LBO, DCF and Multiples but other valuation techniques.
So, what can I expect from the Interview, and could you recommend any materials that I can use to study? So far, I have used 400 Questions for Breaking into IB from Mergers&Inquisitions, Investment Banking Interviews from Florian Meyer and Rosenbaum as well as some additional finance-related books (Berk&DeMarzo etc.) but they're more suited for IB rather than PE.
I would look at all YouTube content you can find relating to Seth Klarman and everything he says. Then, I would read The Most Important Thing by Howard Marks. Both of them know how to pick up cheap assets, mostly distressed, and make money out of them. You are right to skip LBOs, DCFs - I would focus on the concepts of intrinsic value, asset value, replacement value and other "real" metrics. Good luck!
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