Least modeling-intensive PE firms
Just curious as to which PE firms have a minimal amount modeling (relatively speaking)? Growth equity, FoF (but that doesn't really count)...any others?
What makes you think growth equity requires minimal modeling? You won't spend hours cranking 3 statement operating models, but you'll be balls deep in building detailed waterfalls and analyses for things like customer churn, MRR, staffing forecasts, cohort analytics, etc. which is a bigger pain in the ass than LBO modeling.
The same goes for FoFs; they often build their own lbo models for GP coinvest opportunities. Try to get up to speed on modeling (it's not that difficult) because a buyside gig with minimal modeling will be hard to come by,
I know someone who worked at a growth equity firm and was a bit surprised when he said there was actually very minimal modeling, but maybe his experience was unique.
So I guess it's safe to say the real answer is: none?
It's less modeling in the sense that you won't spend all day building lbo models based off CIMs that bankers send you, but yes, basically every single junior role in finance will require significant excel work at the junior level. On the VC/GE side, some of the waterfalls can get pretty complicated once you start building in various layers of pref, each with their own liquidation preferences, conversion rights/participation (or lack thereof), warrants, accruals, etc.
If you're not a big fan of modeling, IB/PE is not the right route for you. Consulting would be better but the consultants I know still do a fair bit of modeling.
VC and GE but GE can still have a decent amount of modeling, it just won't be as complex as in PE because you don't have to worry about debt. You also usually aren't owning or operating the company in GE so you don't need to build any operating assumptions.
As everyone has said though, modeling at a base level isn't that hard. Invest in spending time on doing a basic modeling program and then firms will usually teach you from there.
Which hedge funds do not use excel? I'm not a number type of guy.
Madoff's
You're not a number type of guy, and you want to work for a hedge fund...?
A lot can be said for "going with the gut", right?
You trying to avoid modeling is very telling of what kind of professional you're going to be in this field. Good luck, you're going to need it.
I was going to say... do you really want to join a firm that does minimal modeling... the answer is obvious
These guys probably don't do that much modeling:
https://www.calpers.ca.gov/page/investments/asset-classes/private-equit…
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