Hello everyone,
I'm going to be starting in PE soon, and I was curious if anyone has any presentations/materials that will help me get up to speed on the job.
I'm looking for something along the lines of a training manual that an entry level associate would get. I already got the job, so now I want to learn the intricacies of the PE job, everything including the day to day.
I'm sure this thread exists; if so please point me to it.
Thank you!
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The only prep you need to do is to enjoy your time before you start the next gig, they will ramp you up when you start.
I understand that, but would be nice to come in knowing the intricacies of the PE world, and only have to ramp up in regards to firm specific things
What do you mean by the "intricacies" of the PE world? I am sure you've had prior exposure through your bank, interviews, talking to peers, etc
Know you must be excited to start your new role, but you will do a disservice to yourself by focusing on it before you even start.
That said - training manuals would sound pretty boring to sift through, so why not read books like BatG and watch a couple Wall Street flicks? You could also look through annual reports of publicly traded PE shops (pension funds will have these as well)
Agreed
You got the job already so just take a breather and be prepared to learn on the job. I don't know of a single incoming associate who isn't nervous when they first start out. You'll realize very quickly that there was nothing you could have done ahead of time.
nothing can really prep you for PE until you are on the job. best thing you can do is to piss out all the koolaid you drank in banking about how to spin a shit business into a marketable business and start poking holes into the deals you've worked on/pitched/sold etc.
This is on point. This is also at the core of why being good at banking doesn't necessarily train you to be a good investor. In banking, you think about investment considerations and market environment and growth initiatives, and your feedback about your thesis is whether or not the company sells. In PE, you think about all those same things, but this time the feedback is whether the thesis actually made any fucking money.
This is classic "buyside talk" - as a junior guy the roles are very very similar, but in PE with slightly better non-deal hours, a little more control, and usually better pay.
Realistically though, PE firms are political organizations (just like banks) and rather then being the swashbuckling associate poking holes in deals, you're writing the bullets your bosses want to see on the slide.
There are no materials. In some ways very similar to banking, and in the ways that it's different, the best practices are pretty specific to each firm.
You'll learn on the job
Do you know if you're going to be responsible for working with any particular portfolio companies? If you're desperate to invest time to get up to speed, ask your future employer for materials pertaining to any portfolio companies you'll be covering, if any. You'll be behind the knowledge curve from day 1 (through no fault of your own), and it wouldn't be a bad use of time to learn about the portfolio. Obviously there is no obligation to do so if the PE firm hasn't even asked. Either way, goodluck!
Not to beat a dead horse but I agree with the others - you should enjoy your time before starting. If you can't help yourself, ask if any of your future coworkers can share example investment memos or Board decks for portcos as background reading.
Dont do this, or your colleagues will think you're a tool
Not to be a dick, but there are too many of these posts asking for resources / materials. This has been answered many times over. Do some searching on this forum.
Resources I've used as an associate: - CapIQ (duh) - Macabacus.com (whenever I have obscure finance question) - LogoIntern.com (whenever I have to make logo summary of target company customers) - PEHub, Term Sheet (not so much a resource, but things I read daily) - ThinkCell (other formatting nonsense)
IMO, there are no good "this is how you do PE" resources -- you'll learn on the job. But think it's always helpful to know the history -- read stuff like Barbarians at the Gate, King of Capital, etc.
Thanks for this post. +SB. I never heard of Macabacus before. Just checked it out- Very useful.
Some of their models go overboard, but the basic LBO is pretty good. And if you ever need any of the fancier features you can always refer back.
Adding mappingIntern.com to the list of helpful resources. For company profiles, I occasionally have to make those stupid maps again. Less than banking, but still a pain.
Good list.
@pe-b1tch-hehe" add multipleexpansion.com to the list.
We're building out a free library of templates and guides for junior PE folks and IBD analysts.
This is a great, comprehensive LBO guide, but you should add a quick 'n' dirty version for modeling tests.
Any other suggestions folks?
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