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WSO Hall of Fame: Private Equity Forum

WallStreetOasis.com

The Wall Street Oasis Private Equity Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the private equity industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigate h...

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Best PE recruiter?

Black Knight

Does anyone have any recommendations? Emphasis on confidential searches, salary insights, and track record. ...

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Are there any notable PE/VC funds with an Atlanta presence?

Henri Poincaré

The question says it all, but to narrow down, I'd be especially interested in late stage venture or growth shops....

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Very Tough Decision - Short-term Comp vs. Long-term job

DZZ

Very tough decision for me here, I'll try and put it succinctly, but appreciate anyone and everyone's thoughts on what I should do. It basically boils down to massive short-term comp vs a long term job, but with some nuances. I am a VP level guy. My last 2 PE firms (as Senior Associate out of busin...

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LMM - MM - MF

Bill Stern @ Axe Cap

Can someone in short shed some light on what is consider LMM, MM and MF PE. Is there a actual dollar amount that separates one from the other? And, what is range of comp for both entry level analyst and associate? ...

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Best-looking PE Fund Quarterly Report

thefamilyofficesdb

Hey, my fund is putting together a quarterly report to go out to our LPs. Previously we only sent them performance tearsheets of the individual portfolio cos, but now we're taking it up a notch, formalizing the process & making it all look good. So with that in mind - do you know of any PE funds who...

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Does this PE junior summer internship sound like a good intro to PE?

AntasSantas1

Hello all, I have just been offered an internship at an investment consultant firm, that has over $750B AUM, in their PE research group. I just wanted to see if you all thought this sounded like a good junior internship to break into other dedicated PE firms for full-time. - Assist in performing ...

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Things To Consider Before Joining a Small PE Shop?

Kanzu

Good day to you all. Trying to get some ideas from fellow users who have gone through this process before: I've recently received an offer to join a smaller size PE shop. The fund manages c.$3-4bn AUM, and is specialized in a specific industry. I happen to like this industry and am currently an an...

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PE FoF SA vs Corporate Treasury SA at large bank

longjuul

Torn between which to choose, any advice would be appreciated. Would want to end up in a Strategic Finance position or corp dev position in the future. ...

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TPG growth head charged in college bribery case

nc22

TPG’s ethical investing (lol) and growth head was charged today in a scheme where he bribed a member of the USC athletic department to help his son get into USC on an athletic scholarship, and also bribed a testing agent to fake an ACT score. Completely insane stuff. Some other big names involved...

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Work on the deals side or support of the Portoflio

abb5134

Would you rather work on the deal side or support the portfolio companies? Ceteris paribus - pay, hours, lifestyle etc. ...

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Finished internship at a LMM PE Firm, what now?

proprietarydealsourcing

Hi guys, I'm a 4th year (completing a 5th year) at a non-target school trying to work my way into MM PE (short or long term future). Down the line, my goal is to get accepted into a MF. I am aware of how hard it is, i come on here to seek your advice on how to achieve this goal and what summer ana...

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CSC Generation?

alnicoII

Hi has anyone heard of this firm? Came across their PE Associate role on LinkedIn and job description seems interesting, though have not heard much about them. Is anyone familiar?...

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Original Issue Price

Sham Wow

I have a quick question I am slightly confused about in a cap table. Does original issue price mean anything for valuation? Or is it just a quick metric on how much is getting raised in the round. I am confused because I see an investment that has original issue prices that are the same in each ro...

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Mining Streaming Models/Discussion

StreetofBulls

Is anyone familiar with modelling/evaluating streaming/royalty transactions in the mining sector? I assume it would be similar to royalty models used in other industries i.e. pharma, but was hoping for more insight on both the qual./quant side as to how opportunities are evaluated, structured, price...

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AMA: Private Equity Associate, started after my undergraduate

peassoc

Bit of a slow Friday, but have to wait in the office for a bit. Happy to answer any questions about my job - currently an associate after a recent promotion from analyst. Created this throwaway account, happy to answer anything....

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single deal comp / bonus question

earthwalker7

hey guys, I need to find stats on single-deal compensation. Hope you can advise. My co-worker just closed a deal that netted our firm (a large family-owned real estate developer/owner) about $12mn without us putting any money at risk. Basically he found a big deal, and since we're too small to...

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Aspiring biotechnology analyst (just moved to NYC)

pierpont1993

Hey WSO, I know this is a long shot, but I am looking for help breaking into the industry. In April 2017, I rejected my laboratory supervisor's offer to fast-track into McGill University's PhD program in Experimental Medicine. I began immunological research so that I could help alleviate the most ...

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CPPIB Business Case Interview

QuestionMan

Hi All, I have an interview with CPPIB for an experienced hire role within their Credit Investments department. The interview will involve a 48h case study. My experience is from industry in non-finance roles (although I have a finance degree). The role is fairly niche and will focus on investin...

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Any color on Private Equity on site case study ~3hours

ilikeza

Hey guys, Any color on what to expect for an onsite case study interview ~3hrs for struc credit role at small PE shop? Expecting they must want to see cash flow modelling skills IE: tranche water fall on any CLO, CDO, CMO, etc. First rodeo in PE relm. Any tips are greatly appreciated! Thanks ...

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Venture Capital Seizing the Intellectual High Ground

Slightly Erratic

Something I have been noticing lately is how Venture Capital/Tech investing seems to have seized the intellectual high ground from other Private Equity/consulting and business industries. Historically I feel like PE/Consulting was the place that extremely smart people went to. But now reading the ne...

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Info on Peak Rock Capital

swaggerisaliability

WSO community, anyone have any info on these guys? MM PE based out of Austin that recently raised a 1.3B fund devoted to PE/corporate credit. Based on the limited info online, looks like they're known for turnarounds / hairy situations. Anyone have any idea as to returns / culture / hours / associat...

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LBO vs Infrastructure vs Secondaries

128

Assuming you are an LP looking at the following investment opportunities: a LBO fund, an Infrastructure fund, or a “Secondary” fund What are the pros and cons in your opinion of each opportunity?...

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Timing of drug test for full time role

venus281

Got a full time offer for a PE firm (think KKR/Blackstone/Carlyle). I heard from an analyst there that they didn't drug test for full time. However, I'm still pretty paranoid and am planning on quitting in case they do. I currently smoke every night to help me fall asleep. My question is--when do d...

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PE Case Study with IC Memo

rekmaster

Hi guys, I'm taking a 3-4 hour long case study as part of an interviewing process. Just want to get some advice on it. I know the case study will involve reading a short CIM, putting together a full model (I was told there will be a template), then putting together some pages/slides. For the model ...

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Ardian Private Equity (Previous PE ARM of AXA)

Bill Stern @ Axe Cap

Can someone shed some light on Ardian, apparently it's a $71BN fund and I have never heard of them until an 3rd year analyst on my team left to join them as a investment manager? Is it consider a MM or MF? What's culture and pay like at the firm?...

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From Trading (market making) to PE after an MBA

pennytrade2016

Hi guy, I am thinking to take a MBA in St. Gallen to switch from Investment Banking - Trading (Structured Products market making) to PE because I do not see opportunities in Trading as many investment banks are closing desks and downsizing ops. Do you think it is possible to break into PE even if...

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"Tell me about one of our portfolio companies"

OCQH123

All, I have a few first round associate-level interviews with PEs coming up over the next couple of weeks, and I know at least one of these will involve a mini case study on one of their portfolio companies. What do you think the types of questions I should be prepping for are? I currently have... ...

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16 Year Old PE MD

mdgdrvco

Hello WSO, allow me to introduce myself. I am junior in high school from the PNW region, and I think the only thing in this world which I am good at right now, is finance (and fashion but let's not talk about that rn). I know a lot of annoying kids say this, and then they go on to talk about how the...

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Private Equity Resume Template - Official WSO CV Example

WallStreetOasis.com

Attached to the bottom of this post, you will find the Wall Street Oasis private equity resume template for experienced professionals, used by the WSO paid service and thousands of candidates to successfully land a job in private equity. For those of you with deal or project experience coming from ...

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compensation benchmarking

earthwalker7

I work at a family office, in their in-house real estate PE team . I have been asked by management to benchmark our comp. Do you guys happen to have comps for the incentive structures of real estate PE firms (esp in Asia) as well as real estate developers? ...

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IB > PE: Getting stuck in the recruiting process

IBurnout

Hi all, I've seen quite a lot of successful "My PE Process" posts so wanted to chime in here to solicit thoughts on experiences that didn't go quite so smoothly/seemingly easily. For context, I'm approaching my 2nd year at a sector-focused MM IB and have a target school background with a non-financ...

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Moving from IP Law to PE

jayjd

Hi all. This is a bit of a niche question. I’m considering whether to make a move to PE from biglaw, and I’m wondering if anyone has any insight. I’m in intellecutal property law at a pretty reputable firm in NYC. While I enjoy what I do now, which is primarily litigation, some of the more int...

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Career Move - Corp to PE/HF in "late" life stage

mdinpijamas

Hi guys, I searched the forum for the question I have, and even though there was a lot of information, I couldn't find a situation as near as mine as possible. So, I was born in Brazil, lived there pretty much my whole life, but I moved to the US last summer. My experience is basically 6-7 years i...

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Moving from LMM analyst to MM associate

Curious Cat

Does anyone have any experience recruiting for MM associate positions after joining an LMM as an analyst out of undergrad (so no banking background)? Is it difficult to get looks, or were you able to work your way into the recruiting pipeline?...

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Blackstone interview process for private wealth solutions

Tradegirl1000

Anyone interviewed at blackstone? how long does the process take? anyone interview with their private wealth team specifically? ...

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Consulting to PE in Southeast Asia?

j-finance

Hi guys, I'm a strategy consultant in SEA looking to explore a move to PE. From previous work experience I'm familiar with financial modelling and have worked on a few PE-related projects. Has anyone made the switch from consulting to PE before in SEA and can share advice? Any info around the best r...

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PE Fund Returns & Distributions Model Example

texag3236

This summer I am making the jump from F100 M&A to a small PE fund (500mm AUM) as an associate. They told me right out of the gate I would be working on their “Fund master model” where they calculate returns and cash flow distributions to LPs, co-investors, debt-holders and the GP at the portco a...

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H.I.G. Capital Email Format

adpp0

Does anyone know the email format for H.I.G. Capital? Trying to connect with a friend but don't know his email there....

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WSO Podcast: Arjan Schutte (Core Innovation Capital): Investing for the good of society

famejranc

[Link to the episode](https://megaphone.link/MGM4082269572) Some quotes with timestamps: 4:38 – CORE is a venture capital firm. We invest in early stage financial technology companies that we think will transform the lives of everyday people… we’ll bet on anyone from two guys in their mom’...

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Competitive advantage for sector-focused PE funds

blueshine144

What is the main competitive advantage that sector-focused PE funds ($5bb+ fund size; Thoma Bravo, Vista, L Catterton, etc) have compared to broader industry-agnostic funds (BX/KKR/Carlyle/TPG + places like Berkshire Partners, CD&R and other large funds that invest across a variety of industries)? ...

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Life/progress/salary in high yield debt? GSO/Carlyle/Guggenheim

gti67730

i've been offered a good entry level role in HY debt/levfin/CLOs and i was wondering what the general thoughts are on progress in this field? I don't want to give away where i am but similar to GSO/Carlyle/Guggenheim in terms of company type, but slightly smaller (about 100bn USD AUM). is the sala...

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"What's its capital structure?"- how to answer this question?

chips_ahoy

Hi everyone; I've been going through a few PE case studies where the interviewer would ask "what's the company's capital structure". I'm not from a credit background, so I was wondering what summary statistics/conclusions are we supposed to offer in order to be conclusive in answering this question...

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PE Resume Format

Trippy Taco

How different should a resume look when applying for PE Associate roles compared to a resume for a candidate applying for Investment Banking Analyst positions? Just trying to get a sense of what updates I need to make ahead of recruiting. ...

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PE Internship Interview tomorrow, help!

Yay_Gatsby

Hello all, I am a junior undergraduate student and I have a first-round, 30-minute phone interview with a private equity firm tomorrow. I have no prior banking/consulting internship and have little-to-no technical knowledge of finance outside of a basic understanding of how PE business models and ...

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Checklist for evaluating an investment teaser?

TXWolf

Given an industry agnostic firm, what would you say is a solid checklist for evaluating investment teasers in order to decide which companies to pass on vs which to continue with the analysis process?...

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Startup PE Shop - Self Funded

LBOking13

I was recently offered a position at a very small PE firm. For background: -The firm started 2 years ago. Very small ...

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part-time intern at PE companies like KKR and Blackstone?

Scarlett0109

is that even possible? (for college student and international student in particular) Anyone had experience to share?...

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How to Respond to Question in Bonus Communication ("What's Your Reaction to That?")

EBITDUDE1

I recently had my bonus communication meeting and was really caught off guard by a question the partner conducting the meeting asked me. The flow of the meeting was 1) exchange pleasantries, 2) logistical details around 401k deductions, payment date, etc., 3) summary of feedback from anonymous rev...

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VC / Growth - Negotiating Sr. Associate Offer

SeekingPeace

Hi All, Recently received a very good offer from a $600M+ AUM VC / Growth Equity Firm for a Sr. Associate role ($160k+ base, 20% bonus, no carry). I feel like it would be dumb not to negotiate but the headhunter told me I was already toward the top of the range for what they were looking to extend...

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LBO - Financing Fees and Calculating PF Goodwill

buymrk

Been working with a few practice models with a friend and have seen a coupe different ways of handling financing fees on the balance sheet. Looking for clarification on how to generally approach modeling these fees. Below is what we have seen: In one model, it is specified that 50% of total financi...

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What you wish you would have known getting into VC?

ISA2130953

What do you wish you knew getting into VC and why? Whether it's about quality of life, your firm, the workload, or your coworkers please share! Also, if you could explain how you got your first position that would be great!...

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PE Deal Sourcing Comp / Lifestyle

ATFarr

Hey all, I'm looking at making a career change from strategy consulting to PE deal sourcing. I'm a bit of an oddball, in that I was in sales before I moved into consulting. So I'm actually looking for a more commission-incentivized role that still combines some of the elements of finance / strategy...

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Persecuted during bonus discussion

Plundit

Hi guys, not here to rant here (as I'll be moving on) but wanted to seek your perspective on this matter and for public awareness, not here to air dirty laundry. In the interest of time, the first part will be on my background and second on the situation. I'm from a small VC shop, a country in the ...

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Looking to Find PE Partner or Accredited Investor or Small Biz Owner - Can Guarantee Up to 50% Greater ROI

neilrutg

First time poster and hoping this is the correct forum, so here it goes. I currently run a hedge fund but have gotten tired of competing against algos all day. Looking for a partner to CO-INVEST in a profitable company / companies. I have a strategic financial asset that I can use to ensure tha...

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Private Equity or Pizza Equity?

Armhoo1

So here's my dilemma. I'm working on finishing my undergrad. Long story short, one thing led to another and I was able to find full time work in commercial banking (including leveraged finance). Since I was working for a regional bank and wanted to move up, I felt that my unfinished degree would ge...

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Developing the "It Factor" as You Progress in Career - What Puts High Performers on Another Level?

Pro Forma

Something I've been thinking a lot about recently is if I have (or if I can develop) the mental "it factor" that I see among so many of the top VPs, Principals, and Partners at my firm and others. I'm not talking about internal drive or ability to multiply three digit numbers in your head, but rathe...

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Is credit ratings to private equity possible?

Bigdog22

I've come a solid ways career wise from attending a non-target > to first job was outside the industry > then to Ops at a BB > currently FIG analyst at a big 3 CRA and CFA level II candidate. Just thinking long-term - Is there any avenue to make the jump from big 3 CRA to PE ( ex. debt restructurin...

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LBO - how to ensure alignment with management?

chips_ahoy

Hi guys: I have a rookie question..in an LBO, how do you ensure alignment with management? Is it to give them stocks? How can one analyze what's the best way of doing so? Thanks!...

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Goldman Sachs GSAM PRE

Vito_Genovese

Burner account here. I have spoken to someone at GS regarding an open analyst position in the IMD, GSAM Private Real Estate Group essentially doing business development and investor relation duties. Job description didn't really show much analytical duties, it was a lot of creating marketing mater...

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Associate comp at 1st fund

Greenassociate10

Interviewing in a few weeks at a PE fund and could use some help on what to expect in terms of comp. It is the firm's first fund so that adds some risk to the position. They are shooting for a few hundred million. Location is along the east coast in a major city, but not NYC. I do not have my ...

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What's your system for organizing emails?

dshipper_1

I feel like I get a thousand emails a day — internally from the deal team, from portfolio companies, from our resources group working on specific projects, and from deals in our pipeline. Anyone have a good system for organizing all of it so you can find it later? Outlook search sucks......

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Reading List for Intellectual Killers

Elite_Bulge

Recently there was a thread on what books one should read to assist in the development of a successful career in finance. I strongly believe in balancing your library with pure "finance books", pleasure reads, and classics, with a strong bias towards the classics. You will learn about structuring a ...

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Interview experience for PE role with strong Ops Focus

Aschrack

I have an interview for a Associate role in the Distressed Investment Team of a Large Cap PE Fund in 2 weeks. According to the Headhunter they are looking for someone with a mix of operating restructuring and IB experience to support the investment process and management of portfolio companies. Th...

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delete.............

LBO 123345566776

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Associate Bonus Clawback

r9logic

So I just got hit with a new concept in my annual review. The firm I work at has had significant associate churn in the past year, and I guess they decided to implement bonus clawbacks. The rough mechanics are: When i signed my offer letter last year, they gave me a bonus range of $x to $y. Then in ...

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Centerbridge generalist?

TheFuzz

Curious to know how Centerbridge splits up its associate teams. Is there a “buyout segment”, a special sit segment, a credit segment etc. and you recruit for/are placed in one of them, or are you a generalist, staffed across verticals?...

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