Silver BananaNew TopicsReplies
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IB vs. Start-Up For VC

NonTargetNetwork

Hi All, I currently have two offers: one from a large IB firm in a southern city, and one from an up and coming startup that is just beginning to generate revenues (should be around $250k+ this year). The role at the start-up would likely be very all encompassing (finance, corp strategy, business ...

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Industry Learnings in Private Equity

heavily_adjusted

I work at a generalist MM PE shop, and despite looking at a ton of different industries our team doesn't have an elegant / codified system for consolidating and tracking notes / resources / data on certain industries, which makes macro thesis-building a bit manual after coming back to a certain sect...

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Back to IB from PE to Break Into Mega Fund?

Joelgreenblatt

Monkeys - My question is pretty simple, but a situation which does not seem to have many precedents (on LinkedIn or on this site): is it possible to go back to banking after leaving IB for a PE gig in order to help "move upstream"? Background - spent a year at a "2nd tier" EB (Greenhill, Centerview...

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Mid-Market private equity firms that focus on turnaround/special sits investing in North America

StreetofBulls

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PE Recruiting from a Regional Office

throwmeaway12345

I'm going to start my first year analyst soon at a top BB/EB at a non-NY office (LA/CHI/BOS/CHAR). Ultimately, I want to end up in NY preferably or SF for PE after my 2-year stint is over. What is recruiting for NY PE like from a regional IB office? Coming from a target or having good grades or GMA...

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Moving from VC to PE/IB

The White Bull

I may have a chance of landing a job as a VC Associate/Analyst at a small seed stage VC firm based in the UK. Eventually, I would like to move into PE/IB Analyst positions in the UK. Is it really possible or I am just having a pipe dream?...

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Flexpoint Ford

the sun is cold

Anyone know anything about their culture / hours? Have heard they have excellent returns but curious about culture and lifestyle....

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Risk Management/Quant Research Interview Questions

deliverables_and_friends

I have an interview at a PE firm (within the top 10 list of AUM) for Risk Management/Quant Research role internship and was wondering what types of questions to expect, both behavioral and techincal (whether financial or mathematical) and the best way to prepare. Thanks guys!...

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Brexit & Canada Example

jcmiraculis

Do you think Brexit will have the same impact on London that the several referendums in Montreal? ( most Financial Institutions went to Toronto and never came back)...

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Follow up with 1st round interviewer or 2nd round interviewer?

ebitdapizza

Hey guys, So little issue here. I had 2 interviews for a boutique PE firm (2nd one was final round) and I'm not sure who to follow up with. I got plugged with the VP who was my first interviewer and they asked me to come again for a second round with a principal... Pretty sure the VP is higher up.....

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PE Investor Relations Case Study Interview

intermilanooxfordunited

Have an interview for an investor relations internship at a good-sized PE firm. I've done two rounds with them so far (both behavioral/fit type questions) and for the final round, I have been told that it will be a case study. I will have 2 hours to complete the case study before going over it with ...

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Typical Multiples in Growth Private Equity

Paul Rudd

Hi all, Long time luker, first time poster here. I am currently trying to value some established (not VC stage) but high growth companies using EV/Sales multiples. I have found a list of EV/Sales multiples for different industry sectors, but these multiples were computed using large publicly traded...

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How to walk through a past deal during an interview

PJ101

Hello everyone. I'm wondering if there are any tips on this question. If due to confidentiality, you can't name the deal and can't cite the numbers, what would you do? What is a good structure to answer this question? Start with the deal itself or start with what my responsibilities were? Thank you....

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Is the $299 WSO PE guide worth it?

random241804

Hi, i’m a current IBD analyst, my exposure to modelling hasn’t been great (still yet to touch an LBO or even go above a simple DCF) I work in TMT so we mainly just do trading/transaction comps. I am looking to recruit for next years PE cycle and want to find out the best courses or ways to lear...

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What Banker Processes Need Updating/Automating?

HowlerMonkey

Not for their sake, but for yours? What's old fashioned or needlessly manual in the deal execution process that banks should update? - CIMs sent in hard copy? - Inability to send/receive text messages? - "Please find attached version XVII of the Project [] WGL"? - Physical signature pages? - Lack o...

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Does start date matter for PE?

dat_boi_3069

Starting soon as an analyst at an MBB in NY. Quite certain I will recruit for PE this fall when on-cycle recruiting happens, but since recruiting happens so early these days (last time was October) I feel pressured to pick an earlier start date than I would otherwise like. Does anyone who's recruite...

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Reducing Hourly Flex Due to Deals?

m_1

Obviously since PE/VC is a deal based business hours flex pretty hard/fast. Are there any specific strategies you guys have seen used before to reduce this somewhat? Trying to minimize the whole 60 hours a week until a deal is suddenly on and getting smashed with 100+ hour weeks. This is problematic...

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Moving to Asia to do Mega Cap PE, good idea?

Billions_101

Hi All, I am a second year analyst at a bulge bracket bank in London and recently won an offer for a pre-mba associate at a mega fund (think KKR, Baring, Carlyle, Bain Cap) in Asia (Singapore/Hong Kong). I am a bit concerned about going for it, as I am afraid that going back to Asia ( I’m Asian)...

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Books relevant for PE/VC Professionals

The White Bull

Can you guys write what books should one read if he/she wishes to get into VC/PE which requires you to have a thorough knowledge of what works and what does not? Since you would be looking forward to investing in companies which are still new and you don't know how to sort them out, so what knowledg...

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Partners Group case study?

chips_ahoy

Hi guys: Was wondering if anyone has experience interviewing with Partners Group for their rotational associate programs please? Heard that the case study will be a mix of modeling/business/IQ test....How does this work? Would love to learn a bit more about the format and what they are looking for....

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PE - Finance (accounting) analyst to investment role

Lois-WU CFA Level III Passed ACCA Affiliate FRM

Hi guys, I have recently got a second interview for a finance/accounting role in a top real estate PE (1 year contract). I have passed CFA and CPA, and also gain around 2 years experience in ibd/corp fin. Do you think i should take this chance if my goal is to transfer to investment role in the same...

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Expected Analyst Comp at a Fundless Sponsor

twolves14

Hey all, just a quick compensation question for you. I have been interning at a small fundless sponsor with 2 employees, both partners, and expect to receive a full-time offer within the next month. Honestly, I have no idea what pay/structure to expect and don't want to go into the conversation blin...

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2 year PE MF program with MBA requirement - potential exits?

Tobuysideornot

Fellow monkeys, Just accepted an offer to join a PE MF in ~2 months time. Given that this is a 2 year program (with an MBA requirement to progress to a VP-equivalent role), would want some insight on exit opps from people who've been on the same path. Some background: HYPSW undergrad, and 1st year...

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Placement Agent vs Internal Fundraising at a top PE firm

yituraxi

Title says it all. I have interviews coming up at both a top placement agent and the internal fundraising team at a top 20 by AUM PE firm. Wanted to know if anyone had any insight in terms of compensation and potential exit opps. There have been a few threads on this, but nothing with specific detai...

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In-House Counsel & Lender Credibility?

m_1

I know lenders like seeing brand names on deals to feel safer about providing leverage for a deal but the rates these firms charge relative to what in-house counsel would cost is ridiculous. Does anyone know how lenders view transactions being handled on the legal end by in-house counsel VS extern...

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+18
Transitioning Culture: Distressed Deal

m_1

Anyone have a good learning resource on transition culture at a distressed company post-acquisition? Feeling pretty good about a distressed co. we just picked up but the culture is seriously fucked because the last owner was not running off a real management structure....

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How to best "make a connection" during informational interviews

add_vocado

Hi guys: Was wondering if anyone could provide some tips on how to best make a strong connection with the other side during informational interview/coffee chats with PE professionals (associate/principal level) please? I've had a few of those but I feel that it's a hit or miss. I always research th...

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Prepping for Bain Capital (PE) associate interview: Best resources?

Rslph

I have a Bain Capital case assignment interview coming up and would like to know if anyone has interviewed at Bain Capital for an associate position recently. Coming from non-traditional, scientific background with some industry experience, I have a lot of preparation to do in terms of financial mo...

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Landmark Partners - PE Secondaries- Opinions?

creditrevolver

Hello WSOers, Saw some older info on Landmark Partners and wanted to see if anyone had any new insights. Prestige in the secondaries space? They looked like one of the bigger PE Secondaries players out there. Thanks for any insights....

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Megafund Carry

yituraxi

What does carry look like at all levels at a megafund? It seems like most of the posts on here mention VP carry of 1-2% on smaller ...

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Asking explicitly about compensation and progression after receiving an offer?

yituraxi

What are your thoughts on asking for more explicit details about what someone who succeeds in the offered role could expect in terms of future compensation and promotions? Particularly for a role at a smaller firm or one that doesn't have as many data points out there. How would one go about doing t...

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Urgent Care Startup Funding

swilliams

Hello Everyone, I apologize for any missteps in terms of foru/posting or community ethics - or if I'm even in the right place to be asking this question, for that matter. I'm currently starting an urgent care center with one physician partner at the moment and in need of additional capital. We woul...

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Winding Path - IB to PE to IB to PE?

o12924998

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Kingfish Group

notoriousstunts

Wondering if anyone here has heard anything about Kingfish Group? They seem to have a very unique investing structure. Anyone know anything else specific about them? How they pay? What the work there is really like?...

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Going from PE Portfolio Company to PE

APLEE

So, I'm currently working at a PE portfolio company as a Sr. Finance Manager; hoping to exit in around 2-3 years. I'm coming from another Portfolio company (where I was a Corp Finance Mgr) that exited. I'm wondering if PE firms are looking to hire people with portfolio company/exit experience to wor...

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Gap Year Recruiting

TheStory

Wanted to ask for help on my recruiting situation: I am finishing up a 2 year contract in IB. I didn't recruit for PE last year, and I won't be getting an offer for a third year. I am in discussions with a Top MF-PE for summer 2020. This would cause me to have a gap year between now and when I star...

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Startup Studios and Venture Buildings

ThatOtherGuy

I've been working closely with various portfolio companies in my own at an operational level. I think after my 2-3 years are up I'd like to start something on my own in the ancillary cannabis space so I've been planning my concept and looking at various ways to build it up, particularly reaching ou...

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Free resume review

Private what...

Despite being across the ocean (Europe - not UK), but working for a MM PE fund I would like to voluntarily review resumes. I have been in the industry for some time and have gathered some experience in helping others to land a PE / IB job....

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PE & Junior Exchanges

m_1

Anyone aware of private equity funds that focus on take-privates with companies listed on junior exchanges? IE OTC/pinks? ...

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+4
Ghost stories from the BO

Orangutndm

TLDR The graveyard is a better place for careers than the BO. This post was originally a tantalizing parable about the daily experiences of a back-office drone. Seems it was way too fucking long so it is being revised Short story coming soon. I spent several weeks working the BO and for those who ...

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LMM PE Buyer Questions?

YungGoblin

I'm interning at this LMM PE fund. So I'm helping evaluate deals. With this one project we signed the NDA, bankers sent us a CIM. I went through the CIM, came up with questions. I then sent the list to the banker for call today (I sent the list 3 days prior). Examples of Questions I asked: How m...

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Technology PE

33333

How would you compare firms like TPG, Advent and Apax for a tech growth/buyout investing role? Would like to learn about the culture and particular strengths (sector, etc.) of the mentioned firms, and also compare their tech capabilities to firms that are tech-specific like Insight, Thoma, etc....

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Transferring offices internationally within an UMM/MF from the growth equity / MM team to the main buyout team

World Traveling 2

Hello monkeys, Here is the predicament I am in: I'm about to accept an offer in a major city (e.g., London / HK / NYC / Boston / Paris / Sao Paolo) for the growth / middle market team of a MF. By all accounts this is a dream job. However, my wife is in an interesting situation where she got accept...

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LBO Model Practice Sources?

Kanzu

Hi Guys, Wondering if you have come across any good LBO modeling exercises available on the internet? Personally, I've used the WSO model course, the free StreetofWalls modeling example and the Macabacus one. Would be interested to know if any other sources are out there. Any insight would be mu...

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Representation and Warranties

peking123

Many NDAs that I have seen have clauses saying that the seller is not making any representations or warranties as to the accuracy or completeness of the provided information. Understand that there's always a possibility of innocent errors or overly optimistic projections - however, how does the bu...

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Consulting projects for PE firms

angrybanana

I've been trying to get into PE for the last 7 years with no success despite an Ivy League MBA and pre-MBA investment banking experience (but no pre-MBA experience). I've found it incredibly hard breaking in. I went and got some operating experience in the hopes that they would see some value in t...

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Management Fees Before Investment

mhaugen

Is it typical for a GP to charge the LPs fees on committed capital after the fund close but before the funds are called for investment? I ask because, without the management fee how does the GP fund the search for the portfolio companies to purchase. As this may take up to 2 years cash flow will obv...

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Breaking down fixed vs variable costs in modeling?

newkid2019

Hi guys: Would anyone mind walking through how they would go about finding the information and breaking down fixed vs variable cost for modeling a company please? Generally, how does one model a company based on "unit economics"? If someone could walk through an example or point to an online tuto...

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Africa

Dobinhom

Greetings All, I was born and raised in an African country but I have been in the U.S since I was 16. One of my cousins is now stationed here in NYC as a diplomat representing my country at the U.N. Although her background is in law, she is now in charge of the investment division and is tasked with...

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Transition from Capital Markets to Real Estate Private Equity

CirclingBack

Currently a capital markets analyst at a top 3 shop working with a high performing office & industrial team. Wondering if anyone had advice regarding timing, preparation, and networking to eventually work for a REPE group? The models my team works with are heavily catered towards a PE real estate mo...

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Estimating my future PE comp?

American Psycho987

Just joined a decently well known MM buyout shop on the east coast as an analyst out of undergrad earlier this year, offer was relatively standard in terms of street comp, $85k base, $35k target bonus, and $10k signing bonus. Any idea into comp I should anticipate as an associate? Past analysts have...

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Blackstone PE off-cycle interview London 1st round - GMAT test and interview

G.London

Hi guys! I have a 1st round Blackstone PE off-cycle interview in London coming up consisting in a GMAT maths test and an interview. has anyone done this before and have some insights? or remember what the questions for either were like? Thanks!!...

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Private Equity Investor Relations/Business Development

yituraxi

Was wondering if anyone had thoughts on starting a career in IR/Biz Dev at a reputable PE shop (15B+ in AUM) that takes IR seriously (decent sized team, majority were actually analysts at BBs beforehand). This would essentially be fundraising/maintaining relationships with LPs. I'm currently a seni...

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Credit Fund - General interview questions for Grad (topics for interview, EBITAR, case study)

Luxco19

Hi, I will be interviewing for a grad position at a private debt fund and coming from a legal background with a masters in finance. 1st question is general about the technical topics you'd recommend to prepare, I've so far spotted 3 main areas being: - Private Equity / LBO Models / Strategic rat...

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How do I get out of origination?

ObviousThrowAwayAccount

Hi guys, I would very much appreciate your input here, particularly those of you who have made the jump from similar backgrounds. I'm currently doing origination for a industry focused private equity. It is pure BD, and the experience is limited to that with some minor but basic understanding of co...

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Post-MBA case study

add_vocado

Hi guys, What levels of detail would be expected for multi-day post-MBA case studies please? thanks for the insights!...

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BIWS modeling vs real life?

newkid2019

Hi guys: For those of you who have worked in private equity - how does your real, on-the-job modeling experience compare to advanced lessons offered by Breaking Into Wall Street? Is your real-work modeling significantly more complex/more difficult than the advanced courses offered there? Just tryin...

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What do I do with my FINRA licenses now that I am in PE?

Xzas22

So my firm doesn't have any need for my series 7, 63, 66, or 79, and they don't want me shelf registering with a BD for compliance reasons. I assume everyone just lets them lapse, but the thought of all the potential work to relicense if I move back to IB or whatever I end up doing is painful. So ...

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