Silver BananaNew TopicsReplies
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Latam (Santiago-based) boutique IB analyst hoping to work in NYC PE - What are my options?

ChileanSeaMonkey

Hi guys, I was hoping to get some advice. This is my first post, but I've been reading this website a lot. I'm a New York born and raised guy that went to a liberal arts college and played top 20 division I lacrosse (earning a 3.4 GPA). My international family background made me become fascinated by...

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+3
Volcker Rule and PE Groups at iBanks?

NonRecourseLandLoan

Can someone please explain to me how investment banks still have private equity and merchant banking groups post-Volcker Rule? My (laymans) understanding is that these kinds of activities were either banned or severely limited with the Volker Rule. If banned, what happened to the existing groups? I...

6
+1
Looking for advice on how to prepare for a future career in PE.

dbdb123

I am currently a 4th year analyst a boutique hedge fund. The majority of my job is back office (not entirely what I was expecting when I signed on). But I have had the opportunity to do some investment research (DCF modeling, pitching to investment team, etc.). I also function as the funds primary i...

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B4 Audit > TAS/FDD > PE Resume Template

exaudit16

Long time lurker here and looking to make the transition from senior associate in a TAS/FDD group to PE. Through my personal network, I have been lucky enough to get introductions to a few LMM / MM funds. I realize that the road ahead will be tough but I want to be prepared for possible next steps. ...

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+3
Reneging on a PE Offer

conums

Currently an IB analyst. Accepted an offer during recruiting. Used one of the big headhunters and signed with a megafund. I should have given it more thought - it’s not in the industry I am really passionate about. I was put in a room by fund and given 30mins. On top of that I had the recruiter ...

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+17
Most active credit shops in the market?

Looney_Tunes99

First year IB analyst looking to make the transition to direct lending, who are the most active direct lenders/mezzanine/opportunistic credit shops in the market right now?...

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+4
Recruiting for Top Infra Funds (MIRA, GIP, BIP, etc.)

Buyside_Blues

Hi everyone, After spending some time going over threads about Infra PE on WSO, I realized there's very limited info on the recruiting aspect for top infra funds. Can someone who has gone through the recruiting process for any of these funds shed some light on them? Some insight regarding prefer...

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+9
Can someone please explain this to me?

SauceGod2435

I was recently offered a position to join the valuations desk of a MF PE Shop. I am from a nontarget and my ultimate goal is to eventually go to a M7 program for my MBA. Would taking this BO job hinder my ability to make that transition? Also, does anyone have any numbers into how compensation is ...

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+10
What are board meetings like?

deas7

For anyone that is on/attended board meetings, what are they like? I would assume there’s probably some standard procedures (discussing financials/budget) with the rest of time focused on specific pressing issues currently facing the business. Can someone educate me? Also would be curious to the t...

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+1
Target Company Business Plan

DexMc

Question for the PE guys here... are you presented with a business plan from management when you are doing due diligence on a company? If so, are they as formal as they would be for a start-up, or similar when they are first seeking financing? Lastly, any examples?...

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Differences in career path between MM vs Megafund PE?

newkid2019

Hi everyone: I was wondering if those in the industry could shed some light on the difference in career path between MM and Megafund PE please? I have heard some people say that megafund PE is more structured /less entrepreneurial, one would have to bide their time there; whereas MM might be more e...

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Sam Zell's fund EGI

Little Sheep

Anyone come across this fund in a process or know what it's like to work there? EGI is the name of the fund....

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EV question

bukijusu-.

Hey guys, I am in 2nd year of uni (pls don't judge me) and I have a question related to EV. In the EV calculation, you Include (+) debt and exclude (-) cash. However, why is debt inflating the EV in the calculation? Common sense would tell me to **subtract** debt and **add** cash, which is the opp...

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+7
Considering a switch to BD in PE

Macronmania

Hi fellow monkeys, Here is the situation. I've been at my firm (F500) for about a year and a half in an analyst position within the executive group primarily focusing on corporate finance, investor relations and some corporate strategy projects. I've also passed the first 2 CFA exams and taking on ...

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+5
Operations (BO, MO) is a FUCKING nightmare

Orangutndm

Friends Please be wary of all operations (BO, MO) work. It is stupid; it is a waste; it is asinine; it is to Othello as was Ophelia. Unsure where this post should go but it is truth. If you are an UG or young professional, do any role but BO MO A thoroughly retarded tardigrade should be working in...

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Infrastructure PE Interview (Intern)

WallStJesus

Monkeys, Can anyone offer some insight regarding the interview process for an internship in Infrastructure PE? Ratio of behavioral to technical questions? What can I expect in regards to technicals; given that infra PE is more cash flow based I'm assuming a strong percentage of DCF / LBO questions....

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MM PE Analyst Questions

Non-Target-Banana

A position is offered for a firm with a vintage fund of around ~250M. Recruiter got into contact and said an analyst position was being explored. Firm has a founder, 2 principals, 2 associates, and a lot of operational partners. Said the role was a lot of financial modeling with sourcing (called it ...

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+1
Median Carry interest points/Promote for VP/Director/MD

kitgzz

How much carry or promote is extended at VP, Director and MD level for a new fund that can ramp up to 1-2Bn? Is it 1-2% at VP, 2-3% at Director and 5-7% for MD? I know that senior partners get 15% on average. Heidrick & Struggles doesn't give it in percent points clearly. ...

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+5
What do PE associates like to hear in an interview?

Waymon3x6

Hi all, I have been scheduling calls with a few firms over the past few months. I am an IB analyst at a decent-sized firm with very good deal experience looking to get into the MM / LMM buyout space. In addition to going through recruiters, I have been having side conversations with (mainly assoc...

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+1
How to structure a restaurant chain buyout?

Iceshift

I have a contact that's been in the business for over 25 years, he's one of the founders of his niche of QSR in the country. He currently only has 10 locations now - previously much more. He wants to get back into the growth business and have identified a few buyout targets (QSR chains) - all of wh...

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Kainos Capital co-founder alleges 'frat house' culture amid plot to steal stake

kanon

Had anyone dealt with Kainos before? ‘The blockbuster suit levies a host of [allegations against Kainos]( https://pitchbook.com/news/articles/kainos-capital-co-founder-alleges-frat-house-culture-amid-plot-to-steal-stake) co-founders Andrew Rosen and Robert Sperry, as well as chief financial offic...

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0
Ejkjhjkhjhjkkkhhkjhjk

Mr.patrickbateman

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+1
FCF formula - two formulae are different?

newkid2019

Hi everyone: This might be a dumb question, but I'm stuck on it and would really appreciate your help. I'm reading both Breaking Into Wall Street and WSO PE guide, and it seems that they have two formula for FCF calculation that don't 100% tie up. I wanted to check if I misunderstood them... From...

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How long in consulting before moving to PE?

carrigan

I'm currently working for a non-MBB top five consulting shop, and I'm looking to move into PE. How long do consultants typically work before making the transition? Is recruiting at my 18-month mark too soon? Will my odds be better if I put in two full years?...

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IB > Corp Dev > IB > PE Associate?

NoJobProspectsInSight

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PE Interview - Need to learn modeling in 2 days

LongTermWarrior

Hi fellow monkeys I am in the process for an analyst position at PE, I first passed a phone interview, and was invited for a 1-1 in person interview at their offices. At one point the gave me a laptop and a keyboard and I was given 30' to do an easy modeling exercise It seems that I did well and t...

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+1
Valuing small private tech mHealth startup

S_HSH

Hey, guys! I'm a new in VC and joined like literally 1 week ago. I'm coming from sell-side Big4 Advisory background - we did fin models for "conservative" sectors, so I have no experience with valuing young tech start-ups. I have to submit my model in like 2 days. Would appreciate tons if someone...

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+4
Turnaround Strategies for Distressed Companies

Kamoroun

What are some of the common turnaround strategies for distressed companies and what books can I read that cover the topic from a practical perspective. Thanks...

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Fully Diluted Capitalization Table

slothsloth

So I have been assigned to prepare the capitalization table for a company. I have read online about how a cap table works but there are practical aspects that aren't mentioned. Could someone help me out? 1. Where do I start? Do I email the CFO to ask for it? 2. How do I verify that the CFO did not...

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Suggested/Necessary GPA for Middle Market Credit Fund or PE recruiting? (Intern or Analyst)

seekingajob

Hey everyone! I am a current sophomore at a non-Ivy target B-school in the Midwest (think Michigan, IU, ND etc) and am curious about how my GPA will affect my recruiting in the Fall. I currently have a 3.47 GPA but will have a 3.5+ and am majoring in Finance. I have recently become interested in Pr...

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+4
PE Due Diligence Process?

goddzilla

Hi all, I have always wondered how PE analysts find bountiful information on private companies. For example, if my senior asks me if Company XYZ is a good investment, what steps should I take to eventually give him an answer? I sure this is a completely rookie question, but as an equity research...

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+1
Case Study - Loan Cash Flow Models Request

you_get_the_dream

Hi Guys! I have a 4-hr timed case study this week in which I need to do a term loan analysis for a consumer financing company and write an investment memo and calculate IRRs, gains and losses and conduct scenario analysis. Can someone please PM me some models (with answers would be great) to practis...

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+24
Is this associate compensation competitive?

dtowninv

A lower MM PE firm offered $160k cash comp, with a vague description of deal participation. This is for a pre-MBA associate in a state with no income tax and fund size ~$500m. Is this reasonably competitive? I like the firm but was kind of disappointed with the base / bonus Edit: Confirming that th...

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MF Growth Equity Model Test - What in the world could this possible be?

Making Gravy

2.5h model test at a MF growth equity team. No idea what growth equity modeling is. What could you even possibly do for 2.5h with no debt???? Twiddle my thumbs???? Only know how to do an LBO model where returns are through leverage... Will I be doing a DCF...? Any clue? Thanks, MG...

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Want to move to PE/VC from BD...

ukwho55

Dear nice people, please help me. I do not know if I am making the right decision. Currently, I am working for a private tech company in a business development role. I have had product management background in various tech companies as well, I must say, I am can provide a comfortable life for mysel...

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+3
Pre-MBA career path / job description at elite Growth Equity Firms (General Atlantic, TPG etc)

Strategic_decision

What is the job like for pre-mba analysts/associates at the above mentioned firms? I assume they are doing a lot of modeling as well as some sourcing and due diligence? I've looked at the backgrounds of many pre-mba employees on linkedin and they seem to share similar backgrounds to folks at UMM or...

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+1
First week

jtamron

I'm starting as an analyst at a pretty mid-level PE firm after a year as an analyst at a BB investment back. I'm nervous about my first week. Wondering what to expect. Are there usually orientations? Or do they just like drop you into it?...

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Sign on Bonus?

fkumonkey

Do Middle Market Private Equity funds typically pay out a sign-on bonus for post-banking Associates?...

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LEK to PE, timing

LifeSciConsultant

Hi WSO, I am a year 1 at LEK, looking to transition over to PE in the next year or two. I was wondering if anyone could speak to the timing of when to begin reaching out to headhunters and applying. I have not had a lot of experience yet with modeling and I am wondering if I need to wait until I ha...

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Softbank vision fund

PJ101

Hi guys, I've searched the forum but didn't find any particular information regarding the hiring process of the vision fund. Do they use recruiters or referrals? Has anyone gone through their interview process? What are they looking for at Associate/VP level? What is the culture like? How rigorous i...

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+8
Difference between late stage VC and growth equity

slothsloth

Hi all, currently evaluating a late stage VC (Series C +) fund offer. Team looks good (harvard MBAs) but what concerns me after reading this board is that it would be next to impossible to get into PE + the lower comp. I was wondering, how possible it would be to spin this experience to get into a...

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Quasi-equity when structuring a deal

CAPEXecutive

Dear all, Just trying to understand, when considering an LBO deal : 1 - Why would a sponsor invest in quasi-equity (convertible bonds, preferred shares, etc) on top of ordinary shares when doing an LBO ? What would he gain from investing the same amount in ordianry equity ? 2 - How are amount and ...

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Any thoughts on Axium?

dontbugme

Curious if anyone has any insights on Axium Infra's platform based out of Montreal. Anything on their culture, comp, etc. would be helpful. ...

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How do you network with the sources of capital?

angrybanana

Ok so let’s say you’re a PE associate in a shop with the usual hierarchy. How do you network so that in 5 years you know the “right” people? By right I really mean the source of capital you would need to launch your own PE shop. Yes, in these 5 years you will come to know a lot of bankers...

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Using NOL asset during acquisition?

newkid2019

Hi guys: I have a quick question on how to understand the following situation please: Let's say a fund has a holding company with significant NOL assets. How can they use the NOL assets as an advantage in the bidding process for acquiring assets (esp those sold off during bankruptcy sales process)...

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Direct Lending for Early-Stage Companies?

pintglass07

I know a that the direct lending market is booming, providing relatively flexible for MM businesses that would have trouble getting a bank loan underwritten. My question is: are there BDCs or direct lenders that will provide loans to a less mature company (e.g. profitable but smaller company with ...

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+1
Where does valuations sit in a PE Megafund? (MO/BO)

StanBoy1331

Recently offered a position to join the valuations desk at a MF. How are these positions viewed internally/externally? Are they respected jobs? I come from a non target school and wanted to use the brand name of a MF to transition to a top Grad program and go from there. Is this common, or are MO/BO...

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+1
DragonChain

Wagner007

Was sind die Funktionen der DragonChain-Plattform? Dies ist auf Kryptowährung zurückzuführen. Wer versteht, sag es mir bitte! ...

1
0
Amerra Capital?

dvali005

Amerra Capital Headhunter reached out for an associate position at MM PE opportunity in NYC. Has anyone heard of them? Any insight on their team, interview process, comp, etc would be greatly appreciated. ...

0
+1
Orix Capital Partners

EastCoastWestCoastWhichCoast

Curious to know if anyone here is familiar with Orix Capital Partners. Believe they have a mezzanine fund in Dallas and a more traditional buyout fund in New York. Im particularly interested in the NY fund and if anyone has any insight into the culture, success of the fund, how they are viewed on th...

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LBO Model - Which method works best?

1 day in IB

Hey guys! So I've been preparing for my M&A interviews lately and I have a doubt regarding the LBO Model. Basicly, I have been seeing 2 different models: 1) Entry & Exit multiples are assumed and a target IRR is set but you know nothing yet about purchase price & equity use; you work out your finan...

1
+8
Moving to tier 3 city for dream job?

mrburn451

Question for anyone who has moved cities for a job, just curious to get some thoughts from people who are similarly aged as well as more senior folks for insights. I currently work for a small but promising industry focused PE fund in a top city (NY,SF,LA). AUM is ~$500M but returns are good and we...

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GMAT for PE Interviews?

Davis97

Hi All, I'm currently a university senior, returning full time to the EB I interned with this past summer. While I am excited for that opportunity, I do plan to recruit for PE during the next cycle (late 2019 kickoff). That said, I wanted to gauge the importance of GMAT scores in interviews with PE...

6
+1
Big4 audit to private equity opportunity

radisrd

I was approached by a very small, 9 person private equity company based in the midwest. Website says they invest in companies with EBITDA of 4-20 million. As someone who works in Audit in the Big4, this seems like a no brainer to pursue? I've recently begun to hate audit and have started networki...

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+1
Good Short-Term Investments? Bonds?

bankerella2

Hi All, I am trying to find good short term investments for a shorter 5-6 year duration. Hoping to buy a house then. Any suggestions? I am considering fixed income investments - like the Vanguard Long-Term Corporate Bond ETF or the Vanguard LifeStrategy Income Fund (though that is low yielding.) I...

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+4
Credit Documentation

RedRover521

With the sensitivity/scrutiny around credit docs in the public and private markets, does anyone have recommendations, outside of experience, on how to become better versed with documentation? Haven't been able to find any recent, relevant, guides or books......

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+4
Micro VC Funds?

Chicago60007

Thoughts on joining a micro VC firm? Wondering more about long-term opps and comp. Looking at a small micro VC firm that is about 1 year old with fund I at $6M. Would be joining as an associate. Any ideas on comp? Experience for bschool? Exit opps? ...

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VC Firms

YourB0ss

Anyone have any information on Point72 Ventures or Two Sigma Ventures? Are these reputable, high performing funds? What are some exit opportunities of these up and coming venture funds (e.g., B-School, Industry, Broader PE, etc.) Thanks!...

1
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Best website/data portal to research deals?

newkid2019

Hi everyone: What are some websites/data portals that you guys like to use to find what deals have been done recently, as well as information on the deal? Would really appreciate your suggestions (I realize this question might be a very beginner question esp for those who are already in the industr...

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+16
VC startup idea - PE or VC interest? Are these numbers viable?

faceslappingcompilation

Seeking ~14mm in VC capital for a startup (in multiple funding rounds...starting with a 2mm Seed round) Can you guys give me a list of 10-20 VC firms that I should approach for my seed round? (lots of background info below....but all just in an effort to help those with industry knowledge to pro...

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Asian Growth Equity ($3B+) to U.S. VC

zennan

hello everyone, I have an internship for the summer at a respected growth equity/VC firm in Asia with over $3B in AUM with a focus in tech. I go to a U.S. university/am from the U.S. and was wondering how I can take advantage of this opp. to transition to a VC firm in the U.S. for a full time posit...

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+1
PE Megafunds/ UMM Funds That Do Not Require MBA

Sugartree

Which UMM / Megafunds do not require their associates to (i.e. do not have a 2 years-and-out program) go to b-school to get promoted? I know Thoma Bravo is one - any other reputable ones?...

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