Silver BananaNew TopicsReplies
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Personal co-invest options & opinions

Cries

deleted, lack of input ...

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IRR vs MOIC

CAPEXecutive

Hi all ! Just trying to understand the relevant metrics PE funds are using to value their investments: Why/when would a sponsor be looking at a metric instead of the other ? I do understand the time factor difference between the two, what is still unclear to me is what metric sponsors use in their ...

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Oaktree 2019 Future Leaders Program

reperella

I am a junior in college and I just found out that I was accepted to the Oaktree Future Leaders program. I will be attending the training session in person in the NYC office. Is anyone else planning on going/have any idea what this program is? I applied on a whim and don't have many friends in fin...

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Non-Target > Back Office > Family Office > Private Equity

ntbofo2

Hi all, I've been reading this site for a long time; think it's time to give back a bit if I can. My path has probably been the most non-traditional I've ever seen on WSO, so I created a burner account to answer any questions you may have. If someone somehow figures out who I am, please keep it to y...

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UMM PE shops specific culture and lifestyle

blahh23

Can anyone elaborate on culture / hours / lifestyle at the below firms? Looking for specifics if possible - AEA - AmSec - Berkshire - H&F - LG - NMC Thanks!!...

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MF vs Smaller PE

Supreme Leader

At a megafund like Carlyle/KKR, do you still have to deal with "banker like" conditions? MDs who dont respect your time, meaningless work, pitching etc.? What additional responsibility do you get with a megafund?...

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LMM cross- capital structure funds

CU04

Hi guys: Was curious if any one here might be familiar with what one’s career path might look like after working in LMM cross-capital structure investment funds please? My understanding is that one can continue to do LMM/MM PE, or move on to focus more on credit - if credit, would this kind of ex...

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New York Technology Focused Buyout Shops

Cosa-Nostra

Hey guys – I wanted to try and get a list of some reputable buyout shops (not growth equity) that participate in internet/software buyouts. I know that the majority of these are located in San Francisco/Palo Alto/Menlo Park. However, there are a few such as Siris Capital (web.com buyout) that are ...

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Private Equity Valuation Question

Kershaw22

I was asked a question about private equity valuation in an interview but was stuck on it. The interviewer was generous enough to let me think about it and come back to them in the next interview. The question was, in which scenarios would a Class B pref be worth less than a Class A pref, assuming ...

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Early Stage VC to Late Stage / Growth Equity

SCZealot

Hello - I recently left an early stage VC role as an associate to take some time off and pursue a couple side projects. Now that I'm nearly complete with my side projects I'm looking to re-join a tech investing firm. However, after much reflection, I think I want to move later-stage, more so growth ...

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Transition from Renewable Energy

lalamu112

Hi all, Been a long time user here and need your inputs, I am currently working as an investment analyst for a mid-sized fund based in Canada that invests primarily in renewable energy assets (solar, wind, biomass, various different forms of flexible capacity). My main responsibilities are runni...

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Leading Chinese funds

unigenitus

Not sure how much WSO knows about China, but here is a question: what is the landscape for VCs in the new economy / tech sector beneath the first layer of obvious ones? I would typically see firms like IDG and Hillhouse in the top tier, with maybe foreign companies like Sequoia too. Beneath this th...

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Independent/fundless sponsor and Family Office surge

Little Sheep

What is the wise WSO community's thoughts on the rise of independent/fundless sponsors as well as uptick in Family Offices? Will this play out long term and fair well against a downturn vs traditional funds?...

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Big 4 M&A - Exit options??

hello12345678---9

What are the Big 4 M&A exit options? Are they considered good firms? Can you move into GE/PE? Firm is based in Israel, does this limit exit options?*...

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Placement and advisory groups

Halloumi

Hi all, I was wondering if someone would be able to give an insight into placement and advisory firms such as Campbell Lutyens, MVision, Athos Partners, Asante, Rede Partners, etc.. It would be great if someone can provide an insight into these type of firms; what the role/typical day to day woul...

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Undergraduate to PE in India

stitchfix01

I am currently an undergraduate student (final year) at a top **law** school in India. While I do understand that law is not one of the conventional routes to any finance jobs (at least in India), I wrote CFA L1 to show my interest in finance. I also have the experience of interning with a BB as a s...

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Good book on private debt terms and structuring?

CU04

Hi guys: Looking for recommendations on good books on private debt terms and structuring , thank you in advance!...

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Future of PE Strategies

bananabanker978

Will traditional buyout go out over the long-term? Will firms that do only buyout start shifting their focus to growth, distressed, etc? Which strategies will go mainstream?...

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Laid Off Less than 1 Year into PE Associate Role

DRB2018

As the title describes, I was laid off about 8 months into my role as an associate for a boutique acquisition firm. The lay offs happened across the board and were not due to my performance. I was working in a non finance hub for the first year so I will need to be moving to a hub most likely for th...

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Can you move from Deal Strategy at PWC into PE? What are the most realistic exit opportunities?

answermethis

I have only managed to land a Deal Strategy role at PWC (awkward time of year to recruit, plus finding a visa sponsor in another country left me with only this choice). I was wondering, would it be possible to go into Private Equity/VC after this? Otherwise, what are the most realistic exit opport...

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Best book to learn tax for investment banking / private equity?

canada_money

Does anyone have any recommendations for the best book to learn tax concepts relevant to investment banking or private equity? Despite the importance of tax it seems to be glossed over in most finance textbooks....

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Typical D&A as a percent of revenue or EBITDA in SaaS companies?

Back 2 Banking

I have to build a model and I don't know D&A. I need to figure out a % of revenue or EBITDA as a proxy for D&A. Any ideas? Thanks...

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Top PE/VC Firms in Nashville

rightkickhospital

Hey All, Hope everyone is doing well. I was wondering - does anyone have any experience or know of the top PE/VC firms in the greater Nashville area? I'm currently working in strategy/advisory/analytics at a top tech company in the NYC area (I'm ~mid-level with 10ish years of experience). My wi...

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Independent Sponsor/Fundless Sponsor Experience

Jv55

Hi monkeys, I made it to the final round at an independent sponsor for an analyst gig. The firm is small, ...

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Private Equity vs Megafund Credit

ironbanker06

Hi all, I've been looking for a thread on this topic and haven't seen one. I'm currently an analyst at a boutique, energy-focused IB , and am considering a move to either a megafund's credit team (think Ares, GSO, Carlyle) or an energy-specific private equity fund (think Quantum, NGP). I was curi...

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GIC Global Investments, Strategy & Risk role

Thats okay

Hi All, Just wanted to gather what your thoughts were on this role by GIC: 'The Global Investment, Strategy and Risk group (GISR) is based in Singapore and plays a key role in helping the PE CIO and senior management evaluate investments, develop investment strategy, and define the role of PE with...

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35% Salary Cut for Career Change

lagondavantage

Hi, I am an analyst in S&T having worked for 1.5 years as a graduate analyst. I am really keen on investments. Having worked in markets in a sales role, it has provided me with opportunities to learn about the big picture and interconnectivity of various asset classes which I do appreciate. However...

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FIG Exit Opps for PE recruiting?

Underdog1995

Hi all, I recently started at a Middle Market bank working in the FIG group, working on Depositories to be specific. I am interested in recruiting for PE but I know FIG exit opps are very limited as the valuation and modeling is completely different. I would assume that lateraling over to a differe...

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Trive Capital in Dallas?

onetimethrowaway2019

Anyone know anything about them? I saw some stuff about them in one of the Dallas threads and it seems like they've been very active lately. Input on culture, comp, recruiting etc. would be helpful, thanks....

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Building a book of institutional investors

bobste

If this is more inline with another forum please move it. I am wondering about the tactics to build a network of institutional investors for things like private placements, prime brokerage, and investment banking. I would think most work at a lower level and develop clients within the firm or firms...

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Financial Modeling in PE?

Armhoo1

I'm looking to break into PE in the next few months. My background is in MM lending and some LevFin, however I didn't do much modeling. The bank I worked for had a modeling template we used. Plus there was more emphasis on historical performance and collateral. My question is, how much financial ...

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SAT Score for PE Recruiting

ThrowAwayGuy

Hey guys, 2 questions: 1) Why do PE firms care about your SAT/ACT score? Sure, it's a way to compare applicants on an "even playing field," but it's ridiculous to look at a test score you received your junior or senior of high school, especially if you went to a top ivy league college and work at a...

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Private Equity Recruiting Walkthrough – My Experience

embeebee

I’m 6 weeks removed from receiving an offer at a UMM/MF – it was truly a thrilling experience. Now that I’m back into the swing of things at work, I thought I’d give back to the WSO community by providing a detailed walkthrough of my recruiting experience. ###Quick background about myself: ...

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How does this make sense?

Armhoo1

Read this article on Bloomberg recently. https://www.bloomberg.com/news/articles/2019-01-04/leveraged-loan-investors-worry-good-times-will-soon-haunt-them Basically, lending standards are so loose right now that private equity sponsors can sell off collateral, or even isolate assets intentionall...

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How Important is Undergrad in On-Cycle PE Recruiting if in a Top Group

Number Crunching Warrior

Hi Everyone, I was wondering how important the school you went to for undergrad is in PE recruiting, especially now since first year analysts have very little deal experience prior to interviews. Personally, I am not 100% sold on PE but am interested so was just curious. I have seen briefly ment...

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LMM PE compensation, recruiting and port co. work

TouchedbyYou

What can one expect when transitioning to a LMM fund in terms of hands on port co work, hours, current valuation environment, comp and the recruiting length and process?...

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Why Direct when you can invest in Secondaries?

George Wonder

Why would anyone invest in a Direct PE fund when you can invest in Secondaries? The reason I ask is because I've consistently seen Secondaries outperform Direct funds on an IRR-basis (thx j-curve mitigation). There also seems to be significantly less risk given that a Secondary investor holds insigh...

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VP Carry

MOICMarathoner

Promoted late in fund cycle from Senior Associate to VP - had a small portion of carry at that role but biggest adjustment was to salary. The GP is 6 people (1 founder, 3 principals/MDs, 2 VPs). Assuming a $300m fund, what would one expect VP carry to be?...

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Levering as much debt in an LBO?

sffinance321

If you could lever up let's say hypothetically 99% in the capital structure of a potential target in an LBO, would you do it? Why and why not? My guess is that yes, in concept the more debt you take on over your own equity, the higher returns PE funds will find, but there is a risk that comes into ...

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Is Booth or Kellogg worth it?

confusedaboutMBAforPE

Currently a 2nd year PE associate at a MM fund (~$3-5Bn AUM) recently heard back from MBA schools. Ding/Waitlist at HBS/GSB, in at Wharton, Booth and Kellogg. I really did not like the vibe at Wharton but really enjoyed Booth and Kellogg when I visited and feel like I would be happy at either school...

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Blackstone Future Women Leaders Program 2019

Bankergal223

Hi everyone, just wondering -- has anyone heard back about phone interviews for the 2019 Blackstone Future Women Leaders Program? Not sure if I was supposed to receive any notification by now....

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Internship: Infra-PE or impact-VC?

vashdun

Hi. I'm a sophomore in search for an internship gig for my 2nd summer. Background: west coast (if that matters), econ+psych double major at a semi target, did a risk intern gig at a big 4 during freshman summer. Which internship would be better in general? My career interests after graduating underg...

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Blackstone Tac Opps

throwawayaccount1098248

Anyone know more about Blackstone’s Tac Opps? I know it’s not Corporate PE exactly but how does one recruit/what kind of candidates get interviewed/get offers. Also if it’s not traditional corporate PE is it comparable to UMM or Mm?...

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On-Cycle vs. Off-Cycle PE Recruiting

dontbugme

How difficult is off-cycle recruiting compared to that of on-cycle? Does anyone at a PE firm currently know how many applicants you usually look at during off-cycle processes? ...

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Advice please: have an interview with Flexpoint Ford (FIG PE shop) and don't know jack diddly squat about FIG

Here to Flex

Happy New Year. I had this interview fall out of the sky and I've never done shit in the FIG space. I'm not an idiot and will be spending from now until the interview getting smart on the sector and unearthing something unique about some possible FIG investments, but given that I know literally ze...

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Main Post Partners - Growth Equity Job Posting

hdittman

Main Post Partners, a consumer-focused growth equity firm, is seeking an Analyst to join its investment team in early 2019. **Firm Overview** Main Post Partners is a San Francisco-based private equity firm with deep experience investing in growth companies across the consumer value chain. In Novem...

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Top Questions to Ask PE Funds

JensensAlpha

All, Hoping to get some knowledge from the forum and see if you have used any insightful questions to ask associates / VP's at various PE funds. Trying to boil down a few questions that can shed some light on the fund, responsibilities, growth etc. Please let me know if you guys have any that ha...

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Restructuring Compensation w/Equity Kicker

RedRover521

I'm considering an opportunity at a MM restructuring firm (not NYC) and am curious what comp generally looks like at an Associate level. I was told that every restructuring that this group assists with has a Director and an Associate running it. Each person has an equity kicker so performance is obv...

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PE Recruiting GPA Question

dsc10801

Hey guys, Just want to gauge importance of GPA in comparison to work experience, with respect to PE Associate recruiting. Coming from an ivy target here (non-HYPW), with 3.6/3.7 (should end with roughly a 3.7 — not math/Econ) and 2 summers at BB (GS/MS) and coming back to the same BB full time. ...

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Breaking into Private Equity in London

rawdoge

Hi Guys, I am looking to do my MBA in the fall of 2019. My top choice by far is London Business School (then Booth and Tuck). To me, all of the schools are good enough, but being in London gives me that life experience that I probably wouldn't be able to find in Chicago or New Hampshire. I was wond...

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Mining LBOs

PeterKay

Hey all, Just wondering whether anyone can think of LBOs of listed mining companies. Had a search and couldn't find much. Thanks...

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Investing as a PE associate

blahh23

Anyone have any information on whether or not you are allowed to invest on your own as a PE associate? (in individual stocks, funds, etc.) Obviously there are a lot of restrictions in IB on investment accounts and was wondering if the same type of restrictions still exist. Thanks!...

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Two Sigma Ventures

Did I get ghosted

Any information on: (1) specialization, as they've done many investments recently, (2) what differentiates them (3) how they're situated within Two Sigma as a whole (their SEC form D [linked here](https://www.streetinsider.com/SEC+Filings/Form+D+Two+Sigma+Ventures+III%2C/14912083.html) doesn't list ...

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FIG Team Interview

London1992

Hi All, I have an interview with a FIG team at an emerging market PE group. The final round is a case study and entails valuing a financial institution (anything from microlender to insurance). I have combed for valuing private banks, and there is surprisingly little information (plenty for public ...

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PE Co-Investment Analysis

neil91

For people that do private equity co-investments alongside General Partners, what does your analysis tend to focus on? Do you tend to create your own models or are you modifying assumptions and casing the GP's model? ...

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Is BCG a viable path to Private Equity?

Brian-Seabrooks

I'll be doing a summer internship at BCG San Francisco this summer. I'm wondering if this is a viable path towards working in private equity. My goal is to do 2 years of consulting after college and then look for an operationally focused private equity role after going to business school. Also, I'm ...

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2018 Private Equity Report – 8 Key Highlights & Trends

WallStreetOasis.com

The 2018 Private Equity Industry Report compiled by Wall Street Oasis (WSO) provides insight on total average compensation, professional development, senior management and more. All statistics featured in the reports are based on 5,630+ user submissions from professionals in the private equity ...

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Need to find an internship

dckrrish389

Hi Currently I am going to practice, but I still have not found an internship who can help me? Thank you very much for your help...

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What would it take to pull you out of PE and into ops?

m_1

This applies primarily to LMM PE guys. What would it take for you to jump ship from where you're at now and join the operating side of things for a company with sub $10M in revenue in an executive role? Specifically looking to figure out a range for: -Base -Equity -Bonus structure -Any addition...

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Preparing for a VC case study - Guidance needed.

janene

I have had a look around the forums and for some public materials, but I'm kinda at a loss. My previous experience is at a Fintech startup, so I have equipped myself with some accountancy and cursory modelling skills. I am being interviewed by a smallish VC which focuses on up to series A round inv...

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Top Candidate Preference

PS21

Hi all, Curious about what the general top candidates’ preferences are in private equity (from IB). How have you seen your peers decide where they want to target. My impression is that it’s a combination of fund size, fund performance, prestige, office location, and the associate program. Def...

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Gap Year Between IB & PE

fintrepreneur2525

I’m an incoming IB analyst at a top EB (Evercore/Centerview). I am currently planning on doing my two years and then taking 1 (maybe 2) years off from the finance track to do something in entrepreneurship or economic development abroad. How difficult would it be to recruit for a pre-MBA associate...

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European regional office at top BB (GS/MS) vs MBB for London PE exits?

Baguette MIA

Hi guys, I am debating between offers a top BB (GS/MS) at a regional European office (think Frankfurt/Paris) vs MBB (McK/Bain) at another smaller city. I am aiming for a PE exit in London at preferably one of the upper middle market funds (e.g. Bain Cap, Advent, EQT, H&F), but would not mind going ...

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Post-interview follow up email

Timmy00001

Ho everyone. I had an intetview with two directors at a midcap PE firm, and I am still waiting. As someone of you here might have experienced, it’s kind of hard to just keep on waiting and so I thought of sending a thank you email and express my interest for the position once again. Meanwhile,...

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Interviewed a week before Christmas. When do I hear back?

a01071

Hi. I was interviewed with a mid-cap PE firm last week, and I am still waiting for the result. The last interview was the 4th round (completed the LBO test), and the next step (assuming that I passed the last one) is an interview with MD. I know it's a case by case situation, but do you think there...

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