PAI Partners Interview / Case Study

Based on the most helpful WSO content, here are some insights into the interview processes and case studies for private equity firms, which might be similar to what you can expect at PAI Partners:

1. Technical Questions:

   • LBO Case: You might be asked to build a basic LBO model. This could involve calculating the IRR, understanding the reasoning behind the purchase, and how it resembles a bond.
   • Merger Model: Be prepared for more involved merger accounting questions, such as a full Purchase Price Allocation (PPA) walkthrough.
   • Bankruptcy Case: Questions could include details about the bankruptcy process, the trading of each tranche of debt at different time periods, and the CFO's concerns regarding payments.
   • Financial Ratios: Understand the effects of different firm actions on common ratios like P/BV, P/E, and EV/EBITDA.

2. Case Studies:

   • LBO Model: You might be given a CIM (Confidential Information Memorandum) and asked to build an LBO model. This could involve making thoughtful assumptions and presenting a short PPT case on the model.
   • Investment Thesis: You may need to evaluate a business, articulate the investment thesis, decide if it’s an investment you’d make, and provide leverage assumptions.
   • Modeling Test: Some firms might give you a modeling test where you have to build a model within a set time frame (e.g., 3 hours) and then discuss your assumptions and conclusions in a follow-up interview.

3. Behavioral Questions:

   • Partner Interviews: These might be all behavioral, focusing on your fit with the firm and your past experiences.
   • General Behavioral Questions: Be ready to discuss your strengths, weaknesses, and instances where you demonstrated initiative.

4. Preparation Resources:

   • Guides: Utilize resources like the WSO guide, the 400 M&I question guide, and the Rosenbaum & Pearl guide for M&A and LevFin.

For more specific details, you might want to check out the WSO forums or reach out to individuals who have gone through the PAI Partners interview process. Good luck!

Sources: https://www.wallstreetoasis.com/forums/anyone-willing-to-share-a-pe-interview-case-study?customgpt=1, My Path - MBA Banking Associate to PE, https://www.wallstreetoasis.com/forum/investment-banking/breaking-into-private-equity-from-banking?customgpt=1, PJT Partners, Evercore Summer 2019 Recruiting Timeline ??, A Non-Target's Perspective - My MM PE Recruiting Process