Hi there,
I have an interview with a LMM shop coming up, currently in a co-invest role.
A few questions, what are the main concerns a direct PE professional may have on someone looking to move from a co-invest role? How should one demonstrate in interview they can do these things / have the potential to (vs. someone from IB)?
Thanks!
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Biggest thing will probably be wanting to see if you can actually run the diligence process / QB the deal as the lead vs. leveraging the sponsor's diligence. Like can you herd the cats for all of the workstreams that go into DD on an asset, do you have the technical skills to own the model, etc. Also reasons for why you want to make the switch.
I'm actually looking to jump into a co-investment role, don't want to hijack your thread but if you have any tips that would be great!
Thanks! I guess what's the best way to articulate that I can run the DD process / QB if I've never done it? I am typically thinking of very concise, thoughtful questions for calls with the sponsor / mgmt team after reviewing the sponsor's diligence currently. The modelling point I think is ok, given I have passed the test. I guess one also needs to be comfortable starting at a much earlier point in the process, so a lot of research / pull your sleeves up work
On the co-investment side - I think they would look to see whether you are i) comfortable with not going as deep in the deal given the shorter-time lines, lower access to mgmt / sponsors and the need to leverage the GP relationship, ii) able to assess deals quickly / efficiently and bring out a thesis / risks across sectors, iii) able to think like a FoF investor (marry up your thinking with how the deal sits in the GP's portfolio / strategy etc), iv) on-board with the particular funds approach to co-investing (i.e. typically will not invest outside of existing relationships, will invest in defensive / non-cyclical sectors only, may not try to re-underwrite the sponsors work etc)
That is excellent stuff, thanks!
I wish I had an answer that good to your question. It'll probably be a somewhat tough, but not insurmountable, sell. I'm presuming this is at the Sr. Associate / VP level? If you've demonstrated the technical knowledge by passing their model test, I'd make sure you can walk them through your current process and how it's taught you to think like an investor, that you can roll-up your sleeves and start to form a view after reading a CIM. I'll try to think on this a little more!
bump
In an analyst role at an well-known co-investment fund looking to make the jump to growthy UMM PE or large-cap growth. Has anyone worked with particularly good headhunters coming from a coinvestment role?
Bump
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