A bit of background: 2 years of investment banking experience in an "elite" boutique. Having difficulties to find a buy side job at the moment given the fact that I do not speak the official language of the country where I currently live.
After two rounds of interviews for an internship position in a small PE firm, they asked me now to do an LBO exercise in two hours. Quite complex. Had to model PIK interest, an earn-out clause, 4 different financing facilities, minimum cash balance and the amortization of financing fees. Then had to provide an investment decision based on the output.
Do you guys think it is normal to ask such exercise for an internship position? Do you think they might offer me a full time position instead? I nailed the test and they offered me an interview with two executives of the fund.
I am asking this question because when I finished my bachelor I had no clue about what an LBO was so I wonder which kind of competition I am facing in this process... I applied to this role with the aim to do the internship and potentially converting into full time, but I recently learned that my plan is very unlikely to materialize...
Am I wasting my time?
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