What are take home model exams like? I know one type is the take private of a PubCo but what about the other types? Do we get a CIM or something too for any other types?
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Depends on the timeframe given. When I was recruiting I had some where you were given a CIM and had a couple days to build a full model + IC memo and others that were 1 hour timed LBO builds (i.e. receive assumptions at 1pm via email, expected to send completed model back before 2pm).
Thanks for sharing your experience. Do you know what you could expect if get like 5 days for it? I know it’s only a prompt from them. So I assume a take private?
What's the size of the fund that you're interviewing at?
It’s $1B
At that fund size and 5 days, I would say it's probably a CIM from an old deal they looked at where from that information you need to put together a full 3SM model and and a 10-ish page slide deck explaining merits / risks, your diligence plan and areas of focus, proposed transaction structure and purchase price, forecast / returns, etc.
Thanks. It’s an infra fund. So a 3 statement model for an infra asset too?
I doubt it is three statement, although you should be prepared just in case. But typically you would just build a cash flow model to get returns.
So based on your experience, if an MM infra PE fund asked you to build a three-statement model in 90min for a take home test based on a set of inputs, is it actually expected that you complete the whole thing? I focused on finishing the cash flow model and answering all their questions about IRR and EBITDA margin, but left the BS/CFS only about 70% done with minimal quality checks and formatting when I ran out of time. Worried about this as they stressed the importance of modeling for the role.
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