What are the key roles of a VP in PE?
Hope everyone had a good holiday. I'm looking at potentially making the jump (~10 yrs experience in a combo of equity research, IB, VP-level portco roles). Not sure if it would be a good fit though, but think it could be depending on what roles are customary for a VP to handle. So what key functions fall under the VP's umbrella?
More focused on portfolio management of existing investments? (board seats, lots of communication with portco c-suite, overall strategy and eventual monetization of said investments, etc)
More focused on the underwriting / valuation of new investments? (looking at new deals, communication with the bankers, deciding what's interesting, thinking about range of values of what could work, etc)
More focused on the legal docs, negotiations, financing, etc on new investments? (negotiating PSAs and the endless amount of other related docs, quarterbacking the financing process, etc)
Literally all of the above. The time split depends on how many portcos you have, time of year, deals under LOI, etc. but generally over a year spending 50/50 time on all the things you mentioned.
Appreciate the feedback. I don't have as much experience / don't feel as comfortable with the legal docs / negotiations aspect of the job, that's my hesitancy. Feel very comfortable & confident with the other two areas.
Can lean on the lawyers to some extent for that, but you can usually pick it up with a couple of reps unless you’re doing some complex restructuring stuff. Frankly if you’re doing sponsor to sponsor deals the docs are pretty standardized
That's comforting. It stresses me out but I think that's just due to a lack of reps.
I think you vastly overestimate the role, at least for UMM and up. Most of the things you describe are done by the Partners which you’ll be many years away from. Key role of VPs is to coordinate the investment execution process and be the filter between what partners want and the team should do. You will likely be involved in origination, but mostly in the capacity where a partner tosses a file he finds interesting to you and you need to put an IC ready memo together (with the help of an associate usually). You essentially need to master all diligence streams from a technical perspective and use that to support the partners
Very helpful, appreciate that insight
Survive, from what I can tell
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