Where do I find CIMs/IC memos/case studies for PE prep??

To gear up for PE recruiting, here's a breakdown of where you can find the resources you're looking for:

1. CIMs (Confidential Information Memorandums):

   • CIMs are typically internal documents, but you can practice by using publicly available S-1 filings as a proxy. These filings can be treated like CIMs to build models and memos around them.
   • Reach out to trusted analysts or banker friends, as they often have access to old CIMs that are passed down and can be excellent for practice.
   • Some WSO threads suggest using CIMs from credit investors or CDDs (Commercial Due Diligence) as a starting point.

2. IC Memos (Investment Committee Memos):

   • These are indeed highly internal, but you can prepare by focusing on the structure of an investment memo. Key components include:
     • Recommendation
     • Company/Industry Analysis
     • Financial Overview
     • Risks/Mitigants
     • Further Due Diligence Questions
   • Practice writing concise memos based on case studies or CIMs you can access.

3. Modeling Tests/Case Studies:

   • WSO threads highlight the importance of practicing full three-statement LBO models. You can find resources like:
     • WSO Prep Pack, which includes detailed LBO tests and case studies.
     • MultipleExpansion website, which offers free materials on modeling and LBOs.
   • Analysts and associates in your network may also have old modeling tests they can share.
   • For structured courses, WSO offers a Private Equity Interview Prep Guide with 2,447 questions across 203 PE funds, which includes modeling tests and case studies.

4. ‘Verbal’ Case Studies:

   • For firms like Bain Capital, Charlesbank, or Advent, verbal case studies are common. These often involve evaluating a business as an LBO target.
   • You can adapt consulting casebooks by focusing on financial metrics, industry dynamics, and LBO-specific considerations.
   • Memorizing frameworks like Porter's 5 Forces and understanding key financial elements can help you navigate these cases effectively.

5. Structured Courses with Live Elements:

   • WSO offers live training options, such as:
     • Private Equity Interview Bootcamp: A one-day course focused on detailed PE LBO tests and case studies.
     • Private Equity Master Package: Includes LBO modeling and the PE deals process.
   • These courses provide a structured approach and opportunities to practice with peers.

By leveraging these resources and reaching out to your network, you'll be well-prepared for PE recruiting. Good luck!

Sources: My Path - MBA Banking Associate to PE, My Path - MBA Banking Associate to PE, Private Equity: How to Analyze a CIM Effectively?, Best way to read a CIM?, PE analyst at a megafund vs. banking/consulting