Silver BananaTopicReplies
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Distressed Primers Other than like Moyer and that distressed debt blog, does anyone have decent resources for distressed debt - either primers or case studies? Would appreciate any help...
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Should I leave my Corp Dev job to Equity research if my long term career goal is private equity ? Hi, I'm currently doing an internship in Corp Dev & Strategy at a large tech company. Previously, worked in investment banking at a local boutique and in asset management. Recently, got an offer from an equity research position from a BB. Should I quit my current corp dev job to ER just for the bran...
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NextGen Growth Partners - Interview - N/A1. Do you know what an LBO is? 2. Why private equity? Do you want to get into private equity in the long run? Do you want to do banking at all, since most people in PE have gone down the IB track? 3. What are your biggest strength and weaknesses? 4. You're involved in an investing organisation on...
Bank of America - Review - N/AI like the team I work with, and I like the west coast life style. SF is a pretty cool place to be . its a lot of hours and I wish I had more free time, I also wish the job was not as stressful as it is...
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Big 4 Audit -> TAS/FDD -> PE advice/experiences?Hey guys, I was just curious if anyone on here has **recently** gone through the Big 4 Audit -> TAS/FDD -> PE route and if they have any advice to share? Is this route a possibility or is it far fetched to think that an accountant can move into the generalist-esq finance field of PE? Just trying ...
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Infra & Energy Fund - Interview with energy portfolio operationsHello, I am interviewing with the head of portfolio operations of a Energy Fund. The portfolio consists of several renewables and gas power plants. I am wondering if someone has any suggestions of the type of questions I will be asked. I came up with some general topics but it would be great if som...
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Moving from Dubai back to the USHi Everyone, Just to give you a bit of background on my situation, I recently joined a growth equity fund in Dubai with AUM of 250 million, the fund focuses on healthcare, food and beverage and real estate, we also have been dabbling in early stage investing. I have a masters in finance from a ta...
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Goldman Sachs MBD PIA - PE vs IBDHello, I have been invited for superday at Goldman Sachs for the MBD Principle Investment Area. However, since my knowledge of this position is fairly limitied, I would like to receive some advice and insights from you guys. How does the PIA - PE of GS compare to GS IBD in terms of prestige, sal...
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Does a holding company's debt appear on the sponsor's balance sheet?i.e. For PE, in an LBO, would the leverage used for the buyout appear on the sponsor(i.e. KKR's) balance sheet? What about for public money managers who take positions on margin? ...
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Is the internship I'm doing relevant to PE?Doing a risk management internship at a big 4 right now, and quite frankly, I don't quite like it. Its a freshman internship thats a month short. I've always been interested in getting into PE, but I don't quite see how this internship I'm going through with would be relevant as I'm mostly doing hed...
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Adams Street Partners - Review - GeneralistGreat, small firm. Likeable people, with consistent returns. Solid option if you want to stay there and be ensured job security. Size is entirely preferential. If you like larger firms where there are outsized returns when the market's booming and tons of people to meet, stay clear of ASP ...
Goldman Sachs - Interview - InfrastructureOne question was how I would go about valuing a wind farm and how I would go about determining if one wind farm investment is better than the other. They wanted to see if I knew some technical details but also operational aspects of the business, to test my understanding of infrastructure and renew...
137 Ventures - Interview - N/AInterview relatively short but went through a case study and asked general questions about companies I like. Emphasis on personality as well which is expected of a relationship-oriented business like this firm. Not much else to say. It went reasonably well. Interview relatively short but went thro...
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Networking Through Friend with 0 Banking ExperienceBeen working in sorta corporate finance, have some deal experience, but compared to 2-year bankers that are comparable to my age, I have basically 0 real modeling experience and haven't made a PPT bigger than 10 pages. So if I were to even get to a first round PE interview they would quickly pick ...
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What is the most relevnt/respectabe financial modeling certification?Hi everyone, I just recently finished my master's in finance degree and started working at a PE/VC boutique. I was given a little budget to take any course of my choosing as a part of my training program. As a result, I am considering taking a financial modeling certification course, which will ...
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Macquarie Group Limited ABN - Review - Special Situations GroupCulture and team were great; training was in Sydney, Australia which was a lot of fun; analyst class was very close (and still is).. Compensation was extremely low relative to other banks on the street at the time; management didn't provide much context as to why comp was low; morale was overall pre...
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Venture Capital as Pre-MBA experienceI am going to complete my undergraduate studies (in the UK) and have the opportunity to be an analyst at a solid venture capital firm in London. I was wondering whether an MBA at a good US university would be in the cards with that experience. I realise that there are many other factors but assessi...
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SoftBank Vision Fund / GIC / TemasekI know that these three seem like a random grouping of firms, but I wanted to see if the WSO community has a view on where they stand in regards to US PE Investing from a investment performance, career development/platform, and overall strategy perspective. A little surprising how there's close to n...
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Lender RecommendationsCan anyone recommend lender that would be OK with financing a transaction like this? Feel free to PM or reply here. I have lenders I've worked with before but it's always good to see who else is out there. **Information:** -Total purchase price ~$4M - $5M USD. Company is doing close $1.2M in EBITDA...
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What is the most relevant/respectable financial modeling certification?Hi everyone, I just recently finished my master's in finance degree and started working at a PE/VC boutique. I was given a little budget to take any course of my choosing as a part of my training program. As a result, I am considering taking a financial modeling certification course, which will ho...
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Winter Internshio Priorities - BB in summerI’ve been fortunate enough to have locked in a summer analyst stint at a top BB. I go to school in New York, so I was also looking for a winter internship. Where should I focus my attention, if the ultimate goal is to open as many doors as possible for PE? Should I do something interesting (sport...
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Altamont Capital? Not much information onlineDoes anyone know anything about Altamont? There isn't that much info on them available on here or on other sites. Is it hard to get an internship there? How are they regarded in the PE world? How do Any other insights/info/thoughts would be appreciated. ...
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Millionaire by 30Hey there wolves. I recently set a goal for myself to be have a million dollars sitting in my savings account before mid-age crisis blows me across the face like a metal baseball bat. If there's any of you young bucks out there on the street with a similar goal. Matter of fact, if you're a veteran r...
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Brown Brothers Harriman - Review - Private EquityGood deal experience, good compensation, excellent team and work environment, interesting projects and a lot of responsibility right of the back.. The team is shrinking, the firm earns most of its money from back office functions, so the pe team is not important to most of the partners....
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Growth Equity TechnicalsHi All, I have a 30 minute technical interview coming up for a full time analyst position at a growth equity shop and was wondering what technicals I should be expecting? Most PE interview guides focus heavily on LBO’s but this firm does not do LBO’s so I’m trying to figure out what topics to...
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Life as a Private Credit AnalystHey Guys, I have an interview with a private credit fund this week. I am currently in associate at a boutique IB and am interested in learning more about the day-to-day of a private credit analyst. I am trying to leave IB primarily to get away from the spontaneous hours and working weekends. I do...
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VC in Australia1. What is the VC scene like in Australia in terms of deal flow? Is the majority sourced globally or are there enough startups in Australia for the industry? 2. How comparable are the salaries to America? Would assume it is less considering Silicon Valley is a huge tech hub etc, but how much less (...
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Warburg Pincus - Review - GeneralistCollaborative culture, smart group of people, very senior investors, diversified global carry (not deal by deal or tied to a single geography or currency). Very political, one often needs a godfather do rise up the ranks. Quite a few examples of professionals with flawed judgement or poor investmen...
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Engineer Starting MSc Finance in London - no EXP/ Thoughts on how to break into PEAs said in the title i 've completed BEng + MEng in Engineering and i will be starting an MSc Finance from 2018 in Cranfield SOM (Ranked 7th in the UK /30th World from FT). - Internships in Energy/Mining Companies (Big Canadian one) - Real Estate Experience in Construction/Investing through family c...
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PE Internship - Help needed to get FTHi guys, I am an MSc Finance student and currently trying to get into MM PE. I did internships in IB, Corp. Dev., worked as a consultant (accounting advisory) for one year and did other internships during my bachelor. As you can imagine, it is very tough to get directly into PE. I have now an off...
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Goldman Sachs - Review - Investment BankingAnalyst → Associate → Vice President(VP) → Senior Vice President (SVP) / Director→ Managing Director (MD) . Analyst → Associate → Vice President(VP) → Senior Vice President (SVP) / Director→ Managing Director (MD) ...
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Siguler Guff - Fund of FundsWhat is Siguler Guff's fund of funds reputation, culture, etc. within their Small Buyout fund? Would appreciate any color on the firm and this specific fund with regards to their Boston and NYC offices as it looks to be a small team. ...
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Ask me anything: I'm a private equity associate in CanadaComing from a non-target, WSO was a fantastic resource for me in university. There are a ton of Canadians on the forum but not enough Canadian content so thought I'd try to give back to the community and help out with any questions about working in / recruiting at investment banks, private equity an...
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Macquarie Group Limited ABN - Review - Asset ManagementGreat culture and true to values, flexible (ish) working and a good office environment. Great work events.. Salary is OK to good, but could be improved when considered in whole context. Juniors do work very hard....
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8 years old with no finance experience, too late to get into PE?Hi everyone. I go to a top feeder elementary school and hoping to get into MM or hopefully MF PE down the line. I'm trying to transfer to a target middle school soon so I can work my way into an elite prep HS -> HYP -> BB -> MM/MF -> HBS -> MF. I just got a piggy bank but a few friends already have...
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IB Associate with PE Offer (package question)Hi all. I am currently an Investment Banking Associate (1) at an Elite Boutique in Australia. I have approximately 4 years of Investment Banking experience. My currently base is A$180k and receive a bonus of ~80%. I received an offer as an Investment Associate at a mid-market Australian private e...
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Partners Group - Review - EnergyFun deals. Great senior team members. Decent amount of travel. Flexible investment mandate allows for uniquely structured deals.. Very structured. Low compensation relative to the rest of the Street. Variable hours. No assistants....
CPP Investment Board - Review - GeneralistGreat learning experience, you get to learn about private equity and full time gives the chance to try more groups. Not as in-depth analysis as you would try and less questioning of portfolio quality, focus on deal to deal as an analyst...
Morgan Stanley - Review - Investment Banking* Amazing Benefits * Great Learning Opportunities * Challenging Work Environment (keeps employee engaged) . * Strict micromanagement * long work hours * hard to obtain upward mobility * low transparency ...
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LBO Structure AnalysisHi, I was just analyzing this LBO and I have some questions about the capital structure. I hope you can give me some insight on the reasoning behind this specific capital structure. So, the case is as follows: A PE company acquires a target that has been held by another PE before. (Secondary purcha...
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VP Carry - I thought this should be standard?Wanted to run something by the pack for updated insights. Is it still standard for VPs to get fund carry/equity as a part of compensation? I had a recruiter reach out to me and compensation is only salary + bonus ($250k-$300k range all-in). Recently had a friend leave my firm for a well known PE ...
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KKR Client Partner Group (CPG)I have done some extensive research but am struggling to find the data I am looking for around this group. From what I have read it is the blended role of Relationship Mgmt/IR/Fundraising but I know that KKR has an IR Team so what aspects of IR is the CPG responsible for? I am also curious about b...
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New York Life - Review - GeneralistI really like the dynamics of the company and all the differences I made as an intern. The culture was great.. There were times when you would have a lot of free time and would use that to look through internal memos....
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Agriculture Focused Private Equity FundsI was trying to find a good list of Agriculture PE Funds-- Middle Market and Megas. I've tried searching but haven't found anything useful. Anyone who knows, your input will be appreciated! Thanks...
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Investor Database list (limited partners)Moving out of the industry and selling investor database. Family offices and all inst. investors. Message me if interested....
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Tricks of the TradeJust want to share best practices and hear what other people do to be more efficient. I'm wrapping up 1st year associate in middle-market growth equity shop... PortCos * Keep a folder for each portco in outlook where I save all correspondence * Save all files received from each portco in spec...
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Starting Post-MBA Megafund PE - Ask me Anything (AMA)Have a few weeks before starting my post-MBA PE role so figured I'd try to give back. I've been a long-term lurker and infrequent contributor, and would love to help with any questions you guys might have. Quick background on me: 1) Undergrad at a semi-target 2) Investment banking at a BB 3) Pr...
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Private Equity FoFPE FoF Associate at top Private Equity FoF firm (eg. Pantheon, Hamilton Lane) vs PE FoF Analyst at large institutional investor (eg. pension fund/ SWF)? ...
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AMA: MM PE (~$1.5B AUM) Associate in AsiaHi WSO community, The forum has always been beneficial to me. Therefore, I decided to do this AMA to help others. I'm currently an associate at a middle market private equity firm (~$1.5B AUM) in Asia. My background is relatively typical: top 4 undergrad in China, two years at tier 2 consulting f...
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Private Equity Associate Bonus GuidanceHi all, I’m have a little bit of a situation going on and would love to know what you guys think. I am set to start at a new private equity firm soon after finishing up banking. I’m going to a relatively established fund $5bn+ AUM investment professionals with a pretty high base salary even by ...
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Vista Equity Partners Analyst ProgramI'm doing an summer analyst internship at a MM bank right now. Me and a bunch of other people in my class got a blast email from a recruiter a VEP about summer networking events they're having in Chicago and NYC this month. I applied and (surprisingly) was invited. Does anyone know anything about V...
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Total Proceeds Based on Ending Cash Using Price / Rev.Hi Likely a basic question but thanks for any help. Please consider this in the context of a VC funding round / returns analysis. Imagine I have a company which I am valuing using Price / Revenue, in line with industry norms. Let's assume the company has $100m in Revenue in my exit year and the mu...
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Placement agent - private equity fundraising job Hello, I have a case study round with a top tier placement agent (think greenhill, lazard, pjt/parkhill) for private equity fundraising. Could anyone give me some insight on what to prepare for? The case study will take c.90mins. Many Thanks, Falcon ...
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FIG PE Modeling TestHi All - has anyone in FIG PE gone through the model/case study portion? What can I expect? Any good resources? They said I would be looking at a public company. Thanks...
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Leveraged/Sponsor Finance Exit OpportuntiesI wanted to ask a question on what the exit opportunities are like for someone who spends time as an analyst and maybe even associate in leveraged/sponsor finance. Specifically, it would be good to know what some exit opps are at some of the leading mid market players (i.e. GE/Antares). In your op...
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One Equity Partners -- JPM PE armAnybody have any insight on OEP? They have made headlines as of late with the Ford/Jaguar/Land Rover auction and they're currently in the running for a stake in Evonik Industries among the likes of Bain Cap, BX, KKR, and Cerberus. Comments on culture, comp, and day-to-day functions (i.e. heavy on ...
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Didn't get paid a bonus as a PE Associate...To preface: - This is a longish post under a burner account. If you don’t want to read it the TL;DR is that I work at a small PE shop as a first year(and now 2nd year) associate and didn’t get a bonus this year. Don’t think its personal performance or fund performance based(will get that info...
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Let’s talk specific deals...Hi all, I think this forum can get more specific in terms of what deals/industries the company you’re working at have previously done and are looking to do. A few questions would be 1)what made your firm target a specific company? What do you look for in a businesses? What metrics, growth, mu...
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How does one best fit pregnancy into a PE careerAs a woman eyeing a career in PE, how could one best plan pregnancy to minimise damage to one's career progression. Time it with MBA? Wait till Director or even Partner? I doubt there are many mothers on here who can speak from experience, but I value the application of anyone's mind....
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How to Prep Before Starting PE GigWSO, I will be starting as a Pre-MBA PE Associate at a North America-Focused MM Buyout Fund this summer. How can I best prepare for the job? Some people have told me to read books (basically narratives), but how can I best prepare for the technical aspect of the business, i.e. analyzing business...
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How much am I underpaid (mezzanine fund)?I'm a VP at a mezzanine fund based in a metro area similar to Minneapolis / Denver / Milwaukee / St. Louis. I have 6 years of corporate banking and debt capital markets experience, 2 years in investor relations at a $2.5B PE fund, and 2 years experience in mezzanine funds. I make a salary of $150,00...
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AEA Investors - Information on hours and reputation? Hey, Is anyone familiar with AEA Investors? I am looking for any information you can provide from hours to reputation to pay. Thanks so much, Run...
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IB -> VC recruitment timelineIs the timeline for recruitment for the bigger VC firms similar to PE? Do they interview IB analysts late this fall/early this winter? Any insight into this process would be great, thanks....
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Post-interview call tomorrow, what to expect?I interviewed last Monday for a PE firm's junior analyst position on their IR team (with everyone including the Director) and got an email from my connect there last night saying that he wanted to "update me on their process" and said Wednesday 8/1 morning would work best for him. I love the firm, t...
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PE Secondary Advisory BrokersHey guys, posting this here again with the hope of finding someone in this forum who might know something. I am a recent graduate looking for an Analyst Position in M&A or Restructuring and came across an Analyst position in Secondary Advisory: I wondered if this will leave me with the same experi...
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Hours in MM PE? How are the hours in Middle Market PE? Is it true that usually you don't work on weekends? If you do, how often (how often are you in the midst of a hot deal that weekends get blown up)? interested in NYC only PE shops for Healthcare and/or consumer. ...
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Why is OID considered a use of cash (LBO)? Hey guys, Been thinking about this problem for the past few hours. From a balance sheet perspective, I can see why an OID would be categorized the same as something like a financing fee, where it is netted against the debt financed and amortized over the term. However, there seems to be a conceptua...
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LaSalle Investment Management - Review - Real EstateGood reputation, very good on the investment side, people were smart and always willing to help, ethical. Certain groups on the operations side were not run very well, lots of passing the buck and shirking responsibility between teams....
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Family Office Database listHello fellow chimps- After seeing the other thread on WSO for interest in family office lists, I’ve compiled a number of family office databases which I’m willing to offer to those in need of a good list. I worked in a fundraiser/investor relations role for a few VC/PE funds and have switched ro...
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KKR (Kohlberg Kravis Roberts) - Review - N/AGreat people, location, perks. The work is challenging, and you get to learn a lot from the best in the industry. . Can't really think of any at this point. The work hours can get really stressful, but that's part of any finance job. ...
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Halfway through Summer Internship, invited to networking breakfast with MFs - what to expect?So I am currently halfway through my Summer Internship at a BB IBD in London. About two weeks ago, I have been approached by a PE headhunter asking if I would be interested in a networking event with two top MF's. I have sent out my CV and got an invitation. I really enjoy the internship so far, li...
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The Promised Land of Private Equity Turned out to be a "Monster Land"I spent 3 years in bulge bracket bank covering awesome tech companies. Banking was great for me can't complain much. The culture in my group was amazing, the people I worked with were fantastic. Lots of social events, group lunch breaks and coffee chats. But like everyone else I was trying to swit...
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Independent Sponsor advice I want to become an independent/fundless sponsor for a dental rollup. I'm currently on the sell side as a dental business broker, and I've been a dental operator in the past. I'm thinking my experience is lacking to raise a fund; however, I want to take down 5-20MM in EBITDA through a collection o...
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PSP Investments - PE interview (Please provide advice)I've got a finance interview with PSP Investments (Montreal) soon. I was wondering if anyone has been through the process and can give me some advice or suggestions? i was told there will be a case study where I'm given 3-4 hours to prepare a presentation for the team. They didn't tell me if it's a...
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Ares Management (PE) Analyst ProgramHey all, I had an interview for Ares Management’s Private Equity Summer Analyst spot, and the interviewer spoke about their ‘Analyst Program’ that hires out of undergrad. It apparently consists of 4-6mo stints in each vertical over 2 years. I’m wondering if anyone knows about the differen...
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Can Dividend Recaps ever benefit the portfolio firm or is it only for short-term payouts?I mean I can see the incentivised case where PE managers may be more aggressive in trying to get increased cash flows so that that can mantain a leverage ratio (after it comes down once debt has been paid) but it still seems like a very "fluffy" reason. Would appreciate clarity on this. ...
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HIG Capital - Review - GeneralistGenerally good work-life and friendly work environment, especially compared w/ other PE firms of similar size.. Low comp, "2-and-out" program; generally the firm has become pretty structured, so little room to move up and stay within the firm...
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MO/BO PE "Fund Accounting" or ODD at an Advisory firm?Thanks for the feedback ! Decision made ____________________________________________________________________...
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PE Analyst - hate my firm, should I look to lateral after only 6 months?Hey everyone, long-time lurker/poster but recently made a new account. My dilemma is as follows: got an offer to be an analyst for an infrastructure investment firm, the day I went to sign the contract they said they'd need me to help the advisory team too (they do advisory, direct investments, and...
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Eli GlobalWhat do people know about Eli Global? I have a friend interviewing and from what I can tell it could be a high risk place to work. ...
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F100 Corporate Strategy to PE possible?Hey everyone! Thought I'd post to hopefully get your thoughts, thanks in advance. Graduated undergrad 2017. Joined F100 Insurance Company. Worked first year as a financial analyst and then transitioned to corporate strategy within the company. Is it realistic to get into PE from here? Pre-MBA or ev...
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Anyone familiar with NextEnergy Capital?Have an interview coming up for their London office, wondering if anyone has inisght into pay, culture etc. Thanks....
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Deal FlowFor those working at smaller firms specifically targeting lower MM or nano/microcap....what's your firm's strategy for generating deal flow and how well does it work? What channel has been the most effective overall?...
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