Silver BananaTopic
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PE FoF Primary Investment Case studyHi everyone, I know that there's been multiple threads on the PE FoF industry but I can't really find out much about the quantitative aspects of the case study (for a role with the primary investment team). I get a lot of the qualitative bits are about the track record of the fund, management tea...
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Management Pool in LBO - ExcelHow do you treat the cash proceeds received from excercising the management pool options (awarded) at exit in an lbo model Is it distributed to: 1. both sponso and management - I think this is the case as the cash from exercise essentially becomes distributable equity value? 2. Only sponsor - thi...
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Starting Private Equity Career Can I start my private equity career through a recruiting/staffing firm? If yes, how and which firms in NYC are good? ...
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Private Equity Interview Question: Why do you want to work for our Firm?So I have a sound understanding of why I want to transition to PE. I also understand the differences between various strategies - traditional buyout funds, growth equity, secondaries, FoF, mezzanine - well enough to speak convincingly about why I would or wouldn't like to work in each one. However...
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Private Sell Side advisory deal while working at PE firmWSO, This is a discussion regarding a specific situation I am in that is grey with regards to compliance, payment, and disclosure. I am need of some collective thoughts / help from the investment banking community. In December last year, my cousin, Co-Founder of a $20mm revs $2mm EBITDA business, ...
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Private Account StrategyRecently have some extra money from my internship and want to invest it. I will only be putting a couple thousand into an account and want to use it primarily to learn. I eventually want to go into PE and was wondering what strategies or areas would be interesting/helpful for me to learn now while I...
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Walk me through your entire investment thought processVC / Growth Equity investors: Walk me through your entire investment though process when you look at a company. For example, what are you specifically looking for when you look at: Term sheet Customer calls Favorite questions to ask management Cap table Balance sheet IP / patents Management experi...
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Private Equity Internship - LondonHi guys, I am about to graduate in engineering (MSc) from a top engineering school in Europe (think Oxbridge) and did an internship with a returning offer in a tier 1 consulting firm (MBB) - not London office though. I am really looking to break into PE - either long term post MBA or now by possibly...
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Networking as an incoming undergrad freshman?So, I'm going to be an undergrad freshman in the fall and want to eventually get into private equity of some sort and/or venture capital. I want to start making connections and growing my network as early as possible so that I might have a better chance of getting better internships when it comes ...
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Credit Opportunities Fund - Case StudyHello everyone. I am looking for help on preparation to the case study in a credit opportunities fund. The fund invests in granular portfolio of loans (performing and NPLs). The description of the case study is vague and just says that it will involve cash flow modelling and analyzing the loan p...
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Couple of days in NYCI'm going to be in New York for a couple days and wanted to be proactive. Next summer I hope to intern at a PE firm. Should I reach out to alumni at firms I want to intern at and ask to grab coffee? Would it be too much to ask to shadow them for an afternoon? Any suggestions are greatly appreciated!...
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Private Debt ValuationWith the rise of private debt as an asset class, especially for institutionnal investors, I am call to find a valuation model to price private debt for the firm I'm currently working for. Especially finding quantitative or even qualitative inputs that affect the price. I first started with simply ...
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Credit Analyst to PE AssociateLooking for some quick opinions.. I currently work as a credit analyst for a large, global energy trading shop and have an interview with a start up PE company. What are the pros/cons of working for a small PE company? I've been working in credit for a year, does it make sense to leave this early o...
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PE Case Study - LBO with CIMHey guys, I looked for a clear answer to the following case study in the old discussions, but I couldn't find any: what's the best way to approach a LBO exercise with a full (50+ pages) CIM and no assumptions given in terms of sources (including type and cost of debt) and entry/exit multiples? The t...
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Sexual Harassment Issues in Silicon ValleyHello fellow monkeys, It appears that sexual harassment has been becoming a major issue across many tech startups and venture capital firms over the past few months. Examples of those who have lost their jobs are: Justin Caldbeck, Matt Mazzeo, Jonathan Teo (all of Binary Capital), David McClure (5...
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London PE / case study prepHey guys, In terms of background, I'm at a BB seeking to go to PE. I'm seeking resources to prepare for PE case studies. In London, do you usually get a case study to do on the spot (you're placed in a room where you have x hours to do a model / presentation and present your thesis) or do they us...
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Recruiting process after spending two years as PE Analyst---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------...
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PE Real Estate to Traditional PEHey all, Super new to the website but once I found it I couldn't stop reading all the forums. Lotta juicey posts. Thought I would write a forum to seek any advice people might have for transferring out of PERE and into a LMM/MM PE shop. Been here for about 1.5 yrs. I know with traditional PE your...
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Private Equity: How to Analyze a CIM Effectively?All, I work at a middle-market fund (started about 8 months ago here) and wanted to learn from someone qualified (associate level or above) who works on the buyside what the best and most efficient way to analyze a CIM is (Confidential Information Memorandum, for those who're not aware is a 40-50+ p...
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Time Effective Way to Review CIM during case study interviews?What's the most time effective way to review a CIM during a case study interview (3-4hrs w model and investment case write up). I typically end up spending a lot of time on the CIM and am blank on the company for while through my reading. Only after some back and forth and rereading slides again i...
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Upcoming PE Case Study (3-4hrs study)1. Is it okay to ask HR some details in advance of the case study so I can prep myself. I.e. What info will I be provided with (10Ks or redacted CIM, or just a few pages on company, industry and model assumptions)? Don't want to get dinged over this question. 2 I suspect CIM for the 3hr case study...
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How much staffing on typical PE deal?Quick question for the other private equity guys on here. How do you typically staff(or get staffed on) live deals? Is it as lean as a VP/Associate pair with Partner oversight? Would multiple associates get staffed on a larger deal? I know it differs firm to firm, but curious to get everyone's expe...
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Least modeling-intensive PE firmsJust curious as to which PE firms have a minimal amount modeling (relatively speaking)? Growth equity, FoF (but that doesn't really count)...any others?...
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Sycamore Acquires Staples for $6.9 Billion in Largest Buyout of the Year Sycamore Partners announced on Wednesday that it would acquire chain retailer Staples. Sycamore will pay $10.25 a share in cash for Staples, which finished trading Wednesday at $9.93. This price represents around a 20% premium from where the shares were trading in April, before it was announced by t...
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New entrantHello WSO members, I am currently trying to assess my viability of making it in the investment world; (IB/PE/ Restructuring firms - which is what I'm interested in) transitioning from a traditional finance role / accounting role; below is my specific work experience for the past three years: - P&G...
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Pre-money / Post-money valuation questionHi everyone, Could someone please help me out with the following: 1) Can i confirm that pre-money and post-money valuation refers to equity value and not enterprise value? 2) When a question says "In order to meet its cashflow needs, the Company raised US$1m to date on a 20% discount to current fun...
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WSO financial modeling courseHey all, Has anybody here bought WSO's financial modeling course? I can't post the link, but it's their main $425 shindig. If so, was it worth it? For some context, I'm recruiting this fall but have limited experience in hefty financial modeling. (MBB consultant, shocker). Thanks, any input appre...
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2016/2017 Private Equity Recruiting ResultsBased on what i have heard from friends one year older (i just graduated), PE recruiting seemed pretty brutal across the board for BB, EB, and MM first year analysts. Just was wondering whether this year was especially brutual, or if it is simply a continuation of increasing competitiveness year ov...
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Apollo Real Estate in Los Angeles?Hey guys, I was just wondering if Apollo Real Estate had an office in Los Angeles at all? Or is all the real estate done out of New York and/or SF...
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Sycamore PartnersAny thoughts? They spun off from Golden Gate and raised a fund pretty quickly with a couple of fairly large deals. Seem legit?...
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List all the PE firms with SA programs?Could anyone list all the private equity firms with summer analyst programs for undergraduates (MF's and Non-MF's), and if anyone could list if each of the firms hire SA for FT that'd be great as well...
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Updated Comprehensive List of Buyside Opportunities out of undergrad Is there an updated list of buyside shops (PE or HF) that hire out of undergrad? If not, anyone willing to help put together a comprehensive list. I'm currently interning at a MF so can provide some info. ...
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Co-investment Firm Case Study Interview Can anyone provide some insight on what the Case Study round at a large co-investment shop entails? What kind of info will be provided and what is expected of the candidate? ...
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College E-mail Address Domain or Gmail?Hey all, I am a finance professional with ~5-6 years of experience - previously did IB and now on the buyside. Since graduation, I have been using a college affiliated domain for sending personal e-mails (e.g., xyzschool.edu), but wanted to know your thoughts on whether it begins to look unprofessi...
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Which PE Firms in the US sponsor international MBA grad?I have been a long time reader of this forum. Decided to create an account to ask the people here, since I presume you guys are predominantly based in the US. Background: I'm from Asia and currently work in a $10bn+ AUM PE fund in London, after completing 2 years M&A IB in the City. I will be matr...
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What to expect during first round phone interview?I have a phone interview coming up with a VC firm with around $100mm+ AUM. I don't really know what to expect and it's with a partner at the firm. I don't have any prior professional financial internships and am a rising junior at a target. Any tips?...
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New Capital Partners - PE ReviewJust finished up my second year of Public Finance IB and started applying to PE shops. Finally locked in an interview with this small shop (http://www.newcapitalpartners.com/) and was curious on how one would judge the quality of the shop and whether it would be worth leaving a BB for the opportunit...
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LBO Model Issue Hi guys - Building an lbo model for the first time and having trouble balancing the model. Gone through everything and not having any luck. Any help would be massively appreciated Cheers...
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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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PE Analyst -> AssociateHow is the process of lateralling within private equity any different from the traditional IB -> PE path? A little background on myself. I am an Pre-MBA analyst at an industry specific PE firm that is well known among those who dabble in the industry. However, the firm is less known to those outsi...
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PE case helpHi guys, just to give you my background - I am currently a MBB consultant trying to break into PE. I am interviewing with one PE and after passing initial two rounds I have been invited to work on a PE case study. Since my knowledge of PE case study is very low (first PE case study), I am hoping f...
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Does anyone have any clue on the timeline of recruiting process for PE associate (starting summer of 2019) I am incoming first-year analyst at a BB and will start my full-time training soon. As irresponsible as it sounds, I wonder what the timeline will be for PE recruiting. I understand that this process is getting earlier and earlier. What I heard from my friends who recruited last year (for associate...
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Private equity tough interview questionsFor those of you who have gone through private equity interviews before, I'd like to know what questions you've gotten. Not just the hardest questions, but a laundry list of all the questions you've been asked. What are the different ways you can prepare for these questions?...
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VC recruiters in LondonCan anyone recommend any recruiters in London that specialise or have a strong focus on VC? I'm a junior lev fin analyst looking to move across if anyone has any tips / advice too. ...
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Internship at Startup? Looking towards next summer, I would like to get some startup experience on my resume. Has anyone interned at a startup? What is the recruitment process like? And how valuable would this experience be for VC/IB jobs? I've heard vaguely that VCs love startup experience but not sure if startup interns...
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What are your thoughts on executive compensation?One of the ways we align management interest together with shareholder interest is using ESOP. However not all personnel play a direct role in creating value in their business unit and company and offering options may not be an (perceived)incentive to them. How would you structure compensation in ...
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IB to PE for Analyst RoleMonkeys, Some friends and I were chatting and I had thought to reach out to just ask you all your opinions. What are the details on moving into a PE Analyst role directly out of undergrad? Is it actually a good play? Is the investment banking 2 year deal better than an analyst role in PE. My b...
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PE interview question - If you can only know 3 things for an investment analysis?I received this PE interview question awhile back and I was wondering how one would answer this? If I wanted to evaluate an investment opportunity for PE and I can only ask for three things, what would I ask for and why? No details are provided about the company (not what it does, not what industr...
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Specialty Lending (GS/TPG) - Any insights?Can anyone give some insights about specialty lenders such as GS Specialty Lending or TPG's Specialty Lending platform? They both sit within their respective Special Situations Groups. I'd be interested in * the actual work you do and how much different it actually is compared to traditional lendin...
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MBA student/restaurant franchise owner new to WSOI am an MBA student and a restaurant franchise owner. I intend to transition to a private equity firm that is interested in restaurant and franchise activity once I complete my MBA in 2019. Does anybody have similar experience or any advice to give? Thanks a lot....
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How brutal is Blackstone as an analyst?Curious if anyone who works/worked at BX (PE) or has secondhand knowledge would be willing to share. Is it true the hours are even worse than BB IB and you are continually worked to the bone? Does the firm give any damn about your well-being? ...
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Private Debt RecruitmentHi all, I am looking for some advice and experiences of people who have gone into different forms of private debt. My situation is as follows. I am a first year analyst working in FIG corporate banking in a BB where IB and corporate banking are one division. I have been getting good exposure on de...
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Losing Interest DeductibilityPrivate Equity recognizes this tax tool as a normal function of conducting business, and use it just as much as small to mid-sized companies. It's cost-saving, accessible, and safe for investors. Legislators want to reduce debt's burdens by decreasing incentives by removing interest deduction. They...
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Is there a perfect profile for an Entrepreneur?Ok, so long time lurker here. I am 25 yo about to start a MIM degree in September. I have some previous entrepreneurial experience but in south Europe in an non sexy industry (think non-tech and very niche market) so VC funding was not for me. However the business is doing good in that market with ...
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Headhunter referencesHi all, Recently started responding to headhunters (think CPI, Amity, HSP) who have been reaching out to me since I started my job at MBB. Is it normal for them to ask for references before even starting the PE recruiting process? If so, how did you guys go about this discreetly? Don't yet want to...
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Other "cross-asset" funds similar to Blackstone Tactical Opportunities?I'm interested in knowing if there are other groups out there that have unconstrained mandates, like how Blackstone Tac Opps invests across asset classes. If anyone also knows how it's like to work at Tac Opps, please let me know!...
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MM PE Salary ProgressionHi, quick question about PE compa progression for pre-MBA MM fund. Know that there is a significant difference bet different firms, but say if I make ~$245,000 all in in year 1, what should I expect to make going forward?...
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When Do BX SA Applications Open?Specifically for the Blackstone private equity Summer Analyst applications? I know their process is a bit later than for IB....
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Exit Options from New FundPosting from a new account. Curious to get thoughts from people who have either been in my situation, seen people in similar situations, or are very familiar with the PE recruiting process post entry-level. I came from a fairly strong coverage team at a BB in NYC. As an analyst, I was interviewing ...
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What makes a good growth equity investment?Hello WSO, I have an interview for an entry level position for a growth equity firm. I would just like some input on what would make a growth equity investment. Could you please elaborate/add to some of my thoughts below. As no debt is being used I believe stating things such as minimum CapEx an...
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Search Funds?Anyone have experience running or knows someone who has successfully run a search fund? I'm an MBA student at an M7 and am looking to go into VC but have been intrigued by search funds recently. Haven't seen a lot of posts on here about search funds and was curious to hear about experiences anyone h...
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Large BDC Interview for VP roleI have an upcoming interview from a VP level role at large BDC later this week. Meeting with multiple folks. Can anyone please advise on how I can best prepare for this? I am currently a PE associate and never interviewed for a VP role. What qualities might they be looking for? Any specfic technic...
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Uber CEO ResignsAfter several months of scandals and upper management issues, including many key figures leaving, investors have had enough and Kalanick is being forced to resign. It's surprising to see investors turn their back on a startup founder, because there is this "founder-above-all" attitude amongst many c...
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Wexford Capital, PE arm?Does anyone have much information on Wexford Capital the HF and their bayside arm? I have a call coming up with a guy that I believe is in the PE arm. I cannot access information on the firm because I am not an investor do not have an access code. I spent a few hours reading their 13F but that is ...
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Asset Management (Equity Research) To VC?Was wondering if anyone here has (or knows of friends who have) made the jump from Asset Management (equity research) to VC? ...
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PE/VC ownership of a target companyHow much does a PE/Venture capital firm own in a portfolio company and what usually determines this? How much equity does the PE/VC receive for investing in my company? And does this differ between PE and VC?...
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Private Equity at Pension Fund (LP) Advice/HelpHi everyone, I require some advice and would appreciate it. I have a job interview within the Private Equity team at a large Pension Fund. This Pension Fund is usually a Limited Partner and works with General Partners. The job description has limited info and I am not sure what I will be asked at i...
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Move from Long-Only Fund to Private EquityLong time browsing on this website - had a quick question as I am interviewing in the next week for a private equity role in London. Bit of background: I graduated from a top university in the UK, worked at a large institution in research (non-financial for a year) and moved to a long-only fund wh...
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Can you solve this PE interview brainteaser?Imagine you have a special dollar. You can play a game with me. I'll toss a coin and if you call it right, you have two dollars; if not, you take home only one dollar. You can keep playing if you call correctly, doubling your money each time How much would you pay for the special dollar?...
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English speaking Venture CapitalIn September I will start my studies in a target University in mainland Europe for a MIM but my German are far from good and from my experience , recruiting in Europe is really regional so I'm in a need of some help for my next steps. My goal is in 7-6 years time to try and make my own VC fund whic...
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Great Return Bad GradesSo I'm currently a junior in college, I'm studying finance and a minor in economics. I played football from the second grade and loved everything about it. Until I switched my passion to Stock trading in the 10th grade, it's the same euphoric feeling to me as playing football. I started doing my res...
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Research and advisory report (thesis) Private equity UndergraduateDear wso'rs, Thank god we have such an active forum where professionals can help each other out. I am seeking advice for my research and advisory (thesis) report. In the period of February 2018 to July 2018 I will have my research and advisory report (thesis) assignment. I would like to do research...
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Deferred Sales Commissions Excluded from EBITDAA deal I'm looking at is for a company that relies heavily on paying certain lead generation players to acquire new customers. Using fictional numbers, let's assume they generate about $50 million in EBITDA but they pay $30mm year in referral fees to these lead generators annually.. and in turn try ...
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MM Industrials LBOs to Tech/Consumer Growth Equity?Currently an associate at a MM fund focused primarily on later-stage, industrials LBOs and while I like PE generally, I find myself somewhat bored by the companies I'm dealing with. A lot of our operational value add comes from cutting costs and optimizing supply chain/logistics - certainly helpful ...
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Cross-border Investments in PEI'm highly considering making the switch to buy-side but still debating on the type of asset class/fund. Right now, I'm an Associate in an IB coverage group and have been getting introduced to various PE positions from recruiters. I have experience in various industries (even though I'm in a coverag...
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BB ...
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Has anyone heard of Midtown Partners?Hi All, I got an interview with Midtown Partners to talk with VP. I'm new to this industry. I'm going to get my PhD in Biological Engineering and helped found a biotech start-up. Have anyone heard of this company? I wonder how the interview format will be. I will appreciate it if anyone can provide...
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2nd year vc analyst, fund closed down, what now?I live in Asia. I worked in a VC for a year, then the partner I worked for there decided to leave to start his own VC fund. I joined him because he brought in exciting deals, was a good mentor, and was offering to pay me much more. He assured me the funds had already been raised, and it was in the h...
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Going back into Banking from PE I graduated from a top 3 MBA last year and before that worked for 2 years in a Top 10 boutique bank and 2 years at a global CPG company as a corporate development professional. My dream for B-School was to land at a mid-market consumer PE/Growth fund, and I made it happen by hustling harder than ev...
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Blackstone RE interviews - best interview guide to use? ..................................................................................................................... ....
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Comp, upside, and trade commission "etc"Hey, I've just been offered an analyst position with the intent on immediately getting me 63 series license. I'm a scientist by formal education/training, but have been recruited to a biotech fund group. I do not know how to negotiate this deal. "Try to provide compensation guidance which hopefull...
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How to do entry analysis on private companies?Hey everyone, I was recently interviewed for an internship with a local Investment Bank. More specifically, it was for their Mezzanine Capital Unit/ private equity arm. After the interview, everything was going fine and I had a good feeling. However, they asked me to do a quick analysis on a pri...
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Advice on Sourcing Family Office info to help secure LP'sI'm starting an internship with a boutique VC firm next week. I have limited prior experience, but I'm determined to show my value. Their first project is to have me source family office info and HNWI info in the Boston/Northeast with assets in the range of $50-$100m who we can pitch as LP's to c...
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Best European mid market buyout fundsWhat do you think are the best European mid market private equity firms in buyout in London? Is speaking several European languages a truly competitive advantage to work at those PE firms or just an illusion?...
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PE from Wealth Management?Good afternoon all, I feel naive for asking, but Is it possible to make the jump from Wealth Management/Advising to Private Equity? I entered the broker business 5 years ago knowing that advising was as far as I would make it without a 4 year degree, so I looked at it as a way to gain client facing...
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Berkeley Haas or Cornell AEM for undergrad?Admissions and costs aside, which would you go to and why? I regularly hear these two compared with each other and was wondering what you guys thought....
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SoftBank 100bn fund raising debtThis morning I was reading an article in the FT about SoftBank's mega fund and its uncommon capital structure. https://www.ft.com/content/b6fe313a-4add-11e7-a3f4-c742b9791d43 Basically, SoftBank raised/is going to raise almost 44bn of its 100bn target in debt for the fund. The article mentions th...
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PE Interview Case Study - LBO Modelling Training in LondonI'm looking for a good LBO modelling course in London to prepare for PE case interviews. Unfortunately its on really short notice (should take place in the next 1-2 weeks). Does anyone have good recommendations? Thanks!...
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Secured MM Private Equity Role - Can I start one year early?I joined a large investment firm out of college and am considering whether I should try to start at my next middle market PE firm earlier. Background: I interned at a bulge bracket bank for three summers (senior year of high school, sophomore year, and junior year) and went to a target school. I la...
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Self-taught coders?Are there any self-taught coders on here? I am interested in learning how to code and would like to know what would be some good resources to get started. In terms of a programming language, I heard that Python is one of the easiest ones to learn. Is Python used frequently in the finance world (mai...
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Secure PE compensation packageA few months ago, I joined (have no ownership) an exiting first time mid market buyout fund in Europe. The PE firm is still aiming to raise €200m from investors. Thus the PE firm is not making money yet so none of us get any salary. The idea was to help the team make some direct deals at first in ...
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Hamilton Lane Excel TestHey guys, going to Hamilton Lane's office for an Excel test. Any one know what the test consists of ? Any tips on how best to prepare ? To begin preparing for an excel test interview, JobTestPrep has everything you need to know for Excel Testing Interviews, including a myriad of questions with th...
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Antares CapitalAntares Capital (formerly GE Capital) - Can anyone tell me what compensation is like for an analyst? LIfestyle? Trajectory within the group? Exit ops? Thanks!...
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Where to Start Hi I come from a non target school with a good GPA and want to get into the fiance field with an internship in Private Equity or Investment Banking. Graduating in 2019. Besides making connections where should I focus my time? Is the certain ways to find the right companies I should be applying to? W...
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New VC Fund CompI have an opportunity to join a new seed stage VC fund by a successful entrepreneur in the Bay Area and I've been trying to figure out what comp structure and amount to ask for. It's a $60M fund with 1-2 GPs and I will be brought on as a Jr Partner/ Principal (but titles don't really matter since it...
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Fixed Income PMG to PE?Is this possible at all even with an MBA? Does one need to get into the equities side first before even considering this move or is it impossible without IB experience?...
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Just joined WSO and looking to get into PEHi, I've just joined the forum and wanted to say hello. I received an engineering degree in undergrad and have worked in a number of startups in marketing and operations. I've recently moved from Silicon Valley to the midwest and I am planning to attend an MBA and make a transition into PE. From wh...
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Private Equity compensation packageWhat is a standard compensation package for a PE associate at a European first time buyout fund with €200m AUM? (Base salary, bonus, carried interest, co-invest, Board Observation seat at portfolio companies, any other benefits?)...
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Modeling Question Hi all, I am building a model, and am wondering how to best show how much EBITDA can decline ($ amount or % decline) in order to stay under a specific leverage multiple, say, for example, 4.0x? How can I best build this into the model? My initial thoughts were to make total leverage a driver, but ...
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Degrees Needed To Break into PEHello: I am a high school junior who has his own portfolio and aspires to break into PE one day. I am looking at UPenn's dual-degree programs right now including LSM and M&T. I want to be in PE Biotech Firms. What degrees would you need to break into PE Biotech? ...

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