Silver BananaTopicReplies
Summit Partners - Review - CreditGreat company, really smart people, good location within Boston. Free gym at company floors is a plus too. Invest as much money as possible in their co-investment program - Summit's deals historically have done very well. . Very entrepreneur mindset, sink or swim mindset. Hours have historically bee...
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Fundraising & Syndication role offered in Credit Fund of PE Firm. How important/valuable is this role in PE industry? I have been offered a Fundraising & Syndication role in Credit Fund of PE Firm. Currently i am working with a NBFC in their Debt Fundraising Team (Borrowings). Is it fine for me to make a shift? Also how valuable is Fundraising & Syndication role in PE Firm vis a vis Investment role. Any thought a...
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Advice re: PE recruiting / headhuntersA bit about myself. I had a career outside of finance for a couple of years. I dealt with PE firms along the way and really liked what they do (namely, the business decision-making and being in charge/managing of their investments, as opposed to servicing and advising clients). I made a decision ...
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PE Second Advisory BrokersHey guys, wanted to have your opinion of PE secondary advisory brokers (Greenhill, PJT Park Hill, BX etc.) in terms of work experience Could one say that they are the basically doing the same thing you'd do in a M&A team at a BB or EB but only for PE secondary deals (i.e. all the marketing, model...
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Aquiline Capital Partners - Interview - N/AWhy do we use Gross Profit over Net Income or EBITDA when evaluating a company? Why Aquiline? Why private equity? Why financial services? How do you value a company? Walk me through a basic LBO. Specific questions about things I had listed on my resume. Some of the people I interviewed with really g...
Fort Washington Capital Advisors - Interview - N/A1. I was asked to explain the difference between fund-of-funds PE and traditional PE. Since Fort Washington is a FoF, the distinction is important to understand yet commonly misunderstood. From there they asked ehat the future of FoF firms might look like. 2. I was asked to explain the difference ...
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LMM PE Opportunity: Do I take it?!Hi All, The WSO forum has always been one of my go-to’s for career info. While most of what I have picked up is from other threads, I’m hoping to get some more specific career advice. I’ve networked like crazy to unravel an opportunity that sits in front of me but I figured it couldn’t hurt...
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Corp Dev ---> VC/PE?Question about career path feasibility... I might have the chance to work as an analyst in the corporate development or corporate ventures arm of a top tech company (won't name names to remain anon). After doing this for a year or two, is it possible/common to exit to (a) a top VC firm, (b) Growth ...
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Warburg Pincus vs. General AtlanticLooking to get insight about this at the analyst level. TMT/Tech growth investing. Thoughts on career development, exit ops, pay/carry? ...
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Providence Equity InterviewHi all, I'm looking for as much information about Providence as possible. If anyone has even heard gossip, please let me know. My main question is trying to understand their interview process as much as possible. 1. What is the modeling exercise like? **The one interview report on here says the fo...
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Mezzanine PayHey Everyone, So I’m wrapping up my SA role at a top MM bank and have come to the conclusion that banking is not what I want to do full time. I’ve started networking with multiple mezz/pe shops as I’ve found what they do to be pretty interesting and was wondering if anyone had any insights as...
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Macquarie Group Limited ABN - Interview - Infrastructureif you were memorable at the event, they reached out to you and had you do a very long IQ test. leave yourself a lot of time for it. I don't you have to do it all in one go but I might be mistaken. after a week or so, I was invited to a superday at the office. there were some brainteasers about the ...
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How to Naviagte Family PE ConnectionIn short, a lifelong family friend had his company acquired by a pretty well known PE shop. The PE shop has a history of taking one or two analysts a year. He will be making an introduction for me. Should I treat my meeting like an informational or should I be forward about my interest in workin...
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Starwood Capital Group - Interview - GeneralistI didn't get asked any questions. It was a cocktail drink session with the interviewers simply speaking to the candidates. The successful ones were selected to go onto the stage which was a super-day with all of the interviewees present. I had the opportunity to be selected to the next stage. I made...
JP Morgan Securities - Review - Investment Bankinghhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh. hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhvhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh...
Lazard - Review - AccountingHours aren't that bad. Work is fairly easy. Location of the firm's office is accessible and the amenities within are great.. Promotions are based on longevity, not performance. Senior management can sometimes be lazy and ignore hard workers....
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How to solve this VC interview questionsHow to approach this question? We have a EUR 60m early stage tech VC fund. What is the average initial investment ticket that we deploy and how much ownership do we get out of this investment? * ...
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Audax Group - Review - Technology, Media and Telecom (TMT)It was great learning experience. Very challenging but equally rewarding. Would highly recommend to those interested. Lot of work. Not a lot of opportunity for original thought. Not for everyone. Would not recommend to those not 100% they wanted to do this job. ...
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FP&A vs. M&A Advisory for Potential Future in PEI am in a bit of a weird situation. I started with an "M&A advisory" firm that is relatively new. The deal flow is pretty small but the work that I did was fun, I really enjoy valuation work. I was just offered an FP&A role in a new department for a F500 bank and during the interview I asked them if...
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Private Equity /VC in IndiaIs anyone involved in the PE/VC scene in India? What are the prospects in the next five years? How are the deal structuring and regulations different from North American Markets? India seems to be in the middle of a startup boom. Any insights or comments on the topic would be much appreciated....
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Brookfield Private Equity GroupHey guys, Looking to get my hands on any type of information regarding this team, specifically its European team in London. Obviously Brookfield is better known for its Infra/Energy funds but they have publicly stated they are expanding this team (cf. article below). https://www.penews.com/article...
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How do you exit a company after recapitalization?I've been wondering about this since another post on the PE forum mentioned dividend recaps. It's my understanding that sponsors generally look to purchase companies with minimal debt. I don't know anything about whether or not the level of debt affects whether or not you can IPO a company. So s...
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PE Senior Associate - What next?Hi everyone! Some of you know me as a long-time poster on WSO, but this time I am seeking advice and would greatly appreciate any insight from people who may have been in a similar situation. To put it in a nutshell, after a couple of years in M&A I moved to a large cap fund where I work on a mix ...
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CPPIB Secondaries & Co-InvestmentsHello everyone, What do you know about the Secondaries & Co-Investments team at CPPIB (London)? As an analyst there, are the skills you pick up very technical? What kind of exit opps are you looking at after a couple years spent there? Lifestyle? Perks? Firm? Interesting work? Any info on this team...
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Cowen Group - Review - Financial SponsorsWorked closely with Sponsor MD, had ability to attend client meetings, more responsibility but also more work. PE Sponsor banking didn't have ability to leverage balance sheet, hard to get deals done, need better M&A...
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Mid Market M&A Intern or PE Acquisitions InternHey everyone, I have two possible summer internship opportunities for this summer. One would be in a middle market M&A role. This company is larger, recently closed a $260M+ deal and I would be working closely with senior management. The other would be at a real estate PE firm that has closed rough...
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Blackstone Group - Interview - Leveraged FinanceDescribe a capital debt structure and the factors to consider when implementing leverage. Where do banks get the capital to lend. Do they use leverage. At what rate to banks borrow and at what rate do they lend. What factors differ from commercial lending and private lending compared to corporate le...
Blackstone Group - Review - GeneralistGood culture, smart people, nice offices, challenging work, great resources. People generally happy here.. Mediocre work / life balance. Expect to work weekends. No handholding - people expect you to know what you are doing....
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Deerpath CapitalDeerpath Capital -any information on compensation? Lifestyle? Trajectory within the group? Exit ops? Thanks in advance. ...
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None - Review - Equity Capital Marketsgood interview, friendly and supportive employees. Received very easy math questions but little bit unclear. . Good experience. I haven't experienced any negativeness in the interview. Enjoyed the process and people. ...
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European Private Equity Associates backgroundsI have made a research into the backgrounds of PE Associates in Europe to find where and what they studied and where they worked before to repeat their steps and land among them in the future. I analysed 28 companies and found 162 analysts that had information on their background on their website....
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cash in dcf modelHi guys, I have a question regarding expected returns on stocks. Expected returns on stocks are calculated using the CAPM model. In the DCF model to value a stock cash flows to equity holders are discounted by this cost of equity (via the wacc). If you calculate the enterprise value using a dcf mod...
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Applying through On Campus Recruiting as an Experienced Hire?I just graduated from a target school and will begin my consulting job in NYC next month. While I'm excited for my new job, I also know that I want to exit this role in 1-2 years time depending upon the opportunities available to me afterwards. With that in mind, I was scrolling through my campus' ...
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Icahn and Perelman... Where are they now?Hi everyone, Back in their 80s heyday, Corporate Raiders Carl Icahn and Ronald Perelman were the top players in Private Equity, taking over TWA and Revlon respectively with the help of the so-called "Junk Bond King" Michael Milken. Other significant leveraged buyouts include KKR's takeover of RJR N...
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Where are your associates going these days? Hi All - I'd be interested in hearing where the associates at your buy-side shops are going these days after their two years? I've had the opportunity to work at three firms that have spread venture, middle market PE and lower middle market growth/buyout with AUMs of 0.5-1B, 3-5B and 5-10B. I'm not...
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Post-MBA VC/Growth recruiting at HSW?Anybody have any insight into this? Currently an associate at a LBO firm looking at b-schools next year. What does the recruiting process look like for earlier stage funds and is it mostly independent or do a fair number of firms come on campus to recruit? What kind of experience do they look for --...
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In this case (linked inside) how did they get the number for % identifiable intangibles? Amort. period?If you look at this [case](https://imgur.com/a/uQ9rp6o) and then look at the screen grab from the Excel sheet, you'll see "% Identifiable Intangibles" as 15.0%. Where did that 15% number come from? And Amortization period, where did that 10 number come from? The whole goodwill and intangibles colu...
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growth fund vs VC (life, pay, culture)I'm currently doing a SA and hate my fucking life. However, this experience made me realize that I DON'T want to do banking. I'm currently interested in VC and growth equity not only because the firms much sexier but I also enjoy the sourcing process (e.g. cold calling, networking, conferences, war...
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Exit ops for a VC analystLanded a (european) vc job about a year ago but quite unsatisfied with the job What options do I have as an 1+ year old analyst with no solid modeling/quant experience? I've interned at top-tier consulting for PE clients doing strategic DD ...or should I suck it up at least for couple years and t...
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PE summerHello, I would like to know which PE funds are offering summer internships in London or in Paris ?? (mid and large cap)...
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Case Study - Junior Investment AnalystHi all, I am applying for this small investment company with investments in $100m+ and staff of under 25. As part of an interview, I am due to finish a case which consists mainly of 3 statement forecasting. I have data for 2013, 2014 and Q1-Q3 2015 and have to complete data for 2015-2020. This see...
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LBO Model question1. In an LBO deal, do we have to use the target's cash on hand as a source? Say if target has $2MM cash on it's BS and Sponsor is contributing $20MM in Equity, do we include the cash on hand as extra source or the Sponsor's equity includes the $2MM? 2. A hypothetical deal has the following structur...
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Is there a place to find a database of firms that have recently raised new funds?Title says all, looking to see about which firms are raising new funds. Most newsletters mention when they close funds, I'm looking to find when they are in the middle of or start fundraising....
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Private Equity Investment MonitoringQuestion to my fellow PE monkeys - how do you guys monitor a deal once its closed? I know at the Analyst / Associate level, most people are pretty much solely focused on deal execution but the more senior you get, executing the documents is where the game begins. Couple of questions here to clarify:...
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Help for Private Credit InterviewHi guys, have an upcoming interview with a MM private / structured credit fund that originates and invests in a wide range of credit securities - senior secured, asset-backed, mezz/pref, NPL pools, "specialty loans," etc. A member of the team informed me that i would be asked to "evaluate & price a ...
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AMA: Leaving PE to open Family OfficeHey... leaving my current role soon to go back home and open a family office focused on CRE. Questions? Comments? Concerns? ...
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Valuation vs. ReturnsHi all Potentially rookie question but here goes... Imagine I have a company in which I want to make a $10m investment. Let's assume based on DCF that I value the company at $90m pre-money. Free cash flow for the company is as follows: Year 1: $10m Year 2: $30m Year 3: $50m Year 4: $80m (my exit ...
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Explanation for calculating dilution from TSMIn the context of LBO modeling, working through an old BX case from the 00s. Say you're purchasing a public company that has 50mm shares trading at $10ea purchased at a 25% premium. Additionally, for treasury stock, you've got 10mm options with a $5.00 exercise price. So when you're calculating ...
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KKR (Kohlberg Kravis Roberts) - Review - Fixed IncomeGreat comp & benefits, supportive culture - lots of fun and free perks. Open/collaborative environment. Management is open to hearing opinions for process improvement.. Employee burnout due to long hours and face time requirements. This has led to lots of turnovers. Too much politics at play and mer...
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Gladstone InvestmentsAnyone know much about these guys? They're based in VA with a PE arm. Anything around culture, comp, etc. would be helpful. ...
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Using MVIC Versus Enterprise Value When Valuing Cash Rich, Pre-IPO Tech CompaniesI work at a small venture capital firm, and I’m valuing each of our VC firm's growth equity investments. In conjunction with this, I am trying to think through some of the finer aspects specific to this process, specifically I am trying to settle on a defensible justification for using MVIC mul...
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Career in Investor Relations for a MF Just wanted to get some input on a career in investor relations after maybe 5-6 years on the PE side. I really think I'd be a better fit in talking to people and trying to secure commitments especially when I had significant time on the PE side as well. How do you break in to the IR side? How does...
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Pitchbook Company dataCould I ask someone for a favor and to retrieve details on a specific company that is on Pitchbook? It should take less than 5 minutes. thanks...
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HarbourVest - Review - FinanceGreat exposure to the private markets, opportunity to move up within the middle office and take on more responsibility. . Extremely silo'd work, management doesn't invest much in keeping juniors around. Little to no investment in technology....
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Family Office CompI have looked around online but I have not seen much data on family office comp for a VP or Associate post MBA role. Does anyone have a better idea? I am chatting with a 400AUM office and looking to set some guardrails. It appears the comp model would be base + bonus with the ability to co invest. T...
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PE Interview, need HelpAnyone who has interviews at an MM PE shop before and can give a few tips on how the interview process is like?...
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Oaktree Capital Management - Review - EnergyAutonomy and high level of responsibility early on. Get to work on a lot of deals with significant exposure.. The work includes a lot of long hours and given the amount of autonomy there can be a lack of instruction....
The Abraaj Group - Review - GeneralistGood work environment, decent pay you learn a lot from very talented colleagues training is provided when joining . some seniors are unreachable lot of things happening and less was communicated about it HR is non existent and are not able to do anything ...
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So I just became a Big 4 Manager in the San Francisco area, specializing in Private Equity/Venture Capital (Financial Services)So most of my clients will be some of the largest tech companies and financial services firms in the area (aka country). Are you jealous? Guess my salary....
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Private Equity distribution/cap formation/relationship mgmt. Help me get it?How do the sales and distribution efforts work in private equity? As far as I know there are sales teams and wholesalers for private equity** funds **and that third party distributors / fundraisers exist such as Eaton Partners, etc. I don't know much more than that and am curious to learn about the ...
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Providence Equity PartnersI was hoping to get a sense for the group culture at Providence. Also, what's it like living in Providence, RI? Never been there myself......
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2 offers - How to postponeGuys, what do you do when you have several recruiting processes going on. You are about to have an offer from a company (and they know you have a short notice period) but are still interviewing for more interesting opportunities? Thank you my forum friends...
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Private Equity vs Private CreditMore of an open ended discussion, what are the differences in looking at a company from an equity perspective vs a credit perspective? Why do individuals look to go into equity rather than credit or credit rather than equity? What types of professionals best fit each category? Are they both equall...
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What separates the good from the great in Private Equity?You've probably heard this one before. "The only thing harder than breaking into private equity is staying in private equity". I would love to hear from people in the industry - what separates those who rise through the ranks from those who do their 2-3 years as an associate and move on elsewhere? ...
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Going from US PE to European PEHas anyone who worked in the US PE industry moved over to Europe to work out there (whether at their existing firm or a European firm)? While PE in Europe is a much smaller industry there's still some sizable opportunities out there. Curious what some of the differences are from a work and cultural ...
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Internship as a highschooler?So upcoming I have an internship at a PE firm in China. I have read a lot about how internships are beneficial, but all of the articles I have read were in regards to College internships, and almost all of them took place within the US. My question is: will an internship as a high schooler in a fore...
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Best division at Blackstone?Since applications for Blackstone SA London should be opening soon, I wanted to get some info on the different BX divisions. From what I've found on WSO, there are only a couple of posts discussing individual divisions, but how do they compare with each other? Which BX divisions are the best to go f...
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Blackstone Group - Review - Private EquityIt’s great because plenty more opportunities to work in you find open doors in IB to work in private . The part is talking about salary decrease because the reduction of the salary could impact the firm ...
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Who to Cold E-mail?Hey guys. I'm working on completing my undergrad degree in Economics from Georgetown U which should take about ~6 months or so. I took some years off from school to work for State Street (Institutional Relationship Management) and KeyBank (Portfolio Manager). Since I want to move into PE next, in y...
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Arrowroot Capital - Interview - Private Equity1. If you have only the balance sheets of an airline company and a hotel chain company, how would you tell which balance sheet belongs to each company? 2. Walk me through the 3 financial statements 3. If Depreciation & Amortization goes up by 10, how do the various line items of the 3 statement...
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In Way Over My Head - Desperately Seeking AdviceSee my previous threads on the situation I have so aptly landed myself in. Anyways, I landed a phone screen through a cold email with what I thought was an investment consultant group. Turns out they are a private equity group and they want me for an associate level position in alternative assets. I...
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PE Study Guide RecHi - Can someone point me in the direction of some good pe study guides? Not sure if I want to take the plunge and pay for the wso one so want start with the free ones for now. Thanks!...
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StepStone Group - Review - Researchopen and collegial environment where you get to read tons of proprietary info from GP's all over the country with opportunities to work on projects outside the scope of daily routine. Not much direct access to modeling type work. Few opportunities to move around despite global foot print ...
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Private Equity firms in LA? Reputations, culture, compensation?Hi all, I wanted to ask and glean a more updated view of PE funds in LA. The ones I'm interested in are Ares, Oaktree, Platinum, Aurora, Marlin, Pacific Coast (or others I'm missing) in terms of returns, reputation, culture etc. Would love any thoughts! Thanks!...
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Best Up-and-coming/MM PE fundsName some funds outside the KKR/BX/Apollo megafunds that you would love to work at. Shops with impressive management teams and foreseeable future growth...
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Does A Risk Management Internship At A Big 4 (Freshman Year) Fit Into Pursuing A PE Career?Title sums it up. Looking at internship opportunities after freshman year, and had the opportunity to do a risk management internship at a Big 4. Does this internship fit into the track of pursuing a PE career?. I'm based in the UK if thats of any use....
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Oak Ledge Recruiting - Anyone Know These PE Recruiters?Guys, Has anyone dealt with this PE recruiter before (they're based out of CT)? It's ran by an ex-Olympus partner (15yrs of PE experience) and they handle the first round PE interviews for their PE clients. I have a 45-minute interview coming up with them (supposed to be very analytical and much di...
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ontario teachers pension plan - Review - Private Equity-Good work life balance -Not big on FaceTime as long as the work completed is optimal -strong leadership team with opportunities to grow. -Poor office location -executive level uncertainty (high turnover at the C-suite level) -Can be a little too political at times ...

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