Silver BananaTopicReplies
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How are PE deals structured on the LP sideQuick question regarding the returns provided to LP's from the PE GP's. Do PE firms stipulate a maximum x% return in the contract somewhere or are the LP returns strictly proportional to how much the firm is bringing in? For example, assume a PE firm buys a company for 10m, with 8m debt (0% interes...
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Private Equity FundraisingHey - I work in sales at a private equity fund. I help fundraise for our funds. I mostly work with portfolio managers and large investment advisors. Any advise from people here as to how you have been successful in a fundraising role at a private equity fund? ...
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SoftBankRecently I've seen softbank ramping up its hiring with a lot of pe associates/ib analysts/consultants. Anyone know which headhunter(s) they use? Any ideas on comp/hours/etc? Thanks....
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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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Search Fund Accelerator - Interview - Generalist1. If I were to give you $100,000 to invest in one of Apple, Microsoft, or Amazon which one would you invest in and why? 2. If you were to invest in real estate in a city, which city would you pick and why? I am extremely confused how this is supposed to be a minimum of 500 characters unless you ar...
Search Fund Accelerator - Interview - Generalist1. If I were to give you $100,000 to invest in one of Apple, Microsoft, or Amazon which one would you invest in and why? 2. If you were to invest in real estate in a city, which city would you pick and why? I am extremely confused how this is supposed to be a minimum of 500 characters unless you ar...
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Private Trust Company vs Family OfficeI was just wondering if anyone has any insight on the differences between a Private Trust Company and a Family Office. I tried searching it but anything with the word "Private" is a pain to find on the WSO search. Please let me know if you guys have seen the difference or not first hand....
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How to move after Super Day?Hey guys, I recently had a Super Day at a PE mega fund for a Junior Year Summe role and everything seemed to go extremely well. About an hour after, the analyst reached out and asked if I had any offers outstanding or if I needed to act on anything soon and what the timeline would be. I figured th...
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Vista Equity Partners - Review - Private Equity* Good work / life balance, seniors respect weekends * Incredible amounts of deal activity * Strong emphasis on training and mentorship with multiple off-sites and formal mentorship program . 1. All associates must start out in Austin 2. Very formal and professional culture (full suits) 3. ...
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Thoughts on Unique PE Interview QuestionCame across a technical question I've never seen the other day in an interview. Wanted to see what thoughts you guys have on the best way to have answered it: 1. You have a company that is $100M in EBITDA and throws off $100M in FCF every year. 2. This Company never grows or decreases, no matter wh...
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CCMP Capital Advisors - Any Info?Anyone have information on this PE shop? They seem to be pretty legit, but I can't find much on here about their rep, exits, interviews, etc....
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Goldman Sachs - Interview - Investment ManagementMost of the questions were extremely standard and nothing very shocking. If anything, there were a couple situational based questions that tested ones ability to think on the spot. Questions such as dealing with a workplace environment or an employee who chooses to deviate from plan. Also, make sure...
Evercore - Interview - Equity Capital MarketsMostly all behavioral questions as it is a boutique firm I think they look mostly for culture vs trying to grill their interns with tough technicals. They ask questions about an IPO/FO but nothing too intense as long as you show that you know the stuff and have prepared. They look for students wit...
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Centerbridge Real Estate FundHi all, I know Centerbridge recently raised a real estate dedicated fund and I was wondering if anyone knew any details on it - are they a PE fund primarily for hard asset companies, or are they mostly buying individual real estate assets and debt? Where do they rank for learning/prestige/pay among...
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TPG Capital - Interview - InvestmentsTPG 2 telephone interviews. Each contains tech and behavior questions. Basic financial statement knowledge. Deal-based questions. One asked me how to deal with the deferred tax assets/liabilities. The other asked me to go through the LBO Model for the TMT industry. We talked about the deal I worke...
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Hertz LBO solutionDear WSO community, im desperately looking for the Hertz LBO solution (Harvard Business Case). Can anybody help me? Thank you so much ...
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HBS Hertz Case SolutionsHey everyone, Im starting a PE job next week and will be doing heavy LBO. I need to practice as much as possible, so I bought the HBS Hertz LBO case(2005). I am looking for the solutions for it, but Harvard wont give them out BC people love cheating. Can anyone provide me with some material? Th...
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Audax Group - Interview - Private EquityThe case study was somewhat difficult. It was basically about how I would go about starting a restaurant in my local area and what I would need to think up and do regarding this. I was required to think about the fixed and variables costs and then work down to how many customer I would need per tabl...
Blackstone Group - Review - Private Equity-Associates are encouraged to work autonomously -Rarely getting called in on weekends -Supporting management -After work events. -Hours are still tough -Expected to work without making mistakes -More deal sourcing/ doing research than expected...
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Purchase of a PE Portfolio CompanyHi all, This is probably a rather uncommon question, but likely interesting for some of you. I am currently restructuring a PE Portfolio company of one of the megafunds in Europe. I am doing this through my own consulting company as a CRO on a per diem basis. It is a production company of industri...
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What schools have the largest student-managed investment funds?I've been unable to find a comprehensive list of student managed funds at both the undergraduate and MBA level. Would anyone here happen to know which schools have funds >$1 million?...
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Anyone Else interviewing/has interviewed with Prudential capital group?I'm an experienced hire, interviewing for their direct lending group. Interviewed Wednesday, thought it went alright. Sent a thank you but still haven't heard back. I'm posting this because I'm wondering how long they usually take to get back after first round phone interviews. Keep in mind this is ...
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How screwed am I for a career in banking? Hi everybody. I am currently a sophomore at a top 15 private university. I was originally a pre-med student (majoring in neuroscience), but I have decided that finance and banking are more interesting and rewarding. The problem is that I have taken basically no economics/math courses, and I have to ...
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PE > Startup > ?Some of those on this forum may recall my "how I got to the buyside" post, but for those who haven't, I am an associate at a private equity firm focused on a very niche industry. While life at my firm has been great, I have been dabbling in the startup world by cofounding an early stage startup wh...
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Dallas PE Funds Opinions/Insights?It seems like a lot of the Dallas-based funds are kicking off their process for 2019 start associates. Anyone have any opinions/insight on the best funds in terms of dealflow, culture, returns, b-school etc.? Funds that I've seen include Insight, Trive, Kainos, CenterOak, Redbird, CIC, Gauge, Lonest...
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PE Sourcing AnalystI have an interview upcoming for a sourcing analyst position at a MM PE firm. The job description says 60% of time is spent on sourcing while the other is spent modeling. Can anyone comment on whether this is a good way to break in and eventually lateral to an actual PE or IB role? Any idea what com...
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Can anyone provide some context on Newbury Partners?Hi Guys, Wondering if anyone has any context on Newbury Partners (Stamford, CT)? Culture? Entry-level comp? Hours? They invest in the PE secondaries market. Exit opps after this type of work? Thanks!...
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Sophomore at Target, thinking about 2019 PE SAhey wso. i've been getting more and more interested in PE as a path for after college, and have been reading from other threads that FT PE recruiting straight out of undergrad is really tough. would the best option be SA after junior summer then? i'm at Penn and i'm doing consulting with Strategy& a...
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Benchmark International ExperienceI've come across what feels like a boiler room M&A brokerage for the lower-middle market called Benchmark International, and I'm curious if anyone has done any work with them in the past and could speak to their experience? https://www.benchmarkcorporate.com/ I received a quarterly opportunity de...
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Infrastructure Private Equity - Interview helpJust wondering if anyone on WSO has had PE interview experience, or working experience with Infrastructure private equity? I did a search and I haven't found too much on the topic, except high level details on one or two top funds. I'm curious what kind of questions (both qualitative and quant) you...
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PE Investors relations-infrastructureHi all, I have an interview coming up for a Junior Marketing and Investor relations role in PE Infrastructure Fund, in a Big Asset manager Group. They told me that will meet several members of their team and prepare a short case study ( ca. 5 hours for the interview). Could you let me know what to...
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PJT Secondary Advisory FT Analyst? Hello everyone. A bit new to WSO in that I have not officially posted before. I recently received a first round interview invitation for PJT Partner's Park Hill Secondary Advisory Group in NYC. I interned at a BB this past summer. I have not been able to find much information online since PJT Partne...
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Shkodra associates - Interview - Generalistlkllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll...
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investment banking analysts for workflowsWe are a creative+tech studio and we're looking to create some tools to help with the rethinking of pitch books. We would like to interview analysts, associates, or grad students who are involved with pitch books. Our questions will mostly be around the process, pain points, and automation hacks. We...
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Path to VC as a lawyerHey, I need your help. I'll have to decide which of the following five options is the best to help me on my way to becoming a VC analyst/associate. I studied law in a European country and should have dropped out and changed to Economics or CS but unfortunately I didn't. While I'm pretty good at la...
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Angeles Equity Partners - Interview - N/AThe most unexpected part of the interview was when the interviewer asked "what I'm looking for in a PE firm" as I wasn't prepared to list what I wanted and be able to effectively tie what I am looking for to why I am interested in this particular firm. I also was caught off guard when the intervie...
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Private Credit Case StudyI've got a pair of case studies coming up in the next two weeks for private credit funds. These funds are both large ($25B+) and I'm interviewing for the direct lending groups. Anyone have any insight on what a case study would entail, how to differentiate myself, etc.? I know the format of one, the...
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Private Equity shops with the best work/life balanceInterest to know what New York PE shops are known for the best work life balance. Currently a consultant at a major strategy consulting firm and am interested in making the switch to PE but don't want to work banking hours. Where should I begin my firm search?...
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PE recruitment process in LondonFellow monkeys - have been lurking for a while on this forum but have yet to see this question answered comprehensively so i'm popping my WSO cherry. I am looking for more colour on buyside recruitment in London. I have landed a full-time offer at a BB in London after a SA stint so may be jumping th...
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Partners Group-Private infrastructure departmentHi, Everyone, has anyone had an interview at Partners Group in the Marketing and Investor Relations role within the Private Infrastructure? Please, could you let me know what was the case study and the questions they asked you? Thank you for your reply. B...
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Top PE Firms in Specific IndustriesWhat PE Firms dominate in specific industries (Technology, Healthcare, Media and Telecom, Industrial Verticals, Financial Institutions, Real Estate, etc.)?...
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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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EPIC Ventures - Interview - Venture CapitalInitial Phone Screen (30 min) Tell me a little about yourself? Walk me through your resume? Tell me about a time where you had had multiple deadlines and not enough time to do some of the work? Are you involved in any leadership positions? Why Venture Capital? Why are you interested in our firm spec...
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Investing in Private EquityHi everyone, To give you some background, I recently inherited around $2.0 million from my passed grandfather. I am looking into investing this money, but am rather skeptical of the market at the moment, and bond yields are very low. Of course, I will still diversify some money into those two, but ...
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Family office Private Equity - helpWould you work for a family office that does PE? What is the pay difference between direct PE and 'normal' pe? Please help!...
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West Coast Private Equity Firms with Great Lifestyles?Hi, I am starting to look into private equity associate recruiting, and an important factor to me is work/life balance. More specifically I mean: - ~60-70 hours a week in the office give or take - minimal weekend work - relatively relaxed office culture -any other company specific perks? Intere...
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Blackstone Group - Review - Private EquityVery smart people who work hard and want the best outcomes. Great network of people and opportunity to take on significant responsibility early in your career.. Very variable hours (skewed toward the right). Not a lot of camaraderie -- very business/work focused and not personal relationships. ...
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Email Format - Advent InternationalMonkeys, Title says it all. Anyone know email format for Advent International? Focused on Boston or NYC, if that helps. Tried [email protected] but no luck. Cheers, HB...
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Blackstone Investor Day TakeawayRecently watched Blackstone's Investor Day presentation and am amazed at the Blackstone platform. Some key takeaways: 1) Blackstone is starting a dedicated life-science private equity fund 2) Blackstone's highest performing investment team is not PE, Tactical Opportunities or Real Estate but their...
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Investing in intellectual property?Does anyone know any instances of PE shops buying patents or other forms of intellectual property? I imagine there would be a great price range which might be of interest to investors, but with the downfall of illiquidity. Any thoughts?...
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http://www.healthaware1.com/vigenix/Take care of your health and physical condition. If evolutionary biologists are right, good muscle tone, clear look, purity, shiny hair and healthy curves will attract men. - Stop worrying about your weight and instead emphasize your waist. There are plenty of clothes that will help you get the look...
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Relevant Questions to Ask in Headhunter Initial MeetingsHi All, When going into initial headhunter meetings when they ask "do you have any questions for me?" - what are some good questions to hit them with? Would really appreciate any advice! Disney Disciple...
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Capital Markets Internship Opportunity @ PERE Top 50 in Bay AreaWSO Community, Bridge Investment Group is starting the process of hiring an intern to work with the Capital Markets Group for the summer of 2019. The opportunity is one that will get you intimate face time with key persons at the Firm and your work will be meaningful. Reach out to [email protected]
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Aldrich Capital Partners - Interview - Private EquityI had trouble identifying the different valuation methodologies that they utilize when a company is deemed to have negative cash flows. This means that the tech company, though still is making revenue, is scaling and is spending all of its revenue on expanding the business. Everything else was very...
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WSO - PE Guide - Full LBO Example 1 vF - Balance Sheet and Depreciation Schedule QuestionsHi, sorry if this should be in the product reviews forum. *Balance Sheet Questions* 1) What is Capital in Excess of Par Value in this context and why is it just subtracted from itself when calculating PF Year 0? 2) Why are advisory fees multiple by *1 - Tax Rate* when calculating retained earnings?...
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HarbourVest Direct Associate InterviewHas anyone done the interview for HarbourVest's direct associate role? If so, what type of questions were asked in the first round?...
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STG Associate Interview?Has anyone had experience recruiting (1st round) with STG in San Francisco? If so, what was the interview process like for associates and what is the best way to prepare?...
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Venture Capital Case InterviewI have been lucky enough to get through two rounds of interviews for an analyst role at a VC and am now going to be given a case to complete in a set amount of time. Can anyone give me some advice on what I should research/prepare for?...
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Carlyle internal referral network - had a call with an MD who set up a call with a hiring principal - what to expect?Title says it all. Had a call with an MD who said he didn't coordinate hiring but he'd put me in touch with a principal who did. Now I have a call with a principal and not sure what to expect. I realize it's not on cycle. Could be a call to set up something FOR on cycle? I'm a 2nd year analyst who m...
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From Real Estate Broker to Real Estate Investment, CAIA or CFA?Hey All, Thank you for your time reading this. Your constructive feedback here would mean a lot in shaping my future. I graduated with a **non-finance degree.** I've been working as a **real estate broker** / salesperson, where my duties are marketing, networking and sales. I **intend to start a...
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KKR Leveraged Credit SA InterviewDoes anybody know anything about KKR's Leveraged Credit Group in SF? I have an interview and want to know also know if anyone has any knowledge about their interview process. Thanks!...
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Pay in Venture Capital? Advice on breaking in?Has anyone info on pay-scales in VC? Are there any cases where VC starts to approach the levels of comp available in PE / IBD? In terms of career progression it seems most funds push out associates after their tenure, and then only hire at the principle / VP / dir levels from people who have starte...
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MM PE out of collegexxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx...
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Which sub-sector of Finance gives you the best "generalist" business skill set?Harvard Business School published an article recently that said they want candidates who are seeking a 'generalist' skill set - people who are capable of success and leadership in a variety of environments - as opposed to those looking to excel in a very specific niche. A lot of kids go into finance...
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What to say to PE recruiter in cold emailTitle explains it all any input would be much appreciated. My story is that I am interning at a PE firm that does not convert interns to analysts. Wondering when the ideal time to reach out is and what to say. Thanks. ...
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Koch Equity Development - Interview - Private Equity* "How is KED different from its competitors?" * "What types of competitive advantage can a company have?" * "What personal investing experience do you have? What types of investments do you follow?" * "How do you follow the markets?" * "If I purchase equipment for $100 with a useful life ...
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Is “preferred start date” ever a trick question or a criteria for candidate selection by headhunters?I have a HH asking if I have a preferred start date of 2019 or immediate when presenting an opportunity. Is it wise to say immediate? Not sure if this is ever a loaded question....
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Morgan Stanley - Review - GeneralistMeaning or purpose: The feeling that our work matters and is aligned with our personal values. Hope or optimism: The sense that our future can improve if we just understand our needs better and create a plan for ourselves. Friendships or positive relationships: Connection to others, which matters as...
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Growth Equity Interview ResourcesWhat are some of the best resources available to prepare for growth equity interviews? I've looked through some of the past threads and many of them were responded to by somebody sending the original topic creator a PM. Unfortunately, as those threads are more than a year old, not sure how helpful i...
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Blackstone Group - Review - Real EstateGood exposure to multiple sectors in this asset class. Had exposure to complex modelling and brand recognition was present.. Low exposure of acquisition deals. Not a lot of delegation to interns, which reduced the pace of learning....
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Pre-MBA Private Equity AssociateWhat are some options after a 2 year pre-mba associate program at a middle market PE fund in a 2nd tier city? Can I lateral to a different fund in a different city? What level would I expect to join at? Do I need to get an MBA after the 2 years or can I advance with the PE industry without an MBA if...
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Susquehanna International Group - Interview - GeneralistThey asked me whether the probability would inrrease or decrease based on my answers to the previous question. In general, though, I didn't get many questions that I haven't seen before. I thought it was average difficulty for the questions being asked, and I know the compnay is very competitive so ...
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Commonfund CapitalI know it's a fund of funds, but can you learn any transferable (i.e. to PE, VC, HF, etc.) skills working there? How are the exit ops?...
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Private Equity Analyst out of undergrad or banking?I think I'll have the ability to work at a small MM PE firm (500M raised) out of undergrad. How would this compare to a MM IB job when it comes to staying in PE long term and potentially getting an MBA after a few years? Will the lack of banking experience make myself less attractive to larger fun...
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KKR (Kohlberg Kravis Roberts) - Review - Private EquityGreat work life balance and exposure to the Buy side. Modeling skills and analytical industry analysis are refined through numerous projects.. Full time offers are not extended to interns due to the culture of hiring students from masters degree programs or those with IB experience + their Bachelors...
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Biggest headlines in PE Media & TelecomToday, I received an offer to chat with a media & telecom MD at a large fund. The conversation is tomorrow nad I am not prepared because media & telecom is not my area of expertise. I am going to spend until tomorrow getting smart, but I am hoping: 1. Can anyone please recommend topics to research...
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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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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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Private Equity/Hedge Funds based in Seattle?I'm currently a first year investment banking analyst and am beginning to think about upcoming recruiting for PE. While I know I want to stay on the west coast, I wanted to get an idea of whether there are any strong exit opportunities in Seattle (what industry, what firms, etc), or if opportunities...
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Raising Capital/Small FundWho are the best passive investors? I have people told me doctors, some lawyers, owners of small businesses. Who do you guys think?...
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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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Adams Street Partners - Review - Investor RelationsWas able to work closely with upper management, gleaned several insights from the experience Relatively short working hours as compared to other roles in finance Company has excellent culture, team is friendly and willing to help . Didn't get as much exposure to overseas operations Small size of tea...
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Private equity portfolio operationsHello all, Had a general question for folks on this forum. I've been in consulting for a while now (T2 firm) and am highly interested in private equity portfolio operations based on my experience with dd's and portfolio company strategy projects. I know for traditional PE deal-team roles the recru...
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27 year old 1st Year Analyst at Elite Boutique - Shot at PE?Hi all, I have a unique opportunity / dilemma after a roller coaster of a career. Summary - I have an offer at an Elite Boutique (Evercore, Moelis, PJT) for a lateral analyst role but will be coming in as a first year analyst. It's an amazing opportunity. However, for reasons I'll explain below, ...
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