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+26
AMA- Undergrad to PE (Ask me anything)

JDS07

Hi everyone! I’ve really enjoyed the community here at <abbr title="Wall Street Oasis">WSO</abbr> and the fantastic insights and advice people have shared over the years, so thought I’d give back and share my non-traditional experience. <h4>My...

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+19
AMA: Fundraising for Private Equity, Cap Intro & Investor Relations Career Paths

earthwalker7

Guys, Below is an AMA podcast + some key takeaways on fundraising for <abbr title="private equity">PE</abbr> and <abbr title="hedge funds">HFs</abbr>. I was in-house IR at a couple <abbr title="private equity">PE</abbr>...

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+15
Renewable Energy PE Overview

ob38dn

Hey folks. Spent a lot of time as a ghost on these forums back when I was trying to figure out what I was doing - figured I'd give back a little for anyone who's looking at the renewable energy infra/project finance space, with specific emphasis on the buy side. ###...

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+1
How to structure the deal to indemnify yourself from tax liabilities of a investee ?

yangoner

In emerging markets, private equity funds will often encounter potential investees that had significantly underpaid CIT over the years. I am wondering is there any common deal structure or a special deal structure PE funds used to indemnify themselves other than using indemnity clauses. I understand...

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+1
Best way to structure angel investments?

beedis

Hey guys, I have been looking to get into angel investing for awhile now and there is a pretty good startup scene emerging where I am. I am wondering, for anyone who does angel investments, how did you structure the business/deals? Did you set it up like a micro-VC? My initial intent was to form a...

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+1
Physical Asset Funds?

cfnv0101

Hi all - does anyone know if there are any funds/family offices that primarily invest in physical assets/collectibles (art, memorabilia, cars, watches, whiskeys, etc.) Thanks....

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+1
PE Analyst Programs - Help?

Anonymous3218

Hey everyone, rising senior at a target here (3.7 gpa). Been reading WSO for a while but trying to stay anonymous. Like most people here, I’m trying to break into PE, and was wondering how internships in REPE (UMM fund in NYC) and then VC at a big fund would play out. I know PE traditionally hires...

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+1
U.S. Growth Equity to London Investments/Corp Dev/Corp Strategy before B school

theotter

Currently working as an associate at a well known growth equity firm, previous 2 year stint in IB. Curious if anyone has insight into the plausibility of doing a 1-2 year stint at a London-based investment firm or software firm (corp dev.-focused role) after my associate stint. Basically looking at ...

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+5
How do MBA programs view failed or half-successful entrepreneurs that did IBD -> buy-side?

BobbybananamA

I did 2 years at an elite boutique then 2 years at a fairly elite buy-side shop. If I start a company that isn't successful, how will MBA programs view me? Would i have to get a "normal" job after the startup to be able to get references for an MBA? I am mainly talking about HBS / Stanford / Wharton...

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+1
Private Equity @ Bloomberg Invest Summit in New York

TSankara

I was watching an interview with CircleUp's CEO about quantifying private equity. They seem to be doing a good job in the consumer space. I've never heard of them(I might possibly be living under a rock), but what do you guys think, can you have a successful PE firm that makes decisions solely on da...

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+1
What should you take into consideration when deciding what types of fund to recruit for?

GreenGiant

With on-cycle recruiting happening increasingly early, it seems increasingly hard to target PE recruiting in a meaningful way. After talking to some of the senior analysts/alumni from my firm they mentioned that when headhunters reach out, they expect you to be relatively targeted in where you're ho...

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+5
Raising a Search Fund without an MBA?

Venturepapi

Has anyone on WSO raised a Search Fund without an MBA? If so would love to hear about your experiences with the progress. Note: I didn't just wrap up my undergrad ...

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+1
What's the Current State of Mezz?

TheDarkLordBigChungus

Most people I know are staying far away from instruments further down the cap structure in leveraged markets, and markets have generally been more risk off and attracted to quality recently. I was curious what people focused on mezz and unsecured are doing and thinking. What's your plan for the clos...

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+1
From undergrad: middle office role at renowned PE firm versus sell side research at MM

Mupata

What would you do? I made a similar posting a while back before I received the job offers, but now I'm having a tough time deciding between them. These are my two best options: 1) PE Megafund (BX, KKG, CG, TPG) in fund management/controller/reporting position (I'd consider it middle office) 2) S...

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+3
PE Analyst Programs

24ui32u1

I know this has been asked before, but wanted to get an updated list of PE analyst positions available for full time in NY. I'll be at an EB this summer and am looking to lateral for FT. Also would be curious to get insight on recruiting processes at each/best ways to break in to their process. T...

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+1
Navigating FT 2020 Recruiting As a SA

prestigewhore101

Monkeys, I'm sure I'm not the only one interning at BB/EB IB this summer who is thinking of switching to PE in 2020. I've been getting a few looks from reputable shops, and have a superday in a couple of weeks for a FT position. We summer analysts are done with training this week and join our grou...

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+1
Blackstone PWS interview

Kanyeezy 2020

Does anyone have any insight on what the interview is like for Blackstone PWS division? I have an interview coming up and would like to be fully prepared for any technical questions. I've tried searching but haven't found much on it. Thanks!...

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+1
Already In A PE Position and Want To Lateral

Keepondreaming69

What advice do fellow monkeys have on this topic? A little background: Joined a PE arm of a MFO 1 year ago out of a Semi-Target. ~$1B AUM on the PE side. Fairly quick career progression, been promoted once and expect another coming very soon. (Small) Carry expected in a little over a year from now ...

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From a PE perspective, what materials help you vet a deal opportunity quickest from bankers and/or advisors?

Vbogdanovic

One page-teasers (financial highlights, team, basic company info, etc), CIMs, etc etc. Curious to see different perspectives on the long(er) CIMs that are sent out from time to time. ...

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+2
PE training materials/playbook

LMidMarket

Hi Guys, Does anyone have private equity training materials? I'm looking to get my hands on any PE playbooks or associate training material to help me get up to speed. Any help is greatly appreciated! Thanks...

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+28
I've raised money for PE and HFs. AMA

earthwalker7

Hi, I've raised a few PE funds that were very successful at growing their AUM (>$2bn raised). I also headed cap intro for a big Wall Street investment bank, in a non-US region. I've also been involved subsequently in several consultancies for capital raising, and in several failed PE capital raises....

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+10
Big Four Deal Advisory --> M7 MBA --> PE or VC. Possible or am I being overly optimistic?

colew44

I'm currently at a good non-target university (One of the UCs, but not UCLA or UCB) with a job offer to go full time at a Big Four firm in Deal Advisory in the Bay Area. I'm viewing Deal Advisory as a chance to learn FDD and improve my resume for a few years before potentially applying to grad schoo...

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+5
Working with MBB as a client

kenofarabia

Hey guys, Work at a MF and work with consultants frequently. I was wondering if you have any recommendations / thoughts about how to make sure the product they deliver gives my firm the best value for money? Would be particularly looking for advice on what to look out for / what boilerplate short c...

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+5
Do all PE Firms offer carry to analysts/associates?

GoldmanGekko

Title is pretty self-explanatory. Do all Private Equity firms offer carry to entry level analysts and associates? Also, how widely does the percentage carry received vary across funds/firms? ...

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+1
Creating Value through Sales

CHECK6

Interning for a Corp Dev for a PE-backed Software firm. Was in a meeting with a potential target company's CEO. One thing that stuck out to me was the discussion of the sales force and how the structure of it matters. Got me wondering what PE investors look for in the sales team, as it is the revenu...

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+2
Corporate Development to PE - Does it happen?

Venturepapi

Curious if people ever make the jump from Corporate Development to PE. If so, how do people make this happen? ...

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+27
Breakfast introduction

Bears21

I have my first face to face meeting over breakfast with an alumni who's firm I'm looking to get an internship with. This will be my first meet up outside of events my school puts on so I'm not really sure what to expect. What type of conversation should I expect and prepare for? How can I use this ...

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Private Equity Analyst Programs - Recruiting Process during Summer Analyst Stint

fndngscrd

Looking for any insight into the recruitment process for Private Equity Analyst Programs. I will be interning in NYC this summer at a BB and was hoping to get a better understanding of how the recruitment process worked for some of the more respected PE shops. Are most/all the spots filled by summer...

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+1
Search Fund Internship

The.RealDeal

I was invited to an interview for an unpaid 2-3 month internship at a fairly young Search Fund. I'll be doing my Master's in the Fall for all the obvious reasons and have zero finance related experience, whether FT or internships, so this would be a huge boost to my resume. From what I understand it...

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+1
Help me prove nemesis wrong: What is the devaluation to existing SHs in scenario below?

mitchie

His analysis: existing FMV of current platform: $9mm; which will contribute into a newly formed buyer structure just prior to closing (purchase of add-on); these existing SHs will throw in cash; and this fully levered deal will get the following in financing: Lender A mezz and common. Lender B ( ter...

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+1
Request New Geography (West Coast v. East Coast Office) Before Start Date

Cabepusher-9999

I recruited on cycle in the fall (Summer 2020 start date) and accepted an offer based in NYC. The firm/group I will be joining also has an office on the west coast. Any advice on how to bring up the topic of starting at the West Coast office even though I recruited for NYC? Would you recommend that...

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+1
Need for an MBA in Europe?

guacamoil

In the US, after following the standard 2 years IB -> 2 years PE Associate, people need to leave for an MBA before they can come back to PE and continue advancing. HOWEVER, it has been implied/said in this forum that things may be different in London. Is an MBA necessary in London? Can you continue ...

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+3
Switching careers from law (with some IB experience) to private equity

PElawyer1

Hi, Looking for insight as I'm trying to switch careers from law to private equity. I am from Australia and studied a bachelor of Law (honours) and a Bachelor of Arts dual degree at Monash University. I have a 3.0gpa for the dual degree. During my undergraduate, I studied abroad at Oxford Universi...

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+5
BVal to PE?

bau_9081

Anybody have thoughts on going from BVal at a Big 4 (think KPMG, D&T, EY) to a private equity shop? ...

14
+1
Blackstone Back Office - Yes/No?

Kanyeezy 2020

Hey all, Curious if the Blackstone Fund Accountant position in NYC is a death sentence for your career? Will I be able to network to middle/front office at all or will I be stuck? I have an interview coming up so any tips for that as well are greatly appreciated. Thanks!...

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+2
Will HHs reach out to me if I'm at a non-NYC BB?

ANT19990

Will headhunters (CPI, HSP, DSP) reach out to me if I'm at a non-NYC (think Chicago/SF/Houston) BB group? ...

4
+1
CPPIB PE FIG Team

leveredbetaboy69

Does anyone know how the CPPIB PE FIG Team is in terms of: * Sectors they deploy capital in (Insurance, Specialty finance etc) * Reputation * Deal flow Thanks,...

1
+1
Infrastructure Private Equity team - Modelling Test

actiblue41

Hey everyone, So a buddy of mine is interviewing with the Infratructure Private Equity team of a large insurance company (team has invested in airport, solar energy company recently) and has a modelling test next week (he made it past the first round). He's in project finance for a large bank and d...

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+6
Blackstone Growth Equity

Strategic_decision

Anyone have any further information on the set up of Blackstone’s growth fund. Only data I can really find are the news articles from earlier this year about Jon Korngold joining from GA. Curious if they’re recruiting analysts/associates and what the structure of the team is going to look like...

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+4
Blackstone GSO

FiNaNcIaL_aNaLySt

I'm curious about the GSO group within Blackstone - does anyone have any information regarding similarities/dissimilarities to the main PE groups at Blackstone? I'd also be interested in the different teams within the group, comp, hours, and the sort of work that the group does. Thanks!...

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+1
York Capital PE

alcc6b

Has anyone heard anything about York Capital Management's PE Group (culture, interview process, etc)?...

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+1
PE Headhunters in Singapore/Hong Kong

SGPE

Any headhunter recommendations for PE opportunities in Singapore / Hong Kong? I'm already working at a Top PE shop but need to move cities due to personal reasons....

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+1
Macquarie Infrastructure and Real Assets... updated information?

fsdfadasdf

Title says all. Received summer 2020 offer. Is it worth taking over IB if very interested in PE and Infra PE? ...

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+3
How can LBO debt be put on targets balance Sheet?

Ardnic

Hey guys, maybe this is a very basic question. How can a PE firm raise debt (bank loans, bonds, mezzanine) to finance an LBO and put that raised debt onto the acquired company's balance sheet straight after? Does this have something to do with SPVs and if yes could someone explain the structure of...

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+4
Why is Management Rollover not affecting IRR?!

Ardnic

Hi, I have stumpled across an issue with the basic 30 Minutes BIWS Paper LBO Model (in case anyone knows it). In that model, management is rolling over 10% of equity at exit. Now, in the model this does not influence the IRR or MoM multiple, WHY?! Simply stated, the 10% of equity that the managemen...

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+1
~$100mm fund analyst offer straight from undergrad- to take or not?

VCbabymonkey

I am fortunate enough to have the rare opportunity to join a fund as an analyst directly from undergrad. The role will include traditional investment related: financial modeling (cap table, 3 statements, valuation), investors communication (decks), market analysis, due diligence. VC is what I want ...

9
+6
LMM PE lifystyle

EUROPETARGET

I'm currently at an EB and while the work itself isn't bad I hate the lifestyle (hours/culture). So now I'm wondering how the lifestyle will be at a LMM PE fund with ~$500m AuM or maybe even less. I'm especially interested in the hours. Are 50-60 hours the norm?...

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+3
What is the typical salary structure of a private equity firm in Toronto?

Gurj

Assume we're talking about the big 4 of private equity firms in Toronto. What is the salary structure? How does the salary structure compare to that of New York and London? ...

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+1
PE firms that independently source deals

Hedge_My_Risk

Does anyone have any insight into PE firms that are notoriously good at sourcing deals independently rather than participating in the standard banker led sell-side? I know most firms claim to be good at this, but I would be curious to know who actually is. ...

5
+3
Question about PE Internships

Mojo_Jojo

Hi everyone! I somehow managed to land a Private Equity Analyst Internship going to a non-target school. My intention overall was to go into IB and then PE after, but I started too late on that. Now I'm slowly approaching my last year graduation, Winter 2020. From what I know is that usually you st...

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+1
How do I prepare for PE internship?

Chip Rothstein

Hey WSO! I've managed to receive a full-time analyst/investment internship over this summer in a boutique PE fund in London focusing on LBO's. Now, I haven't done any internship in IB or PE before but my resume includes working as a business development intern in one of their portfolio companies ...

1
+14
AMA: Tier 2 consultant to UMM/MF PE

Bubba-

Happy to do an AMA to give back and talk about how I went from a tier 2 consulting shop to UMM/MF PE. My background Multiple interviews I had **dozens** of at bats for over a year before successfully landing this offer. I interviewed everywhere from VC to sourcing growth to regular growth to MM to...

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+11
How much do you learn as a 3rd year IB Analyst vs 3rd year PE Associate? (How common is a 3rd year in PE?)

banker2018

Hello, I plan to go to business school after 5 years of work experience. I'll be working 2 years in IB for sure starting in July, but am unsure if I want to recruit for PE this year or recruit as a second year. **Path 1:** Recruit this year - 2 years in IB, potential for 3 years in PE (but might n...

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+3
Vector Capital

monkeyphosho

Vector Capital in SF.. anyone know anything about them?...

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+1
Study MD or PhD in Life sciences for healthcare private equity?

johntheplumber

What are the differences in what these two degrees can offer for a healthcare private equity career?...

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