Silver BananaTopicReplies
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Offer from small VC firm - to take it or not? Hi guys. I needed an opinion on this - Currently I have an offer from a VC firm : a few months of probationary employment with a basic stipend at the end of which I will be evaluated and taken on as a full time employee accordingly. It's a $5mn fund, and almost the entire fund is deployed. Not a ve...
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LBO pro forma balance sheet adjustments - cash to sellerHey guys, I'm hoping you can help me with a journal entry I'm working on in a pro forma balance sheet. I'm building an LBO model and the business started with $2mm of cash. I've already created my purchase accounting entry, funding entries, transaction expenses, and deferred financing fees. Now, ...
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London IB Analyst Prep for American PE fundHello, I am an IB analyst in London, and I have an interview with a U.S. focused PE shop coming up. I am looking for any advice you may have for prepping for a U.S. PE fund interview. I.e. is there anything specific to the U.S. specific material that I should be looking at or expected to be tested...
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How Reliable is this Family Office List WebsiteAnyone try this family office list website? Thinking of purchasing but not too sure if its accurate. https:// familyofficelist. org/all-lists/...
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Dallas PE Funds?Haven't been able to find anything recent on this, anyone have any opinions on top Dallas funds? Just googling around I found the following list: NGP Encap Lone Star Insight Trive Kainos Tailwater CenterOak Redbird Highland Prophet Gauge Trinity Hunt Highlander Pharos CIC ...
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Modelling for a JVHow would you model the equity line item in the b/s for a JV whereby one entity is contributing assets and another is contributing cash?...
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45 Minute Excel TestHey everyone, I recently received an in-person interview, and the firm mentioned a 45 minute Excel test. They specified it will not be a LBO case study, so I'm curious what they could possibly test during this time. I'm imagining a 3-statement model or something of that nature. Anyone have experien...
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Hybrid Private Equity/Hedge Fund Trying to piece together which funds offer associate programs that walk the line between hedge fund and private equity in the distressed space. I know Centerbridge at one point was known for having an associate program like this (not sure if that still holds true). Any others?...
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HF to PE post-MBA - my story and seeking advice (long-time poster)! Hello all! As you can see from my King Kong status and my post history, but I've been on WSO for a long time and was a regular columnist a few years ago. I've benefited tremendously from my interactions on WSO, and now am asking again for some general advice (and will be sure to keep giving out advi...
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Post MBA IB associate to PE? How difficult will the transition be?I hear a lot of IB Analyst make the transition to PE. But would it be harder for a Post MBA IB associate to make that transition?...
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Valuation Base DateHi all, Just to provide some context, I am designing a DCF valuation for a dental practice which has been operating for +20years and was purchased by another dentist in july/17. The dentist wants to now understand how much value he is adding to the business given his operational plan/CAPEX agenda. ...
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Lead Edge Capital Management - Interview - N/AIt was a short interview, so I didn't get asked much questions. One of the questions I got asked was what differentiates a good startup and a poor startup. Be ready to provide examples of specific deals and startups that failed or succeeded. You should be prepared to show you know a lot about the ...
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2018 Macquarie Infrastructure & Real Assets (MIRA) Sophomore Outreach Has anyone else applied to the 2018 MIRA Sophomore Outreach in NYC? Does anyone know how helpful this program is to 2019 recruiting?...
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Experience for PE OpportunityHi, Quick question. I am thinking through my next career steps and wanted to get some feedback on chances to get into PE based on my work experience below. I would like to be somewhere with a Healthcare industry focus. I appreciate all feedback. 5 years Healthcare Operational Consulting 2 ye...
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What do you do with transaction fees in an LBO model?Hi all, When solving a simple paper LBO model, how do you account for transaction fees? Let's say the EV is 1000 and you acquire the firm using 70% debt. Transaction fees are 50 and existing cash is 50. After 5 years cumulative FCFE is 200 and you can sell the firm for 1200. Is it correct that the ...
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London Mega Fund - Technical InterviewWSO, Anyone has experience with technical interviews at Mega Funds in London - Snr. Analyst / Jnr. Associate level? Any tips / suggestions are highly appreciated...
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Blackstone Group - Review - Real EstateThe job is great. Came in kind of green without significant Argus experience. Have been learning it as well as all relevant excel models.. The hours are terrible. I just come home and have enough time to sleep and briefly eat. I feel like quitting until I see my paycheck....
Advent International Corporation - Review - GeneralistThe company has a good hiring policy and provides on site training and development to enhance analytical skills over time.. Unable to leverage the learned skills after several years as senior positions do not open up frequently....
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Chicago Private Equity - Help for 1st Year analystDoes anyone have any insights into the private equity market in Chicago? I am a current 1st year BB analyst in NYC looking to transition over eventually. I know the big firms are GTCR, MDP, and BDT with each at $5bn+ AUM. Has anyone worked with these firms and what associates typically do after th...
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PE in the DACH-regionSince almost everyone on here is talking about the US I was wondering, how PE is different in the DACH region (or in the nordic countries of europe) in terms of structure, culture, compensation, etc. Would really appreciate some input! ...
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Grosvenor Capital Management - Review - Private EquityThe work is interesting, good exposure to the industry, working on real investment opportunities and memorandum. . Cult around the CEO - meaning you're either on the inside or outside. Uncomfortable work environment because of it. Too many mid-level employees. ...
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CVC Europe (London)Hi all, I was wondering if you guys had any views on CVC team in London (UK team as well as Specialists team, i.e. FIG, CEE and TMT)? Any input would be highly appreciated ! ...
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PE recruiting out of collegeHi All - I'm interested in what PE recruiting is like coming out of college. It's an option I'm certainly considering and I'd love to know if there are any steps I can take in advance to better prepare myself. I worked in equity research at a big AM sophomore summer and currently summering at an E...
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Searching for a star underwriter We are looking to add a superstar underwriter to our team. We currently are working with 2 who can get our clients funding 2-3 times what their bank could on personal loans. We need 1 more and possibly 2...
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Guggenheim Partners - Interview - GeneralistWhy BAML Do coupons stay constant? What happens if the coupon rate is higher than the interest rate? Does the discount rate affect bonds? Tell me what’s going on in the US right now. What are “Buy America Bonds”? How would a municipal entity’s bonds trade compared to a general revenue bo...
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Project Finance to Private EquityCan somebody please advise the probability of going from Project Finance (Energy/Infrastructure) to Private Equity ?...
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Golden Gate Capital - Review - Private EquityUpward opportunity City of location Trust from superiors Deal flow in group Attitude of people that I work with. Limited outsourcing infrastructure for work leverage Sometimes there can be quite a bit of busy work ...
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Contacting VC Firm - Strong Experience, No "Connection"I am currently an Engagement Manager at a Strategy Consulting firm specializing in a somewhat niche technology (e.g., FinTech, HealthTech, etc.). While performing some research, I recently stumbled across a hybrid early-stage / growth equity VC fund with ~$1B AUM and ~20 employees that invests in th...
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Trivest Partners - Interview - Private EquityWhy do you want to work at Trivest specifically? Why PE? What do you think of the current PE market? How do you feel that your past experience would allow you to excel as an associate within Trivest? What are your personal standards of success and when have you met or exceeded them? How would your b...
Norwest Equity Partners - Interview - GeneralistInterview and I spent about 10 minutes of the first-round interview going through behavioral style questions. Typical questions of walk me through your resume and walk me through a deal that you've worked on. Interviewer seemed to also be testing my interest in San Francisco. Beyond that, the remain...
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Cranemere?Has anybody here heard about Cranemere? They seem to be an interesting firm headed by Jeffrey Zients and Vincent Mai (AEA Partners). Does anybody have any insight into the interview process, culture, etc? ...
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VC IR offer - Is it compelling or not?Hi everyone. I wanted to get some candid advice from all of you about a job I'm thinking about taking. It is a VC investors relations associate role at 2-year-old $400M VC firm. They are raising a second fund. I have been working at the allocators' investment side (asset management) for about 4 yea...
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How easy is it to jump between junior roles in VC & PE?Let's say you're an analyst at a non megafund PE firm. How feasible is it to land a gig as an associate at a reputable VC firm after 1-2 years? What about the other way round - you're an analyst at a VC firm, how feasible is it to jump to an associate gig at a PE firm? ...
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I think I am being set up to fail by my boss. What should I do? .................................................................................................................................
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How do investors(LPs) get paid? [permanent capital funds]For a fund that lasts forever with no investment timeline, when do investors actually see a realized return on their investments if an exit isn’t made in 50 years for example? Do PE firms pay out preferred returns quarterly like in the real estate industry for a typical 10 year fund? What’s t...
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TPG Growth GroupI have heard a lot about how elite TPG growth is but I can't seem to find any information on the growth equity part of the group? What is it like? How do you enter it? Do they follow a bottom up sourcing model like Summit Partners? Anything about TPG Growth at all would be great to hear...
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Search Fund experience valuable?I am a senior from a Big 10 school and after a couple of months of recruiting, I was able to land a spring internship at a very small PE search fund (just the Director, a graduate from HBS and a handful of advisors). The position will involve deal sourcing and deal evaluation (financial modeling, du...
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Will a PE Internship from a Non-Target help me go full time?I'm doing an international PE internship this summer at a highly reputable firm in that country. I'd like to come back to the US for full time. Will my experience be enough for PE recruiting to consider me?...
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Kamylon Holdings - Interview - N/AThe companies strategy is to acquire family businesses that the owner is retiring and there is currently no on to handle it. So, they asked me if I were Kamylon what would I invest in. I found this to be a tough question because who can speak well about local businesses (especially as a college stud...
CPP Investment Board - Interview - Private EquityOne of the case studies I got on my superday was really interesting. They kept on showing me different charts and asking me to use these to come up with a story for a company. The first chart showed revenue growth, the second chart showed market share, the third one showed margins, the fourth one sh...
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Why do senior notes have higher penalty for prepayment?And for that matter, when you're doing a paper LBO (simple - term loan and senior notes are the only two items on the debt schedule) why do you leave prepayment as $0 for senior notes? Thank you so much as always....
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Brightstar Capital Partners - Interview - Private EquityThis was my first ever take-home case study. I was given a 60 page CIM and was asked to build a model on the business and put together a 5 - 10 page investment memo (presentation or written) in 48 hours. After submitting the case study, I had to present the case to two VPs to which I received many ...
LaSalle Investment Management - Interview - Portfolio ManagementWhat form of real estate financing do you know? How would you finance a development? And a rented office? Do you know the difference between preferred equity and mezzanine? What do you know about our platform? Where would you invest £100ml (within real estate)? What country and what asset class? Pl...
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PE Secondaries pay and exit opportunitiesHi, I am thinking about joining a secondary fund team in an investment bank after 2 years of M&A. I need to tell them my expected salary and bonus. Can you tell me about the average salary level and the split between base and bonus? Also important what are exit options? Thank you very much ...
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PSP Investments - Review - Private EquityWeekends are off for the vast majority of the year. Busy during Mon-Thurs. General autonomy for juniors.. Lack of intellectual rigour among investment theses, over-reliance on GP partners, not a ton of driven individuals on the investment teams....
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Founding a startupI work for a middle-market private equity fund and dream of starting my own business. I have been talking to friends with similar aspirations. Anyone have any ideas / similar aspirations? ...
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What sector do you work in and why does it excite you? What's the coolest deal you've seen in your space? If you could start all over, would you choose the same sector? Would love to hear some cool stuff this Monday....
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Change in equity value as result of paying down debtHi everyone, I am confused to how equity value increases as result of paying down debt with the LBO target's cash flow after the acquisition. According to Investment Banking by Rosenbaum&Pearl and other online sources that describe this process, since equity value = enterprise value - net debt, bec...
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Denver Private EquityWhat is the scene like for PE professionals in Denver? Who are the most well respected shops? Is it developed enough to network effectively? Does the lifestyle support longer term opportunities? ...
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1st Year Private Equity Associate Compensation UpdateSaw that the most recent compensation updates for private equity positions are from 2016 and since then, many investment banks have raised 1st year associates salary base to 125 so just wanted to get an update. Obviously this number would vary between lower MM, MM, upper MM, and MFs, but would love...
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The Riverside Company - Review - GeneralistFairly happy. Although the hours are long for associates. The interns don’t stay in the office after 5 pm. . Wish we learned more about financial modeling. Definitely got to learn about the ins and outs of PE industry but not much modeling. ...
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No response after Superday invite - Please helpI recently had a phone interview with a senior professional at a mid market PE firm; she said at the end of the interview that she'd like to bring me in for a superday to meet the team; didn't specify when, but told me to follow up with my calendar. The call happened a few days ago, I followed up w...
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Anyone Seen the Groupon Model Pivot Successfully?Bought a group deal site recently that was doing ~$20M a year a few years ago that has since turned into a shitshow. The one problem with their model is that gross margins for the business suck which means it has to be run very lean, large, and effectively. Has anyone seen a group deal site pivo...
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Blackstone Group - Review - Technology, Media and Telecom (TMT)...............................................................................................................................................................................................................................................................................................................
The Abraaj Group - Interview - Private EquityPaper LBO and mini consulting case combined. Spend at least 30 minutes talking through the case. The case was based on a random portfolio company owned by the private equity firm. Normally they choose an obscure industry to really test your knowledge. Key emphasis on why emerging markets in all 4 r...
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2nd round interview - Case study - thoughts?Hi All, Made it to the 2nd round with an international VC and was given a brief case study to prepare at home. As I don't have too much experience with early stage/pre-revenue companies, would appreciate your thoughts / ideas on how to go about it. Basically, case is about a tech company requirin...
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Partners Group - Review - Mergers and AcquisitionsGood learning environment, lots of deal exposure and high deal flow. Recognised by industry for company growth.. Far too rigid in its investment committee process and day to day HR operations are an after thought. Middle management is weak...
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Short / 1 hour real estate modelsGuys do you know where to get short real estate models which are doable in one hour (similar to LBO paper exercises or one hour LBO models but specific to real estate) ? I want to train for an REPE interview (the case study will be one hour)… Thank you!...
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AMA: My journey, from the lab to MMPEI’ve been threatening to do one of these for a couple months, and I figured I’d slam it out while I have some downtime in the office. I’m in my early 30s and I work at a middle-market private equity firm in the Southeastern US. I’ve taken a rather long, circuitous route to get here, and I’...
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Did Deutsche Bank's Junk Bond Firesale Just End The Party?Again, previous content didn't really generate much traction so maybe I am posting this in the wrong forum or I am completely wrong. I just think it would be really interesting to hear PE professionals take on the state of the leveraged lending market (recently heard that a big name private credit p...
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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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Can someone explain annual amortization of a term loan?I'm practicing LBOs for an upcoming interview and notice cell H20. I know how to use it in the calculation but don't know what it means and have trouble understanding from the relevant wikipedia article. Can anyone explain? https://multipleexpansion.com/excel/blank-easy-lbo.xlsx This is from the ...
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Is Audit the worst??Not sure if this is the right place to post but I'm looking for some advice on a potential Audit internship. I started college intending to work for the UN or something but I recently changed my mind and am interested in a financial career- I don't know much yet but I think I'm interested in Private...
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Recommendations for Advanced Excel for FinanceI am a relatively competent coder soon to be working at an agri-focused PE firm. Already have TTS, but what are some good books teaching more complex financial modelling tools in Excel such as Monte Carlo, Black Scholes, etc... Also, this is my first finance-type job. Do people just not use Excel ...
6
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Due Diligence Question GuidanceHello Everyone, I'm an intern at a PE shop and was asked to make some initial due diligence questions for a possible deal we may look further into. It is a staffing company for Finance/Accounting services. Any questions I should ask for this sort of deal? Or what questions are good initial questio...
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PE Recruiting From Middle Market IB'sHey all, I'll soon be a first year at a MM investment bank. In terms of PE recruiting, I imagine it won't have as strong of a reputation as BB's and EB's, but I'm curious if anyone has any insight to what the process looks like for analysts at reputable MM banks. It seems that most of the informa...
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What is "Capital Break Even"Hey guys, Late night modelling exercise. Have been asked to do a capital break even analysis on a project we're working on and I don't really know what that means. Is capital break even different than break even? I'm trying to sensitize a single input, but I don't know if it is referring to a more ...
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Generalist Private Equity Associate Programs Of the MFs, upper MM, and more well known MM funds which associate programs are generalist and which funds hire associates for specific sectors? ...
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Family Office Private EquityWanted to get the community thoughts about family office PE firms in general and my situation. A little background - this is for a junior level position, I am currently working in the credit arm of a large PE firm (think Sankaty of Bain, Thoma Bravo's credit arm, Whitehorse Capital of HIG, etc.) on...
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PE Fund of Funds to Actual PE?Hey guys, I am curious as to whether any of you believe that working for a private equity fund of funds (a company like stepstone) provides a realistic path into landing a job at a PE firm. I can see how a great deal of the knowledge would be transferable and valuable from the standpoint of underst...
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Goldman Sachs - Review - Private EquityGoldman HQ is has a network that enables everyone to make connections and explore all services and knowledge at the firm.. Goldman can be too careful and strays from rocking the boat at the cost of innovation and being geniune at times....
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Met one of the biggest figures in PE at a small personal event, how should I follow up?I was attending a small personal event and ended up meeting one of the biggest names in PE, think Kravis/Schwarzman/Black tier for one of the top funds. I didn't want to come across as some schmoozing opportunist so I avoided trying to really talk about work stuff and instead shared some personal in...
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Goldman Sachs - Review - Special Situations GroupGroup is full of great people, made some lifelong friends. Work is very interesting in nature, lots of opportunity to invest across the capital structure. Lots of corporate process due to increased regulations. Lots of compliance hurdles to jump through, etc....
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PE Business Development: How to actually get to the CEO?Hey everyone, I wanted to get your take on how to best approach cold calling for a PE firm looking to generate new leads without having to go through a broker/banker. When do you think is the best time of day to call? How do you get around the "gatekeeper" in order to actually reach the CEO/manage...
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Little John & Co - Interview - GeneralistAssume you are looking at a U.S. wine bottle distributor as a potential investment opportunity. What are the key areas you would want to ask about as part of your diligence? What are the key risks? What are some potential opportunities? How would you model out this opportunity? What do you think is...
Hamilton Lane - Interview - Private EquityI was asked various questions from going through an entire DCF to trivial algebra gmat like questions. We were asked off the Wall questions as well like, if you can be any super hero what would it be and why. How many cats are there in New York. A lot of behavioral and questions trying to see how yo...
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Starting in Venture Capital. Where/Why/IfHi, Everyone. First of all, I’m just discovering this community and I wish I had known about it earlier. Thank you guys for contributing here to reveal the real world to students. For a quick profile overview, I’m a rising senior in college interning at a VC Fund in Columbus, I spent the last s...
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Houlihan Lokey M&A Exit Ops and CompensationI know people have discussed this before, but many of the posts are outdated. Can someone provide more insight about HL CF's pay for first year analysts and PE exit ops? I understand that placement into MM PE funds is solid, but what kind of MM funds and is there a chance to be placed into upper MM ...
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Looking for a Female Roommate in SF Area!Looking to share a 2BD/2BR in a safe neighborhood with doorman. I have a few buildings in mind and the rent would be in the range of $2,500 / person. I'm going to look for units with washer/dryers, stainless steel appliances and hardwood floors. I work at a VC after doing my time in investment ba...
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Applying to a New Job Before Even Starting My First?I recently graduated from a top target and will be beginning my career in Tier 2 consulting (OW/S&/LEK) this July. I am interested in lateraling to private equity when I get the chance and seeing that I am not at a BB or MBB, I am worried that PE headhunters will not be reaching out to me this winte...
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Small cap PE Pay/Life/Exit?!Currently, I'm a first-year student pursuing an internship at a (regional) boutique and I absolutely hate it. I'm doing a lot of research, power point, excel and a bunch of grunt work (I really expected IB to be more glamorous). Due to extensive research and networking, I have the opportunity of in...
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BlackRock - Review - Consumer - RetailA lot of opportunity, work, and exposure on the analyst level, people are very determined and smart, . Hours are incredibly long, there is "hazing" period where everyone wants the first years to struggle, a lot of stress and poor managers...
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Does anybody know what Akshay Shah looks like or have any info on him? He was aveteran GSO, blackstone credit default manufactuI cannot find a picture of this Akshay Shah dude, or a bio. He is a bit of a beast, he used credit default manufacturing and blackstone's brand to terrorize notable big firms, even Goldman. He is Indian born, cambridge educated, and joined GSO in 2008, about 40, worked at Lehman brothers before GS...
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