Silver BananaTopicReplies
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MBB to PE/HF?Hi guys, Long story short, I had initially planned to go into IB after UG and eventually try to make the move to PE/HF. However, I did not manage to secure any BB IB offers, but ended up with an MBB offer (which I am very grateful for). My question is, if my goal is an investments-type role down ...
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Heidrick & Struggles Report: Carry for VPs?I'm referencing Heidrick & Struggle's 2017 Report (Google: Heidrick and Struggles 2017 Private Equity since I can't post links) My question: is the average VP making millions in carry? For example, page 17 shows the median VP carry for $1 billion AUM fund is $2.5 million. I'm assuming that's annual...
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Ardian - Review - Private EquityGood exposure to deals, a lot going on at a company growing quickly in an interesting space. Major European player expanding US ops.. Thrown into the fire, which is good and bad. Good to get the experience and opportunity, started to struggle at points when it was difficult to catch up and get a gra...
Advantage Capital Partners - Interview - TechnologyThere wasn't anything special or difficult. Just make sure you know what industry they operate in and how it is different from the normal Private Equity / Venture Capital firms. Research on the deals they invest in, by looking at their website. Be prepared for mental math questions and market sizing...
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Pantheon Ventures Fund of FundsAnyone know any more about Pantheon Ventures than what is listed on their site? Any analyst or associates that worked there? What is the firm and culture like?...
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Cinven fund performance and cultureDoes anybody have thoughts on CInven fund performance (e.g. IRR/top quartile previous funds) and working culture at the office for Associate level? ...
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Potential Role: Portfolio Analyst at Top Tier PE firmHi All, I'm currently looking at a potential role as a portfolio analyst for a Credit Fund (+25billion AUM) at a top tier Private Equity firm. Short description of the role is below: The candidate will be responsible for providing all portfolio exposure, fund performance analytics, 'and investor ...
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Reinvesting in a PortCo After Previously ExitingCouldn't find anything on the forum related to this. Have you seen this happen? I've seen this before, but not first hand and would be interested in hearing from someone on the buyside. Curious as to how the economics would work as well. Did the fund get the thesis wrong the first time? What chang...
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Macquarie Group Limited ABN - Interview - InfrastructureQuestions re. fit / behavioral / conversational - as expected Quite a bit of focus on testing technical / analytical / mathematical skills when interviewing with investment professionals (ranging from Vice President to Director levels) - How would you think about returns for toll roads vs airport...
First Potomac Realty Trust - Interview - Prime BrokerageIf asked this question, be honest and specific about your future goals, but consider this: A hiring manager wants to know a) if you've set realistic expectations for your career, b) if you have ambition (a.k.a., this interview isn't the first time you're considering the question), and c) if the posi...
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Philosophy in Private EquityHi everyone! At the college I will be attending, I was accepted into the Philosophy Honors Program. Meaning, instead of the normal general education courses, I would be taking classes in philosophy and english literature instead. Is this worthwhile for a finance career, or does nobody care about the...
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Modeling AcqBest resource for learning to build an acquisition model with a bolt on and a toggle to turn on/off potential new markets?...
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Buyside Recruiting: RBC vs. Jeffries vs Houlihan LokeyHi – I was wondering what people’s thoughts are on buyside recruiting for individuals at RBC NY vs. Jeffries NY vs. Houlihan Lokey NY? Thanks! ...
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Career in PE: MBA Finance or Master of Finance?Fresh graduate, currently have job offers from two firms: consulting business analyst in (think LEK/Parthenon/ATK/Accenture) vs S&T non-BB (think Nomura, Wells Fargo, HSBC). First option will allow me to have a better shot in MBA Fin, the other offer will allow me a better shot in MoF. Which would b...
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HIG Capital - Interview - Special Situations GroupIt was mental math and lbo style questions but with industry assumptions. What's an industry you'd want to invest and what are the trends? Okay, let's say the company has $100mm in sales. What are the components? He then proceeded to give me a set of financials for this made up company and asked me...
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How Will Technology Effect PE In The Next 10 Years And What Skills Can Current Practitioners Learn To Be Prepared?(Taking inspiration from my own forum post over in IB) The threat of automation has been disscussed already. I want't go throught that because part of it is intuitive. I am of course very interested in how technology will augment the field *specific to Private Equity rather than Investment Banking o...
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X% on called capital with a "step-down feature"Saw this while looking at mgmt fees for a fund, can someone explain what a "step-down feature" means? thanks ...
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Hercules Capital Thoughts?Hey everyone, Thought on Hercules Capital? I have come across mixed reviews, but wondering if anyone has thoughts on their work experience, exits opps, etc. I tried doing LinkedIn searches, but cannot really find people who previously worked there and where they are now. Any advice/thoughts would ...
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Interview Advice: Park Hill Group Hi, I have a case study interview (1 hour) with Park Hill Group. It is for the Analyst role within their project management team. The only information I know is that it will be an excel case study design to test your analytical and technical skills. Do you guys have any ideas on what this could...
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Case Study Interview at Park Hill (PJT Partners)Hi, I have a one hour case study interview with Park Hill within their Project Management team. They said that it is an excel based case study design to test your technical and analytical skills. Anyone got any idea on what the case study would include? Thanks a lot! ...
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Pricing market risk into modelWhen accounting for market risk (eg. unknown / potentially limited TAM), any thoughts on how to best "price" it or bake it into the operating financial model? One approach would be to look at top line growth assumptions, sanity check it by looking at the implied market share, and calibrate growth a...
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Summit Partners - Review - FinanceGreat perks--gym in office, snacks in kitchen, breakfast served occasionally Great benefits, likely the best you'll ever have Interesting work, will become a master of Excel Good people, everyone is smart and driven Summit is a great name in the PE space and has a strong legacy of performance . Hour...
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ABRY PartnersHey guys, I have a 1 hour first round interview with ABRY Partners tomorrow. Any idea what I can expect? Quick and dirty lbo model? Fit questions?...
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Venture Capital Salary versus BB and Private EquityHi everyone. I wanted to get some candid advice from all of you about a job I'm thinking about taking. It is a VC role at a top-tier firm. I'm being directly hired as an associate (so I'll skip the two-year analyst role). My only concern is that I believe that the salary is slightly low. I'll basica...
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VC Analyst Exit Opps- Resume HelpI'm finishing up my first year at a boutique VC/PE shop that's backed by a large international strategic and I'm starting to think about next steps- the comp is good and I love the team, but the firm's investment sector focus isn't what I want to do long term. I'm really interested in consumer tech ...
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Path to Operating Partner/Executive RoleHey everyone. I would appreciate some insights on how to go about thinking through this... Long story short, I find myself really interested in becoming an operator and would like to pursue the path towards an operating partner role at a fund or an executive at a startup. I currently work at a grow...
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Private Equity 101Hi, I am new to private equity and am trying to grasp a couple of the concepts. would appreciate if you could help out. 1) How does a fund work? why is their multiple funds? can't you invest in another company if you still have money left from the fund? 2) I keep on seeing the word "equity check"...
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Nomura Holdings - Interview - Global MarketsSquare root of 0.5 Why did you choose your degree? Why the world of banking? Why Nomura? What role do you think technology plays at Nomura? How would you organize a team if you just got given a project? Lets say you are managing a project, everything is going on track. One week before th...
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Job Offer Opinion - IB to PEI've been in an IB Coverage group for just over a year (came in with industry experience and now an a3 up for associate promote in March). I've been offered a private equity role at a co-investment fund with AUM of 500MM. Comp is all in around 160 (base plus bonus with no carry). The comp represents...
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Advice Needed: Private Equity Co-investing vs Private Equity SecondaryI recently received two offers, both of which are from private equity fund of funds. One of them is a role in the private equity co-investment team while the other is for the private equity secondary team. I would like to seek opinion as for which one is a better option in terms of career prospect. ...
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What is the difference between LMM and Growth Equity?What's the difference between LMM and Growth Equity? I understand LMM is typical buyout but the check sizes are smaller. Is Growth Equity like LMM but just even smaller check sizes? Or are there nuances to it that make it more like venture? Is Growth equity the same as late stage venture like NEA o...
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2 internships at once??Hi guys, just finished freshman year at a semi-target. So I'm doing 2 (remote) internships this summer, but I just realized that it might be a conflict of interest/ not legal. One is a very small PE firm (2 co-MDs) and the other is a search fund (only 1 guy). I'm doing both because 1 internship will...
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FoF Secondaries Case StudyPlease delete if this is too much of a replica, but I feel in all of the old threads, there was never any solid advice from someone who had had an interview / case study recently. I am a 2nd year BB IBD analyst who has an interview with a secondaries fund next week. Description is "valuing an LP's...
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PE secondaries interviewI am having an interview with a PE secondaries firm. I was told that there might be questions like "will you invest in a portfolio of companies or will you cherry pick?" Not sure what it means exactly.... I know that the firm does some direct secondaries deals. Will I be given specific scenarios or ...
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Blackstone Strategic Partners - thoughts?"Strategic Partners provides a unique opportunity to achieve a valuable learning experience working in the secondary private equity industry. Strategic Partners manages funds with approximately $11.0 billion in committed capital and seeks capital appreciation through the purchase of limited partners...
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Best lifestyle PE firms in terms of hours work, comp/size doesn't matterJust curious. If someone wasn't worried about comp, wasn't worried about fast progression, wasn't worried about sector, just liked the work of PE and wanted to have the best lifestyle possible, which shops would you recommend? Do they tend to be clustered places like Denver, LA, Miami, or what?...
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Secondary PE ModelingI have a 2nd round interview coming up with a secondary PE fund. They do mostly LP secondaries of funds that are majority invested. I'm still trying to understand exactly how they value these LP interests. In the round 1 interview, they told me that they do a bottoms up analysis on the underlying p...
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Goldman Sachs' Private Capital team (ESSG)Hey monkeys, What can you tell me about Goldman Sachs' Private Capital team, which sits within the European Special Situations Group? The analyst role/job type/culture/ anything really... it's quite tough to find tangible information on this team Have face-to-face interviews coming up, no modelli...
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Fund of Funds in Venture CapitalCan someone explain to me how fund of funds in venture capital works and what the benefits are? I understand that VC's invest in other managers to gain exposure to more companies but what are the terms? Would a fund of funds own a stake in each of the companies that the manager has invested in? Are ...
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When a company is in play... timeline, employees, etc. I posted a few months ago about what a great buyout deal my REIT is (where I’m an associate), and sure enough I’ve found we are in talks with a PE firm. I know this is premature but assuming the deal does go through, I was wondering a few things... how much time do we have before jobs are lost/r...
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Fund Commitment AmountFor the post-MBA PE guys on the forum, how did you decide how much you wanted to invest in your latest fund? I know some funds require a minimum to get your carry award, but, that aside, how much did you put in the fund? Any important considerations when making this decision? On the one hand, it see...
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Discount on Promissory NoteCame across an item called "Discount on Promissory Note" on a P/L under "Other Expenses" section. Just wonder what that may be. My guess is it has something to do with the discount on a convertible note? Can someone elaborate what this item can be and why is it an expense? Thanks....
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Pay raiseHi All, I started a couple of months ago a job in PE. It is the end of my 6 months probation period and I would like to catch up with the fund managers and tell them that I am not happy with my salary. How can I tell them and what % increase can you ask for? (I just started in PE so I am at the juni...
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Undergrad Summer Internship : CPPIB vs BB OfferHi All, I am currently torn between two Summer Internships offers : one from a BB bank, the other one in Private Investments (kind of Private Equity) at Canada Pension Plan Investment Board. Both offers are in London. From what I've gathered during the interviews and through my own research, the wo...
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GS Analysts Fired For PE RecruitingAs we all know a first year analyst has to make a decision around this time of the year: a) take part in PE/HF recruiting for a job that would start after his/her two year commitment, or b) be a good monkey and stay out of the recruiting process because his/her firm prohibits it / it is a conflict o...
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How did Megafunds become Megafunds?What's up yall. I have a question for you finance-history nerds. Raising billions upon billions of dollars is hard, to say the least. Super successful tech founders struggle to raise tens of millions to start a VC fund, super successful traders struggle to raise hundreds of millions to start a hed...
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Anyone have any insight on Paine Schwartz Partners?Paine Schwartz Partners ~$1.4B AUM New York, NY "A global leader in sustainable food chain investing, Paine Schwartz Partners is a private equity firm that focuses on investment opportunities in the fast-growing, dynamic global food and agribusiness sectors. The firm’s investment, operations and ...
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Distressed Debt / Special Situations Modeling TestsAnyone done this before? Wondering how these would differ from typical LBO tests - trying to prep. ...
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PE questionHey, total PE newcomer. I read from a newspaper article that a PE fund raised $1.1 billion. Does this mean that the fund has $1.1 billion AUM? (I also read from another source that the fund had approximately 400 million AUM.) Sorry if this question is really basic, just trying to clear some things u...
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Distressed vs. Credit vs. Special Situation vs. Turnaround PE What is the difference between all 4 types? I've been able to find a lot of PE funds with credit arms, but what are the big names in special situations and turnaround PE? Private Equity Strategies The following was originally posted by certified user @I Invest", a private equity associate, and has b...
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Best Venture Capital Resources to Prep for an Interview?I'm totally bogged down right now from my current workload between my job (CRE lending - bulge bracket) and studying for the GMAT. I came across an open analyst position at a VC firm that I would love to work for that is involved in finance, technology, and real estate. This company has been the on...
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Prepaid Expenses_AccountingI understand that if a company (Let's call it Rover) pays 3 months of rent for an office space in advance, it's called a prepaid expense. In this case, the income statement doesn't change since Rover hasn't started using the office space yet (it's not expensed until Rover starts using the rental spa...
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JABDoes anyone have any insight into this company? They seem to be acquiring tons of companies for billions of dollars (Peet’s,Snapple,Pret,Panera) etc. Where is all of this money coming from and what is there competitive advantage over other PE firms when making these acquisitions? ...
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Asset financingSo I work for this firm X that has some 1.8 turnover, the owners do not reinvest and basically take out all the money via expenses so the PnL looks bad ,etc. Balance sheet has shitty assets around 3.0 They want to buy some company Y that costs 3.5 and finance 65% senior and 35% subordinated. Is th...
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Merrill Lynch Wealth Managment - Interview - Private Wealth ManagementAll questions were strictly behavioral and nothing should catch you off guard if you were prepared on basic questions. You should be able to talk about your resume, involvement, and have a relevant market discussion. Talking about books I have read appealed to the interviewer. Questions consisted of...
Landmark Ventures - Interview - N/Anot much since many of the questions were fit based rather than skills, and generally the interviewers were nice and trying to have a conversation with you instead of asking difficult questions. But know the company history well since they will ask what do you know about us and why do you want to wo...
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Pre-MBA Associate salaries in PE firmsAnyone know what PE firms are willing to pay pre-MBA associates? Let's say someone leaving McK, BCG, Bain or any of the BB firms. I've heard numbers ranging from 1.5x to 4.0x current earnings. ...
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Moving from LA IB to NYC PEI am starting with a bulge bracket group in Los Angeles in August. I am interested in potentially moving to New York for a buy-side role following my analyst stint. I know that most PE firms in NY only recruit from NY and that they interview candidates in NY, but assuming my office is receptive to m...
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Partners Group - Review - GeneralistMobility upwards, but not much compensation for the analyst to enjoy. There is lots of opportunity if you want it. Compensation low and management wont listen to juniors. I would continue to do that but not stop.......
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Company Value FormulaCompany Value = Cash Flow / (Discount rate - Growth rate) Question: Why is the discount rate subtracting growth rate? For example, a growing company has the following cf: Year 1: 100 Year 2: 103 Year 3: etc. Growth rate: 3% Discount rate: 10% So the company value = 100 / (10% - 3%) = 1,429, meani...
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Do you consider your Private Equity job intellectually stimulating?I have heard on some threads here and in general that PE jobs can get stale and boring, of course every job has its shit days but the nature of PE is long term concentrated investing. Do you consider your job in PE interesting and intellectually stimulating?...
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1st Year MM PE Analyst - Ask Me Anything (AMA)Undergrad: attended a target university, graduated May 2018 Education: International Political Economy major, International Business minor GPA: 3.7 GMAT: 750 Junior summer internship: MM PE in NY Post-grad plans: MM PE in major East Coast city, starting summer 2018 WSO has provided me so much insig...
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From PE >> Startup >> Back to PEWanted to get some thoughts from people on the forum about prospects of moving back to an investing role after leaving for a startup. Currently working as a 1st year VP at a large (upper MM) fund, where I've spent the past 3.5 years. I have an opportunity to move to an early stage startup (1.5 yea...
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Best European mid market buyout fundsWhat do you think are the best European mid market private equity firms in buyout in London? Is speaking several European languages a truly competitive advantage to work at those PE firms or just an illusion?...
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Private Equity Operating Partners v General PartnersGeneral Partners are the PE guys who make the investment decisions, operating partners are the guys who go into the portfolio companies and make all of the strategic decisions - think KKR Capstone. From my understanding operating partners are often ex MBB (consulting) guys or industry executives, a...
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PE Recruiting in LondonI am an incoming analyst at a Tier 1 EB in London and am wondering how I should approach PE recruiting in my first year. Do I start reaching out to HHs 3-4 months into the job or wait until they approach me? Also, how realistic is it to set my sights on MFs (BX, KKR, Carlyle)? I know PE recruiting i...
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New Private Equity Interview Prep Pack is Here!The Private Equity Interview Prep Course has arrived after years in the making! [2018 Update: Version 3.0 is better than ever with more PE Cases getting added to the WSO Video Library every month and now we have brought the entire course into a structured LMS for better retention and drilling!] Ou...
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Big4 MC vs MF IRHi all, I've been working at Big4 MC for a little less than a year and i recently got an offer from mega fund PE firm for an IR position. I'm hoping to exit to business development or corporate strategy after a few years and I'm not really getting the "strategy" project experience at my current firm...
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How can I transition from a Liberal Arts undergrad, working for my family's business, to a PE firm?I'm a graduate from a good Canadian university with a liberal arts degree, intending for most of my life to go into law. Unfortunately, I realized quickly (though at least it was before I was actually in law school) that I hated law. While trying to figure out what it is I actually enjoyed, I worked...
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Retained earnings on Consolidation vs. Going-concernI understand how the Equity portion of the new owner of a Company that has been acquired and consolidated is zero. Example: Say your company has $100,000 in assets, $60,000 in liabilities and $40,000 worth of owners' equity. (Assets minus liabilities always equals equity.) Now you sell out to anoth...
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PE Secondaries/Co-investment Interviews?Hey guys, How different is secondaries/co-investment analyst interviews from direct PE analyst interviews? I know there is going to be a 1 - 1.5 hrs of case study. Do they also test simple LBO models? Just trying to get an idea of what I should be studying/preparing. I would also love to hear more...
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Placement agent case study Hello, I have a case study round with a top tier placement agent (think greenhill, lazard, pjt/parkhill) for private equity fundraising. Could anyone give me some insight on what to prepare for? The case study will take c.90mins. Many Thanks, Falcon...
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necessity of MBA?How important is an MBA degree in climbing the rungs at a PE firm? Are there any big-name firms where one isn't required to rise?...
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Pantheon Ventures - Interview - GeneralistHonestly, the questions were not meant to be difficult. The bulk of the questioning was meant to gage my interest in the firm and the industry rather than my qualifications. I think my resume spoke for itself and they wanted to make sure I was prepared to answer why I wanted to specifically work the...
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Need Advice Please - PE Lateral Process Hi Everyone, I wanted to gain some insight on the process of lateraling from one PE shop to another. Currently, I am working at a MM PE shop on the East Coast and am looking to make the transition back to California. To give you some insight on my situation, I have interned at this company for one ...
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First Year Private Equity Analyst Hi Everyone, I wanted to gain some insight on the process of lateraling from one PE shop to another. Currently, I am working at a MM PE shop on the East Coast and am looking to make the transition back to California. To give you some insight on my situation, I have interned at this company for one...
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BioMotiv - Interview - Business DevelopmentQuestions were not difficult 1. Why do you want to work here? 2. Tell us about your interest in the biotechnology sector. 3. How do you stay current on the events happening in biotechnology and finance? 4. Why are you applying for an internship as a graduating senior? 5. Describe your greatest ...
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How Do I Approach MF Full-Time Analyst Recruiting?Hey guys, I am a a currently a rising junior at a mid-level target and have accepted a Summer 2019 SA offer from a top IB(MS, GS, EVR). I know I'm a bit ahead of the timeline here, but I would like to start my full-time career in PE, and I understand that there are a number of MFs with analyst prog...
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Other - Review - GeneralistSmall team with the ability to generate significant revenue with very few people. Noble has been in business for over 30 years.. The Company is small and they spend a significant amount of time with juniors - I would say there is not very much negative. ...
Vista Equity Partners - Interview - Private EquityThere was an easy question on a paper LBO -- i kind of of messed up on a behavioral, which was silly on my behalf. Interesting question was: what is our worst / best portfolio company. If you had done research, it would not have been that bad to be honest. It was really the behavioral that got to me...
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Covenant lite/covenant noneHello everyone, Europe has been seeing the emergence of covenant lite/covenant none financing since 2011/2012, maybe even longer and I was wondering what this will mean for the distressed investor. Since many of distressed for control plays are based on companies that are inherently healthy companie...
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Advice needed - infrastructure co-invest/secondariesIt's been a long time since I posted on this forum, but I am starting down a fairly large career decision and wanted to solicit some honest advice. I am a post MBA ASO in energy investment banking with a lengthy background in many facets of the industry (cleantech, power, midstream, LNG, etc.)....
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Summit Investments - Interview - N/AThere was not anything that was exceptionally different or unexpected. I think if someone who has the necessary experience on paper (i.e. your resume speaks to the job and you were able to get an interview) has the opportunity to interview, he or she will do fine throughout the process. There is a g...
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Preparing for Post-MBA Sr. Associate / VP RolesI'm a current MBA student at a top bschool that is interning at a large cap PE fund this summer (have prior PE experience). I was wondering if anyone had advice on the best way to prepare for post-MBA level responsibilities? At this point, I feel like I understand the modeling and core finance of PE...
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Case study CPPIBDoes anyone know what to expect and how to prepare for the CPPIB case study (London, private equity, 2nd round)?!...
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