Silver BananaTopicReplies
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IFCHey guys, anyone recently go through the interview process at IFC (DC)? Anyone heard back (after or before modeling test)? Know timing? ...
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Macquarie Group Limited ABN - Review - InfrastructureLaid back Australian culture Horizontal organization Growth focused Opportunities abound Flexible workplace arrangements . Low compensation Poor benefits Lack of diversity Lack of female leadership Lack of local leadership (mostly expats) ...
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Move to lower-MM vs staying at BB?Hi there, I am currently debating whether a move to a lower-MM fund would be more beneficial in ultimately joining a top-MM / MF rather than staying at the top BB where I currently am? In short, would recruiters value actual buyside experience higher than the prestige / brand that you get from a BB...
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Strategy at Private Equity FirmWhat are your thoughts on a buy-side move to the corporate strategy group of a private equity shop (Apollo, Ares, Carlyle, etc.). If you are using their balance sheet to invest, how much different is this than the typical PE route? What type of work do they do. Also very curious about the fit that...
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Looking for Energy Focused PE Shots in ChicagoLooking for energy (o&g, power, energy infrastructure, renewable) focused PE shots in Chicago. Thank you for your help in advance....
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Revenue and COGS buildHi guys, Long time lurker here - thanks for the invaluable resources. I have a question of my own now regarding Revenue and COGS build within PE-projections: the majority of models I've seen work from a bottom-up build projecting Revenues as # Units sold x Average Selling Price, and this goes for ...
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IFC Associate testsHi Could anybody help me with the tests conducted at IFC during the recruitment process (for associate investment officer in Asia)? I already have undergone the modeling test and a couple of interviews. Now, they say there is an another round of written test and an interview. Any idea what that wou...
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Centerbridge Partners - Interview - GeneralistMostly just fit questions, but I guess one of the less expected questions I got was being challenged for my liberal arts background in the "second round" group interview. It went something like "So you're studying x liberal arts degree, how can we know you have any analytical ability?" This wasn't e...
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Anyone Know Anything About Pathway Capital Management?The PE is located in Irvine, CA with offices in Connecticut and London. I recently passed L1 of the CFA and they invited to interview with them. Anyone know much about the company or the investment analyst role at a FOF in general? Any help would be appreciated. Thanks...
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A little advice from a F50 executiveSo I was in business class on an transatlantic flight the other day and ended up sitting next to a F50 executive. He was surprisingly friendly and started up a conversation with me (we were both boozing pretty hard, as one tends to do in business class). It was a fascinating conversation - this guy ...
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T2 Mgmt Consultant to MM PE... What're interviews like?Hello all, I'm entering into a non-MBB consulting firm (think DD heavy shop like LEK/Parthenon) this year and hoping to prep for MM PE recruiting. I've spent a some time on this subject and know that megafunds aren't going to happen. I'm comfortable aiming for middle market and am trying to figure ...
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Looking for Advanced Excel Financial Modeling Course Specifically for Equity DealsHi all. I'm looking for an online (self-study or guided) course in Excel financial modeling specifically for equity deals. It's for a consultant with very limited time, so I don't want him to have to filter through a bunch of other stuff in a financial modeling course to get to the equity deal stuff...
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Trevale Partners - Interview - GeneralistThe most surprising was being asked about revenue multiples about the company I pitched. In hindsight, it was a fair question, but I prefaced my interest in pursuing this position with the fact that I had no experience in the finance world. Another was being asked about where I got this information ...
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business development bank of canada growth equity ? interview tipsHi, I received a first round interview with business development bank of canada in their growth equity team in Toronto. Anyone here ever interviewed with them before ? is it standard finance questions ? This is for an internship. Thanks....
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Wren House - Interview - GeneralistWhat are some investment ideas in the infrastructure space that you had in mind? Why is that an attractive investment opportunity? Compare it to the existing It also became clear that they were looking for someone who was motivated by the asset management side of infra investment, not just the dea...
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Private Equity Case Study (Take Home)Hey guys, Had a take home case study for MM PE firm. I submitted the case study and now they've invited me to discuss my analysis with them. What all should I expect? What kind of questions should I prepare for? Btw, they did not want a model for the case study - it was strictly a qualitative ...
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Partners Group - Interview - Private Equity I have already got an interview with them. I asked them some informations about the case study but they said me they are not allowed to say me anything. This is kind of graduate program with different job eposures within the different business fields of the company. PG is a private equity firm wi...
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Instructions lacking clarityThe context is I work at a mid-market PE in a relatively small firm. I am an analyst at the firm and the office culture has been great so far. However, I am having issues working with one of the new principals. He asks for research without stating a clear objective and provides guidelines which are ...
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Free Cash Flow IterationTo qualify this post I have about 6 months of LBO modeling experience. As a general rule, I calculate FCF for debt paydown as: FCFDP = NI + Depreciation + Amortization - Capex +/- Change in NWC I am aware there are multiple ways to think about arriving at a FCF calculation but am curious why it's ...
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A Non-Target's Perspective - My MM PE Recruiting Process It's been several weeks now since I received my offer from a top MM PE firm. As several other users can attest to, the PE recruiting process can be an absolute grind. After having had some time to reflect on the entire process, I thought I'd share my experience in the hope that it might answer some ...
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DoBank acquired by FIGGreetings from the EU, actually Greece. Any views insights on DoBank? It has been appointed by the Bank of Greece to handle a 2B euros portfolio of NPLs. Any insight would be more than appreciated...
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2 Years IB + 2 Years PESo I have two years IB (small) boutique and two years at a private equity (small) fund. Once I spun out of the private equity firm I attempted to launch a start-up and ultimately crashed and burned. I am about to start business school (reputable school) in a one year program to get in and out quickl...
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Energy Capital Partners QuestionCame across this for associates at ECP and was wondering whether any WSOers have any insights to this. ECP has some associates title as Energy and Infrastructure "Economist" vs some are just purely Associate. Does the former have a fundamentally different role i.e. a non-investing role or is it jus...
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Infrastructure at Canadian Pensions (PSP and CDPQ)Hi guys, i'm increasingly becoming more and more interested in the infrastructure space, especially when it comes to careers within Canada and know that the pension funds within Canada are becoming larger investors in this space. I can find a lot of information about OTPP and CPPIB but was wondering...
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European Banking to European Private EquityHey guys, I was wondering what analyst/associate level is the cut-off rank for private equity recruiting. Appreciate that there is no precise answer, but would like to get a feeling for when I should worry about not being able to make the jump anymore. Would appreciate answers focusing on Europe (L...
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PE Case Interview ExpectationsHey monkeys - **TL;DR - Hour long case interview and looking for guidance on the best way to prepare.** **Background** I am currently a consultant and have been trying to break into PE. I have an interview later this week that the associate defined as a 'case' interview. My interviewer indicated t...
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What else do I need to know about modeling to survive a case / model interview?What else do I need to learn to crush a case / modeling interview for an early stage VC? I just got done with a second round behavioral interview and they mentioned the next round will be a case / modeling exercise. I am going to learn the following: ---Calculating cap tables ---Metrics ------Saa...
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Easy Entry in the Hospital Acquisition Business We are under contract with the debtor in possession of the sole hospital in Patrick County, Virginia to re-open the hospital or healthcare center, but time is of the essence. We are looking for an to take over the hospital and we are willing to provide extremely attractive terms in e...
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Phone Call with MF investment Director (Alumni)Hey Guys, after my writing my first "networking email" I already got a respone 1 hour later to schedule a date with the secretary of an investment director working for a Mega Fund (managing $5 billion), I´m currently a 1st year student. However, I know that they accept students after their 2nd ye...
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Versa Capital Management?Does anyone have any insight into Versa Capital Management (interview process, culture, reputation, etc)?...
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Transitioning from Corp Dev to PE (5-10 years experience)Hey All, Been reading WSO intermittently for a while and just joined the site. First post. Considering a transition from Corp Dev (Sr. Mgr. F50) to PE. Have been reading the forums on this topic, but most content/advice seems tailored to less experienced individuals (less than 5 years). Have spo...
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AMA: 3rd Year PE Associate ($10bn+ AUM, MBO/LBO, equity, mezz, distressed debt)Edit: Wow, did not expect this thread to get so popular. Apologies if you PM'd me and I have not responded - there are dozens of messages I would respond to if I wasn't getting crushed on a deal. My firm must monitor my WSO activity and figured I needed more work to do... ### Two quick updates: 1....
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Blackstone Group - Interview - Real EstateMost of questions were very basic. Such as why did you go to University you went to, Why did you join the company you are currently working for, why do you want to work for Private Equity Fund, Why do you want to work for particularly Real Estate Team. There are several unexpected question such as,...
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Due diligence in private equityHow relevant is vendor due diligence review in the private equity process when going through the deal - vs say the legal documentation (reviewing purchase agreements, NDAs, credit agreements....). How detailed do you need to go into the commercial and accounting documents (ie VDD) and what do you d...
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Primal Alpha Beast if you're going this**Primal Alpha Beast** if you're going this route then bear in mind to consult a Pilate expert for your nearby health club or pastime middle earlier than beginning out with any sort of Pilate workout. further to Pilates you may moreover supplement your...
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Paper LBOsHey everyone, Was wondering if any of you know where I can find some good paper LBO examples. Thanks in advance!...
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Search Fund Accelerator - Interview - Private EquityYou're given two companies, and must decide which would be a better acquisition target. It'll probably be two service-oriented businesses. The interviewer will give you 2-3 minutes to decide, and they will leave the room during that time. You'll also be asked what the difference is between SFA and ...
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A few questions going into a first round VC interviewI am going into an interview for a senior associate position that asked for 3 years of finance experience despite having only ~6 months consulting experience. The VC is halfway through the interview process but they decided (ostensibly) to let me join the process late because of sector expertise tha...
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Information on comp at early stage venture firms?Having trouble finding info on early stage VC funds that play mainly in seed and A but some B. I realize comp info is out there but can’t find any for that type of fund in particular (or anything relatively recent for that matter). Let’s say we have a hypothetical firm with Fund I ~$50m and Fund...
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HIG phone screenGot a phone screen coming up with HIG. Does anyone know what do they usually ask in those? Is it more of a first round interview or just to gauge interest/fit?...
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Terra Firma Graduate LondonHi all, I was wondering if anyone else has applied to the graduate programme at Terra Firma? If so what stages are everyone at in the process? Thanks...
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PE Initial Phone Screening was only 10 Min is this NormalMy initial PE phone screening was only 10 min with a head hunter. I felt like this was on the shorter side of all the headhunters I've had so far. Is this normal or would you take this as a bad sign?...
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Anyone here have experience with corporate VC?Specifically post-MBA, in terms of how interesting/impactful the work is, career progression, comp, lifestyle etc. What kind of background do these groups look for?...
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What is it like to interact with your portfolio companies as a VC GP, specifically w/r/t other VC investors?How you interact with your portfolio company is pretty straightforward if you're a buyout fund, but you know, if you're a VC and you're helping support your portco, what if the portco is getting conflicting advice / direction from investors? Say you have two VCs that both have 25% stake and are givi...
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Answering Why Private Equity - A Complete GuideThis question pops up in almost every private equity interview. It's not something that will land you the job, but the wrong answer will get you dinged. Why Private Equity Career? This section is to shed some light on private equity as a career. For information on answering the interview question ...
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Getting references from analystsInterviewing with a PE firm, and they asked for references. My experience has consisted of internships at one bank and one small VC gig. The latter is easy because the team was like 3 people, so the VP is more than willing to give a reference. The former is a little trickier because I had very, v...
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StepStone Group - Interview - Private EquityNone of the questions were very tricky. I gave some basic DCF responses and multiples analysis when they asked for valuing a company. Besides that, most of the questions were behavorial (i.e. "why finance", "why Beijing"). Make sure you do have good responses to those questions though especially sin...
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golf course interviewHello all, I was hoping someone can chime in here with some advice. I was invited back for a third round interview with the managing partner of a mid-size private equity shop. However, this interview is to take place on the golf course. Anyone have any tips on what I should be expecting from him tom...
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Was recently invited into the next fund....Background: Was recently invited to be a part of the carry/GP commitment for my firm's new fund, and I'm just a simpleton from Smalltown, USA, so I'm looking for some input from other folks who live in that world or made the transition. Figured I would arm myself with a bit more info here before I...
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Infra fund interview - Analyst positionHi everyone. Going into final interview with managing partner and partner in a couple of days and been wondering what to expect? My first interviews we talked about my motivations, experience and salary expectations. 1) If technical questions are expected, what sort? 2) Is it a good time to discuss...
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Small Private Equity Fun (USD 100m AUM) - Thoughts on life in small PE?All, I would like to hear opinions or experiences regarding life in really small PE shops. How is the pay generally, opportunities going forward, chances of transferring into a larger PE shop? I am currently a first year at a BB/EB, and am looking for a way out as soon as possible. I have an inte...
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Marlin Equity: rep, performance and interview processDoes anyone know anything about Marlin Equity Partners? They're a PE in LA and I'd like to know what their rep is like, performance and what the interview process is like? Thanks!...
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Credit Fund to PE: Is it DoableSay post-banking you find yourself in a ~5 BN credit fund that invests mostly in senior / mezz debt. How common or doable would it be to shift to a PE fund after a few years? I'd imagine the skill sets largely overlap (modeling / diligence, investment memos & committees). Clearly the credit investor...
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Specialties among MegafundsI tried to search for this all over the internet but wasn't able to find anything recent. Are there any particular industries/specialties that some megafunds are known for? i.e. Silver Lake is strictly tech, Ares/Oaktree are more on the distressed side, but I wanted to know what are the core differe...
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MBB Post-MBA to PE - what to doHi all, I am about to complete my MBA at a top 10 but non-M7 b-school and landed a job at MBB in Chicago. I am interested in going into PE after a few years. I have had no deals experience pre-MBA. My questions below: **Deal team** 1. Firstly, I know it is extremely hard to break into the deal tea...
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CPP Investment Board - Review - Private EquitySignificant responsibility at junior levels, excellent deal flow, quickly expanding mandate, no capital constraints, some groups have a good lifestyle. Financial compensation is low when compared to some peers, some turnover among senior management lately...
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Infrastructure Private Equity: direct investor to fund managerHave any of you Monkeys made the move from a Canadian Pension Fund (as a direct infrastructure investor) to an infrastructure fund manager with more traditional brand name value (i.e. Brookfield, KKR, GS, BlackRock, Carlye, GIP, Macquarie, JP Morgan, UBS)? I know we do the exact same work as we oft...
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PE Strategy Experience?Does PE give you experience with business strategy? If so, could you give an example of what kind of strategic experience I'd receive with this kind of role? Also, what positions/groups/divisions etc. within finance, give you the best strategic experience? ...
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Could possibly get an Internship at tiny VCHi so this summer I could possibly get an internship at a very small VC through a connection. Just wondering if having some sort of VC/Private Equity experience really looks that good on a resume even if the firm is very small. I'm not sure if I want to be in the world of finance but would maybe lik...
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Discussion on the poor performance of Triangle Capital and Medley Capital.I know this isn't necessarily the correct forum to post this in but am just curious what people think about the poor performance of some of the bigger name BDC's. For some background to those that are unfamiliar, average leverage on a lot of middle market company LBOs just one year ago was 3.5x / ...
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Blackstone Ventures, any news on BX VC fund since 2017Q1 Earnings Call Comments?Title pretty much. I was wondering if Blackstone has started building out its team for the venture capital fund they mentioned on their 2017 Q1 Earnings call (alongside the Infrastructure fund they mentioned that they have started building out)? [https://www.axios.com/blackstone-is-expanding-into...
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How to ask someone for a jobI have two contacts at two funds I'd like to work for. One of them has no junior team, only a handful of partners and one "fellow" who is current pursuing their MBA at Stanford. How do I ask for a job? The other works at a company with a couple of analysts who are about 1 year into their jobs. How...
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DREAM scenario, share your thoughts!Long time lurker, who just recently created an account after serious thought and intent to enter the finance world after 10 years of entrepreneurship and successful exits. My mind naturally thinks in big pictures and connecting dots at a high level. I've read a lot of threads about scenario specif...
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GE Capital - Review - Venture CapitalThe culture is very flexible Mentorship is amazing - they literally hire you to teach Great way to break into the Venture Capital Industry Free food when in Menlo Park office . Usually no offer at the end of internship GE has been having some problems, though the people running the VC arm solid indu...
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Private Equity Exit OpportunitiesI am trying to figure out what opportunities exist out there AFTER a stint in Private Equity. Do people leave PE firms after 5-10 years to start companies? Or to be a CFO/CEO of a company? Retire? VC? There are 100s of topics on getting to Private Equity but I haven't found a decent discussion on ...
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Figuring out a path from credit investing to private equityHi Everyone, For background, I previously worked at a BB investment bank in LevFin (specifically DCM) for 3 years. I ended up successfully moving to an established credit fund (majority CLOs). The work is interesting, pay is good from what I see others saying on this site, and the hours are unbeata...
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How difficult is it to break in from a low-tier BB?I'm a first-year analyst currently at a low-tier BB (eg. UBS, DB, Barclays, whatever's considered "low-tier" these days) at a relatively specialized coverage group (energy, power, infra, etc). The group is small and isn't the top one by any measure, but it isn't a bottom performing group either. D...
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Follow-Up Headhunter MeetingsHas anyone ever followed up with a headhunter for a second meeting? Met several of them back in the fall, but I don't think I made a stellar impression on some of them (been very quiet about opportunities so far). Is it a good idea to follow up with headhunters for a second meeting to update them on...
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Ares Direct Lending Hey guys, Curious to know if anyone knows about the group and what the role entails at the Associate level. Any color on interviews would be helpful too. Thanks in advance!...
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LBO: Debt Free Cash Free Quick QQuick question. In an LBO model in which you assume debt free and cash free case, how do you adjust existing debt and cash for the PF adjustment? For example, your target has 300 of cash on BS and 5000 of debt on BS in 2017, you want to adjust by recording -300 and -5000 in the adjustment to get ...
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Hamilton Lane - Review - N/AStrong senior management. Exception firm growth. Broad exposure to a variety of asset classes and deal types. Modest hours. Focus on work-life balance.. Exceptional growth does not trickle down to junior level compensation. Company culture continues to become more corporate with growth. Lack of good...
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IB Analyst to Associate to PEHi All - Long time reader, first time poster. Has anyone ever come across a case where a BB IB analyst was promoted early to associate and still had opportunities to recruit for Private Equity within the early years of the career move? The data suggests its hard for IB ASO’s to make the move (most...
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Lower Middle market PE Firm which Mez platform Whats some names of some lower Middle market PE firms with mezz fund? I'm specifically looking for a fund which has done agriculture and commodities deals. ...
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Goldman Sachs - Interview - Private EquityThe details. During one interview, the interviewer asked me about a deal I was involved in, and he asked me the specific financials, valuation multiples, industry multiples, etc. I didn't expect that much detail so I faltered on some of the metrics. After all the numbers, he made the transaction int...
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IFM Infrastructure NYCHey all, Just wondering if anyone has any experience or knowledge in regards to IFM investors. In particular, i’m interested in any insight on their infra team in NY, but any experience or knowledge would be helpful. In particular, i’m interested in learning about the following: - what their i...
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Venture Capital Career ChangeHi everyone, This is my first time posting and am searching for some career advice. I graduated from Florida State about a year and a half ago to pursue a career in commercial real estate brokerage in Northeast Florida. I've found, however, while I enjoy the consulting role of working with compani...
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The Abraaj Group - Review - Private EquityRotation in Different Investment Team for the entire programme. Opportunities to work across different region for exposure. Very long interval between interviews (1 months between each at least). Many candidates did not know are they being progressed or not...
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Questions for Infrastructure PE InvestorsCurrently seeking advice and general thoughts on the infrastructure landscape (disclosure: I am a 2nd year analyst in an energy coverage group). To anyone currently working/ has worked in infrastructure PE: 1. How did you break into infrastructure (i.e. relevant coverage group during IB years, MBA...
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