Silver BananaTopicReplies
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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Why don't founders just go fund themselves, assuming they know what's up?Say you have a hypothetical founder of a company that worked in VC and PE (in other words, he knows the ropes) that founded a company of which he still owns at least 51%, that currently plays in the LMM / growth equity area. Why would he choose to sell to a buyout shop instead of just go finance th...
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How does a company transition from family owned business to world class, professional business?I feel like I consistently see companies have growing pains going from family owned business to large world class business. What are examples / manifestations of these growing pains in this awkward phase, and what is usually done to solve them? ------------------------------------ One example, i...
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Small/Mid-Cap Public Equities Relevance to PE?I understand the split between public and private markets investors and why the skillsets are different, especially at the higher levels. Why though does this split happen so early? Is it all due to knowledge of transactional work vs. not having that? For instance, my current path looks like it is h...
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IB or Co-investments/Secondaries PE?Hey guys, I did 2 years at a boutique IB and am now looking for opportunities in both IB and PE. I am interested in exploring both options. But what would you guys recommend in this scenario: 1. Move to a slightly larger boutique IB analyst role 2. Move to a large ($50Bn+ AUM) analyst role in the...
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Golden Gate Analyst ProgramDoes anyone have any info on this? I just noticed that they have quite a few analysts but didn't know they were doing that. ...
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Dutch Infrastructure Fund - Interview - Infrastructure- How would you value a toll road project for example. Walk me through your thought process. i.e. how do you come with revenue and costs in your model? - What's your biggest weakness? - Pitch me a stock, and what risks do you think is associated with this company - Do you prefer working for a bigge...
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Private Equity - Working with Imperfect InformationSo I've resolved to spend the rest of my (13/14 month) tenure as an IB analyst thinking from the perspective of a PE associate. In its pure irreducible form, this basically boils down to the following: **What data points are needed to make an informed investment decision? What is the associate on...
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PE Recruiting from West Coast IBD to NYCHi everyone, I'm an incoming FT analyst to a BB IB analyst role in SF, originally from the East Coast, but wanted to check out the technology scene westbound after college and take a short break from NYC. I was wondering if anyone had insights about PE recruiting on the West Coast for a gig in NYC,...
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Financial Literacy Tools/SourcesWhat websites, books, excel guide, article etc. has helped you become more financially literate besides guides such as BIWS which most people on here know about. Ideally, something more straight to the point. Does anyone have some sort of resource, either personally or from work, that covers relev...
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Ares Energy PE Hey guys, Anyone have any information on this group? Would love to hear any insight on the interview process and what kind of questions I can expect in general in the energy PE interview process. Seems like they mainly invest in E&P / midstream companies (with midstream being more popular as of l...
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Business Development - Analytical skillsAny business development (BD) associates in the house? Could you shed some light on the level of analytical work you do as part of your responsibilities? It’s my understanding that BD is essentially sales but want to see if there’s been anyone that has gotten the chance to work any aspect of dea...
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Best sources of PE related news and deal flowsHi all - I'm moving into a role in the US which is going to have me looking at the US PE market quite closely (not actually working in PE, but need to have finger on pulse of the main movements and deals, who's looking where etc). Looking on Reddit I'm not finding many subreddits dedicated towards ...
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MBB & Hedge Fund exitsThere has been quite a lot of discussions on consultant-friendly PE shops. I do notice that some hedge funds do have ex-MBB consultants as analysts as well (Coatue, for example). What are some HF shops that typically recruit consultants? Is it typical for consultants to go into HF?...
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How to reply to a headhunter if you're interested, but not ready yet?I'm a 1st year analyst at an MM and have started to receive emails from headhunters about buy-side opportunities. However I'm not sure how to proceed. On one hand, my bank isn't a typical PE/HF target, so I should be taking advantage of every opportunity. On the other hand, I've only been in banking...
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Raising Search Fund Out of UndergradWhat do you all think? Is it realistic for someone's first job out of undergrad to be launching a search fund? (Assuming they aren't just raising all the money from wealthy family members) If so, what background would be ideal for an undergrad who wants to do this? Background for anyone not familia...
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Books on TPGI'm currently in the middle of King of Capital (Steve Schwarzman & Blackstone biography) and find myself enthralled in the chapters in which it covers a general history of private equity. I was curious if anyone knew of a book that covered the history of TPG? I couldn't find one online, and am reall...
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"Analyst" vs "Associate" in PE (2018)Up until fairly recently, PE basically had two entry points; post banking (pre-MBA) as an Associate, or post B-school as a Senior Associate. Today, however, kids with 0-1 yrs of experience are getting into PE (as well as VC) at the ANALYST level- some through their personal network, and some with ...
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City Light Capital - Interview - N/AQuestions about ownership stake that should result form size of investment. Questions about what kind of strategic buyer would be interesting in purchasing the asset, which was a tough question because the asset in question isn't really the type to synergistically fit within an existing company. The...
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Who finances LBO's? Is there significant money to be made as an LBO lender? Hello Monkeys, I currently work in lending, and I'm wondering what the most valuable career path would be as a lender. Since so many LBO firms have made tremendous fortunes in the space, it made me wonder if the bank's financing the deals were also getting filthy rich? Would anyone know if LBO *...
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MM PE to MF PE If you go to a MM PE fund out of undergrad rather than a EB or BB investment bank, can you still recruit for MF PE afterwards? Do analysts/associates from MM PE exit to MF PE? ...
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Should I recruit PE out of undergrad?Hi WSO! Been lurking here for a while - currently a rising junior at a top state school. I am currently thinking about recruiting PE full-time (instead of heading full-time into IB then doing PE). Below are my stats: Academics: Business & STEM Double Major, 3.8-3.9 GPA (fluctuates) Work Experience ...
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Committed non-invested LP capital in fund structuresDoes anybody know what happens with committed, but non-invested LP capital in in two different periods: (i) a fund LP has committed capital to a fund, but that capital is not yet associated with a specific investment, and (ii) a fund LP has committed capital to fund, and the fund Sponsor has identif...
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Doing a second pre-mba Associate stint at a larger PE firmI work at a lower MM PE firm and am wondering if it is worth exploring this option once I finish my current program (2-3 years). Let's assume for the sake of the discussion that my long term goal is to end up in a partner-track position at as large a PE firm as possible. My reasoning for considerin...
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Private Equity Portfolio: How Would You Hedge?Looking for ideas here. Basically, my current portfolio is made up of fast-growing luxury or semi-luxury consumer brands that sell direct + eCommerce retailers. Obviously these are great companies to own when the economy is doing well (which it is), but I'm worried about performance during a reces...
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Consulting to Infrastructure PE or Project Finance?Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending Pending ...
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Why are private markets outperforming public markets?I've read numerous articles that are stating private markets (including pe, debt, real estate, etc) are outpacing public markets and having much stronger returns in recent years. Why is this happening and will this continue? Is this a good time to get into private equity/re/private debt vs public ...
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Peak Rock Capital - Interview - N/AThe most difficult question asked was an MBB consulting style case question that revolved around a prticular industry. The interviewer began by telling a story about the history of said industry and asked questions woven throughout the story that the interviewer had to fill. Some were qualitative qu...
Peak Rock Capital - Interview - GeneralistThe interview wasn't particularly difficult or unexpected, at a general level. Probably the most difficult case study (there were several throughout the superday) was about a hypothetical portfolio company selling pallets. The company had decided to switch from wooden pallets to plastic (trex) palle...
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Private Equity Investment sourcingHi fellow Monkeys, I have worked previously in Venture Capital, most of the deal sourcing is made from juniors looking at 5-25 startup decks/day as well as follow-up on investments + superstar startups for later stages and goes up to the partners going trough various approvals (at least in my fund)...
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Invest in PEGuys - quick question, is it possible for a particular to invest in a PE fund? What is the minimum size ticket? Any specific examples? Thanks!...
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Emerging Markets Infrastructure Private Equity in London, NYC, SFAnyone have any idea if this job exists? I am interested in EM infra companies and would like to read up on those in English speaking cities (NYC, London, SF come to mind)...
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investment portfolioWhat is necessary for a proper investment? How to professionally manage investment portfolio? thanks for the help...
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PE/VC Analyst ProgramsCurrent UG looking for FT analyst programs at top VC/PE. What are some of the firms that hire straight out of undergrad? Little Background: Have summer of EB and PE (LGP/Thoma, etc) on resume, top GPA, semi-target school...
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Left BB IBD Now Want PE - Deals on ResumesHey WSO Community, What's the rule for adding deals from past deal-teams? I left my group at a major BB at a lull in the market but one of the deals I had worked on (went to all intro meetings, board meetings, fairness commitee, sales deck, etc.) closed after I had already left the firm. Can I incl...
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PSP Investments - PE team in LondonHi everyone, What do you guys know about PSP Investments (the Canadian pension investment manager), specifically its PE team in London. Any information on culture, atmosphere, work-life balance, pay, size, deal flow would be amazing. Thanks very much Actiblue...
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What to ask a Partner despite no open seatHey, I work in the HF space but a friend of mine is seeing a Partner from a large cap PE shop. They are not hiring atm, but my buddy asked for help what to ask the guy. Any thoughts? Thanks ...
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Citi - Financial Sponsors or Media & Telecom to PE?Please shed some light on the PE/HF placement of these guys? Which would get more looks for PE/HF placement? Please advise!...
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Loan to own / Debt for equity swaps in Europe (Funds)Hi everyone, what funds do controversial distressed situations in Europe? I am thinking about debt to equity swaps, CDS plays (like the one GSO did where they forced covenant breach and collected on the CDS), loan to own etc. I am thinking about Oaktree, what other funds are there in London/any othe...
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How to: PE Career break - several months offIf you have spent a couple years in the space, you probably have fantasized about just quitting your job and taking a few months off. Generally, the one major hangup for motivated, type A people, is the perception that it is nearly impossible to get a good job if you aren't currently employed. I re...
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Breaking into Canadian PE industry with non Canadian/US experienceHi Guys- Is there any chance to get into the Canadian PE industry with around 10 years of non Canadian/USA PE, investment banking/asset management experience. Experience was mostly diverse- 1) Starting with Asset Management analyst for 3 yrs in local AMC AUM of around USD 500 Mn- South East Asia 2)...
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VC modelsHi everyone. This is a very basic question so be easy on me. I currently work for one of the U.S.'s largest insurance firms in wholesaling. We have a small division that focuses on VC partnerships that has an opening I'm interviewing for. Based on the pay and title I'm sure they are not looking f...
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Insignia Venture Partners - Interview - GeneralistWould you rather increase EBITDA, increase exit multiple or pay down debt to increase returns? What are your strengths or weaknesses? Would you never invest in a company? Walk me through a deal you've worked on. How would your friends describe you? Why San Francisco and what's your connection to th...
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Africa RisingAfrica has received both positive and negative commentary, mostly negative as news outlets who unfortunately influence perspective in the west. Africa possesses a vibrant young population that has embraced technology, very learned populace and vast mineral deposits. An average of 4.5% GDP growth in ...
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Help me figure out how to think about private equity vs. "startup" offersBeen in investment banking for 1.5+ years and started recruiting for new opportunities. Deciding between a private equity offer (for fund of funds / secondaries across multiple asset classes) and a corporate development offer (for a stable "startup") in hyper growth mode My goal is to keep long ter...
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Ops at KKR a Dead End?Hi monkeys, Was just offered an operations position on a leveraged derivatives team at KKR. Should I take this job? Currently I work in Ops for a large BD and am actively pursuing credit analyst roles and boutique IB roles. The operations work I do now is mind numbing. Is this Operations job at KKR...
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Secondary PE to DirectHi everyone, I’ve got about 3 years experience as an analyst at a small-mid market secondary PE form (AUM around €500m), does anyone have any advice on how to move into directs or routes from here? I’ve considered advisory/placement agent but I wasn’t sure about salary long term and if the p...
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Summer Internship at PE in USA, Canada and Singapore for students abroad ?I am from India and will be joining MBA program from college in India, What are chances and way to get Internship in PE firms ?...
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Pre-MBA Private Equity AssociateWhat are some options after a 2 year pre-mba associate program at a middle market PE fund in a 2nd tier city? Can I lateral to a different fund in a different city? What level would I expect to join at? Do I need to get an MBA after the 2 years or can I advance with the PE industry without an MBA if...
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Lev Fin vs Coverage Group for PEHi All, My goal is to land at a PE shop (MM is fine, not a MF or die kind of guy) after doing two years at a BB. I really find Lev Fin interesting and think I would much prefer that over a coverage group but at the end of the day I'd rather do what is better for my career in the long run. Would...
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MM PE Book recommendationsStarting a job in MM PE soon and looking to do some reading to prepare for the job. I've read a number of threads on the topic and am deciding between the following two books: Mergers and Acquisitions Playbook: Lessons from the Middle-Market Trenches Value-creation in Middle Market Private Equity ...
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Private Equity vs. Corporate DevelopmentAbility to “Keep Doors Open”: Private Equity—have seen plenty of PE Corporate transfers, but am not aware of Corporate  PE transfers / Corporate Development—would imagine the role could transfer nicely to other high growth companies, but don’t see a path back into PE ...
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Undergrad Experiences for PE RecruitingWhen you go through the recruiting process in the first year of your banking stint do HHs and funds care about the internships you do in undergrad? e.g. will it hurt my chances if I didn't do a PE internship during my undergrad years?...
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Private Equity vs. Venture Capital in 2018It's 2018, and both PE and VC deal activity have rarely been higher. As a 3rd year Analyst in Consulting with both PE-transferable skills (Corp Fin cases, commercial due diligence) and VC-transferable skills (tech major), which of the two is a clear winner. Here's my understanding - please do shout...
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Leveraged Buyouts Best Practices - GAAP vs Proforma QuestionI'm performing my first leverage buy out model for a Public Company (To give background: I work in the middle market for a PE firm and have only performed LBOs for private companies) and a bit confused when it comes to using GAAP vs Proforma for this opportunity. I believe it is best practice to u...
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Why aren't there more women in PE?Why don't more women go to PE roles after their IB stint? I noticed there are fewer women than men in analyst classes generally, around 40% I would say, but when you check professionals on the PE webpages there are about a handful of women. Would appreciate any insight on this.....
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Private Funds Group (CS/UBS etc)Hi, I was hoping someone can provide some insights into Private Funds Group at the likes of CS and UBS etc. I understand it's mainly of a fund raising capacity and not so much on direct investing (and thus exit opps are limited as compared to traditional IB) as you mainly do Distribution or Project...
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Ares vs. Golub Direct Lending Curious to hear if anybody has anything to share about the pros/cons between Golub's and Ares' direct lending groups. Interested specifically in level of prestige, pay, work/life balance, culture, deal flow, security types (senior vs. subordinated) etc....
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MM / Upper MM Best Placement into HBSAs someone looking to make the transition to PE from a BB (GS/MS/JPM), what PE funds typically have the best placement into HBS? I would almost imagine the top MM places (Kelso, Crestview, THL, New Mountain etc.) have better placements than many of the MFs due to the partners potentially going to b...
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MTN Capital Partners - Interview - GeneralistThe interview questions are very straightforward. Since this is a entry level internship position, the company did not expect you to know in-depth knowledge of the industry. Very sample questions including: what is private equity? What is the mechanics behind leverage buy out? What methodology do pr...
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When does PE Recruiting Start for First-Year Analysts?Incoming analyst at an EB. I've seen other posts regarding PE recruiting and it seems earlier and earlier. Does anyone know when it'll likely be this year? Thanks!...
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Moving from PE to Product ManagementGuys I am an associate in a leading global growth equity firm. Before my current job, I worked as an analyst at a major buyout fund (one of world's biggest, probably the biggest). Despite having spent 5 years in private equity and that too at big names, I feel a bit depressed about the prospect of ...
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Onex Partners InfoWondering if anyone has insights into what working at Onex is like? Comp? Lifestyle? There oldest thread where anyone has provided insights is from 2010 so not exactly recent. ...
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Waterfall Distribution for PE InvestmentsI have access to cap tables for various companies and am working to create Exit Analyses for each company. The one I am working on right now has four classes of preferred stock. I have created excel formulas that handles the preferred stock distributions fine, but starts to create issues when moving...
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SFA - Interview - GeneralistThe most difficult question was how to source for the specific type of companies they are looking for. In this job you are a searcher and an analyst. Weird mix of experience. They want you to go through the fact that you have to not only looking at revenue, but look at forward projected revenue beca...
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HOW TO CALCULATE SAME STORE SALES?I need to calculate the Same Store Sales of a brazilian retail firm Renner, and i am having troubles, so if anyone could teach me how to calculate it, it would be great ...
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Recommend buying WSO Private Equity Guide?Incoming analyst interested in PE. Do you recommend buying the guide, maybe not now, but sometime in the future? Thanks!...
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What's the purpose of Capital Markets groups for PE firms?I was reading about KKR's different business lines and was curious what the Capital Markets group is doing compared to one at an Investment Bank. Do they function mainly for the sale of debt/equity securities for KKR itself and its portfolio companies? Are there Capital Markets for non-megafunds? ...
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Wells Fargo and Company - Interview - Quantitative ResearchHow would you architect a class to price a security? This was more of a discussion question. The interviewer asked follow-up questions and proposed new features and asked how these could be implemented within the given framework. For example, he might ask how the program could be modified to compare...
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Recruiting - What to expect when it's so earlyWould especially appreciate insight from PE professionals and those who have recruited in the last year. My question is - what will interviews be like if they presumably start this summer for first years and most of us have very limited deal experience? Thanks everyone....
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Piper Jaffray - Interview - Financial SponsorsThe questions in the interview were as follows: 1. Tell me about yourself. 2. Why do you want to work in investment banking? 3. Why Piper Jaffray? 4. If someone were to introduce you at an event 10 years from now, what would you want them to say? 5. Describe your work style as it pertains to an offi...
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How much PE / VC is situated in Hong Kong vs. Shanghai and Beijing?................................................................................................................
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