Silver BananaTopicReplies
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How should I prepare for my first annual review with my boss?My firm does annual reviews the first quarter of the year (I believe includes revealing annual bonus). I just started out of undergrad this summer and I have a few questions in general as I've never been through an annual review. Background is that I'm an analyst at a (~1B AUM) REPE firm and will be...
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Bain Cap vs. BCV interviewHi all! Wondering if anyone has any insight into how similar Bain Cap is to Bain Capital Ventures in terms of associate pay and interview process. I know that directionally associates at BCV are paid less, anyone know how much less? Also I'm reading that interviews at BCV are just 45 mins of talki...
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Why Are Fund of Funds looked down upon?I've noticed people here tend to shit on FOF when it's not a bad way to go directly to the buyside. ...
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FT PE Analyst Recruiting - A few QuestionsHello, I'm trying to figure out what PE firms recruit full time. I know some of the MF have full time recruiting but some just continue from their SA class. Are there any big ones that recruit full time? What kind of people do they look for? Is there any advice in going about PE full time recruiti...
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Best summer option for breaking into Private Equity post-MBAHi All - Hoping for some advice on how to spend my summer to best position myself to break into PE. My basic profile is Ivy League undergrad, post-ugrad experience in management consulting, and currently MBA student at a top business school (H/S/W). Goal is to break into PE after my MBA (immediate...
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Working for European PE as an AmericanI'm wondering if it is at all possible to recruit for the London/Europe offices of the major European players in PE (CVC, Permira, Cinven, EQT, BC Partners, Bridgepoint, PAI etc.) as an NYC IB analyst. Also curious if anyone has crossed the pond and stayed on the sell side. Would be interesting to...
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Thrivent Financial for Lutherans - Interview - GeneralistHow would you go about addressing the size of the Australian light bulb market? I thought the first round was going to be more fit based, but it turned into a 3-1 interview with the associates of the group. I was initially scheduled to meet with one of them, so that threw me off a bit. However, wha...
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Private Equity vs. M&A in 2017An article was recently published about the decrease in PE activity after 2015, in regards to the number of deals closed as well as the deal values. [quote] A coinciding M&A boom also led to higher valuations at the upper end, as players in more traditional industries sought acquisitive routes to ...
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PE Summer Internships What PE shops have summer interns and then hire them full time post college? I.E. what pe shops offer a junior internship program and retain most of their interns fulltime ...
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All things equal: would a sponsor rather have an increase of 3% in cash interest or PIK interest?A friend gave me this question, but we couldn't quite agree. Not looking for a quantitative answer so let's not get wild with assumptions chasing a number, but for illustration's sake, let's say we're talking about a subordinated note with a base of 10% cash interest. If given the option, would the ...
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Education Venture Capital blogsAnyone know any good education venture capital blogs? I already get the newsletters from GSV, University Ventures, etc. but am looking for good blogs or other publications. Feel free to throw out any you know even if it's a newsletter like the ones mentioned in case it's something new, though that s...
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Investor Relations at PE firm?Hello, I am interviewing for a position as an investor relations analyst at a large private equity fund like KKR, TPG, Carlyle, etc. How is the prestige or responsibilities for this kind of role along with salary expectations? I originally wanted a position as a private equity analyst, but I was t...
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Best Headhunters for PE / SWF opps in the UAE (Abu Dhabi & Dubai)Hey guys - looking to see if anyone has worked with some solid headhunters for private equity / SWF placements into the UAE (Abu Dhabi & Dubai). So far, I've identified PER, Pinpoint Partners and Arkesden as potential firms to work with. I am based in the US, and understand that London-based recru...
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CFA exam without matching requirements Hi guys, I am actually in my 3rd year of business school in France and I should have had my bachelor degree this semester but because of my internship, Ill have my degree in April 2019. I already bought the CFA materials and pay the enrollment fees but I do not meet the requirements because I m not ...
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Help on Universe of Funds / Alt Ams that Make Highly Structured InvestmentsI'm interested in PE shops (or alternative asset managers more generally) that frequently make "structured" investments. I'm in IB and my experience has entailed a lot of work on many deals and pitches involving sponsors that do not fit neatly within the standard buckets (or when taken together enco...
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Productivity - Excel To-Do ListsDoes anyone have a Excel to-do list template? Specifically looking a to-do list on PortCo's and Active Deals....
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Jumping IB and going right into PE post collegeHas anyone jumped into PE post college and skipped IB? If so and even if you haven’t what are your thoughts on this? What are the best junior summer pe internship programs and which’s ones hire the most junior interns as full times? Lastly, what are exit ops usually like for people who go right ...
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Wasserstein & Co. - Interview - GeneralistWalk me through how a sale of an asset would affect all three financial statements. Do you think the current economic environment is favorable for a private equity firm or unfavorable? Why? What about going forward? What are some business that would be strong LBO candidates and why? Given a company ...
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Paying more attention to the technology running portfolio companiesHey all - New here. Was happy to stumble upon your community. Hope my question fits the spirit of this forum. If it doesn't, please let me know, and I'll remove it. I'm in technology. We've been working the last couple of years on some substantial software development efforts at PE-owned compani...
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Siguler Guff - Fund of FundsWhat is Siguler Guff's fund of funds reputation, culture, etc. within their Small Buyout fund? Would appreciate any color on the firm and this specific fund with regards to their Boston and NYC offices as it looks to be a small team. ...
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Salary negotiations - Analyst/AssociateHey everybody, I just entered into salary negotiations for a position into a $300M infra fund based in Paris. Although I dont have the typical background; few years in sales & trading + operational experience in business strategy + MBA degree from top 5 European B.School, the fund is offering me an...
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Megafunds starting associates 6 months earlierTwo kids that I know from college (non ivy target, but they were top students in top groups) that graduated in May 2016 so 1.5 years total as analysts at BBs/EB's have recently updated their LinkedIn to "Associate at 'Megafund'" Is this a new trend that is happening?...
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Looking for Advice - MBA PE RecruitingLooking for Advice - MBA PE Recruiting. Currently an associate at MM PE with three years of experience (no IBD) starting MBA at HBS later this year. What are my recruiting prospects at HBS/GSB/Wharton? How competitive is PE recruitment at these schools?...
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CPP Investment Board - Review - Private EquityGreat culture, opportunity to work on unique deals, no face time, good learning opportunities, progressive work policies. Lots of red tape, pay is relatively low relative to market, amount of bureaucracy / internal politics high at times....
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Private Credit Case StudyI've got a pair of case studies coming up in the next two weeks for private credit funds. These funds are both large ($25B+) and I'm interviewing for the direct lending groups. Anyone have any insight on what a case study would entail, how to differentiate myself, etc.? I know the format of one, the...
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Bill Ackman - Where are the public speaker skills?What do you think of Bill Ackman as a public speaker? I find myself surprisingly dozing off at times at his interventions. ...
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Gryphon Investors SFAny details on this firm in terms of interview process and firm culture/expectations? Your insights will be highly appreciated!...
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Bilingual Private Equity RecruitingHello Monkeys - I was hoping if anyone had any insight on private equity recruiting looking at bilingual opportunities. Positions can be on or off cycle, but I'm interested in seeing if people knew how people break into these kinds of positions. Understand its sort of a unique circumstance but any...
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Norwest Equity Partners - Interview - GeneralistOne of the GPs asked me why my Linkedin connections were so low, basically accused me of being unsociable. The rest of the interview was pretty standard. I wasn't expecting a second model test. They had me do a model test at home and when I flew out they asked me to improve on the model. I guess...
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Downshifting from VC to PE. Worth It?I recently received an offer from the buyouts group of a noted growth equity fund (think GA, TA, TCV). I'm glad to have the opportunity. I've been looking for work for the past 2 months after the VC fund, where I was an analyst and later promoted to associate, shut down. The concern I have the role ...
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Large Projects Office Under PMO ... To Fast - Track Large Investment Projects & New Job Creation In IndiaI recently made a proposal to the Indian Government, to enable the Fast-Tracking of large investment projects and new job creation in India on a massive scale has been a subject of active discussion recently at the level of the Prime Ministers Office and NITI Aayog. The proposal calls for the setti...
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Career Advice Needed Looking for some career advice here.... I started my career at a big four accounting firm in DC. I have a CPA and a Masters in Accounting from the same state school. I did two years there and started interviewing at middle market investment banks in the DC area (Houlihan Lokey & Raymond James). Dur...
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Advent International Corporation - Review - GeneralistAnnual world wide meeting was good fun. Some great characters in LATAM and continental European teams. . London office highly political. A lot of backstabbing due to deal-specific carry allocation. Odd culture - not helped by everyone being in own offices (inc analysts), so information flow very poo...
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How does one apply to the new analyst and summer analyst (from undergraduate programmes)?Blackstone was the only one that used to offer an analyst position (FT and SA) to UG's. Yet, frequent forum posts here have suggested that other firms like KKR and Bain have started it as well. Leaving aside the entire debate of a megafund vs a BB and how difficult securing these positions are how d...
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JPMorgan Chase - Interview - Private BankingUnexpected and difficult questions were: 1- The Powerball’s up to $25 million. What would you do if you won? 2- You believe very strongly that your client should hedge against risk in his portfolio through a certain vehicle, but your client is interested in something else that may run counter to ...
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Capital Structure for Private Acquisitions Under $20M?Hey guys, I'm a founder and angel that has built a few successful consumer brands, and I want to speed up growth of these companies. Most are sitting on a healthy amount of dry powder, and given low interest rates at the moment, I really want to put that cash to use and start doing acquisitions. Ma...
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RevelstokeAny insight into this firm? I know that they are relatively new, but would appreciate any additional information. Thanks!...
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Summit Partners - Review - Generalistvery entrepreneurial gives Associates much autonomy bunch of very sharp/smart people good track record. growing larger, creating more bureaucracy everyone is too busy to mentor younger employees much longer hours vs. other peers in the space...
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Apollo PE division (London office) - Interview AdviceDoes anyone have experience with Apollo interview process in London - or any other city? What do the first round interviews look like? Also, where do I get prep material for the distressed investment part? I work at a BB, so have zero exposure to restructuring and wouldn't even know what to expect ...
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Partners Group AG vs. Carlyle Group I was lucky enough to be given FT offers at both of these firms. I'm currently a senior and trying to decide which is the better option to pursue. The role at Carlyle is with their RE PE team. The role at Partners Group is a 3-year analyst program through PE, RE PE, and Infra. PE. What is the repu...
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HF or PE? Help!!Hi y'all - So after some careful thought and studying the work of my directors / MDs, I've decided against banking as a career. I've always been interested in valuation and investing (companies/businesses mainly), so PE / HF seems like a good route that pays well too. People have said that passio...
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How Will Regulation A+ Affect VC?Curious to see what consensus is here on it. IMO, there have been few very properly marketed reg A+ offerings, and even then, there have been some pretty big ones that would have traditionally required a VC. They make a ton of sense instead of doing a traditional series A/B/etc... Moreover, these r...
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LBO - Seller Note, how to model S&U and 3 Statements Took a model test recently, that included the transaction being funded with a 1.0x contingent seller note. this note is assumed to be paid out in full (at exit) if seller meets a certain ebitda target at exit, and is payed out at a certain % between a range of EBITDAs. Does this show up on S&U? Also...
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Onex Partners NYCHey y'all, Does anybody have any thoughts on Onex Partners in NYC? The latest post on the firm is from 2010, so I want to see if anyone has any thoughts that are more recent that they'd like to share. Curious about culture, B-school exits, etc. Thanks!...
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Joining PE during fund raising - Associate / MMHi Guys, How does your work/perspective change if you join a PE fund as it begins to raise its next fund? The VPs I have been in contact with are of course spinning this in a positive way (ie you get to see how fundraising works/exposure to LPs/unique experience that's valuable if you want to stay ...
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FCF - Term Loan A vs Term Loan BI was recently in an interview and asked to calculate the PF free cash flow in the following scenario. The acquisition given was a company that had $40mm of EBIT, $10mm of D&A, $10mm of Capex, Change in Working Capital was assumed to be $0 and the tax rate was 40.0%. The debt to finance the transa...
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Australian Bankers -> American Private Equity Hi WSO Current summer analyst at non-elite boutique. Looking to leverage this for a BB SA role and eventually, a hopeful FT offer. I have a strong GPA, attend a good target (G8 as I am in Australia) and all that. To get straight to the point, I'd love to know more about the buy-side and moving to t...
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Bain Capital - Review - Private EquityVery smart and motivate colleagues. High level of responsibility given. Broad exposure to different aspects of PE and a great learning experience. Some members of team are introverted and difficult to mesh with interpersonally. Office politics sometimes dictates who advances their careers. Difficult...
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Dividend Recap ModelHi guys, I am currently building my own lbo model for one of my course and I'd like to include a dividend recap in year 3 as I assume I wasn't able to get a lot of debt at the entry. I looked in the archives but couldn't find anything pertinent. So could someone provide a template? I understand ...
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Thomson Reuters in Talks to Sell Stake in Unit to BlackstoneThomson Reuters in Talks to Sell Stake in Unit to Blackstone Are there recent case studies or precedents around this sort of PE "partnership" into a public company? Its a majority stake into a specific line of business. I know of out right purchases of public companies or units of public but the la...
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Acronym HELPHi guys, I am applying for this offer and it has this in the responsibilities writeup: "Analysis of new investment opportunities: research, NDAs review, prepare PIMs, IM and NBO, support DD, etc." I know NDAs are non disclosure agreements, but what do the rest mean? Thanks...
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PE Portfolio Valuations Associate JobsA little background, I am currently in a Big 4 Valuations/TAS gig, interested in some of the typical exits (banking, corp dev, corp strat). My specific group does not audit or perform PE/VC portco valuations, but I'm familiar with PEs hiring Big 4 to audit portco valuations for financial reporting p...
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WSO Basic LBO Model #1All, Thanks for the help here. I've recently been going through the basic lbo models that WSO has as part of its prep package. One thing I am really confused about is the way they put minimum cash required to operate as a "Use of Cash" in the uses of cash section. Is this best practice for how one ...
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Inter-office geographic transfers as a PE associate? Hi everyone. I’m currently interviewing for a few pre-MBA PE opportunities at top global megafunds and upper middle market firms. The positions are in emerging market locations (think China, Brazil, Singapore, South Africa, etc) with very small classes (~3 associates per office). My goal is to wor...
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StepStone Group - Interview - GeneralistNothing difficult, all simple, were primarily behavioral. Why StepStone? You past background, university, and understanding of the company and then just the associate introduced himself and the group and my expectation of the job, availability, etc. The last part is any questions for them and whe...
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JHB SearchAnyone heard of this recruiting firm? Is it even legit? It sounds like they just want to know your comp and what firms you're interviewing with....
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trying to break into private placementTrying to break into a placement agent raising capital for alternative investment companies. Anyone have any advice of doing so?...
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Energy most common career path?I know about how the process of 2+2 and then business school works in places like NY but i was asking about energy and if you could ld follow the same ib < PE< MBA path because I haven’t really see. Any topics about energy people going for an MBA on here....
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Any Others Dealing With Competitiveness Among Associates / Cut Throat Office Culture?Hi All - Posting from a throwaway account for anonymity, but wanted to get everyone's thoughts on a relatively new phenomenon I've started experiencing since beginning my role on the buy-side. My background: A bit of background on me - traditional path to private equity via a target school and a ...
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M&A Info - Public Company buys Private CompanyI need to find a resource, preferably a free one, that has up-to-date info on private companies being acquired by publically traded ones. I know you can find this information in the DEF 14A, but haven't had much luck find a database. Thanks!...
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Thayer VenturesAny info? Track record? Juicy gossip? I've read up all the articles on them online and read their portco's websites but looking for some word of mouth information if available. Thank you as always. ...
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Questions to ask in an interview to a PartnerHello monkeys of WSO, I am currently a 2nd year BSc student who is at his second round interview for a Private Equity. The way the process goes is: 1st round with associates, 2nd round with Partners, 3rd round with founding partner. The process is simple as it is a small PE (+/- 30 members). One ...
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Growth Equity: Investment vs AcquisitionI've been looking at the portfolio of a growth equity shop and some of the transactions are referred to as investments and others as acquisitions. How is the distinction made between the two: minority vs majority? How about when a joint venture "acquires" a company. ...
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PE Portfolio Company to PEJust landed a role at a PE portfolio company as an Operations Financial Analyst. Was wondering the likelihood of being able to transition from the portfolio company to the actual PE somewhere down the line? The PE firm is pretty big (multi-billion dollar AUM, has worked on some high profile deals)....
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Thoughts on Terra Firma?What are everyone's thoughts on Terra Firma? Are they a strong/prestigious fund? If you had a choice to start out on their grad scheme in PE or join one of the top 3 tier 1 BBs (GS/MS/JPM) or a top tier 1 EB such as Lazard/Evercore/Centerview etc.. who would you go for? If your ultimate goal is PE....
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Interesting reading from Guy HandsI got this second hand so I can't confirm the authenticity of the letter but makes interesting reading nonetheless. Letters from the CEO 2007 Q2 Letter August 2007 "......Let me give you an example of how dramatically credit terms have changed this summer. Six weeks ago, we were looking at one dea...
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WL Ross & Co / WLR Credit PartnersHas anyone heard how they are perceived following the management changes over the past few years? Understand they were a leading mm distressed PE group (up there with KPS, Black Diamond, etc.) in the early 2010's, now they added a credit arm although distressed dealflow is light (in line with the in...
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IFC InterviewHi guys, anyone recently interviewed with IFC (DC)? Did you hear back? Know when super day is / modeling test?...
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Vestar Capital Partners - Interview - GeneralistHow do you think about a growth company? What are the key drivers to consider and how do you engage the financial model? What are you detailed steps from start to finish in developing an investment thesis? What are some immediate red flags and how often do you conduct SWOT analysis? What are your vi...
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33 Trillion ANNUAL Market Impact by 2025Hi. I run a startup in AI and robotics. We have a ridiculously good concept. I've gone on a local shark tank but the Silicon Valley vcs aren't really my speed. I'm looking for maybe an elite boutique or private investor. The key factor is an investor who can spot a major opportunity as in potentia...
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Do I have shot of getting in?I couldn't find a great thread on my question so any insight would be greatly appreciated. I am in the asset management and underwriting department of a REIT. I am starting to wonder what opportunities could be available to me outside of the real estate industry. I do a lot of excel work (modeling a...
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Ardian - Interview - Private EquityWhat is the difference between primary, early secondary, and late secondary private equity investments? Who are the major players in the private equity fund of funds space? Who are the major private equity investment firms? With regard to secondary private equity investments, how are the performan...
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How to break into VCI am a sophomore at a top university (but that is a non-target for finance). I am majoring in math+econ, and have a solid GPA (3.62, will bring it up). I am doing an internship with BAML Global Wealth Management, and am looking into a consulting internship with MBB within the next year, hopefully. M...
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How much does transcript matter?Hello I'm looking to recruit for PE after doing the summer at investment banking. Right now I have the choice to take really easy courses, 3 classes per semester, take some pass-fail and still graduate with honors if I just write a thesis. I'm an econ major, and I don't even have to take more econ...
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REPE in LondonWhat are the best/most prestigious REPE funds in London? I have the impression its Blackstone/TPG... What are the best Real Estate Banking groups to break into those funds? How is pay? How are hours? Is it true that hours are slightly better than Corporate PE/"normal" IB?...
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BDC Price/NAV QuestionI've recently been researching BDCs and other direct lending funds, and something keeps vexing me. What I know about BDCs: closed-end funds that trade publicly. They're given certain tax advantages by following specific regulations, most importantly they need to pay out investment gains to investor...
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The Riverside Company - Review - N/AGood people, good amount of capital with lots of opportunity to advance. Overall strong culture and good place to work for long term.. Quite political, some unimpressive people around. Lots of deal activity which is great to learn in but need to focus more to scale....
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Consulting-like cases PE interviewsHi guys trying to prepare for an interview for a megafund next week and was told that I will have consulting-like investment case studies. So it will be both qualitative and quantitative. I have in mind criteria for the commercial side but cannot find case studies online. I am not after paper LBOs ...
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John Laing infrastructure investments Hi, I was wondering if anyone here knows sth about John Laing (primary and secondary infrastructure investor and asset manager). Would an internship with them be a good way to break into PE (no ft possible)? I may have a chance to intern with them but as a graduate with 2 internships (in unr...
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Warburg Pincus - Interview - Investment BankingNothing was out of the ordinary. The first two 30 minute interviews were straightforward. I was asked standard PE questions that you can find from any guide. Some tougher questions were about specific businesses that the interviewer pulled out of the blue (how do you view this business, etc.). Some ...
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MBB Operations Consulting to Private Equity Operations/Value CreationCurrently working at MBB in operations/strategy consulting and want to have a long term goal of moving to PE operations/value creation. I am a CPA by training and made the jump to MBB to get the name on my resume and hopefully open more doors. I have done a lot of restructuring and turnaround work b...
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TMT questionCan anybody provide color as to what specializing in TMT would really entail? Technology, Media and Telecommunication seems to span...so much. Anybody care to give a summary? It sounds like you're looking less at pure technology companies or pure media companies. ...
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LBO-Modeling Case Interview - Completed Model but Fucked Up with Iterations?Hi, I recently had an LBO modeling test at the offices of a fund. The test was 2 hours long, requiring me to project the 3 statements etc. I did Ok and managed to finish the model on time, but when it was time to check that BS figures, change in cash, etc match, it all went to hell. Same with the...
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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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Experiencing Berlin startup friendly environmentHello everyone, I've just graduated in business administration from a swiss university and I'm currently spending my gap year in Berlin (Germany) to learn the language since in September I'm moving to St. Gallen to pursue my further studies. I would love to experience Berlin's startup friendly envi...
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