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+26
AMA- Undergrad to PE (Ask me anything)

JDS07

Hi everyone! I’ve really enjoyed the community here at <abbr title="Wall Street Oasis">WSO</abbr> and the fantastic insights and advice people have shared over the years, so thought I’d give back and share my non-traditional experience. <h4>My...

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+19
AMA: Fundraising for Private Equity, Cap Intro & Investor Relations Career Paths

earthwalker7

Guys, Below is an AMA podcast + some key takeaways on fundraising for <abbr title="private equity">PE</abbr> and <abbr title="hedge funds">HFs</abbr>. I was in-house IR at a couple <abbr title="private equity">PE</abbr>...

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+15
Renewable Energy PE Overview

ob38dn

Hey folks. Spent a lot of time as a ghost on these forums back when I was trying to figure out what I was doing - figured I'd give back a little for anyone who's looking at the renewable energy infra/project finance space, with specific emphasis on the buy side. ###...

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+10
Yale vs. Princeton vs. Wharton Undergrad

doublehelix

'm really thankful to have been accepted into all of these amazing schools! I'm currently interested in studying economics; I would be majoring in Econ/Math at Yale and ORFE at Princeton. My end goal is to hopefully work in buy-side, and I'm wondering if any of these schools will restrict my opportu...

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+1
Real Estate Credit to Private Equity/Private Credit

Fattailed123

How common/possible is it for someone in real estate credit to make the switch over to a private credit-type job (distressed debt, leveraged loans, direct lending) or into private equity? I understand there are plenty of differences between dealing with real estate versus dealing with a company, but...

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+1
General Atlantic vs Bessemer Venture Partners

jo1421

Does anyone have any thoughts on the analyst programs and senior folks at both firms compare. Also, if you have any insight on how/if the associate roles, lifestyle, investment philosophy, value-add to founders, comp, etc. are. Any general impressions also appreciated! ...

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+12
HIG Capital - SF Superday

Leveraged_Dropout12x

There is some information on here I have come across, but nothing on this office specifically. Does anyone have any experience in the interview process for this office? Had a model test and phone screen, but not sure what to expect in the final round. Any insight is greatly appreciated. Also, if ...

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+3
In-House Counsel & Lender Credibility?

m_1

I know lenders like seeing brand names on deals to feel safer about providing leverage for a deal but the rates these firms charge relative to what in-house counsel would cost is ridiculous. Does anyone know how lenders view transactions being handled on the legal end by in-house counsel VS extern...

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+5
AMA: Principal at megafund

crimsoncrew02

I feel like giving guidance to younger people is important. Unfortunately, I have a relatively straightforward background: * Target school 3.8+ GPA * Did the usual investment clubs, pwm internship freshman summer * Boutique IB sophomore * BB junior then got a return offer * Did 2 as anal...

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+2
PE take home case study help - what is an ABB participation?

F1_button

Hi All, Does anyone know what an "ABB participation" is when it comes to purchasing shares in a public company? I just recieved a take home case study where I am asked to assess an investment in a public company. I am asked to consider this investment through different stock purchase options, i.e. ...

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+3
Sample PE pitch deck?

latetothegame

Can any experienced monkeys on WSO help out a newbie? I'm interested to see what a real-world PE pitch deck looks like--the initial PowerPoint presentation a firm would send to a prospective LP (not a PPM), outlining investment strategy, management team, etc. I understand they are proprietary, but i...

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+2
my task- net working capital

renata.grudzinska

Hello, Could anyone please help me with the 2nd part of the question? What does the term net working capital tell us and how can its value (positive, negative or zero) be applied to different types of business (trade, production)? Thanks in advance! Renia ...

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+1
PE Secondaries pay and exit opportunities

caroline234

Hi, I am thinking about joining a secondary fund team in an investment bank after 2 years of M&A. I need to tell them my expected salary and bonus. Can you tell me about the average salary level and the split between base and bonus? Also important what are exit options? Thank you very much ...

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+12
Private Equity shops with the best work/life balance

Anonymous Monkey

Interest to know what New York PE shops are known for the best work life balance. Currently a consultant at a major strategy consulting firm and am interested in making the switch to PE but don't want to work banking hours. Where should I begin my firm search?...

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+1
VP Moving to Portfolio Company Sales Role from PE/Credit

Sunny45

Hey everyone - many years on this forum so appreciate the feedback and also proud to have contributed to helping others in this crazy industry we all live in. Wanted to get the forums’ general thoughts on my situation as I’m stuck between a rock and a hard place. Primary question is thoughts on...

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+1
Equity incentives to management?

newkid2019

Hi guys: When doing a transaction, what are the quantitative things you actually look at to think about how to align the management team's interest with your fund please? How would you usually quantify this? Thanks!...

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+1
Software industry primers

CU04

Hi guys: Could you recommend some good sources for publicly available software industry primers please? I've been looking at consulting firms and boutique/software focused investment banks' white papers (I found one called Shea & company - are they good?) , as well as internet reports by Mary Meeke...

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+6
Blackstone Tac Opps

throwawayaccount1098248

Anyone know more about Blackstone’s Tac Opps? I know it’s not Corporate PE exactly but how does one recruit/what kind of candidates get interviewed/get offers. Also if it’s not traditional corporate PE is it comparable to UMM or Mm?...

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Private Equity vs Hedge Fund Performance

gc2019

Just curious if anyone knows how Private Equity firms performance compares to Hedge Funds performance. I tried looking up research/white-papers but couldn't really find anything comparing the two. If anyone has seen any articles about this please share!...

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Sterling Investment Partners

Instagram_Famous1989

Hi all, I recently came across Sterling IP in Connecticut. Their fund size is impressive for the amount of IP's ($720mm most recent fund). Does anyone have any perspective on how they are viewed in the middle market, exit opportunity potential for associates, compensation, performance, etc... Any i...

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+1
MM PE Lateral from Non-core city to NYC

itdiestoday1557

Hi All, I am currently an analyst at a top MM bank in NYC. After responding to ~200 NYC PE applications from headhunters, I received only two phone screens. It wasn't resume issues, as I had friends at MFs/Upper MM PE shops review my resume. I have a very non-traditional background except for my ba...

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+1
Private Equity Analyst - Panic Mode

Raymond's James

I am worried that I made a decision around this time last year that will have permanent consequences on my career... First, I will start with a brief overview of my background. I came from a pretty small town in the mid-west, and was admitted to a Big 10 university. Originally planning on going int...

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+1
Getting into big private equity firms

PrivatePE

I'm a fairly recent (~1 year) MBA grad from a Canadian School (UBC) with an engineering background. I got hired at a private office PE company in Toronto and I'm looking to make a leap into the bigger private equity firms (ONEX or one of the pension funds in Toronto/numerous funds in New york) in th...

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+95
Must Know Finance Terms

Armhoo1

Wanted to start a thread compiling a list of finance vocabulary, formal or informal. Words can be as "basic" as *EBITDA* or as "fancy" as *capital extraction*. The more pretentious the better. After all, capital expenditures aka capex essentially means to fix shit up or to buy new assets lol. Point...

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LMM PE Hours

MoneyMakerIB97

How are the Hours at reputable LMM (...

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+1
IBD vs. MM PE vs. CPPIB/ OTPP/ PSP/ CDPQ

nori90

Hello, What would you pick between traditional PE and Canadian Pension Funds PE? How would you also rank them? Worried about career progress and pay really moving from banking. Thanks!...

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Growth equity investment recommendation

MBAmedtechBanking

I'm struggling through some (simple?) logic about a particular situation and could really use some help. I'm working on a pitch for a growth equity shop that typically invests Series B or C. They asked me to recommend a company that i think would be interesting to conduct more due diligence on.... ...

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+1
NY IBD > Silicon Valley VC

alnicoII

Hi I work in a traditional banking group in NYC and was able to get a first round at a Silicon Valley VC. Curious to hear anyone’s experiences how those interviews go / best way to prep? Appreciate any advice!...

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+5
Real Risk of PE?

Jacob42

Came across this comment, [quote="mergersandacquisitions78"] I'll give you a long term perspective. I started about fifteen years ago in what was back then considered as a top tier firm and group, and out of a group of about fifty analysts, this is what happened. - about 20% are bankers. Of those ...

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+8
Search Funds?

Frank Slaughtery

Anyone have experience running or knows someone who has successfully run a search fund? I'm an MBA student at an M7 and am looking to go into VC but have been intrigued by search funds recently. Haven't seen a lot of posts on here about search funds and was curious to hear about experiences anyone h...

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+2
Private Equity but with no carry

nori90

Hello, How can companies such as the Canadian pension funds or the Temasek of the world be competitive if they dont offer carry to their employees when they are doing direct PE deals? Thanks!...

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+4
Debt Funds in Chicago

Little Sheep

What is WSO's take on some of the Debt funds in Chicago? What is the career path like? Skills that one would obtain working at one vs traditional buyside? Will I become the queen/king of debt? Thoughts on comp and hours? Maranon Capital Hancock Capital Management Golub Midwest Mezzanine Funds Dee...

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Oaktree Real Estate Reputation

average intern 43

Hey Everyone, BB IB analyst here. When comparing Oaktree to some of the other megafunds, how does Oaktree rank? I know they're renowned for their success in credit, but I don't know much about their real estate platform. Can someone tell me a bit more about this firm's real estate group? Thanks i...

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+1
Moving to private equity associate role from a non-traditional background - how to prepare?

Redelephant

I will be moving to an MM private equity fund in a deal role as an associate from a non-traditional (legal) background in June. While I have been told there will be formal training (there are a few others in my class from more traditional backgrounds), I want to be able to get up to speed as someon...

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+1
"Boutique" Shops

AlfredPennyworth

WSO, Came here for advice on career progression. I am currently at a large corporation working in the Energy space in the greater NYC area, with prior experience in a family office PE shop. I interned with my prior role for 2 summers until I landed FT. What appealed to me at my last role, was the s...

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+3
SIlverLake Partners; Buyout, Late Stage Growth or both?

theshire

I noticed that Silver Lake Partners pursues "large-scale private investments in companies within the technology, tech-enabled and related growth industries" but that it seems from looking at their portfolio they do a combination of buyout (Dell) and late stage growth (Groupon, Ancenstry). Is this ...

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+1
Consulting to PE

themanthemyth

I'm going to start working at Strategy& in their Deals Strategy Team. I'm interested in ultimately ending up in PE. I'm wondering if I stand a good chance of doing this and how I can further my chances of breaking through. Can I do this without going to B.School? Do I need to change jobs at some poi...

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+3
Symphony Technology Group - Interview

Instagram_Famous1989

Does anyone have insight on STG's interview process, particularly the model test? I am interested in the firm and would like to be as prepared as possible. I have heard that their test is particularly difficult. Any insight on how exactly it is challenging and ways to prepare would be extremely help...

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What is "external manager credit program" at a pension fund?

MrInferiorReturn

Can someone give some insights on what a team under an "external manager credit program" at a pension fund does? I have no experience in this and couldn't find much info online. I am guessing it's a team that selects external fund managers, but would like to learn more details. Thanks....

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+7
Not Having an MBA can be a Good Thing

Armhoo1

Wanted your guys' opinion on how realistic it is for someone *competent* to raise a search fund without an MBA. Based on my research so far, I haven't come across anyone without an MBA, although some went to no-name schools. Obviously, b-school is where the Entrepreneurship Through Acquisition (ETA)...

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+3
Leading Chinese funds

unigenitus

Not sure how much WSO knows about China, but here is a question: what is the landscape for VCs in the new economy / tech sector beneath the first layer of obvious ones? I would typically see firms like IDG and Hillhouse in the top tier, with maybe foreign companies like Sequoia too. Beneath this th...

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+1
why doubling your money after 2 years wouldnt be 50% IRR

Anon163862

hi in an interview I was asked what IRR would be after doubling your money after 1 and what it would be if doubling ur money after 2 years, i said 100% after 1 year and around 40% after 2 years. the interviewer followed up with if its 100% after one year, why would it not be 50% after two years? My...

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+1
LP to GP - What would it take?

ILikeRealAssets

I am curious to understand, from the perspective of WSO'ers who are currently working at GPs, what would it take for you to consider bringing on people (at the Associate/VP level) from an LP, assuming this individual would have direct transaction experience and has been managing various assets in th...

1
+2
Ultimate goal to end up at Consumer Retail PE

happyhippie

Hi, I am a junior at a target who is going to work at a BB in the summer, but I know my end goal is somewhere like TSG Consumer, L Catterton etc. What are some paths to these types of jobs? Is there a way to get to firms like these immediately? Do they offer internships? ...

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+9
PE associate comp

abmp789

Hi Everyone, I recently received an offer from a PE firm. The offer came in at lower than expected. The fund has done extremely well and it is definitely on a path to go somewhere. I love the culture, the location and the people. This is a partner track role and they mentioned multiple times in the...

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+1
First Day PE/VC Intern? Any good advice? !

yzhao2

Hi Everyone, I recently got an internship from a small PE/VC company in NYC. I will directly work for 5 partners of the company. My academic background was in Financial Mathematics, but after graduation (3 years from now), I didn't go directly into finance. This internship is my pre-Master internshi...

3
+1
Growth Equity Case Help - what to do if I think the case has an error?

Roundaboot

So I'm in final rounds for a GE firm, and one thing has been bothering me. I've a few years of M&A modeling under my belt at this point, but I am uncertain how to model for a non-control investment. It seems to me like part of the case that I was given is...simply wrong. To start, some background: ...

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+1
New Fund IRR calculation and prediction

latetothegame

1. In the real world, how do prospective PE firms model IRR projections? For the pitch deck, is it common to sensitize and demonstrate several possible outcomes, e.g. expected, over-, and underperforming? 2. If a fund invests in different asset classes and/or different geographies (each with its own...

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+1
Energy / Infrastructure / Power Private Equity Recruiting Experience

jperry3175

Hi everybody - I currently work at a middle-market boutique and am looking to go into either energy or infrastructure private equity. I have spoken with some firms and am wondering about how the actual recruiting process works. Does anybody have experience recruiting with some of the larger named en...

1
+2
CONSULTANTS: How did you prepare for LBO modeling tests?

carrigan

Also, did your interviewees ever provide a template for the test? If so, how detailed was it? (I've heard of some firms providing candidates with consulting backgrounds a template to work off of in the test.)...

1
+2
PE fund-specific performance

PositivelyInquisitive

Outside of the CALPERS Private Equity Program Fund Performance Review, what resources do you use to find specific fund performance information?...

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+2
Growth Equity Shops Associate Source Model vs Others

wallmonkey511

So I'm just trying to dive into learning a lot more about growth equity. I feel like I've gone to quite a few of the top GE firms websites, read news articles and talked to a few professionals, but one question that I've been afraid to ask is which shops follow the associate sourcing model and are p...

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+1
Insights on Digital Bridge / Colony?

NYsummertimechi

Received a headhunter email for them last week, but haven't been able to find much info on these guys. They've been in the news recently for leading a pretty big consortium deal with Stonepeak and EQT and raised ~$4b for their first fund. Seem to fly pretty under the radar though. Anybody have any...

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+8
Looking to acquire an SME, question about LBO model cases and level of risk in classic PE

Ballingwithabudget

Hi, I am in the process of searching for a small company to acquire, and have been struggling to find a target due to the various targets inability to service debt if business declines somewhat. This has led me to pull out of several discussions and I am starting to wonder about my approach. I ...

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+1
KCET Result 2019

vyadavseo1

The[ KCET Result 2019](https://duportal.in/kcet-result/) shall be containing the critical details related to the candidate and his/ her performance in the examination. Post the release of the merit list, the authority will be conducting the counseling session. One, who has qualified the examination...

1
+3
Investing across the Balance Sheet

Aschrack

In preparation for a case study interview I came across the following question: Given is a company ABC, business plan assumptions for the next 5-7 years and a financing package. Question: Shall we Invest in the Senior Debt, Mezzanine or Equity of Company ABC? How do you approach this? Do you reco...

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+2
Calling All Intellectual Titans of Finance & Tech Nerds...

Wags_Wagner

Who knows about fund tokenization with respect to both theory, (high level) technical underpinnings and practical implementations to date? Not saying this would / should facilitate access to non-accredited investors like the public markets, but instead simply broaden opportunities for exposure and...

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+1
AUM or Fund Size per Investment Professional and Associate

blahh23

Hey guys, I know you can do this manually but easier to crowd source. What's average total AUM (or latest fund size) per investment professional? Per associate? Not sure what would be the better metric but trying to gauge average number of people at a fund based on size. Thanks!!...

1
+1
Venture Debt - Loan origination & servicing + Case study

oasis1234567890987654321

Hi, I'm currently interviewing at a venture financing firm focused on venture debt, and was wondering if you guys have some advice on loan origination & servicing. For instance, what should I look at specifically in terms of: * cash balance * financial projections * burn * break even/pro...

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+1
Tech buyout help

Holdthedoor

Could someone provide a brief description of what makes a solid tech buyout candidate and what the process is like from the view of a Growth Equity investor? Perhaps provide an example of a previous deal? Trying to get up to speed for an interview with a hybrid (minority/majority) model. ...

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+8
Real Talk - do you think buy and build strategies work

tonapornottonap

With buy and build strategies being so popular, I want to discuss what other PE managers think about the add-on component of your value add. Do add-ons work regardless of your fund size? When will it be less effective (threashold)? How do you guys think about the bought CAGR in revenue and EBITDA...

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Family Office PE -Experience, hours, placement...

Jimbo192

Hey Everyone, I know there have been a couple of posts about family offices and family office private equity. I was just wondering what people's experiences have been working at them and any placements afterward. I understand that it's very dependent on the size of the office, the deals, etc. but I...

1
+15
How Private Equity Owned Companies Fund Add-Ons

5000 Meters

Just like the title says I am interested in learning more about how PE backed companies finance add-on acquisitions. Generally when these companies are already levered up, they need to use excess cash to pay down debt. Is the company able to use the additional excess cash to fund the acquisition or ...

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Anyone have experience on the IR side in a mid sized PE shop?

Greyjjw

I'm interviewing for a mid size pe firm the does secondary, primary and co-investments in an IR role. Does anyone have any experience of this and what the exit ops are like? Also the compensation as you progress? I'm guessing its not expected to be at the level of the investment team but is it possi...

1
+37
Can one get rid of a company's pensions during LBO?

chips_ahoy

Hi guys: For companies with large pension obligations, is it possible to get rid of them during LBO through some kind of structure, or would that only happen during bankruptcy? Thanks!...

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+1
Biz Dev Comp?

differentialequations12

Does anyone kow what Biz dev guys who try to bring in deals in PE generally get paid? I cant seem to find this info anywhere......

1
+1
Upper Middle Market Private / Growth Equity

MonkeyWorkNeverStops

Hello everyone, I've been searching forums pretty heavily on this site but haven't found much on this topic. I will be joining a technology group at an upper middle market bank i.e. Jefferies, Houlihan, and RBC. Due to prior opportunities, I am extremely interested in private / growth equity within...

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+5
Pre-asset Portfolio Company Equity Comp

ResponsibleRinger

Any experience with what % equity (incentive shares) a VP of finance level should expect when joining a portfolio company that was just formed? This is in the energy space. Any experience would be helpful - particularly interested in hearing about associate at PE Fund -->> VP Finance at sponsor ba...

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Crestview Partners 2020

throwaway7890

Did anyone else get the email from SG Partners regarding the 2020 Associate position? Looking for any insight on the firm and interviewing as there's not much on the site....

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