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+26
AMA: Food-tech / Plant-based foods VC / incubator co-founder

earthwalker7

<h4>My Background</h4> <li> I'm a co-founder in a food-tech incubator and have been actively investing in food-tech for a year.</li> <li> Experience in both private equity and real estate </li> <li> Has worked at some of Asia's top...

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+23
AMA: PE Associate at a single-sector mid-market fund

Escobar Houdini

<h4>Bio:</h4> * Currently an Associate at a sector-specific European mid-market fund * Previously an Analyst at a smaller boutique * Started out at a "global" investment bank * Undergrad from a continental European uni and post-grad from a business school in...

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+16
AMA: 1st year FoF Infrastructure at Buyside

truelondoner

<h4>Background</h4> <ul><li>Private Equity Infrastructure Funds, Secondaries and Co-investments</li> <li>Experience in Institutional Asset Management & Investment Research (Mutual funds)</li> <li><abbr title="Chartered Financial...

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+1
PE FoF SA vs Corporate Treasury SA at large bank

longjuul

Torn between which to choose, any advice would be appreciated. Would want to end up in a Strategic Finance position or corp dev position in the future. ...

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+2
TPG growth head charged in college bribery case

nc22

TPG’s ethical investing (lol) and growth head was charged today in a scheme where he bribed a member of the USC athletic department to help his son get into USC on an athletic scholarship, and also bribed a testing agent to fake an ACT score. Completely insane stuff. Some other big names involved...

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+3
CSC Generation?

alnicoII

Hi has anyone heard of this firm? Came across their PE Associate role on LinkedIn and job description seems interesting, though have not heard much about them. Is anyone familiar?...

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+1
Finished internship at a LMM PE Firm, what now?

proprietarydealsourcing

Hi guys, I'm a 4th year (completing a 5th year) at a non-target school trying to work my way into MM PE (short or long term future). Down the line, my goal is to get accepted into a MF. I am aware of how hard it is, i come on here to seek your advice on how to achieve this goal and what summer ana...

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+1
Moving from LMM analyst to MM associate

Curious Cat

Does anyone have any experience recruiting for MM associate positions after joining an LMM as an analyst out of undergrad (so no banking background)? Is it difficult to get looks, or were you able to work your way into the recruiting pipeline?...

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+3
Best-looking PE Fund Quarterly Report

thefamilyofficesdb

Hey, my fund is putting together a quarterly report to go out to our LPs. Previously we only sent them performance tearsheets of the individual portfolio cos, but now we're taking it up a notch, formalizing the process & making it all look good. So with that in mind - do you know of any PE funds who...

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+2
Megafund Carry

yituraxi

What does carry look like at all levels at a megafund? It seems like most of the posts on here mention VP carry of 1-2% on smaller ...

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+5
Venture Capital Seizing the Intellectual High Ground

Slightly Erratic

Something I have been noticing lately is how Venture Capital/Tech investing seems to have seized the intellectual high ground from other Private Equity/consulting and business industries. Historically I feel like PE/Consulting was the place that extremely smart people went to. But now reading the ne...

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+11
What Banker Processes Need Updating/Automating?

HowlerMonkey

Not for their sake, but for yours? What's old fashioned or needlessly manual in the deal execution process that banks should update? - CIMs sent in hard copy? - Inability to send/receive text messages? - "Please find attached version XVII of the Project [] WGL"? - Physical signature pages? - Lack o...

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+1
Original Issue Price

Sham Wow

I have a quick question I am slightly confused about in a cap table. Does original issue price mean anything for valuation? Or is it just a quick metric on how much is getting raised in the round. I am confused because I see an investment that has original issue prices that are the same in each ro...

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+1
Mining Streaming Models/Discussion

StreetofBulls

Is anyone familiar with modelling/evaluating streaming/royalty transactions in the mining sector? I assume it would be similar to royalty models used in other industries i.e. pharma, but was hoping for more insight on both the qual./quant side as to how opportunities are evaluated, structured, price...

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+2
Best source for PE compensation benchmarks?

nostalgist

Hello all. I'm a Director in a MM PE fund and my review is coming up. I've got the Heidrick & Struggles PE compensation report for 2016, but are there any other reports/analyses you would suggest in order to get a sense for what market base/bonus/carry is (by fund size, AUM, region, etc.)?...

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+2
PE Internship Interview tomorrow, help!

Yay_Gatsby

Hello all, I am a junior undergraduate student and I have a first-round, 30-minute phone interview with a private equity firm tomorrow. I have no prior banking/consulting internship and have little-to-no technical knowledge of finance outside of a basic understanding of how PE business models and ...

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+2
single deal comp / bonus question

earthwalker7

hey guys, I need to find stats on single-deal compensation. Hope you can advise. My co-worker just closed a deal that netted our firm (a large family-owned real estate developer/owner) about $12mn without us putting any money at risk. Basically he found a big deal, and since we're too small to...

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0
Accordion Partners

Big4MC

Has anyone ever worked with these guys? If so, what type of project and what was the experience like?...

5
+2
Timing of drug test for full time role

venus281

Got a full time offer for a PE firm (think KKR/Blackstone/Carlyle). I heard from an analyst there that they didn't drug test for full time. However, I'm still pretty paranoid and am planning on quitting in case they do. I currently smoke every night to help me fall asleep. My question is--when do d...

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+1
Life/progress/salary in high yield debt? GSO/Carlyle/Guggenheim

gti67730

i've been offered a good entry level role in HY debt/levfin/CLOs and i was wondering what the general thoughts are on progress in this field? I don't want to give away where i am but similar to GSO/Carlyle/Guggenheim in terms of company type, but slightly smaller (about 100bn USD AUM). is the sala...

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+1
Any color on Private Equity on site case study ~3hours

ilikeza

Hey guys, Any color on what to expect for an onsite case study interview ~3hrs for struc credit role at small PE shop? Expecting they must want to see cash flow modelling skills IE: tranche water fall on any CLO, CDO, CMO, etc. First rodeo in PE relm. Any tips are greatly appreciated! Thanks ...

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+2
Aspiring biotechnology analyst (just moved to NYC)

pierpont1993

Hey WSO, I know this is a long shot, but I am looking for help breaking into the industry. In April 2017, I rejected my laboratory supervisor's offer to fast-track into McGill University's PhD program in Experimental Medicine. I began immunological research so that I could help alleviate the most ...

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+1
WSO Podcast: Arjan Schutte (Core Innovation Capital): Investing for the good of society

famejranc

[Link to the episode](https://megaphone.link/MGM4082269572) Some quotes with timestamps: 4:38 – CORE is a venture capital firm. We invest in early stage financial technology companies that we think will transform the lives of everyday people… we’ll bet on anyone from two guys in their mom’...

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+1
CPPIB Business Case Interview

QuestionMan

Hi All, I have an interview with CPPIB for an experienced hire role within their Credit Investments department. The interview will involve a 48h case study. My experience is from industry in non-finance roles (although I have a finance degree). The role is fairly niche and will focus on investin...

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+5
Ardian Private Equity (Previous PE ARM of AXA)

Bill Stern @ Axe Cap

Can someone shed some light on Ardian, apparently it's a $71BN fund and I have never heard of them until an 3rd year analyst on my team left to join them as a investment manager? Is it consider a MM or MF? What's culture and pay like at the firm?...

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+2
16 Year Old PE MD

mdgdrvco

Hello WSO, allow me to introduce myself. I am junior in high school from the PNW region, and I think the only thing in this world which I am good at right now, is finance (and fashion but let's not talk about that rn). I know a lot of annoying kids say this, and then they go on to talk about how the...

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+15
Funniest EBITDA adjustment... Go

dino3253

Pro-forma run-rate bank NTM EBITDA - included a ramping unit adjustment and weather adjustment Any others?...

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+2
LBO vs Infrastructure vs Secondaries

128

Assuming you are an LP looking at the following investment opportunities: a LBO fund, an Infrastructure fund, or a “Secondary” fund What are the pros and cons in your opinion of each opportunity?...

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+2
PE Case Study with IC Memo

rekmaster

Hi guys, I'm taking a 3-4 hour long case study as part of an interviewing process. Just want to get some advice on it. I know the case study will involve reading a short CIM, putting together a full model (I was told there will be a template), then putting together some pages/slides. For the model ...

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+1
From Trading (market making) to PE after an MBA

pennytrade2016

Hi guy, I am thinking to take a MBA in St. Gallen to switch from Investment Banking - Trading (Structured Products market making) to PE because I do not see opportunities in Trading as many investment banks are closing desks and downsizing ops. Do you think it is possible to break into PE even if...

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+10
Career Move - Corp to PE/HF in "late" life stage

mdinpijamas

Hi guys, I searched the forum for the question I have, and even though there was a lot of information, I couldn't find a situation as near as mine as possible. So, I was born in Brazil, lived there pretty much my whole life, but I moved to the US last summer. My experience is basically 6-7 years i...

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+63
Millionaire by 30

benjirivers

Hey there wolves. I recently set a goal for myself to be have a million dollars sitting in my savings account before mid-age crisis blows me across the face like a metal baseball bat. If there's any of you young bucks out there on the street with a similar goal. Matter of fact, if you're a veteran r...

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+2
Bain Capital Case Interview

giraffe1

Hello, I have a Bain Capital interview coming up in a few days and I was wondering if anyone had examples of what their cases were like. I read through this previous thread which was very helpful (https://www.wallstreetoasis.com/forums/bain-capital-interview-interview-coming-up) but the advice is a...

5
+2
Management Fees Before Investment

mhaugen

Is it typical for a GP to charge the LPs fees on committed capital after the fund close but before the funds are called for investment? I ask because, without the management fee how does the GP fund the search for the portfolio companies to purchase. As this may take up to 2 years cash flow will obv...

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+1
compensation benchmarking

earthwalker7

I work at a family office, in their in-house real estate PE team . I have been asked by management to benchmark our comp. Do you guys happen to have comps for the incentive structures of real estate PE firms (esp in Asia) as well as real estate developers? ...

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+1
Moving from IP Law to PE

jayjd

Hi all. This is a bit of a niche question. I’m considering whether to make a move to PE from biglaw, and I’m wondering if anyone has any insight. I’m in intellecutal property law at a pretty reputable firm in NYC. While I enjoy what I do now, which is primarily litigation, some of the more int...

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+2
"Tell me about one of our portfolio companies"

OCQH123

All, I have a few first round associate-level interviews with PEs coming up over the next couple of weeks, and I know at least one of these will involve a mini case study on one of their portfolio companies. What do you think the types of questions I should be prepping for are? I currently have... ...

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+2
PE Fund Returns & Distributions Model Example

texag3236

This summer I am making the jump from F100 M&A to a small PE fund (500mm AUM) as an associate. They told me right out of the gate I would be working on their “Fund master model” where they calculate returns and cash flow distributions to LPs, co-investors, debt-holders and the GP at the portco a...

2
+1
Adams Street Partners Internship

sexhaver420

I am a sophomore currently interviewing for internships, one of which is at Adams Street Partners. Nobody I know has done an internship there and they haven't done any networking events on my campus. Can anyone who has (or knows someone who has) interned there give me a rundown of what the intervi...

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+8
PE Deal Sourcing Comp / Lifestyle

ATFarr

Hey all, I'm looking at making a career change from strategy consulting to PE deal sourcing. I'm a bit of an oddball, in that I was in sales before I moved into consulting. So I'm actually looking for a more commission-incentivized role that still combines some of the elements of finance / strategy...

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+1
LGT Capital Partners

ThrowAwayAccount2018

Does anyone know much about the firm's culture or their undergraduate internship program? Interview with them coming up and I can't find much....

1
+1
Blackstone interview process for private wealth solutions

Tradegirl1000

Anyone interviewed at blackstone? how long does the process take? anyone interview with their private wealth team specifically? ...

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+2
Checklist for evaluating an investment teaser?

TXWolf

Given an industry agnostic firm, what would you say is a solid checklist for evaluating investment teasers in order to decide which companies to pass on vs which to continue with the analysis process?...

4
+7
How to Respond to Question in Bonus Communication ("What's Your Reaction to That?")

EBITDUDE1

I recently had my bonus communication meeting and was really caught off guard by a question the partner conducting the meeting asked me. The flow of the meeting was 1) exchange pleasantries, 2) logistical details around 401k deductions, payment date, etc., 3) summary of feedback from anonymous rev...

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+1
IFM Infrastructure NYC

hyltzn

Hey 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...

5
+2
VC / Growth - Negotiating Sr. Associate Offer

SeekingPeace

Hi All, Recently received a very good offer from a $600M+ AUM VC / Growth Equity Firm for a Sr. Associate role ($160k+ base, 20% bonus, no carry). I feel like it would be dumb not to negotiate but the headhunter told me I was already toward the top of the range for what they were looking to extend...

9
+6
Competitive advantage for sector-focused PE funds

blueshine144

What is the main competitive advantage that sector-focused PE funds ($5bb+ fund size; Thoma Bravo, Vista, L Catterton, etc) have compared to broader industry-agnostic funds (BX/KKR/Carlyle/TPG + places like Berkshire Partners, CD&R and other large funds that invest across a variety of industries)? ...

5
+1
"What's its capital structure?"- how to answer this question?

chips_ahoy

Hi everyone; I've been going through a few PE case studies where the interviewer would ask "what's the company's capital structure". I'm not from a credit background, so I was wondering what summary statistics/conclusions are we supposed to offer in order to be conclusive in answering this question...

1
+1
PE Resume Format

Trippy Taco

How different should a resume look when applying for PE Associate roles compared to a resume for a candidate applying for Investment Banking Analyst positions? Just trying to get a sense of what updates I need to make ahead of recruiting. ...

1
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+6
Energy PE Recruiting

throwawayaccount1098248

Can anyone give some insight on Energy PE Associate recruiting and the tops funds that operate in the energy space? Not specifically oil and gas, but any general insight is appreciated. Also curious to how the pay differs from corporate PE and if there’s any differences in recruiting for energy PE...

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part-time intern at PE companies like KKR and Blackstone?

Scarlett0109

is that even possible? (for college student and international student in particular) Anyone had experience to share?...

0
+2
PE Recruiting from a Regional Office

throwmeaway12345

I'm going to start my first year analyst soon at a top BB/EB at a non-NY office (LA/CHI/BOS/CHAR). Ultimately, I want to end up in NY preferably or SF for PE after my 2-year stint is over. What is recruiting for NY PE like from a regional IB office? Coming from a target or having good grades or GMA...

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+1
LBO - Financing Fees and Calculating PF Goodwill

buymrk

Been working with a few practice models with a friend and have seen a coupe different ways of handling financing fees on the balance sheet. Looking for clarification on how to generally approach modeling these fees. Below is what we have seen: In one model, it is specified that 50% of total financi...

1
+1
What you wish you would have known getting into VC?

isa2130953

What do you wish you knew getting into VC and why? Whether it's about quality of life, your firm, the workload, or your coworkers please share! Also, if you could explain how you got your first position that would be great!...

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+1
Private Equity vs. Corporate Development

LaCroixAllDay

Ability 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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+2
Centerbridge generalist?

TheFuzz

Curious to know how Centerbridge splits up its associate teams. Is there a “buyout segment”, a special sit segment, a credit segment etc. and you recruit for/are placed in one of them, or are you a generalist, staffed across verticals?...

4
+1
Associate comp at 1st fund

Greenassociate10

Interviewing in a few weeks at a PE fund and could use some help on what to expect in terms of comp. It is the firm's first fund so that adds some risk to the position. They are shooting for a few hundred million. Location is along the east coast in a major city, but not NYC. I do not have my ...

3
+1
LBO - how to ensure alignment with management?

chips_ahoy

Hi guys: I have a rookie question..in an LBO, how do you ensure alignment with management? Is it to give them stocks? How can one analyze what's the best way of doing so? Thanks!...

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+2
Moving to Asia to do Mega Cap PE, good idea?

Billions_101

Hi All, I am a second year analyst at a bulge bracket bank in London and recently won an offer for a pre-mba associate at a mega fund (think KKR, Baring, Carlyle, Bain Cap) in Asia (Singapore/Hong Kong). I am a bit concerned about going for it, as I am afraid that going back to Asia ( I’m Asian)...

7
+1
Is credit ratings to private equity possible?

Bigdog22

I've come a solid ways career wise from attending a non-target > to first job was outside the industry > then to Ops at a BB > currently FIG analyst at a big 3 CRA and CFA level II candidate. Just thinking long-term - Is there any avenue to make the jump from big 3 CRA to PE ( ex. debt restructurin...

1
+1
Goldman Sachs GSAM PRE

Vito_Genovese

Burner account here. I have spoken to someone at GS regarding an open analyst position in the IMD, GSAM Private Real Estate Group essentially doing business development and investor relation duties. Job description didn't really show much analytical duties, it was a lot of creating marketing mater...

1
+1
What's your system for organizing emails?

dshipper_1

I feel like I get a thousand emails a day — internally from the deal team, from portfolio companies, from our resources group working on specific projects, and from deals in our pipeline. Anyone have a good system for organizing all of it so you can find it later? Outlook search sucks......

1
+49
2019 On-Cycle PE Recruiting: Headhunter Ranking

Theo_Epstein_2032

Recruited on-cycle in early December and signed with an upper MM buyout fund in NYC starting Summer 2019 (flagship fund size: $6-9 bn; AUM: $20-40 bn). Lazy Friday in the office and wanted to contribute here somehow - figured one helpful angle could be an update on the relevancy and efficacy of var...

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+3
Associate Bonus Clawback

r9logic

So I just got hit with a new concept in my annual review. The firm I work at has had significant associate churn in the past year, and I guess they decided to implement bonus clawbacks. The rough mechanics are: When i signed my offer letter last year, they gave me a bonus range of $x to $y. Then in ...

8
+1
Interview experience for PE role with strong Ops Focus

Aschrack

I have an interview for a Associate role in the Distressed Investment Team of a Large Cap PE Fund in 2 weeks. According to the Headhunter they are looking for someone with a mix of operating restructuring and IB experience to support the investment process and management of portfolio companies. Th...

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+8
I want to steal his CEO job NOW!

Kamoroun

Long story cut short...I am qualified Actuary with experience in Life Insurance, Consulting and Banking. I have recently been hired by the CEO of a company in distress. I am very excited since it is very very hard, for a life insurance company to be under distress. I have had a look and I see most o...

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delete.............

LBO 123345566776

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+9
An Ocean of Capital: Saturation in Private Equity

Draper Specter and Co.

I'd like to revive this discussion from 2012..... http://www.wallstreetoasis.com/blog/an-ocean-of-capital-saturation-in-private-equity It seems particularly pertinent given the PE recruiting cycle. I've attached some charts from a presentation given by the CIO at a firm in the 75th percentile of ...

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+5
IB vs. Start-Up For VC

NonTargetNetwork

Hi All, I currently have two offers: one from a large IB firm in a southern city, and one from an up and coming startup that is just beginning to generate revenues (should be around $250k+ this year). The role at the start-up would likely be very all encompassing (finance, corp strategy, business ...

14
+1
Data Driven VC

Brzig

Hello, I personally find the idea of data driven VC(think like Hone Capital) to be very interesting and would like to one day break into it. I am looking into getting a masters and am trying to decide between masters of data science or financial engineering. I would love to hear what y'all monkeys ...

1
+2
Industry Thesis Building

heavily_adjusted

My firm (MM PE Firm, $1B+ AUM) does not have a standard method of preserving notes and key insights on various industries and sectors we look at consistently. Curious to see if there are any PE / HF folks whose firms have a tight process for memorializing industry findings (notes, white papers, reso...

3
+7
LMM PE compensation, recruiting and port co. work

TouchedbyYou

What can one expect when transitioning to a LMM fund in terms of hands on port co work, hours, current valuation environment, comp and the recruiting length and process?...

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+5
Going from PE Portfolio Company to PE

APLEE

So, I'm currently working at a PE portfolio company as a Sr. Finance Manager; hoping to exit in around 2-3 years. I'm coming from another Portfolio company (where I was a Corp Finance Mgr) that exited. I'm wondering if PE firms are looking to hire people with portfolio company/exit experience to wor...

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+1
Help - PE Case Study Interview Resources

overandout

Hi all, I am in an interview process and have been told that I will be given a case study, and was hoping to corral some resources to prepare. I already have the WSO PE Prep Pack and generally have LBO model practices (not to mention that I am comfortable with my LBO modeling regardless). I am sp...

1
+1
Pantheon Ventures

chirmurri

Hi, Does anyone have any experience or insight into Pantheon + interviews with them? Can someone also explain why is FoF more attractive than directs/co-investment? Or even investing into a single fund for that matter. Is it just purely diversification? This is for a Infra/Real Assets Analyst pos...

1
+1
Oliver Wyman to Private Equity

JohnDoe101

Haven't seen this path covered in a while and would be curious to hear what insights people have. I'd be trying to go the route from consultant to PE (working on due dilligence M&A cases and trying to leverage that experience to get a position at an operations/performance improvement group in PE.) ...

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