Silver BananaTopicReplies
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Venture capital returnsHow much of a return do VC companies typically look for?...
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Big 4 Deals/TAS—>South Asian PE—>Kellogg MBA/PE LAB—>MM PE post MBA, is this possible? I’ve seen this girl make the transition to mega fund PE after 2 years at Big 4 deals. Can I do the same except that I’ll be recruiting from an MBA? My experience at big 4 is great and solid, worked on a lot of deals especially with PE firms. ...
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Private Equity firms that recruit undergrads?What PE firms recruit from undergrad? Probably a ton of posts like this, but honestly curious. Would love to get into an REPE firm. I'm a current jobless senior...
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Goldman Sachs - Review - Investment ManagementVery nice office, heavy prestige factor. Solid benefits and exit opportunities. The support system is also very helpful.. One of the most political organizations that has ever existed. The senior staff tends to dump work that nobody wants to do on the junior staff. ...
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Who actually works at a SPAC?Just curious, does anyone know of any junior or mid level employees who currently work or have previously worked at an "independent" SPAC like CF Corporation? I'm wondering how people land such gigs and what happens once a deal is in hand. It seems like it would be an interesting experience, but I d...
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JLL Partners - Interview - GeneralistExplain the power supply stack and why it is significant (background in power) Questions around FCF conversion and what conclusions can you make about a business with very low or high FCF conversion What do you think of the power space and identify and major trends you see What was the biggest chall...
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Does anyone know of any Private Equity firms that invest in SaaS companies >$10m revenue? I am just curious if there are any well-known boutique/mid-sized firms investing in smaller deal sizes that you guys/gals may know of?...
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PSP Investments - Interview - Private EquityMost unexpected one was walk me through an LBO, which isn't that tough in itself, but it becomes more difficult when they ask the harder hitting questions like oh what happens when variable x changes within the LBO model, also the company that I had to do an LBO company on was an early stage tech co...
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PE vs. growth vs. VCHey guys, I've always worked in growth capital. Does anyone have any experience working at VC and PE both and can compare and contrast the experiences / firms, the nature of work performed, the opportunity for advancement, and comp? ...
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Bregal Partners - Interview - Private EquityHe asked me to walk through my resume. Then he dug a bit deeper about what I actually did in my prior experiences as an intern at an investment bank and the deals that I worked on. Then he asked about my interests and what I was involved in on campus. There were a few more behavioral questions. The...
Cerberus Capital Management - Review - Private EquityPeople work hard, culture was pretty good. Everyone was very smart and intelligent. Great deal flow. . During big deals, hours can get really bad. Not the best communication between senior management and associates....
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Mainland China Opportunities post IB stint in USAHello, Can anyone provide some insight on working in finance in Asia (particularly Mainland China)? I grew up in the US and am working currently an IBD analyst in the US at a bulge bracket firm. I do have the language capability to work in China. I would be interested in either working for a weste...
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Looking for Private Equity Startup Talent Launching a PE Firm and looking for talent with PE Experience at all levels. Landed a three project development that includes three Marriott branded hotels, residential tower and 100,000 sq ft Casino. One hotel already built and operating, second breaking ground 1st quarter 2019 and third breaking...
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Does anyone know of any PE firms that write smaller check sizes (SaaS >$10m)I am asking because it seems like the majority of PE firms have higher investment criteria like $10m+ in revenue, $2-5m+ EBIDTA, etc....
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Blackstone BREDS Full-Time Phone InterviewAnyone else have a phone interview yet for debt strategies group? ...
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Infrastructure PE News SourcesI know infrastructure can mean a huge variety of things, but what are some good news sources to get a better understanding of larger deals? Would it be trade journals or something like that?...
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Cerberus Capital Management - Review - Strategy and OperationsThe culture is entrepreneurial. Employees choose work streams they would like to participate in based on personal strengths and abilities.. HR is weak and the resourcing is unstructured. Development opportunities should be added to develop young professionals....
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KKR Real Estate Private EquityHi, Does anyone have some insight about KKR Real Estate private equity or has anyone worked there or working there now? I have an interest in applying for a junior position and want to know more about it. Do they have both equity and debt funds or just one of them? How is the interview? Is it very ...
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Internship ChoiceHi guys, may I ask your opinions on the internship choice of the below situation? I recently got admitted by Wharton MBA and am thinking about doing a pre-MBA internship. I am currently working in PE industry in China with a local fund covering an industry I kinda dislike, so I want to quit my cur...
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Other - Review - Private Equity* smart colleagues * very interesting projects * prestigious firm / fund * very strong brand in China * lots of exit options in the local Chinese market . * insufficient recognition in the PE industry outside of Asia * grueling hours / schedule, with lots of late nights and weeke...
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Consulting to PE: Portfolio Teams Hi all, first time poster. Joining a strategy house/DD specialist in London (think LEK/EY-P/S&/OC&C) entry-level, with half an eye on transitioning to PE later in career. ***Context*** Having networked (+ desktop research + WSO trawling) I'm aware the main pool for PE is IB and that consulting as...
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PE question: FX hedge sizing EBITDA or EV?Say a US PE firm buys a European firm using USD funds. The target has USD revenues and EUR costs, resulting in an adjusted EBITDA made out of USD 70mn and EUR -20mn. Using a 5.0x valuation multiple, the fund has effectively a short EUR 100mn exposure. If I decide to hedge, should I enter a EUR 100mn...
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Looking for VC study materials (valuation, term sheets, etc.)Anyone got training materials for venture capital? I'm ideally looking for technical materials, such as info on valuation, term sheets, etc. ...
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Susquehanna International Group - Review - Private Equitysuper cool team, love the people here, it's all about merit and the work you produce and not about how much you can smooz your way around. not in the city, and even if it was it's philly. small team that works a little too hard sometimes but fun when they let loose a little...
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Escape Club / Exit HatchStarting a thread for those who are finding ways to get financially free - while working in finance. I've come to realize I cannot count on this financial career forever, and in any case, I don't want to *have* to keep on working if I can avoid it. So I've put a bunch of my money into real estate,...
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how to be a good intern / employeeI'd like to share the following story from the trenches, in the hopes that it helps others. I run the department of a family office's investment vehicle, and previously I was in PE. Those whom I feel are top performers do 3 related things: they are proactive, they take ownership, and they work coll...
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What is the best way to fund a roll-up strategy in a SaaS niche market without a stake/company (LOIs signed and ready to go)?Speaking more of from a fundraising perspective versus sourcing the deals to a regular PE firm. Would an Angel investor/VC be more willing to fund such a venture?...
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Is there another good finance-career forum out there?I was reccomended to this forum by a friend - he said it was the best one out there - and there does seem to be a lot of knowledgable experts in here. But, there also seems to be about 3 or 4 times as many bitter smart arses. So, I was just wondering, do any of you know of any good alternative for...
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Armanino - Interview - Generalistwhat are the different revenue streamlines you know?what are the different revenue streamlines you know?what are the different revenue streamlines you know?what are the different revenue streamlines you know?what are the different revenue streamlines you know?what are the different revenue streamlin...
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Megafund Credit to BschoolI'm planning on joining the Credit team (looking at HY specifically) for a MF firm (GSO, Apollo, Ares, Bain Capital) as a first year analyst out of undergrad. I'm obviously aware of PE placement from these firms but are Credit analysts/associates looked at in the same manner? My goal is to eventuall...
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Other - Review - Private EquityYou get to work on interesting lifescience and healthcare projects, among smart colleagues. Working in healthcare means you feel you're making positive social impact.. This place has extremely high turnover because the CEO is a world-class douchebag. He cannot keep the team together as he is abusi...
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anybody knows anything about Beacon Tree Capital in Boston?https://www.beacontreecap.com/ seems like they have a decent team. Anybody knows anything about the firm ? like the deal flow, reputation and etc ? ??...
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PIK Preferred Equity ModelingHey guys - quick accounting question that I wanted to double check with you. I need to model PIK preferred equity (8% PIK) and am thinking myself in circles around how this shows up on the three statements. I know that the PIK will be accruing to the Preferred Equity on the balance sheet each year, ...
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What is so bad about LMM/MM funds?Why do many people who work at a MM Boutique never break (or I guess don't want to get) into PE? I understand that there is a lot of competition within MF (Carlye, KKR etc.) / upper MM Funds (Summit, Equistone, Permira etc.) but especially in LMM Funds up to Funds with 1bn AUM there seems to be onl...
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How to tell the prestige of LMM or MM PE firms?Hello all - I am currently interviewing for multiple LMM and MM firms (Undergrad Internship) and I was wondering how I can assess the quality of a mid-market shop. I feel like there's a group of huge PE firms that everyone knows and can assess the quality of, but then a ton of MM PE shops that do n...
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Private Equity - Interview with PartnerMonkeys! Anyone could share any tips for last round PE interviews with partners / senior guys? What to expect / structure / approach etc. Thanks!...
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Great Range Capital - Interview - N/AWalk me through the main valuation methods? What the main financial statements and what are major line items from each? What is an LBO? Why would a private equity firm use an LBO? If depreciation increases by 10 (40% tax) walk me through the changes to the financial statements? In what situation wou...
Neuberger Berman - Review - Private EquityEntrepreneurial culture Growing organization with strong reputation in the alternatives space Decent pay. Pay lower than traditional buyout PE firms Top management heavy 401K benefits are deducted from cash comp...
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Mezz Debt Lenders for a $5M ecommerce business?hey WSO, A friend of mine looking to tap into the community knowledge. Anyone have any recommendations or references for mezz debt lenders to help fund an eCommerce acquisition that will be in between the $4-5M range? Thanks! Patrick ...
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Top Venture Capitals that hire juniors?Pretty self-explanatory question. What are the top 10-20 VC firms that hire pre-MBA analysts/associates/junior investors? ...
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Canadian Pension Fund Private Equity interviewsDoes anyone have any insights about Canadian pension fund (Teacher's, CPPIB, OMERS, CDPQ) interviews for their private equity teams? Would particularly like to know more about how many rounds should be expected, type of questions asked in each round (behav, case, paper LBO, excel LBO - how long?), a...
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Elon Musk stated that he is working with Silver Lake on a take private of TeslaAny thoughts on this? Firstly, I think Silver Lake has not even enough capital to take a company private half of Tesla's size. Secondly, this is for me a consortium play with some sovereigns/ pension funds/ PE firms of the size of KKR Thirdly, I do not consider a tech company? ...
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Favorite PE Plays?What are some of your favorites? Always thought this one was fairly clever: https://foragerfunds.com/news/dick-smith-is-the-greatest-private-equity-heist-of-all-time/ ...
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Advent International Corporation - Review - Private EquityGood culture. Good exposure. Professional people. Smart investments made. Good track record of returns and hence carried interest . Travel. Compensation is high, but not in large fund level. No perks or non-salary benefits. It as well known ...
Neuberger Berman - Review - GeneralistGood work life balance, nice team of people, wide array of projects that expand investment education. Not too many to note here, other than slightly lower pay than other friends in PE but thats about it...
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AMA: Non Targ -> BB Coverage Group -> Incoming MM PEHey y'all, i haven't been nearly as active on this website in the past few years, but this place was instrumental in my development as a prospective student, intern and also as a relatively avid reader during my time in IB, so i figured i would try and give back via an AMA. Quick background: went ...
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Is Healthcare PE unethical?PE shops that invest in healthcare companies can help with efficiency but also play a part in driving prices up. Is it possible for these firms to combat this without federal intervention! I know they just want to make money but seems a little immoral to me. ...
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HIG Capital - Review - GeneralistGenerally good work life balance, with in-office hours being very reasonable and little "face-time" requirements. No issues taking work home with you as needed in the evening and leaving the office relatively early. Strong leaning opportunities and ability to take on responsibility above your title....
China Merchants Capital - Interview - Private EquityWalk through the model you made before. Expected very explicit answers and how to count the goodwill in the whole structure . Goodwill questions were asked several times like whether goodwill exists in consolidated financial sheet or other sheet. Why didn't use another sheet to make the calculation....
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Canadian Pension Fund InterviewsDoes anyone have experience interviewing at a Canadian Pension Fund for an associate (or analyst) PE role? From what I gathered, first rounds are essentially fit with some technicals and only during the final round would a LBO case be given (how long and complex, though?) ...
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Should you sell your business to a PE firm who makes a preemptive offer before a broad auction sale process?Suppose a middle market company hires an investment banking firm to sell the business with a broad auction process. But before the broad auction process begins, a PE firm makes what seems to be a reasonably high take it or leave it offer. If you pass then that PE firm will refuse to participate in t...
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Typical Percentage Carry at a Megafund vs. MM FundWas wondering if anyone had a good sense for what a "typical" carry precentage is for each investment professional at megafunds (e.g., Apollo), upper MM funds (e.g., Vista Equity Partners), MM funds (let's say investing out of ~$1bn current fund), and smaller funds (e.g., $500mm)? How does that vary...
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Newbury Partners?Does anyone know anything about Newbury Partners? I've searched on so many sites and forums and can't seem to find much about them outside of the fact that they just raised their fourth fund and that many of their associates have stayed within the firm. Any information would be greatly appreciated...
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HIG Capital - Review - GeneralistGood deal experience, ability to receive generalist experience and understand companies across industries. Lower than market average comp, work-life balance could be improved based on current compensation levels...
Accel-KKR - Review - GeneralistGreat atmosphere, high quality training, work on meaningful projects. I have overall had a fantastic experience at the firm. I have had other internships in the past and nothing has compared in terms of quality of training and projects.. High expectations and can feel isolating. Don't get me wrong, ...
CPP Investment Board - Interview - GeneralistHe asked for a stock pitch right off the top. I started making the pitch but every 15 seconds, he would stop you to ask for what you mean. Its very aggressive so you have to defend your thesis a lot. Towards the end of the pitch, he will ask you more questions about if your catalyst is actually goin...
Grosvenor Capital Management - Review - Private EquityGreat culture. Fully paid benefits. Diversity. Flexible career progression within different business units within the organization.. Not sure how meritocracy is valued or implemented. Working remotely with some seniors based in random locations could be less efficient at times....
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Cerberus culture/work environment (NYC)Can anyone provide insight into this subject? How crazy are the hours? Dress code? Flex work schedules or telecommuting? How does pay compare to other firms (PE, BB, HF)? Thx!...
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Blackstone Group - Interview - Financial SponsorsIf I gave you the cash multiple at 12x today, and assume to grow into perpetuity, what’s your expected return and IRR for this return? What is 55*55 mentally math? Without any pen or pencil? If the stock went up 25% and give me a return of 600 today, what’s the stock worth a day ago? Why black...
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Paycut to go to small buyside firm - advice neededI am a third year analyst at a top MM IB. My goal has always been to pursue a career on a buyside. I have interviewed at various buyside firms throughout my Analyst career. Made it through case studies and to final round interviews at a few places but have not been able to close an offer. However...
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Private Company Due DiligenceCurious if anybody has seen any material (whether online, print, case studies, etc.) that details how a PE shop would analyze/diligence a target. Looking for something more granular than pure transaction/valuation modeling, but more along the lines of revenue/expense bridges, customer/cohort analyse...
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Distressed Primers Other than like Moyer and that distressed debt blog, does anyone have decent resources for distressed debt - either primers or case studies? Would appreciate any help...
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Should I leave my Corp Dev job to Equity research if my long term career goal is private equity ? Hi, I'm currently doing an internship in Corp Dev & Strategy at a large tech company. Previously, worked in investment banking at a local boutique and in asset management. Recently, got an offer from an equity research position from a BB. Should I quit my current corp dev job to ER just for the bran...
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NextGen Growth Partners - Interview - N/A1. Do you know what an LBO is? 2. Why private equity? Do you want to get into private equity in the long run? Do you want to do banking at all, since most people in PE have gone down the IB track? 3. What are your biggest strength and weaknesses? 4. You're involved in an investing organisation on...
Bank of America - Review - N/AI like the team I work with, and I like the west coast life style. SF is a pretty cool place to be . its a lot of hours and I wish I had more free time, I also wish the job was not as stressful as it is...
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Big 4 Audit -> TAS/FDD -> PE advice/experiences?Hey guys, I was just curious if anyone on here has **recently** gone through the Big 4 Audit -> TAS/FDD -> PE route and if they have any advice to share? Is this route a possibility or is it far fetched to think that an accountant can move into the generalist-esq finance field of PE? Just trying ...
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Infra & Energy Fund - Interview with energy portfolio operationsHello, I am interviewing with the head of portfolio operations of a Energy Fund. The portfolio consists of several renewables and gas power plants. I am wondering if someone has any suggestions of the type of questions I will be asked. I came up with some general topics but it would be great if som...
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Moving from Dubai back to the USHi Everyone, Just to give you a bit of background on my situation, I recently joined a growth equity fund in Dubai with AUM of 250 million, the fund focuses on healthcare, food and beverage and real estate, we also have been dabbling in early stage investing. I have a masters in finance from a ta...
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Goldman Sachs MBD PIA - PE vs IBDHello, I have been invited for superday at Goldman Sachs for the MBD Principle Investment Area. However, since my knowledge of this position is fairly limitied, I would like to receive some advice and insights from you guys. How does the PIA - PE of GS compare to GS IBD in terms of prestige, sal...
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Does a holding company's debt appear on the sponsor's balance sheet?i.e. For PE, in an LBO, would the leverage used for the buyout appear on the sponsor(i.e. KKR's) balance sheet? What about for public money managers who take positions on margin? ...
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Is the internship I'm doing relevant to PE?Doing a risk management internship at a big 4 right now, and quite frankly, I don't quite like it. Its a freshman internship thats a month short. I've always been interested in getting into PE, but I don't quite see how this internship I'm going through with would be relevant as I'm mostly doing hed...
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Adams Street Partners - Review - GeneralistGreat, small firm. Likeable people, with consistent returns. Solid option if you want to stay there and be ensured job security. Size is entirely preferential. If you like larger firms where there are outsized returns when the market's booming and tons of people to meet, stay clear of ASP ...

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