Have been at a smaller REPE shop for 2+ yrs on the acquisitions side. Am in the 2nd round for a top REPE fund in their European office. Feel very comfortable building model/amort table/waterfall from scratch, however this company (specifically the European office) has recently been doing LBOs / majority stake acquisitions to get to the operating company and vertically integrate.
Guess I have 2 questions (1 to the test and 1 to the general hiring pool)...
1) All of my experience has been on the property level. While we have looked at some entity level take-downs, I have never built an LBO from scratch and my overall knowledge of the model itself is rudimentary. With these top funds, is there an LBO aspect to the modeling test? Clearly they know who they are interviewing based on past experience / selective transactions listed on resume but just curious on this.
2) Obviously very familiar with the concept of hiring IB analysts and teaching them real estate as my firm has done the same. Given that there is always a modeling test in the process, what is the level of expectation for some of these guys from an IB that have never done a property level model? This is more so just to know what I am up against.
Thanks so much.
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