Private Equity at Pension Fund (LP) Advice/Help

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Hi everyone,

I require some advice and would appreciate it. I have a job interview within the Private Equity team at a large Pension Fund. This Pension Fund is usually a Limited Partner and works with General Partners. The job description has limited info and I am not sure what I will be asked at interview or what is actually required as a Private Equity Analyst at a Pension Fund.

Can anyone advice on the responsibilities a PE analyst can expect at a Pension Fund? If this job was at a GP then I assume LBO valuations, due diligence would be required but I don't believe this to be the case at a Limited Partner Pension Fund as the LPs have no say where funds are allocated and they do not conduct LBO valuations as they do not decide which companies are acquired.

Help please!

Comments (4)

 
Jun 20, 2017 - 11:50pm

I'm only interning at a pension fund so take what I say with a huge grain of salt. I think its super dependent on what kind of pension fund you're working for. Some American pension funds are super sophisticated, they have the capacity to do their own deals, they do co-invests with pe funds and they invest in funds. That would be things like Washington State and (although I'm not 100% sure) probably Calpers. On the other end of the spectrum some pension funds aren't doing very well and they haven't built out their capabilities as much. These funds are probably investing more in funds and fund of funds like HarbourVest or Adams Street. So what that specific pension fund does will really determine what your interview looks like. For me I had two interviews, a fit interview ad a technical interview. For the technical interview I was sent an initiation of coverage and a second piece (about 150 pages total) on a company and I had to figure out how much it would cost to buy with a certain amount of debt and how much we could make after selling it (I was given a good amount of assumptions from which to build the model). I also had to write an investment memo. Good luck :)

 
Jun 20, 2017 - 11:51pm

Private Equity (Limited Partner) Advice (Originally Posted: 06/07/2017)

Hi everyone,

I require some advice and would appreciate it. I have a job interview within the Private Equity team at a large Pension Fund. This Pension Fund is usually a Limited Partner and works with General Partners. The job description has limited info and I am not sure what I will be asked at interview or what is actually required as a Private Equity Analyst at a Pension Fund.

Can anyone advice on the responsibilities a PE analyst can expect at a Pension Fund? If this job was at a GP then I assume LBO valuations, due diligence would be required but I don't believe this to be the case at a Limited Partner Pension Fund as the LPs have no say where funds are allocated and they do not conduct LBO valuations as they do not decide which companies are acquired.

Help please!

 
Jun 20, 2017 - 11:52pm
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