Q&A: 3rd Year PE Associate ($10bn+ AUM, MBO/LBO, equity, mezz, distressed debt)
Edit: Wow, did not expect this thread to get so popular. Apologies if you PM'd me and I have not responded - there are dozens of messages I would respond to if I wasn't getting crushed on a deal. My firm must monitor my WSO activity and figured I needed more work to do...
Two quick updates:
My first post on office politics is now here: Guide to Office Politics (Part I)
Many of your PM questions had some common themes around breaking into the industry from various types of backgrounds, compensation, bonuses, carry, etc... one thing I have noticed is that 90%+ of the questions I've received are discussed in WSO's private equity guide. It contains all of the typical basic info you would find in a Vault guide, but also has a ton of intel compiled from WSO's access to practicing industry professionals. If you are serious about breaking in, consider making this small investment.
My original post:
Hello monkeys, I used to be quite active on WSO under a different name (before and up to the Eddie / MMM days), until the IB grind turned me into a lurker. I can honestly say that WSO played a big part in helping me land the IB gig in the first place, so when I coach young bankers / college students on "the path", one of my first questions to them is whether they've joined this community.
I then tell them my story, including observations on the "softer" side of the industry - i.e. the politics, career moves, and fuck ups I've witnessed/committed. It dawned on me, however, that all the experience I've gained in ~5 years in finance (mostly through making mistakes, and occasionally by having great mentors to look up to) might be valuable to some of you internet strangers as well.
So as a thank you to the WSO family that helped me get here, I'd like to open this thread up for general questions on investment banking, private equity, and general survival in high finance.
- Semi-target / economics major
- Analyst at a BB for ~3 years
- Now in my 3rd year as an associate for a large PE ($10bn+ AUM) with multiple funds
- Areas of focus include MBO/LBOs, growth equity, mezz, and distressed debt