Guys - I'm at a BB in Lev Fin and recently have been called up for an interview at a credit hedge fund within a private equity fund: focused on distressed debt, special situations, long/short equity, etc. I've been involved in several PE interviews but never interviewed with a credit hedge fund. Here are my questions: What is the scope of the interview and how would it vary from a conventional PE interview (i.e. will they conduct a deep dive into my deals, etc.)? What sort of market knowlege would I be tested on? Pricing? Indices? If I get asked to pitch an investment idea, should I present a
09 Mar 2018
Hey All, Does anyone on here have experience with (or know someone who has experience with) private equity in India? Specifically wondering a few things, and I'm referencing mainly U.S. Megafunds and their Indian offices (Bain, KKR, Carlyle, Apax, Blackstone, Warburg, TPG all have them). 1. How does the recruiting process work at the associate level? 2. What is the pay like annually, both base and bonus (USD or INR, whichever anyone has info on) 3. What are the main industries that are covered, and what is the average deal size for these funds And any additional information would be great
12 Dec 2015
Hey- I've always had an interest in Real Estate both from a research perspective and a development perspective. I am looking to transition careers. Currently work in City Planning/operations research for the city of NY. I am currently studying for my GRE and have been torn between MSRE or an MBA with an RE concentration. Being that i've never worked at a brokerage or a BB in PE. What do you all think I should do? I also come from a public sector background so i'm thinking i'm already at a disadvantage. This is just something i'm genuinely interested in and would like some feedback on. PLEASE
14 Jun 2016
What is better? I want to end up in PE, but don't know if starting with a PE firm with under £250 m AUM is too small to start off, or if its better to have a BB brand name in a couple years time...
30 Mar 2015
Hi everybody, I may have an opportunity for a position with a small private equity firm. Here are some details about their investment criteria: - AUM: approx $350 - Dry powder approx $75 - ~10 active investments Besides these metrics, what are some other things I can search for that would help me to determine if the firm is headed in the right direction and would be a good place to hitch my wagon to. Please let me know if I can provide any more details. Thanks!
11 Jul 2016
I can't see myself going to or affording an MBA from a target in the northeast, so I was wondering which school in the midwest is the best value choice? Currently, I'm at a boutique sell-side firm in NE Ohio (below average pay obviously), but I'm considering trying to get into IB, PE, or AM. Thanks folks.
30 Aug 2014
Thought I'd make sure everyone knew what was going on. Can confirm that Blackstone, TPG and CD&R are interviewing tomorrow morning - presumably the rest of the Megafunds will be going as well. It is getting absurdly early at this point. Good luck all
26 Jan 2016
Currently I'm a junior and I was fortunate to receive offers for both places. For JPM I would most likely be placed in to the healthcare group and I am aware that Apollo doesn't give full time offers for its summer interns. Any advice would be much appreciated.
17 Feb 2015
I'm currently interviewing with BMO Sponsor Finance for an Analyst role and would probably get brought in as a 2nd year. I've spoken with contacts at Golub and Ares and they said BMO has a solid MM group but didn't have much detail. Wondering if anyone has additional detail or any idea of comp? I'm currently in Broadly Syndicated Loan group in a Portfolio Analyst (3rd year) role trying to make the jump to the credit side.
08 Feb 2016
Hi guys, so this is my second post so far, and I'm thoroughly enjoying the feedback I've been getting from ya'll (especially from DickFuld). This particular subject involves entrepreneurship, so I decided that posting this in the VC section would be best. So I've come to ask your opinion about a friend's future business plan. He's currently enrolled in a top-ranking community college in SoCal; he plans to transfer to a state business school (the school is among the top twenty business schools in the U.S.) that happens to have strong connections with all four of the Big 4 firms. He wants to
19 Jun 2015
I accepted an offer to join BAML this summer as a sophomore IB analyst. I am wondering which group would best position me for PE. Right now I am debating between LevFin and Financial Sponsors.
11 Mar 2015
Hi all - first of all, I would like to thank the WSO community for being a helpful resource during my recruiting process for investment banking. With WSO's help, I have been fortunate enough to secure a FT offer from a BB in Asia. Recently, I have been thinking a lot about my short-term career plans and would love to get WSO's inputs.
24 Feb 2015
guys I work for a PE companys' portfolio company and have a associate offer from JP Morgan. Does anyone have idea about the work culture, prestige and exit opportunities either within JPM or to PE firms from this group after couple of years. I am graduating from NYU next week. They just got moved to brooklynmetrotech from midtown
04 May 2015
I've got a solid lead in a lower MM fund (pretty large market, but not NYC/Bay Area) with ~$500MM AUM. Anyone have any insight on pay / work life balance / exit opps / general experience at these kind of places? This would be for an associate role after two years of IBD. Thanks!
10 Apr 2015
The WSO PE prep pack is a great resource, dont get me wrong, but I find it very strange that there are essentially zero technical questions in the guide itself... There are a list of 10 common interview questions, along with a few other important topics such as MoM vs IRR and how to build an LBO etc, but where are the common questions everyone talks about such as comparing Company A who trades at 5.0x to Company B who trades at 6.0x, or comparing what happens when volume goes up by $10 and/or price goes up by $10, etc. Basically any technical question that can be considered a "qualitative
07 Feb 2016
WSO, I'm in need of some advice. This summer, (3/4 through my UG) I've spent a considerable amount of time networking to set myself up with a position I'll be happy at, following my graduation. One lead panned out particularly well, and I landed myself a position this summer, working directly under the CFO (who I reached out to) of a young Oil & Gas distribution company (I'm the only employee - it's practically brand new). Keep in mind that the hours are low - it's my second job. The content of the job is pretty abstract, as I assist in research regarding hedging strategy, and risk mitigation
19 Jun 2015
Is it possible to begin a career in wealth management and ultimately transition into PE/HF? An example timeline: Begin at very successful wealth management firm. After 1st year pass Series 7. After 3rd year, attend school for MBA in finance (or related). After biz school, begin as an associate (ideally at BB) in IBD. Pay my dues, pick up PE/HF job. Is this possible, albeit along an unconventional path? I am obsessed with finance and doing it all in Russian related business, I just didn't figure this out until halfway through my junior year of university...Therefore just trying to get my foot in the door of the finance game. Any thoughts would be much appreciated, really just trying to make the right choices. Thanks.
10 Oct 2011
Hey guys! Title says it all. I'm currently researching as much as possible in order to plan ahead and look into the process of recruiting for hedge funds/private equity. I'm not completely sure about which path I want to take, or how long I would like to stay in investment banking - but definitely open to all routes. I'm curious to learn from people who have been in the process. What are are the advantages/disadvantages of being at BB vs MM when it comes to these recruiting efforts? Does your coverage group play a significant role in recruiting? Heard that Leveraged Finance/Financial Sponsors
15 Apr 2015
I work at a lower-mm PE firm, leaving for b-school in August. I'm looking to move up market and know that's tough to do especially to mega fund if you haven't already worked there or comparable firm. However, one of our larger investors is working on an acquisition that we're helping him out with, and it's a $1+ billion buyout. I ran the model and put together the presentation that's being used in the preliminary talks with debt/equity partners, and we'll see how far down the pipe I get before I have to leave, but regardless this is pretty solid experience. How much traction could I get by
19 Jun 2015
I worked for a big four for 7 years, out of which the last 3 was in commercial due diligence,valuations, and due diligence ( am a manager now). Currently, am considering an MBA to switch my career into private equity. I have 2 questions: 1) What MBA to go to , Columbia , Berkely or Cambridge.....? 2) What to do to make myself more desirable from a PE point of view? is doing a CFA a plus? 3) What is the level to expect post the graduation? Thanks
15 Mar 2011
Sorry if i posted this in the wrong area. But quick question, and i need to make a decision by tomorrow..I got a job offer in Commercial Real Estate research..decent salary..decent firm.. My question is if I want to be in Real Estate PE, should I do this for about 5 years, rise through the ranks and get a MBA or MSRE, or should I take the MSRE offer i have now (Think George Mason, American, etc) and try and get a Real Estate Investment Analyst job when I am done and try to break into REPE that way? Also I see that some BBs have Real Estate IBD analyst positions and I would qualify upon completion of the MSRE i have admittance to. I was a Lib. Arts Econ major and I dont know much about finance, that's why i didnt bother applying now...
23 Jun 2011
Hello, I've been a long time reader of WSO and appreciate the amazing insight that everyone provides. I'm contemplating transitioning to CRE PE from corporate FP&A and have 3 questions (ok maybe 6): 1) What is the difference (if any) between starting as an acquisitions analyst in RE Asset Management (think BB asset management ) vs RE Private Equity? Are the skill sets viewed similarly? 2) Is is it possible to transition into PE from an acquisitions analyst role ? How disadvantaged is it compared to transitioning from an CRE IB background? 3) Is it realistic to transition into CRE PE after 5
28 Mar 2015
Hey guys, long time reader of the site and decided to make my first post. I am a senior at a semi-target in the southeast, and will be starting as a FT Analyst at a BB in NYC in Leveraged Finance. The Lev Fin group at this particular BB is one of the Lev Fin groups out there that is very modeling intensive and is not a Capital Markets Group like it is at some other BBs.
19 Feb 2015
Woke up to this doozy: http://gawker.com/5936394/ Before you guys start crushing people in the comments section, I encourage you to read through the article and the points it makes. The world really has no idea about private equity. I tried to shed some light on some of the key misconceptions (it's not hard to figure out which commenter was me), but the fact remains that the media will continue to prey on peoples' ignorance. I'm fed up with the political status quo, but stuff like this still annoys the hell out of me.
23 Aug 2012
We have a thread for regional boutique ibanks but could someone with access to CapIQ please help do a similar thing for PE firms? I'm sure people would be interested in PE shops both by industry as well as location and size. For myself, energy shops (power, oil&gas, infrastructure) in New York or Boston, $300MM+. Thanks very much ahead of time.
23 Dec 2010
Hi, I will be attending Harvard next fall (class of 2015) and am thinking about what concentration I'd like to study. I am thinking about Biomedical Engineering or Econ. For my future plans, I would either like to go to med school or try to break onto an PE/HF on Wall Street.
27 Apr 2011
Dear all, I require some honest opinions on my post-MBA career move. I'll try to be as clear and succinct as possible: About me: 33 yrs old, MBA from Wharton (class of 2011) Pre-MBA experience: corporate finance function within a pharmaceutical major (focus on special projects, M&A and project evaluation, reached rank of Senior Analyst, which in industry is the equivalent of Associate 2/3 in investment banking) Post-MBA aspiration: Investment banking / Private equity / venture capital in the US (preferably NY but I was open to other locations). I need to get into work as soon as possible in order to pay off extensive financial commitments.
19 Jun 2011
At BBs what percent of guys go into private equity normally? 1. Usually how many people WANT to go into PE instead of something else (50%?) 2. What percent end up at large funds like Blackstone, TPG etc? (20%?) 3. What percent who actually want to go into PE get into a fund (80%?)
05 Nov 2010
Looking for a list of industrial PE firms in the US/Canada that will cut equity checks for 25-50mm to invest in B2B style businesses? CapIQ is going to be a pain to deal with on this one - does anyone have any bright ideas? Online source where this info could easily be obtained from? Guaranteed SB donation for any useful knowledge drops. Thanks
08 Dec 2011
Just a little help, I have an opportunity intern with Metlife Investments' Alternative Investments group in either Capital Markets or FOF hedge fund work. My ultimate goal is to work in a hedge fund and I come from a non target with a decent Regional Ugrad B school very close to NYC. My questions is will this help? How is compensation and lifestyle? Chances on a top 15 MBA afterwards? BTW Im a sophmore with a 3.4gpa in Econ
14 Feb 2011
What is more important in Venture Capital? Knowledge about Finance or knowing how to run a business? The VCs i have spoken with told me that they "consider themselves and Investing Operating companies" meaning that they don't have to wait until their fund reaches a certain point to make more investments. They all told me to "forget about finance" because we "run companies....leave the Finance to the Investment Bankers (and then they all broke out in laughter)".....Is this true? By the way, these were boutique firms, not a KPCB or Sequoia...
21 Jan 2011
I've been perusing LinkedIn and have been seeing that some kids (mostly Harvard/Yale and the like) are getting internships at Apollo Global Management or Blackstone as summer analysts. Wow. Do these firms recruit at the schools for soph/junior interns or are these internships a result of networking?
28 Jun 2012
Who ACTUALLY makes it into top MF PE (KKR, BX etc.)? With the amount of talent out there, and the amount of people that want to go M&A > PE, I cannot believe they ever need to hire outside of top Goldman, MS and JPM groups. If anyone outside of those groups can get in... how? Do they look at more than just industry experience? Surely by that point 'extra-curricular activities' are of no significance.
12 Jan 2012
I recently ran into this article on The New York Times Dealbook, where K.K.R.'s newest investment product, which caters to investors that are looking to commit a lower than average amount of capital, is described.
02 May 2014
Hi guys I am a 3rd year analyst working in a natural resources group at a bulge bracket investment bank. I have developed strong interest and knowledge in sector and would like to consider a PE focused on commodities (metals, coal, oil & gas, etc). Can you give me some names of PEs that are active in this space? Thanks
05 Feb 2012
I am an undergraduate and have recently got an offer from a large-cap PE firm(think TPG, Carlyle etc) and an offer from a BB IBD in Asia. Any suggestions which offer should I choose? I am aware that joining PE at the undergraduate level might not contribute much. But I think there are two reasons why I probably should choose PE over BB IBD offer: 1. if I figure out I cannot survive in a PE firm after a year, I might still leverage this brand name for an IBD offer in the region(is my assumption correct?) 2. if I figure out I don't want to do PE after two years, I still have better chance to get in a top tier MBA program, as compared to working in IBD. And I can pursue what I am interested in after graduating.
18 Dec 2011
Wanted to get some opinions here on possible career paths ahead. This is how my CV shapes up, - Graduated in the top 1% of a top undergrad business school - 2+ years IB experience with a large European bank (one of the largest globally) - Moved into Disney Corporate Strategy team to do in-house M&A and Strategy How would such a CV appeal to recruiters and what type of exit opportunities could I possibly have? Would appreciate any opinions regarding the matter. Thanks!
19 Oct 2012
So someone I know (through the Internet) claims that he got a PE summer internship at a top firm (Silverlake, KKR, TPG), as a sophomore at Cornell AEM. He did have a high GPA, and claims it was a summer analyst role and not a support role, that he did not have any connection to the industry, and that he landed this internship in June. Is this plausible? I told him that I didn't believe him. As far as I know, Silverlake only recruits from Wharton and TPG doesn't have analysts, and I'm not sure about KKR.
31 May 2012
I recently received and accepted an offer for the leverage finance division of a top 5 commercial bank. I plan to eventually transition to PE, but was wondering how likely this experience will help me that. I know that since the LF division isn't from an investment bank like GS/MS, my chances might not be great. What are your guys thoughts on this? I plan on doing at least two years here and getting some experience.
20 Apr 2012
A partner at a private equity firm just asked me for 10 "proprietary nontraditional" key performance indicators for the African economy. Think "tonnage of waste per year", stuff like that. Obviously civil unrest is of real significance. Any good ideas on how to translate that into a usable metric? Other ideas for appropriate "nontraditional" kpi's (can be industry and/or country specific)? I was thinking a commodity-linked indicator would be good too given the many countries' heavy weighting of this in their GDP. Any thoughts are greatly appreciated. I've got to have them to him by tomorrow
02 Feb 2012
I'm looking for a comprehensive book on valuation (for start-up, distressed, private and public companies). I'm aware of McKinsey's "Valuation", "Damodaran on Valuation" and Pratt's "Valuing a Businesses". Do you have any suggestion on any other text that will enhance my valuation knowledge? I'm looking from a practitioner's perspective.
04 Dec 2014
I am a sophomore interested in working in Houston energy IB and was wondering how the recruiting process worked there. Do analysts get calls from headhunters or do they have to find opportunities themselves? What kind of funds do people go to? Megafunds? MM? And do the energy bankers end up in energy PE exclusively or can they do generalist PE? What banks place well into PE (not necessarily energy in Houston, but in general in Dallas, Austin and Houston?)? I have heard that Barclays, CS and some small boutiques (simmons I think?) place very well into PE, but what about other BBs like GS, MS, DB, BAML as well as boutiques like Jefferies, Raymond James and Scotia Waterous?
07 Feb 2013