Hi WSO Members, I'm currently a restructuring banker and I received an offer to join a PE w 10-15B in AUM in the US. Our deal experience somewhat overlapped, and after 14 interviews, case study, etc., I got the offer. They even pushed me for references from my current firm. The references were great, as I've always been top bucket and very kind/helpful to everyone. The fund rescinded the offer just 1h after I made what I thought was a miniscule disclosure to an HR rep I never spoke to before (technically a disability, I made it b.c I require a 1h a week accommodation). It was tough to get this
22 Aug 2021
Anyone currently in PE or consider themselves a really good modeler/analyzer of companies? I have a collection of recent PE Analyst / Associate / Senior Associate / VP case studies from top MFs, distress/special sits HFs, and UMM PEs (BX/KKR/Oaktree/Berkshire etc). In order to learn from past mistakes and prepare for future rounds, I'd be willing to swap case studies & get others' takes on them. Drop a note and I'll DM you.
29 Jun 2021
Hi everyone, I attended Wharton for undergrad, did a MF PE analyst program in New York, and now am an associate at the same firm in the London office. I attended Wharton because of my interest in finance and the reputation the school has for being the top in the world. It cost me $120,000 to attend. Being in the London office, I am working with people from all over the world. My colleagues come from schools like Oxford, University of Sydney, and various other schools spread out amongst Europe. After talking with them, I realized a few things… 1) Their schools are extremely cheap to attend. The
15 Jul 2021
In the spirit of giving back and thanks to fcf_yields idea, thought I would do a Q&A from a slightly younger investment professional perspective. I'm a relatively junior VP at an established UMM fund ($10bn+ fund size), sector focused. This site has given me a lot of help over the years, going all the way back to college when i did not know what banking was, so would like to pay some of that forward. My background: target undergrad, GS, MF PE, UMM PE. I also applied to and was rejected from HBS/GSB, which i am happy to talk about (as a reject...) as I know a lot of people have questions around
01 Apr 2021
Hey guys, long-time member and current PE associate. I matched with a girl on Tinder one night and we started messaging. Somehow, the conversation turned into an argument over stupid shit. In my drunkenness and anger, I replied calling her a fat*** and made a joke that she looked like she put on the COVID-30 / I would sign her up for Jenny Craig. She replied with a long message how she was outraged I would dare say this in 2021 and that she would be screenshotting this and sending this to my employer. Note: I only have high-level info in my Tinder bio - first name, age, "Private Equity"
16 Feb 2021
Thought it would be fun to do a Q&A and contribute to the WSO community after years of reading the forums for advice, industry intel, and jokes. Not sure if anyone cares about a Q&A, but I figure I'd ask since I get hit up on linkedin/undergrad alumni network fairly frequently. My background: semi-target undergrad, consulting, MF, UMM PE. Happy to hit any topics like PE industry overall, recruiting, trends/outlook, lifestyle, etc. I will try to be helpful when I can and snarky when I can't
22 Mar 2021
Very lucky to recently have gotten a full-time analyst offer to join KKR's Private Equity Team. Does anyone have any thoughts on how the program compares to those of Blackstone, Ares, and Silverlake? I am only really considering KKR and Blackstone at this point but wondering which one is better in terms of business school and public investing exits. Like very blunt, which would you rather take and why? Thank you! Any thoughts on Blackstone TacOpps vs. Core Private Equity regarding exits as well are much appreciated.
16 Aug 2021
Hello fellow monkeys. Recently, I decided to give up on buyside recruiting and stay on as an Associate in IB. I realized I simply didn't want it enough and just ran out of energy to dedicate to the search. I've also frankly enjoyed my time in IB a lot and look forward to continuing my path here. A big shoutout and thank you to everyone on WSO that gave me advice and helped me throughout the process. Feel free to AMA. A few months ago, I said I would drop the technicals I got throughout my process, so I am keeping this promise. I've gathered a bunch from myself and fellow friendly analysts
11 Feb 2021
Just locked down an offer to join a startup as a Senior Finance Manager and figured I'd have this Q&A before I start my new gig later this month. Going to keep this post short and sweet and open up the floor to questions - happy to provide more color about my prior job, decision to move to an operating role, interview process, etc. Quick background / context below: Left after 2.5 years in PE at a large family office Did a mix of LP investing / co-invest / secondaries / occasional direct deals Was an early promote to senior associate Previously spent just over 3 years in IB at a MM (left as an
11 Mar 2021
Qatalyst (on Handshake) J.P. Morgan Vista Equity Partners Blackstone KKR (deadline passed but rolling apps open) Goldman Sachs Bain Capital PWP Barclays Guggenheim (on Handshake) Oppenheimer Citi S&T FT Partners Rothschild PJ Solomon (on HS) William Blair PJT Cowen Last updated: 7/30. Forward-looking: Expect to see openings pop up after Aug 6, when SAs start wrapping up. BlackRock is set to open FT on Aug 2.
09 Jul 2021
Tl;dr: is the PE career path still as attractive from a financial point of view as it was 5-10 yrs ago? I would argue that the expected career value for the average new joiner is significantly lower today. This is based on a) longer time required to advance; b) more competition; c) commoditization/salary pressure; d) potentially lower fund performance. Is this something you have been observing as well? And if yes, what are the alternatives? Lately, I am pondering the attractiveness of the classic path of climbing up the ranks of a private equity firm. Is PE still as financially attractive from
14 Nov 2020
I have been on this site for the past few years, and I just wanted to "give back" so to speak, and summarize all of the important pieces of information I have gathered. I hope it helps :) The Sales & Trading: Is dead!!! (not coming back) The Banking: Is dead!!! (booooooring) The PE: Is dead!!! (oversaturated) The Real Estate: Is dead!!! (See above) The Hedge Funds: Is dead!!! (can't beat a gosh danged benchmark) The Big Tech: Is dead!!! (ruined our lives) The Lawyers: Is dead!!! (wtf??? do u even have to ask?) The Doctors: Is dead!!! (literally - bless up!) The Non-Targets: Is dead!!! (weren't
04 Dec 2020
Open to answering questions regarding MBB, recruiting, breaking in, day to day life, career choices, etc. Background Academic: MSc in Finance (Europe) - top GPA, public undergrad b-school (target locally) Internships: Summer analyst at MBB; Summer analyst at Goldman Sachs (IMD London); Off-cycle analyst at European Private Equity FOFs. Received full-time offers from all three Other: GMAT 730 WSO Mentor Want to work with me? Check out my profile here.
05 Nov 2020
Got invitation for unformal chats with multiple MFs and UMMs. Should I treat these like interviews?!? Mod Note: here are some more PE recruiting related discussions: https://www.wallstreetoasis.com/forums/oncycle-is… https://www.wallstreetoasis.com/forums/heard-on-c… https://www.wallstreetoasis.com/forums/2022-on-cy… https://www.wallstreetoasis.com/forums/list-of-on… https://www.wallstreetoasis.com/forums/on-cycle-b…
10 Sep 2021
Hi Everyone, Long-time lurker over here currently at a credit hedge fund focusing on special situations and opportunistic credit. Haven't seen all that much about private credit vs. private equity. Been trying to assess whether I'd like to stay on the credit side or move to the equity side. I like the creative side and uniqueness of the structuring around credit, but I have more of an entrepreneurial mindset and feel like I'd like the PE side of things. I'd love to hear people's take on private credit vs. private equity. What hypes you up about credit/equity? What's the comparative work life
13 Oct 2020
Hey WSO, I'm a first-time poster and longtime reader. I have some downtime on account of MLK Jr. Day and wanted to take the time to give back to the community and provide some insight on my career decisions I've made along the way. Non-target LAC (e.g. Little Ivies) Interned at BB in Operations Everything since has been the result of a ton of hustle and preparation (and luck), not to mention friends and mentors who have spent countless hours advising and pushing me forward Started my career in asset management and pivoted to investment banking / corporate M&A. Currently an associate at a $4B
18 Jan 2021
WSO - I would like to share my knowledge on banking/PE/markets in Africa for those in the market and those willing to be party to the African growth story. Could also help for your PE interviews! Bio: Analyst (3rd year) at MM private equity firm focussed on impact investment in Africa. Target school (in South Africa), undergrad exposure to Math and Finance, prior experience in investment banking at Africa's largest bank. I got into banking via on-campus recruiting and a bit of luck. Made the jump to PE after completing a master's degree in Economics I am able to answer questions about the
16 Sep 2020
2 years at tier 1 investment banking in NY (Think GS TMT, MS M&A, Evercore, Moelis, PJT) Now at tier 1 Hedge Fund in NY on the investing side (Think Citadel, Mill, P72, DK, Silverpoint, Anchorage, Renaissance etc) Non-target ~3.0+ GPA (I don't like sharing personal stories but as a brief background story...my mother passed away freshman year who was single mother, and I had to support my younger brother financially by working full time while going to school) Have not taken the GMAT but I will try to get 740+ Expecting good letters of rec from previous employers EC geared towards my background
08 Sep 2021
Open to questions of any nature from students, consultants, or anyone else. I am an incoming first-year associate at a tech-focused PE fund, currently rounding out my 2nd year at MBB. I attended a top target (H/Y/P/S/W) for undergrad and interned on the buy-side in undergrad. I can try to help by explaining any part of the process, including what seems to be a trickier jump from consulting to buy-side, or anything more specific that I can be helpful with. WSO Mentor Want to work with me? Check out my profile here.
03 Nov 2020
Hi everyone, I wanted to create a post about my process on GS for Junior Analyst in IBD. Sadly I did not get it but anyways. Context: Applied in Mexico City, 2 years of experience in AM and from a mexican target school. 1.- Apply through the page 2.- Webinar of general information (No filter yet) 3.- Steps 1 and 2 were in January 2021, and in mid february I got an email saying I have passed to the next round (HireVue interview) 3.1.- HireVue Interview was really easy, general questions like walk me through your Resume, and situational ones like "What would you do if a client is asking you to
17 Mar 2021
Hey All, Apologies in advance for the long post, but I'm in an interesting situation. I'm currently working in a Corp Dev job (about 3 years out of school), but have had serious talks with my grandpa to join his business - think Specialty Industrials company with highly engineered products, does about $12M in Revenue and around $4M in EBITDA. In addition to having serious talks about his business and the potential role I would play going forward, he's contracted me to do consulting work for him over the last year, something that has been mutually beneficial for us both. It's allowed me to get
10 Jun 2021
Note: I don't want to hear that I made a mistake going to law school lol. I'm comfortable with my decision and I have no interest in working in high finance in a technical capacity, but I do have an interest in working in high finance in a legal capacity. Making this thread because I see a lot of lawyers working in Hedge Funds as Counsel and there seems to be a lack of information on how to break into these jobs. Questions for Hedge Fund Lawyer (Specifically those that work for hedge funds or are doing secondment at a hedge fund) Is there a pathway to work for a hedge fund without firm
11 Jan 2021
I have a Bachelor's in Political Science from a target European University. I then started a master's in Marketing which I didn't finish and did the same with a master's in Finance. By that point, I had secured a full-time offer in a BB in London, in their TMT team. After a bit more than 18 months, I moved to a large bank's Merchant Banking Division, where I have worked across the capital structure (LBOs, Mezzanine, Debt) and I am now focused solely on LBOs and a few special situations investing. I am happy to answer any questions from how to get into IB, lifestyle, TMT exit opps, to how to
22 Sep 2020
Happy to answer any questions about recruiting (being a non target and from a non top tier IB), first few months on the job in PE, pros / cons, things I like and don't like. Brief bio below on my background below: Non Target Undergrad Investment Banking Analyst for 2 years Current 1st Yr Associate at MM PE Fund New York based WSO Mentor Want to work with me? Check out my profile here.
12 Nov 2020
Hi team -- wanted to get honest, raw opinions on the culture of different PE firms in London (KKR, CVC, Advent, PAI, Bain Cap, any other firms). Hopefully useful for many who are excited about PE but don't want to end up in a s***hole. Thanks! x
21 Dec 2020
Took a beating on an interview recently - was not expecting technicals given I'm a 3rd year and HH said it was a behavioral round...unlucky. Anyways, wondering if anyone has a list or resource for PE technical questions specifically around debt. I understand the concept of debt, and can model LBOs very quickly. However, I'm not 100% comfortable with concepts like how debt trades or convertible debt terms, etc. I've been mostly a software guy, so not too much debt in a lot of these transactions.
08 Oct 2020
Sophomore at a target, and recently received an offer from Shore-- wondering if anyone on this forum can comment on the firm (growth, analyst experience, culture, comp, etc.) ? Would deeply appreciate any input, and thanks in advance! firm >>> https://shorecp.com/
26 May 2021
Hey guys, In a nutshell, this is my dilemma, I'm on a road to what I've unfortunately grown to see as a golden cage and I'm not sure if it's what I really want out of my career and life. For background, I'm a twenty-something working at a wealth management practice on the west coast. Over the last few decades, my dad has worked very hard to establish a $500M+ AUM practice that generates a few million a year in revenue. For as long as I can remember, he has wanted me to go into business with him and eventually take over the practice. The plan was simple. I finish up school with a high GPA and
17 Jun 2021
Hi all, MS student in Computer Science at a top school with previous IB and buyside internships during my undergrad. I'd say I have pretty solid fundamental finance knowledge and solid quant skills. I wondered if anyone has any knowledge of the quantamental space such as names of funds running strategies, what kind of data is being used and how this is factored into decision making? Sounds like a very interesting area where I could do (and get) the best of both worlds. Would be keen to anyone with experience/knowledge.
08 Apr 2021
Hey everyone, looking for some insights on the ASOF/ACOF groups at Ares in LA. Any thoughts on culture, hours, pay? How does Ares compare to other Mega Funds? Appreciate any help here.
16 May 2021
Hi can you guys help me decide between DE Shaw Rotational Associates and an analyst job at a PE MF? I am confident that DE Shaw will result in a FO role in one of their discretionary strategies. The fear is that the systematic strategies are the real focus of the firm. With the PE analyst job, I am worried the job may be needlessly long hours paying my dues. I understand the general differences between being a public or private market investor. My question is more along the lines of which option will be a better career move that provides optionality going forward. Thank you!
29 May 2021
Note: I don't want to hear that I made a mistake going to law school lol. I'm comfortable with my decision and I have no interest in working in high finance in a technical capacity, but I do have an interest in working in high finance in a legal capacity. Making this thread because I see a lot of lawyers working in Private Equity as Counsel and there seems to be a lack of information on how to break into these jobs. Questions for Private Equity Lawyers (Specifically those that work for private equity or are doing secondment at a PE Firm) Is there a pathway to work for a PE firm without firm
11 Jan 2021
My questions is essentially, how often can you switch jobs before getting a reputation as a job hopper? My background is: 2.5 years in MO Finance @ BB (MS / GS / JP) ---> 1 year in FO (Portfolio / Divestments team ) @ small Infra PE fund ---> 1.5 years in FO (Investments team) @ Japanese Infra PE house Now I am looking to move again in a few months because I do not like the culture in my current shop and there is no scope for long term progression here (since I'm not Japanese lol). I am worried that I am moving around too much, and this will look bad on my CV. But I'm hoping that because I've
23 Apr 2021
Hey all - long time lurker, first time posting on here. Currently an associate at relatively large middle market shop finishing up my first year on its growth equity team. For context, was in banking prior to my current role. I mostly enjoy my role, the work's interesting and most of the team's pretty nice, but hours have been incredibly busy and honestly don't think my comps up to par. Started getting some inbounds from headhunters regarding lateral roles and so have been thinking about whether I want to try hopping to a firm that's a better brand name (MF or UMM). Couple questions: Anyone
09 Apr 2021
I was recently accepted to Duke, UVA, and Brown, but I'm wondering which one I should choose if I want to go into IB straight out of college. To give some perspective, I was accepted as Echols Scholar & College Science Scholar to UVA, and was accepted to Duke and Brown regularly. Im wondering which school I should choose if I want to go into IB or PE straight out of college? I would go about 90K in debt for Duke, 120K in debt for Brown, and 0K in debt for UVA (assuming I get into McIntire). I'm a little scared I won't get into McIntire-I heard some 4.0 kids w/ stellar ECs don't get in-which is
17 Apr 2021
Hey Monkeys -- hope that you all are similarly recovering from that intense US Open final. Like many of you, the WFH era has given me time to reflect and question what the next 3-5-10+ years of my life look like -- so my apologies in advance for the soppy post and will try to keep it short. For background, I'm a Sr. Associate at a MM PE fund in NYC, and prior to that did my banking years at an EB. The PE experience has been great so far, and I've been lucky enough to stay on board without an MBA. Looking forward, I'm faced with the predictable set of exit options for junior PE investors. The
13 Sep 2020
Lets say you are at the beginning of your career, just out of college and have an offer from a VC firm (Investment Analyst position) from which you would go on to do more VC later on an Asset Management firm (Equity Analyst position) from which you would aim to move on to a boutique L/S hedgefund. Which one would you choose and why?
16 Apr 2021
[Mod Note: WSO now has a Company Database where you can filter by industry (PE) and zip code: //www.wallstreetoasis.com/wso-company-database] So to go off Nouveau Richie's idea for lists of hedge funds, I am going to create a list of private equity frims. Post a city you are interested in and I will try to run a screen on Capital IQ. Please take into account that spring break is about to start for me, so I apologize in advance for the delay in response. I am going to start off with New York, Chicago, and LA.
12 Mar 2011
Hi, I am a high school senior who was admitted to several universities. My top choices are the University of Chicago, UC Berkeley (College of Letters), Carnegie Mellon University (Information Systems program), and Georgia Tech (College of Computing). I will probably pursue Computer Science at university or Computer Science with a combination of Economics/Business. My goal is not to really work in FAANG but ideally launch a startup (going into Entrepreneurship). Otherwise, I would be interested in going into PE/VC or working in Investment Management firms with a specific technology focus. I
11 Apr 2021
Has anyone ever heard of someone pursuing a MBA while working full time in a PE shop? A pretty ambitious arrangement, but was wondering if that has ever happened before. Thanks
14 Apr 2021
What would be suggested for long-term growth? Doing growth-related data science at a private equity firm or a role as a monetization pm in a FANG-related company? What are possible growth areas after the job at a PE firm? I'm concerned that a career in PM would plateau.
05 May 2021
Hi all, I work at one of non-HK countries in Asia. Recently I interviewed one of PE firms at HK (HQ in US) for analyst position (AUM: +10bn). In the middle of process, they asked what my expected salary range, and I replied I am willing to take the market rate. But then, they asked me what my current salary level was, but they don't ask this type of question in Asia so often, so I was little off guard... I replied it was about 50-60k for base... After the interview, I realized that revealing salary range is not advisable... SO my first question is.. 1) By disclosing my current salary level
07 Jun 2021
In the spirit of thanksgiving, I have decided to host a thread where you can ask all you ever wanted about banking or PE. Please feel free to ask away.
26 Nov 2010
Hi Everyone - First time on this forum! I'm currently a Product Manager at Microsoft and I've been so for the past 3.5 years right after undergrad (I graduated from Harvard). I never really gave finance a look until recently when I started becoming really unhappy with my job and started asking some of my friends what they're doing out of college. PE seems a lot more interesting with much more leadership/upside than PM-ing in tech. The thought of doing/leading deals, really understanding a business from how they're run to what they're doing, and growing companies is so much more interesting
26 Feb 2021
Hey guys, So I am junior at NYU. I enjoy real estate development and I also enjoy (mainly) asset management mostlywith hedge funds and private equity. I want to get into asset management first on Wallstreet. This is my goal. I was rejected ED to Wharton. I applied ED2 to College of Arts and Science at NYU. For two years, I was a NYU Economics Major at CAS(took quite a bit of Econ courses). Now on this third year, I switched over to Schacks Undergraduate Real Estate Program in NYU SPS. I am taking 3 minors with this RE major (business from Stern, Economics Policy Concentration from CAS, and
09 Sep 2021
I'm currently a Private Equity Analyst in Shanghai, China. Academically, I graduated from a target school majoring in Economics and Chinese. I also spent my time at college as the president of an on-campus student organization related to Finance and Economics and a volunteer for a local school program. I have always had a nose for digging deeply into matters that I can't grasp as first, and thus trying to make sense of financials and business strategies in China seemed like a perfect challenge after college. After spending some time as an Analyst for a publicly-listed Chinese company, I
19 May 2013
Hi all, have an upcoming case study with Ares Infrastructure.and Power I have been told the case will be 5 hours, but no other detail. Was wondering if anyone had any insight on what one could potentially expect or how best to prepare? They are a flexible capital investor so suspect it will involve evaluating which part of the capital structure would be most attractive from a risk return perspective. My experience across the capital stack is limited since we make equity investments exclusively at my current shop. Experience that folks on here that have interviewed at other US energy /
19 May 2021
Short background I am finishing my MSc this summer at a well-known European university and have ~1.5 years of internship experience at boutique IBs (1 year as a working student, 0.5 year as a full time student). I have an offer from a corporate venture capital and a tech-focused boutique IB in the DACH region, but I am having a hard time choosing between them. Pay is comparable. Corporate venture capital Analyst level position Venture Capital Arm of a leading insurance group Fintech, Insurance, Digital Health focus They have around 150-200M EUR in AUM, they will be launching their next fund
11 Apr 2021
Hey Monkeys, I've got a few years of CRE experience. I spent some time doing fp&a stuff, spent a year in REPE acquisitions at a boutique, spent a year as a debt/equity broker at a pretty well known shop / for a well known group, got canned due to Covid and have spent the last year-ish as one of two in-house capital markets guys at a homebuilder. I'm pretty desperate to get out of this gig for multiple reasons. The firm has had a ridiculously strong 12 months but is still overall a piss-poor performer (I'm talking corporate bonds that are rated cc) and frankly...it shows in the quality of the
19 Mar 2021