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Two PE internships unnecessary?
Hi everyone, I am going to graduate this year and plan to do a gap-year before starting my Master's degree. Later this year, I will intern at an EB and I would also like to gain some experience in PE. I currently have a couple of MM-PE internship offers on the table for next year (both top 30 in...
Are niche strategies the future?
I've heard more and more people point toward very niche asset classes/strategies as being the places to be in private markets. In several conversations people have pointed toward firms doing litigation funding, aviation, life settlements/longevity, specialty finance/lending, hybrid VC and venture...
need some associate help.. easy question on cash burn
hi team - on a 10-k, and specifically the statement of cash flows, is the following line item the same thing as "cash burn"? "Net increase (decrease) in cash and cash equivalents: =($100)" So for example, for company A, could you tell your MD that cash burn in 2020 was -$100? thanks all. really...
Smoothest Path to MF PE? (besides BB/EB)
From these options, which starting FT job would give someone the smoothest path to MF/UMM PE? 1. Top Middle-Market firms (William Blair/HW/HL): Tried-and-true path into MM PE... Could possibly grind to get a UMM offer? Possible to take MM and then jump to MF? 2. Lesser known, up-and-coming "elite"...
Diligence Request Hell
Fellow monkeys - how does your firm manage diligence request lists coming from all corners of the buyside? It seems to be common place for all workstreams (legal, tax, IT, financial, etc.) to just pass excel sheets back and forth which is so unorganized / inefficient and driving me insane (1st yr...
Seeking Advice As A Senior Who Is Expecting To Graduate During The 2021 Pandemic
Hi everyone, I would love to hear people's honest opinions on the situation that I am in. I was originally about to graduate in late Spring 2021. However, given the pandemic I was unsuccessful in obtaining a FT in an IBD role and I have recently contemplated on delaying graduation to December 2021...
GS Friday Superday -- Turnaround time?
Had a superday with a PE team at GS on Friday (summer internship). Recruiter sent out an email right after it ended, saying an update would be given within 1-2 weeks. From reading other responses on WSO, seems like offers to top candidates are either made day of or day after. Since it was a Friday,...
IP Law grad to Compliance Consulting, to possibly HF/PE?!
Hey y'all, I'm about to finish my LLM (masters of laws) in Intellectual Property Law (top LLM school v my previous lower-regional JD) and have passed the patent bar. I'm about to finish my program but have slowly been getting less and less excited about getting locked into a law career, although IP...
Carlyle Group - Investor Relations Interview?
Has anyone gone through an interview for any of Carlyle's IR teams and could share their experience? Or currently working/has worked on their IR teams and can provide some insight into the interview process?
Portco VP Finance Equity Comp Expectations
Long time lurker here, hoping to tap into your collective wisdom. I'm specifically looking for guidance from those with specific experience in a similar situation, rather than speculation. I'm about to receive an offer for a VP Finance role at a ~$150M PE portfolio company. It's owned by a highly...
Baring Private Equity Asia / PE advice
Hi all, About to start a contract role with Baring Private Equity Asia for the next 6-9 months, as a trainee analyst. Two main questions to ask of anyone who's heard about the firm/worked there before. 1. Any advice in terms of things to do/look out for when it comes to day-to-day work? 2. Any...
noob question on cash flow
hi team - appreciate the answers in advance. this is probably a very easy question. 1. assuming no revenues, if operating expenses are $1M... shouldn't cash from operations be -$1m? 2. if you have no revenues, $1M in cogs, $1M in opex, would cash from operations be -$2M? 3. should operating income /...
noob with easy Q: 10q and 10k filing dates?
hi all - is there a place where I can see dates where x public company plans to publicly file a 10q or 10k? thanks in advance
noob with easy "year over year" question
hi team - when someone says Q4 2020 was 10% better year over year, are they saying that Q4 of 2020 was specifically 10% better than Q4 of 2019? and when someone says year over year we were up 10% 2020, are they saying 10% growth vs. 2019 (in annual terms)? thank you so much
Co-investment quality
For those that work in PE or involved in advising PE funds, would be interested to hear whether you think when PE funds offer co-investments to their LPs whether those deals are of a lower "quality" (e.g. lower return expectation vs deals that the PE fund usually underwrites or perhaps higher risk...
Barclays & Lazazrd Chicago? Thoughts on Deal flow, comps, exit?
Title says it -- would love to know how these companies prep its analysts for PE recruiting! I'd love to hear everyone's take on this.
Job search timeline. When to apply??
Hi everyone, I'm hoping someone might be able to advise me on an effective job search in New York, given the difficult current job climate. I currently live in Toronto, Canada and attend the University of Waterloo in the mathematics and finance program. My GPA is currently 3.85/4 with 5 courses...
Mistakes in PE Case Study - what are my chances?
I recently took a < 8hr case study and modelling test for a top tier PE team. Made it through almost a dozen interviews which all went really well. I didn't have enough time to check all formulas because of the time pressure (understanding case, finding right assumptions to use, building model and...
contribution vs gross margin?
hey all - could someone help me understand the difference here? preferably with some # examples my understanding is that gross margin = total revs - total direct costs (including fixed costs like salaries or manufacturing overhead that are not variable), whereas contribution margin is usually more...
Girl on tinder threatening to send my messages to my firm / boss
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...
noob with question on trial balances
hi team - quick question i would appreciate some guidance on. can you confirm my understanding of the below? monthly trial balances for income statement: the value at the end of each month is cumulative. for example, january is 200,000, february is 400,000. That would imply that by the end of Feb,...
Bain - Corporate M&A and Private Equity Practice
Any thoughts on the Bain Corporate M&A and Private Equity Practice in Germany? Also with regards to chances of breaking into PE from that compared to working at BCG or Bain as a generalist?
PE Fundraising process/Documents
I have worked in PE as an analyst, then an entrepreneur. I'm a partner in several SaaS companies and one SaaS venture builder. We are getting a lot of deal flow from SaaS businesses looking to sell or cash out. We are raising a fund in 2021 to offer both buyouts and revenue sharing to these...
NTM revenue multiples: question
i am a bit confused here. for example, right now, would an NTM revenue multiple right now be the same as a 2021 revenue multiple? or would the NTM revenue (since we are in February) look at revenue through February 2022? or... is NTM revenue the next twelve months as of the last quarterly results...
I Gave Up on Buyside Recruiting - Dropping Prep Materials + Technicals
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...
IU Kelley -> Goldman Sachs/JP Morgan/Moelis M&A Investment Banking -> UPenn Wharton -> Blackstone Private Equity?
Hey everyone. Longtime reader here; first-time poster. Thank you in advance for taking the time to check it out. Scenario: I'm 25 years old working on my bachelor's degree. I used to be a degenerate as a kid and I had immigrant parents who didn't know about the school systems here in US. I had a 2.5...
Should I quit Private Equity? Please advise.
education education service education ppt education pitch deck education infographics idea idea design online education learning elearning edu lms bachelor management mobile mockup tablet mockup mobile edu eductaion service education design template online edudsadasdasdasdascation template...
Private Equity M&A internship at a small firm as my first internship
I'm a 3rd year undergraduate student at a solid but non-target private university in Southern California. I started as an engineering major but transitioned to majoring in Finance with a minor in Math. I'm going to take an extra semester to graduate most likely (due to changing majors + picking up a...
PE Secondaries Technical Interview Questions?
Have a PE Secondaries shop interview coming up and was wondering what technical questions (i.e. valuation and financial modeling) they would ask other than traditional LBO modeling? What particular skillsets they are looking for? Appreciate it if anyone could share any insights on this. Thanks in...
Difference between GSAM & GS MBD???
Can anyone provide insights into the key differentiators between GS Asset Management and GS Merchant Banking? They both seem to have some cross-over in terms of strategies, however, the line between the two is murky. It would be helpful to learn about the difference in Analyst / Associate / VP...
Does Anyone Have Insights On Coller Capital?
Sorry for the specific / single firm post here but I'd really appreciate any insight folks have on Coller Capital? Appreciate any insights on deal team structure/culture/recent deals/recruitment process, etc. Thanks in advance!
Possible to recruit on-cycle for Tech buyout AND large growth equity firms?
Title says it all - in initial headhunter meetings if I say I'd be open to both will that diminish the chances I get pulled for either? Should I just make a decision now whether I'd rather recruit for SLP, Thoma, H&F type funds or GA, Insight, etc.?
An explanation of Limited Partnership Agreement (LPA) in Private Equity
Thought some of you would be interested in the typical key terms in a Limited Partnership Agreement (LPA). Some of these technical aspects may help for those of you who are considering joining / staying / moving around in a Private Equity role. For context: LPs (pension funds, endowments, family...
PE offer - managing response deadlines
I was recently told that a firm is inclined to give me an offer. They are my top choice, but I would need a few more days than they are giving me, (4-5 total) vs. the 2-3 day window proposed, to be able to confidently accept. Is this done / common? Or would the firm be likely to rescind if I ask for...
IK Investment Partners
Does anyone have any colour on IK? They have been doing quite well (mid cap funds from €1.85bn to €2.85bn etc.) but interested to hear any thoughts on deal flow / position in market / culture etc.
Looking to interview Private Equity Professionals
Hi all, My name is Rory, I interned in HSBCs London AM division this summer and I am a Durham University finalist. I am looking to interview people who work in the Private Equity industry in London for my dissertation. My dissertation is on the subject of Private Equity and how it is...
company budget model vs. forecast model?
hi everyone, can someone help explain to me the difference between a company budget model vs. forecast model? the difference is quite confusing to me, aren't these the same things? when people to refer to "2021 budget" isn't this the same thing as "2021 forecast"? appreciate any guidance in advance.
Ares Power and Infrastructure
Does anyone have any info on Ares Power and Infrastructure group in regards to their recruiting process, group culture, and comp? Based on what I can find via LinkedIn it seems like they hire externally at both the analyst and associate level from a mix of IB and project finance backgrounds.
First Year At Swarthmore, Questions about what I should be doing
First post - please excuse my confusion in how this works. I am a freshman at a Liberal Arts College. I am wondering what each industry (Investment Banking, Real Estate, Private Equity, Venture Capital, etc) looks like. I don't really know what these industries really look like from day to day. What...
what does it mean to roll a QoE forward?
very noob question but what does it mean to roll a QoE forward? does it just mean refreshing the QoE with newly released financials from the company? so if a provider produced a report for CY2020, updating that report with the same procedures but including Q1 2021 numbers when they are released?...
SPAC Recruiting / Exit Opps
Hi fellow WSOer's... Have a quick question regarding SPAC recruiting....what's your take on leaving PE (traditional MM fund) for a SPAC opportunity? Are junior level roles at SPAC's pretty hard to come by (e.g. worth pursuing)? Also interested in the exit opportunities at a SPAC. Let's say the SPAC...
LevFin Group to PE?
Hey guys, I'm an analyst in a LevFin / Financing group (not BB) that historically sends analysts/associates to private credit given the overlap in the type of deals we work on. Most are LBO's or other M&A financings. Is there a chance to break into traditional buyout or even Growth Equity with this...
Moving to Tech from Private Equity
Hi Guys, I've been thinking a lot recently about roles outside of finance for a next job. Tech stands out vs other corporates given the smart people, intellectual rigor, and higher pay. I've got 2 years IB and 2 years at a UMM PE/growth firm where I have been focused on non-tech industry groups...
Deal on Resume - Not Much to Talk About?
Hello all. I am currently a 3rd year analyst and recruiting for private equity positions. On my resume, I have 2 deals listed. The first is rather small (
Citi Corporate Banking vs Tier 2 strategy consulting
Burner account. Hi all, I have two offers, one in corporate banking at Citi (which sits closely with IBD) or management consulting a Tier 2 firm which does mainly strategy work (Pure strat, DDs and the like) in their office (could also get staffed on operations projects too). Firstly, I am...
Roles in energy PE?
Can somebody provide some insight into how responsibilities and roles are split up in energy PE? I think that is seems like a cool space to move in to post-banking, but it is hard to determine who does what between the investment team, asset management teams, origination team (more for development),...
Does Anyone Have Insights On Ardian?
Sorry for the specific / single firm post here but I'd really appreciate any insight folks have on Ardian respect to their five pillars especially Fund of Funds/Secondaries ($55bn) Direct Funds/Buyouts/Co-Investments ($23bn) and Private Debt ($7bn) practice. Appreciate any insights on deal team...
PE long-term attractivity: Is the trodden path "broken"? Quo vadis gen Y?
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)...
Corp dev comp HR call
Hi - I'm looking to transition from PE to corp dev and have a call set up with HR as part of the interview process. HR person said she'd like to discuss comp expectations. How should I handle this? I've seen some general guidelines on WSO (e.g., defer to HR for market rate / push off comp for later...
Ecom w/ $30M sales
I've recently had a chance to speak with a founder of an ecomm business that's doing about ~$30M in sales. I was shocked to see one person scale something that large from nothing and got curious about the business model. Those who are familiar with ecomm businesses, a few questions: 1. What is a...
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