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PE vs Family Office vs Tech Startup
I am currently at a growing tech company that works with some of the top firms in private equity on both gp and lp side in an analyst role. I really enjoy pretty much everything about the job. Great people, no long hours, hybrid work/relaxed fintech culture, exposure to the PE industry, and...
Stanford MD/MBA > PE
Hi all, I have a slightly nontraditional route. I was fully gung-ho planning on being a surgeon for most of my life and throughout undergrad. I even won a research Fulbright Scholarship. I got into Stanford for medical school and was fully planning on going. Then an opportunity came up in a startup...
Unit Economics for PE
I am currently working on a USD 3 million series A for an FMCG play. How important is unit economics for the financial model. Is it important to have the cost breakdown down to each product or is ok to just club everything together under a single revenue line, and associated gross margin? Thanks
Trilantic Europe Case Study - London
Anyone has done this previously? Grateful for any insights on the case study
Continuation Vehicle Modelling
Hey guys, I briefly came across a continuation vehicle process but it ultimately didn't happen. CVs seems to be getting more popular as GPs look to keep the quality assets for longer given where things are getting priced these days. Very interested to see if anyone knows how this is modelled from a...
How to Complete LBO for Private Company, No Cash Flow Statement?
Relatively new to LBOs so please bear with me! Started practicing on a case where the only financial information in the CIM was a basic financial forecast (think revenue - operating expenses = EBITDA) and detailed calculations on said revenue, operating expenses, and Adj/EBITDA, no balance sheet or...
Applying to a different group within the same firm (PE MF)
Hey everyone, I'm interning at a PE MF next summer and am graduating early -- was wondering if it's acceptable to apply to other full time analyst positions/groups within the firm since those apps are already open. Would appreciate any insight, thanks!
[Post-MBA Job] Investment Banking or Private Equity
Some of these questions may seem elementary but I frankly do not have any private market experience so please bear with me. 1) I would like to explore working in the private market, and I am thinking whether I should first get some banking experience (e.g. TMT) or jump directly into privat equity....
Add on Acquisitions LBO Template
Hi Monkeys, I have LBO test coming up. I understand this will include modelling out add on acquisitions Does anyone have a good LBO template to share? Something that incorporates all the important quirks (yearly acquisitions, cash / debt & equity funding) without going into too much details would be...
Why do PE firms hire banks for M&A transactions and not advise themselves?
Obviously with the recruiting pipeline and almost everyone having an IB background, they could likely do it themselves and save the money given they have the expertise. Sellside processes seems understandable as they do not want to do the work of marketing and selling their portcos, but for buyside,...
EIG Partners 2022
For those of you currently working in the industry, what's the current outlook for EIG in 2022? Seems like they are making a big push towards renewables and have made a few notable acquisitions in recent years. Any insight into reputation relative to other energy / infrastructure funds, compensation...
OID - Balance Sheet Debt Impact
Monkeys, need help with the concept of OID. How does this impact the 3 statements specifically the balance sheet debt? Say we have Term Loan of £600 traded at 6% discount, term of 6 years. Tax rate of 20%. My understanding for year 1 is as follows: IS: We record $1 as an expense - Net Income is...
I think my comp sucks
I work as an Associate Vice President (Internal Wholesaler) for and wanted to know what Internals make in BPS on their offerings? $200MM offering Reg D 100kmin investment if that matters...
Tech PM looking to maximize income. Is IB the best bet?
I've realized that the tech lifestyle is a little too slow for me, so I'm looking to make a switch to IB. Studied STEM in school so I don't have formal training in finance, but I learnt how to make DCFs and read SEC filings after going through Point72 Academy's interview process (dinged after case...
LBO Value Creation Decomposition - Net Debt or Total Debt Difference
PE folks out there - in decomposing the value creation for debt paydown in an LBO, do you take the difference of net debt or total debt? Does it make a difference?
CFA vs CAIA
Which is better between CFA or CAIA to pivot later in an investing role at a Private Bank / Family Office (possibly focused on alternatives) in Europe? Brief background about me: Fresh graduate (target) working for a quite well known LP in Germany doing primaries and co-investments (mainly VC,...
UMM PE Firms in London
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Pensive new grad (Finding the right company?)
I'm a recent graduate of a well-respected Masters in Real Estate Finance & Investment program here in New York City and am currently out networking/job hunting. I'm focused on Acquisitions roles but have found myself wondering, what are the best real estate private equity funds to work for? I'll...
2022 PE Compensation Survey Results
Many of you have questions regarding PE comp, and to front run questions, I wanted to share the 2022 H&S survey, which is a pretty good barometer across all position levels and fund sizes in PE https://www.heidrick.com/en/insights/compensation…
GS Hybrid Capital Investing
Wanted to hear your thoughts on GS Hybrid Capital Investing - how's the work flow, culture like?
Mid Market Fund to Large Cap (London)
I got an offer from a MM fund. Not exactly the space I am targetting How hard is it to make the move to a Large Cap / UMM, if I decide this isnt for me?
Blackstone GMAT style maths test and corporate finance test
Hi all, I have applied to BX's London office for the private equity intern position and have recently been invited to complete two tests with Blackstone: GMAT style maths test and corporate finance test. I am relatively more comfortable with the maths test, however, I am absolutely clueless about...
Moelis vs Rothschild London
I got an offer for both Moelis and Rothschild (London office). I am planning to do a few years of banking before moving to the buyside Which firm positions better for PE? Ideally, I am targetting large cap, UMM funds Would love to hear your thoughts on exit opportunities
PE Comp and Carry - Heidrick & Struggles 2021
Hi, I have no background in finance and am trying to understand the comp structure in PE. I read in Heidrick & Struggles NorthAm PE comp report 2021 (page 36) that VPs get a carry of over $4M at funds with AUM of $40B or more. My question is: 1. Do VPs make $4M+ in carry every year? 2. If not, is it...
Brookfield vs. Onex vs. Altas [TORONTO OFFICE] - Which One is Best?
As someone who will be going through on-cycle recruiting in Canada next year, looking to gain some insight on (in my opinion) the top 3 PE shops. Let me know what you all think - below is my opinion based on networking and research I've done. 1) Brookfield Pros: - They have been growing recently...
PE after MBA?
Is it possible to get a PE role right after MBA? I just finished up my first year as an analyst at a mid tier BB (little active deal experience), but I want to leave to go into an IR for an early stage consumer focused fund I really like. However, I don't want to close the door on PE entirely....
Lateral between MF / UMM
Curious for PE folks who started out at MF / UMM funds - are there precedents of associates leaving for another MF / UMM firm? The case will be moving to another PE at similar fund size / tier. What is the process? HH who represents many MF / UMM that you are interested in also has a relationship...
Blackstone RE - Portfolio Insights Analyst
Hi all -- wanted to ask if anyone had any information on Blackstone's RE Portfolio Management team? Information on that team in particular has been sparse so far (one existing thread to date). I was recently contacted by a recruiter on LinkedIn about analyst role on the above team specifically...
Trading Modelling Tests [MFs / LargeCap Buyout / Infra]
Hey all Title says it all: I am looking to trade modelling tests. I have a couple or recent ones used in MFs / large cap generalist / tech buyout and I am looking for MFs / large cap general buyouts / large cap Infra Please send me a PM if interested! Thanks
Eastern EU as the next Emerging/Developing Market?
I'm currently a student at a Canadian non-target doing an undergrad business degree. As it's pretty hard to get a good offer for NYC/Toronto/LA from my university, I was hoping to use my native fluency in Ukrainian and Russian (Polish is workable as well) and my Canadian education and citizenship to...
How important is GPA for On-Cycle Recruiting?
I'm a 1st year analyst at MBB that is recruiting for PE . I graduated from a top target (HYPSW) and had a GPA of 3.55. I was wondering how much my GPA will affect my PE recruiting and what I could do to increase my chances despite my GPA.
Would you do a dividend recap or pay down debt with excess FCF?
My guess is debt paydown to reduce interest cost. However, wouldn't paying a dividend boost your IRR a lot more? Thoughts?
Would you prefer to increase prices by $10 or cut cost by $10?
I got the above in an interview. I would think price is better though not 100% sure. Any idea?
PE Interview Questions - some help
Came across these questions in an interview and wanted to hear your approach on answering them Company A has a potential IRR of 21% and Company B has a potential IRR of 27%. What 2 questions would you ask before you decide which one to invest in? Why would a private equity firm use a convertible...
Management Options - LBO
I came across the below in an LBO modelling question. What do they mean by "option strike price is set at Sponsor's original cost"? Can you walkthrough how this will be dealt with? "Management have agreed to a 5% option pool that will be fully allocated at closing. The option strike price is set at...
LBO Waterfall Help
Hi Monkeys, I got a LBO modelling test with the below waterfall structure: - Term Loan @ 3x LTM EBITDA - Mezzanine Structure @1.5x LTM EBITDA with 2% warrants on exit equity value - Management incentive plan with a hurdle rate of 10% Say we have an exit equity value of 500M. How would you structure...
REPE vs Infra PE, which one has brighter career prospects?
Just curious… which career do you think have better career prospects and pay potential..?
Warrants & Management Hurdle Rate
I did a LBO model test recently. I was unsure of a few points: Say our exit equity value is $300MM and IRR is 25%. We have mezzanine debt structure with warrants of 2.5% of exit equity value. We also have a management hurdle rate at 10% which will pay out 15%. What returns will the Sponsor get
Management Incentive Plan
Out of curiousity, how are management typically awarded for their work in actual deals? From my understanding there are 2 main ways they do so: 1) Management option, 2) Returns in excess of a hurdle rate Which is more common? Do they get both? Are there any other methods you have seen
Debt Prepayment Penalty in LBO
Did a recent modelling test which had a debt prepayment penalty clause on a buyout. Is this cost normally bored by the buyer or seller? I am guessing buyer, and if so how will this impact the LBO?
Recruiting for BDCs
Does anyone know what recruitment looks like for Business Development Companies (BDCs) in terms of time lines and target candidates? I am a college student searching for entry level roles in finance, and am wondering if this may be a good position for me. Moreover, what are the exit opportunities...
Off Cycle
If you participated in on cycle but didnt get anything/what you want can you participate in off cycle? or is negatively looked upon
How to Go About Possibly Reneging
I accepted my FT analyst offer at a BB, and a week later was invited to interview at a MF PE firm that I would 100% choose over my BB offer. (I applied to the PE firm during my internship, so before I had even received an offer) I was thinking of disclosing this situation to the PE interviewer, but...
AE Industrial Partners
Anyone have any insight into this firm? Do they participate in on-cycle?
CPPIB - Paper LBO Test
I have a paper LBO modelling test coming up for CPPIB Has anyone done this? Anything quirks / tricks I should be aware off? This is for the London office
International Recruiting Firm Names?
As on-cycle recruiting starts to pick up in the US, I wanted to ask about the names of recruiting firms that recruit for international positions?
Getting an internship in PE
I'm a current university student going into 2nd year and with summer internships season kicking off I thought it's worth exploring other options outside of banking. Private equity is of great interest, from conversations I have had as well my perceived view of the industry, but it also is a lot more...
rank the three
solely based on prestige in the finance industry and recruit ability into top ib/pe firms out of ug, which one would you pick: Duke, Dartmouth or Cornell?
PE Fund Accounting to PE Deal Team
I am working as a fund accountant at a MF PE firm but I want to be on the deal team. How should I go about doing this? What jobs should I apply for as a stepping stone into PE? Is IB possible or should I go a different route?
Private Equity Capital Markets
Does anyone have any insight into life in the cap markets team within a private equity firm? I understand the role will primarily be coordinating with banks / direct lenders on arranging debt financing and ongoing work with portfolio companies once the debt is in place (incrementals, repricings,...
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