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Private Equity out of uni. How?
Trying to get into Real Estate Private Equity straight out of university. I'm a first-year from Cass Business School (pretty well-known with REITs and REIMs). I have a Spring Week with SIG (Susquehanna investment group) who are primarily quant trading but also do PE/VC.What else do I need to do, and...
Summer Analyst - Pimco Alt Credit vs BAML IB vs Lazard M&A
Dear all, I'll be so much appreciated if I could have your valuable thoughts on which summer analyst role to choose among the following 3, in terms of learning curves, career trajectories, full-time return rates, compensations ... and all other aspects . I haven't decided which route I want to take...
Hiring - Equity Long/Short Analyst
Hi all, description of the role below. If you are passionate about markets and fit the requirements below, this should be a fairly unique opportunity. Please email me your CV on the following email: shad_penne_0p[ at ]icloud[ dot ]com (not my real name). I will of course be able to share the name of...
Bonus cycle for MFs
Hi everyone, what's the bonus cycle for megafunds? If you're joining on-cycle in Jul/Aug, do you get your first "stub" bonus in Dec/Jan? Is it usually pro-rated? How much is the signing bonus and salary for PE/PC associates nowadays? IB ASO pay is $175K at my firm
How can I tell if a deal will work for high leverage scenarios?
Hi All, I was wondering how one would consider the merits of an investment in a high leverage scenario both on a levered IRR basis and from a cash-on-cash perspective. Essentially if I have a deal that works for a low leverage scenario (say ~50% LTC) producing a roughly 11% IRR & 5% cash-on-cash,...
BizOps / Corp Strategy / Product Manager Exits from PE?
I’m an associate currently in PE, but realizing that in the long term the WLB isn’t for me. I’m trying to think about next steps, and curious whether anyone here has left for PM / Corporate Strategy / BizOps roles, particularly for tech companies (or knows people who have), and what the...
Charlesbank Capital Partners - Thoughts?
Hi everyone, I've been receiving marketing material on an upper middle-market PE fund called Charlesbank Capital Partners. Seems like they've been growing pretty quickly but was curious if anybody has heard anything about culture, comp, reputation, etc. Thanks in advance
Breaking into BX or other PE firms summer analyst programmes from undergraduate level
What's the best advice you can give to an incoming (non/finance related degree) top tier U.K. university student (e.g. Oxbridge/LSE/UCL) wanting to break into a private equity role full time, more specifically a BX summer analyst programme. I know how the most common way into PE is after 2 years at...
Career path guidance
Hi, I have recently graduated in engineering from a top uk school but look to go down a different career path and I am considering studying a Masters in Finance to branch into this sector. I am unsure of my final career goals but becoming a strategy consultant in a big four firm seems like the...
Brookfield Private Equity
Hi All, Just wondering if anyone knows much about the Brookfield PE recruiting process for New York? I am am really interested in the team given the value mandate, and how hairy/complex the deals can be. I'm also a big fan of Martin Whitman and know that he has had a big impact on Bruce Flatt lol. I...
cash burn? ebitda? so confused!
hi all. can someone please explain intuitively what cash burn means? and what this means in relation to ebitda? if a company is burning cash, does that mean there is no ebitda? for example, how would one interpret "10M cash burn" ? thanks so much...
Found out my company is being sold
Morning all - I've recently become aware that the partners in my firm (mid-size private equity firm) are looking to sell the firm. I'm fairly certain this is the case as they already have an adviser working on this, but I concluded it mainly from some correspondence that I've seen (legitimately)...
Q&A - Big4 Accountant to PE Corp Dev Team
Not the typical finance path but I think it can be relevant here in the PE forum and a unique example of how a career can progress. Still figuring out what I would like to do in the very long term, but the near term is looking good so far! Ask away here or feel free to PM me ... Background: -heavy...
To all the shitty VPs
Another troll/shit post for all the poor fucks stuck with annoying ass VPs (and to an extent, Sr. Assoc). VPs – this probably doesn’t apply to most of you. Many of you are chill. But if you’re consistently exhibiting the below behavior, your whole office probably hates you. Stop being a...
LBO: equity value = EV?
hi guys. doing an LBO right now and trying to understand some things. in my example, it seems as though equity purchase price = EV. what about debt, cash? are there some basic mechanics / concepts I'm not understanding here? thank you very much
financeable EBITDA vs... EBITDA? what is the difference?
hey guys - what's the difference between financeable EBITDA and.... non financeable EBITDA? and what are the differences in the calcs? been reviewing some buyside / LBO / lender model materials and keep seeing this term "financeable ebitda" thanks all!
PE vs Real estate
lately, I'm looking at endowments and pension funds allocation, these funds have holdings in RE and PE. is it possible that there will be any real estate holdings in this private equity portion?
gaap vs. cash ebitda? What?? confused.
if ebitda is a non-gaap metric, why do i sometimes see "gaap vs. cash ebitda"? very confused here. how can there be a "gaap" ebitda? and then what's cash ebitda? thanks team! appreciate all the help
MF PE Case Studies
Currently looking for MF PE case studies, i.e., BX, APO, KKR, WP, Carlyle, TPG. If anyone has these, would be great if you could make a comment and I'll DM you
EBITDA bridges: easy question
hi team. i'm looking at an EBITDA bridge right now and I am confused. on the lefthand side, we start with Q3 2020 LTM EBITDA. On the far right side, the bridge ends at full year 2020A EBITDA. In between obviously there are a bunch of steps. How can you bridge from Q3 2020 LTM EBITDA to full year...
Financial Times: "Pay at buyout firms ‘dwarfs’ sums on offer to investment bankers"
https://www.ft.com/content/df74c731-4d50-4420-838… https://archive.is/tASar Top private equity firms set aside more than twice as much to pay each employee last year than leading investment banks, underscoring the shift of power and money towards the less regulated corner of Wall Street. Flush...
UVA alumni network
Greetings from Brazil, I was recently offered an acceptance letter for UVA, one of my top choices for college. I plan on persuing a carrer in finance and/or business. I'd be an econ student, but I will for sure apply for McIntire come jr year. Could you give me insight on the UVA alumni network? Are...
Financial Advisor Trying To Get Into PE
I'm a financial advisor looking to transition into PE. My background is mainly in financial planning, investment and wealth management for ultra high net worth families. I know my background is unorthodox for someone trying to get into PE. I have a CFP and looking to get my MBA, and or potentially...
LBOS and sensitivity tables: easy question
hi team. quick question for all. so for a data table in an LBO, the inputs need to be on the same tab for the data table to run properly. but if someone is trying to bring in an operating model with many tabs to link into the LBO income statement, how can you sensitize around operating model inputs...
Deferred MBA Likelihood (HBS, S, Penn, etc.)
Hey guys - was wondering if I could get some advice/ hear some experiences regarding deferred MBA programs? I am currently a senior (non-diversity) at a target school and am planning on working in the PE industry (a well-known firm) right after college. I have some extra free time on my hands right...
U.K. IB Analyst to U.S. PE Associate
I know it must be difficult but I don't believe it is impossible. Can anybody say what is the best way for a incoming IB analyst to exit into an associate NY based PE role at BX or APO? What should I be doing from the my analyst year 1 in terms of networking or anything else?
Summer Internship Advice
Hey all, I'm a sophomore at a non-target trying to break into banking, and need some advice about which of 3 positions I should take for an internship over this summer. 1. Local boutique investment bank with small team (around 5 people) focused on M&A deals 2. Local PE shop with about $1bn AUM...
Leaving PE early | Bonus Considerations
Hey guys, Associate here headed off to B School in the fall, but am shooting to take a few months off over the summer to travel, decompress, and clear my head from a lot of negativity built up through my 4 yrs of IB/PE. In short, trying to leave in April / May rather than July, which is the typical...
PE recruiting London / EU
Hi All, Have some upcoming interviews with HHs (eg. KEA, Blackwood, Dartmouth) who reached out - already had an introductory phone call. What to expect for the next (deeper) interview with these HHs? Will technicals, deal rationale, industry knowledge already be tested? Or is this more for the...
TDR Capital reputation?
These guys have done some pretty cool deals. What is their reputation like on the street?
ManuLife Private Equity and Junior Credit
I have an interview for an Associate position at Manulife in their "Private Equity and Junior Credit" division. Would love to know some interview prep materials (come from a credit research background, so havent done any LBO modeling), and if anyone has heard anything overall about Manulife and more...
Private Equity A Casebook by Gumpers, Ivashina and Ruback
https://anthempress.com/private-equity-hb Has anyone read it or used it to prepare for interviews ? How good is it ? Is it worth reading as an already experienced PE professional ? Any other feedback appreciated. Here's a link if you want to have a look at it :...
Valuations or Small PE Firm?
Without giving away too much detail, what would you guys do? Just out of UG with 1 year of exp. 1) Valuations at widely know firm name 2) AM at a small PE firm (Under 20 employees), More money What are the pro's and con's I should be looking at besides the salary differences? Thank you!
Best Healthcare PE Groups in the world
As simple as the title says - who are the best Healthcare PE groups globally? (European and US based)
Besides investment pitches, what skills should I work on to try and move from PE BD to a HF?
Currently at a MM PE fund with decent pedigree - $1B+ AUM, Founder is a former MF director, notable HF/PE founders as LPs, long-term hold periods with a tech focus. Role I'd say is 75/25 BD/execution. I've enjoyed the learning opportunity but realized that I would much rather spend time going deeper...
Blackstone: Maths and Corporate Finance Test
Hi everyone, I was recently invited to complete a maths and corporate finance test with Blackstone. While I am fairly comfortable with my prep for the maths test (heard it's very similar to the GMAT), I am a bit lost as to how to best prepare for the CF test as this seems to have been newly...
Consulting to PE - Strategy Roles
I am a current MBB consultant looking to transition to PE. It seems like there is a firm in Houston called The Sterling Group that is hiring someone in their Commercial Diligence and Strategy group. Does anyone know anything about them or the role? I think American Securities has a similar group.
Venture & Private Equity Government Position Good for Starting Point?
I know a lot of people aim for big firms as their first job. I wanted to know if you worked for the feds for DFC (DFC.gov if you've never heard of them) as a Venture & Private Equity Associate would this be considered a good job with decent exit ops, assuming no conflict of interest overlap?
Private Equity Returns - Ranked
Looks like Accel KKR has the best returns interestingly enough over the past couple of years. List generally makes sense - looks like each one of the funds listed here has raised progressively larger funds over the past couple of years fairly successfully....
PE Offer Holder - Knowledge Gaps
All, I secured offer for on-cycle and am coming to an end of my 2 year stint in IB. The only caveat is that in these 1.5 years I have still not managed to cover every single thing on a deal life cycle. Would be surprised if I will cover everything in time. Gaps: proceeds modelling (flow of funds),...
Sponsor Cash Equity
When a sponsor invests say $500 million of cash equity in the business, why is the APIC not always $500 million? I've seen some statements of shareholder equity that will say $450 million in member contributions that year even though cash equity is $500M? Where does the full reconciliation on the...
PE v. REPE Comp
I'm an undergrad finance and real estate major looking at opportunities for the next coming summer and the two paths I'm looking at is IB to PE or straight to REPE. I haven't been able to find anything comparing the comp between traditional PE and REPE. I know REPE is typically less hours, but how...
Regent LP
Could anyone provide any color on this firm? They’re located in Beverly Hills and I’m particularly interested in working on the west coast after doing business school in a few years. Anyone suggest any other SoCal firms to look at?
Launching My Own Fund
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One of Maybe 9 In-House PE Marketers
Hot tip: Firm-level branding is driving a LOT of deals. Hot take: How things look and how you represent your firm actually matters, even in PE. Maybe especially in PE given the competition. Hit me up. I'm an open book, but some of the pages might be blank.
How much did you spend last year on restaurants/clubs/trips ?
I just finished an estimate of my 2021 expenses and I was wondering if my restaurants/clubs/trips expenses were in line with other people in the industry. For context, I'm a VP at a PE MF and made c. $600k (base + bonus). Total 2021 restaurants/bars/clubs expenses : $15k Total 2021 trips expenses :...
Freshman Cold Emailing Investment Banks, Private Equity Firms, and Venture Capital Firms
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PE Fund of Fund interview - Hot PE areas - Best industry - FoF valuation methods
Hi guys! Hope you are all doing well!! I have an internship interview tomorrow I want to be prepared as much as possible :) I think that I need more knowledge about the general market today and would like to know the 3 main points: 1) What are the hot PE type fo funds at the moment (especially in...
PE teams in Sovereign Wealth Funds
Hi all, Curious about the differences between: - working in the PE team of an SWF (e.g. GIC, ADIA, QIA), and - working in a traditional PE shop I'm guessing that private PE shops have a bit more flexibility in the types of deals/structures they can pursue and bonuses they can offer, but with more...
CVC Credit Partners - New York Office
Hi, Does anyone know about CVC's Credit team in NYC? Size, dealflow, focus?
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