Hi all. Saw quite a bit of interest in VC / how to get into VC on the forum, and thought it would be good to do a Q&A for anyone interested in breaking into the industry. I'm just about to begin my 2nd year as an analyst at a top-tier, sector-agnostic Asian VC fund ($1b+ AUM). Happy to answer any questions on the job / lifestyle / recruiting / trends / etc. Ask away!
21 Sep 2020
I'm currently at a tech company and we are going to an early round of funding. Was wondering if people could provide some resources or guidance regarding pre-revenue startup valuation with negative EBITDA. I have a public comps and precedent transaction analysis but, there are not many comps out there that are in or like our business. Also, the valuations are not even ballpark. I also tried the Venture Capital Method of valuation but am having some pitfalls (ie dont know what hurdle rates to use ect.). Could anyone suggest other valuation methods? Maybe some resources to use when putting these
23 Sep 2020
I am starting at a new shop in a week. Will be working on real estate acquisitions, real estate development and small venture capital opportunities. My new employer is offering me a low-interest line of credit to co-invest in deals, to be used at my discretion. The line tops out at $25k/year, which for reference is about a third of the base comp. The interest and principal on the line get paid out as the deals perform. I am not very familiar with the various co-investment structures out there so I am wondering if anyone has any experience with this type of structure and what some of the
24 Aug 2020
I started a company my senior year of college in the CPG food space. Long story short is we spent a lot of time and money in R&D and by the time we launched Covid-19 hit and everything went downhill from there. My startup was largely unsuccessful from a sales standpoint, however we did accomplish quite a bit and it is a very sellable story. I'm very interested in getting into VC, specifically a firm with an Ag-Tech focus because I know the space. I have a finance degree from a non-target and a not-so impressive GPA. Is it possible to freshen up on my modeling skills and recruit for VC analyst
20 Aug 2020
hey guys! first time posting so idk if I'm doing this right, but I recently got an offer with a small tech-focused vc arm that's def full of super smart people but obv not "prestigious" or with a big name for vc (am I prestige whoring yikes). I don't even know if I want to do vc in the future, and still want to be able to potentially position myself for IB recruiting for junior year. I go to a target school but sophomore recruiting sucks and the vc work does seem itself interesting. If I take the vc position and decide I want to go for IB junior year, would this position put me at a
22 Sep 2020
Hi, I just started my first year at a high-tier MM IB in a well-regarded industry group. I am really enjoying the work so far, how the culture is, and I am happy with where I am at. All the other first year analysts have began discussing the PE recruitment timeline, but I am interested in Corporate Development (CD) and Venture Capital (VC) in my industry vertical (potentially another one as well but I know sticking to my industry is far easier and I am enjoying it thus far). I have four topics/questions I would like to know more about: 1) Any insight around the timeline for CD and/or VC
23 Sep 2020
Recently saw a post that Lightspeed Venture Partners has hired three new partners across a few of their platforms. One of the hires is a (seemingly) 25/26 year old 'Growth Partner' with only 3 prior years experience in public markets investing at Point72. This is bizarre to me. Granted, there is some overlap in late growth with public markets investing, but the fact is they brought on a junior person with no prior experience in the space as a partner. For context, she still has her role as a portfolio manager in UVa's student fund on her LinkedIn. I feel like this could be due to one or more
22 Jul 2020
Hi all, I recently interviewed for a VC firm who told me to prepare salary prospective for next interview. They said "we offer a competitive VC salary". It's a full-time off-cycle internship for 6 months. I would appreciate to hear what people at VC firms (interns) make (especially if you're in Scandinavia / Europe).
27 Nov 2020
I am leading a startup accelerator/VC (part of a Chinese innovation company) in China, Shanghai, since 2019. Our focus areas are MedTech, EdTech, Smart Manufacturing, CleanTech - Seed/pre-series A mainly. Any startups interested in expanding to China - feel free to get in touch ;) Prior to that I worked in strategy consulting across Europe for 3 years (based in Frankufrt, then Berlin). Studied in Mannheim, founded a students startup intiative. On the side, I am rather active on social media, especially on YouTube (search for "Kevin Jon") and talking about management consulting, venture capital
28 Feb 2020
I've been sitting on this post for a while. I was waiting for it to turn into a success story; started-from-the-bottom-now-we're-here kind of story. But it's been so long I'm going to post it anyway. ###My Background: Finance degree from non-target, super involved on campus, extracurriculars, case comps etc. Worked my ass off to somehow maintain a 3.9 GPA. Managed to land a couple solid internships. I'm also well on my way through the CFA program. ###My Story: I've been on the job hunt for quite a while now. My school has no alumni in finance. My approach has been to apply to jobs
19 Jan 2020
Hi All, I'm currently in my first year at a generalist MM PE firm, right out of undergrad (state school target like UMich, UVA). The firm is decently well known, especially on its coast (most analysts are from top targets). I receive strong modeling, diligence, and portfolio ops work experience at the firm. I'm considering moving to tech growth equity down the line, an wanted any advice on how to best position myself to move into tech growth equity within 2-3 years (not looking for an immediate move). Experience wise, I had a BB Tech IB internship in college, majored in Econ and CS, and have
18 Sep 2020
Hello, 2nd yr analyst in infrastructure PE in London here, trying to pivot to VC/early stage PE. Don't think I've seen any thread on this. Not asking on advice on how to break in but trying to build a list that could be helpful to everyone on this site. Anyone has input on: Firm / Stage of investing (seed --> GE) / size of fund ? Cheers!
15 Jan 2021
Hey Everyone, Recently read a great article on Morning Brew about Goal Setting. It sparked an idea to crowd source this forum not specifically for goal setting frameworks but for the best in class day-to-day organizational framework. I'm sure everyone who has done IB, PE, VC, HF, etc. has had days where you have a MILLION PLATES SPINNING. What frameworks have you guys used to keep them from falling (i.e. pen / paper, OneNote, Excel, Sticky Notes, etc.) Hopefully this is helpful for all the younger monkeys out there, including myself!
14 Jan 2021
Guys - which are the Top 30 VC firms in Europe? How can one get hired to one of these? Is it "mandatory" to go through the usual 2 years in IB/M&A first? Is there any way one can actually apply or show interest? Thanks!
12 Jan 2021
Hi Monkeys, I am about to finish my masters degree in Europe and i have the opportunity to join a small ($100m AuM) VC firm that is highly specialized. Past returns have been strong. I have been thinking a lot about this opportunity but i am not sure about the Long Term Career Prospects and the skills I will acquire. What do you guys think in comparison to Consulting? What are my Exit options? is a transition to another VC with a different Focus or to PE/Consulting possible at a later Stage? Usual MBA path is not an option, as I will Not Go back to school with a master degree. Cheers Roberto
05 Jan 2021
Hey guys, I'm trying to learn more about the space and have always found podcasts an efficient way to learn. Thoughts on the best internet focused VC podcasts?
05 Jul 2020
My story is like most other non-targets I learned everything too late. I did well in high school 4.0 gpa, 1970/2400 on the old sat. Instead of going to the semi-targets I was accepted to, think Wake Forest. I went to an school ranked in the bottom quarter of the top 100 because they gave me a substantial scholarship and I thought that being in the top 100 was all that mattered. I didn't even study business. I studied a humanities subject (english, philosophy, sociology.. I know). I graduated magna cum laude in 2019 and have a job I don't like, in a field I do not like. I always thought venture
14 Dec 2020
Looks like they spun out of Day View Capital (also don't know much about them). Does anyone have much info on their investing style/reputation/culture/pay?
14 Dec 2020
Hi guys, Got into GSB today! Background was the traditional IB / PE path. Any chimps have some info / thoughts on tacking on a 3rd year to knock out a MS CS while I'm there? Thought process would be to take advantage of the sunk cost of leaving the workforce to tack the CS degree on - honestly not sure if I'll return to PE or look for something more tech-focused but it does seem like people having skillsets on both ends could be something of a differentiator / future-proofer for the rest of my career. In exchange, happy to answer any questions on my background! Cheers, amistupid
09 Dec 2020
So I am a first year in university and I just had an interview with a VC firm for a summer internship program, and they asked me a question that I am struggling to get the answer to. What do you plan to gain from working at our firm and Why?
01 Dec 2020
Hi everyone, I was discussing comp with a boutique VC firm (started a couple years ago and is part of a much larger healthcare advisory firm) and threw out ~$150K as total comp. I will be the first hire and coming in as "entry level?" to work under the two partners. My background is ~2 years of life sciences consulting and ~1.5 years of corporate development at a high-growth startup. I was wondering if I lowballed it or if I'm around the right mark. Would love your guys' insights into what proper comp for a boutique VC firm in NYC should be.
01 Dec 2020
Feel like there hasn't been a good discussion on the job differences between Venture Capital, Growth Equity, and Private Equity. Looking for insight specifically on comp differences, work/on the job differences, and competitiveness on breaking into each respective industry.
28 Oct 2019
So... I am a year out of my MBA working with a UHNW family office in NYC and I got an LPAC seat for a small but somewhat established growth-stage fund. My boss kind of made it a big deal and ceremonial. I always thought these were a bit of a joke and just an excuse for a nice expensed dinner. Am I missing something?
18 Nov 2020
Hi, I have an offer from Draper Esprit (Tech VC/Growth fund) to join their origination team and also in process with Omers Ventures for a generalist investor role (Origination & execution). Does anyone has any feedback on Draper Esprit? Have the impression they are a pretty light touch investor and are not super analytical. Thanks!
17 Nov 2020
WSO, I need your help! I have an internship interview in 5 days with a Nordic VC firm ($1Bn). The company invests globally, mostly early stage but sometimes in later stages as well. I passed the 1st round which consisted of pretty simple, fit/market-oriented questions such as why do you want to work in VC, which sector should we invest in etc. Now, I will get a 2hr case on the spot so I'm wondering what the best way to prepare is. I assume I will be asked to analyze an investment case. Anyone on WSO have any recommendations / general tips on how to prepare for a 2hr VC case?
12 Nov 2020
Anyone know anything about Meritage Group? Jim Simons' son seemed to have started it and it looks to be loosely connected to them. Kinda looks more like GE / VC than a HF but not sure. Thanks!
08 Nov 2020
Hi all, I will have my final round interview for an intern position with a b2b early-stage VC tomorrow. Already passed their PPT pitch case, now my final round will consist of a one-hour-long excel case. I do not know anything about the specifics of the case, just that it will incorporate a business model and a subsequent valuation. I have read up on the Harvard Venture Capital Method for valuation, as well as looked at DCF's. What else should I do to prepare myself sufficiently / what can I expect? Thanks!
04 Nov 2020
Hello Everyone a little late to the game. Just recently realized, as I am about to turn 25 I would preferably like a career in PE, IB, HF or VC. My current background is: Undergraduate BBA with a minor in Finance at a university in Central America and as you´d figure Non Target School (2.7 GPA) Work Experience: 2 Years in Corporate Finance Role in Central America (US Citizen) for a Commercial Real Estate Firm with main responsibility as FP&A. After a year I have been promoted to Senior FP&A and have additionally managed to take on a bit of Equity Research (Real Estate Specific) and some M&A
01 Nov 2020
Hey All, Hope everyone is doing well. I was wondering - does anyone have any experience or know of the top PE/VC firms in the greater Nashville area? I'm currently working in strategy/advisory/analytics at a top tech company in the NYC area (I'm ~mid-level with 10ish years of experience). My wife and I are looking to start a family and, being that we're both from the South, would love to move back to Nashville. Being in NYC is a great luxury, and if I wanted to change jobs I have a plethora of choices, but I'm not entirely sure what's out there for me in Nashville. I would love any thoughts
08 Jan 2019
Hi all, Moved to a VC firm in Asia some time ago, and noticed that it's quite hard to find serious LPs to fundraise from. Family offices are notoriously difficult to connect to, and even if you do connect to them, check sizes are way below what we'd take. On the institutional side, it seems like most LPs in Asia are pension funds / corporates - and money is hard to compete for. Especially since corporate venture arms turn to direct investments over time. Would appreciate it greatly if anyone could point me to fund of funds located in Asia investing in VC - haven't had much luck finding any
30 Oct 2019
Hello all, I am currently a first year analysts at a decent MM IB who has always dreamed of being a VC or starting my own thing. Recently, I've been presented with the opportunity to do the latter from a buddy of mine who had already exited a semi-successful venture backed startup as its co-founder. He would like to bring me on as his co-founder for this new venture which I have high conviction in and am excited about. The thing is however, I feel like I have no safety net should things not work out. Unlike him (rich parents, very well plugged in the venture scene) I went to a non-target, grew
25 Mar 2019
Hi, I am currently looking to exit Big 4 Audit and have the following two opportunities: Finance Manager at Top VC firm (in-charge for reviewing all accounting work prepared by out-sourced accountants. basically operations and reviewing work here along with work with auditor requests). Senior FP&A Analyst at mid-size private SaaS company (true FP&A role, no accounting involved). Which of the above roles would you go with when considering the following: pay, hours, exit opportunities? Thank you for any advice in advance!
27 Sep 2020
Hi, just started my career in investment banking and am really enjoying it. I am looking for some insight into what the VC recruiting timeline is like and what I should be doing now for it.
23 Sep 2020
I just received a financial services internship from a financial advising company and I'm wondering whether or not I should continue looking for something else. I just finished up my freshman year at a target school but decided to go back home for the summer because I saw it as my last chance to hangout with my high school friends and family (I live in the PNW) if I want to go into banking. The internship program is very educational; all I will do is attend weekly intern class/conference calls that cover a different financial concept each week of the program, complemented by homework
09 May 2019
Greetings - I run a consultancy in the legal cannabis & hemp space, and candidly desperately want to work with PE funds, SPACs, really funds of any type on a serious level. I started ~8 years ago solely focused on operations, and gradually started getting more engagements working with private investors, pubcos, and funds to vet deals, source targets, assist portfolio companies, etc. While there's quite a few smart people working at these firms, it's frankly shocking to see the lack of due diligence and care given to investor capital by many people who actually make large decisions at these
13 Sep 2020
Hi, everyone! I have a question regarding how Venture Capitalists value startups. As I am starting to prepare myself for entering VC, I want to know more about startup valuation. I assume DCF models will be useless, so how are venture capitalists doing it? Is it through comps valuation or precedent transactions? Thanks!
09 Sep 2020
Hi Guys, With respect to calculation of returns on a venture capital model, specifically for series A funding, I have a few questions: 1. Is the allocation of Equity All to preferred? What is a range of acceptability for preferred returns (specifically on series A consumer brands) 2. Are there generally anti-dilution provisions between rounds for existing capital 3. When does exit/partial exit for a series A fund occur generally? Subsequent funding rounds, eventual ultimate buyout or IPO exit etc (or do you just assume a terminal value at the subsequent round etc) 4. Am I overthinking it? Do
26 Aug 2019
How can one make the jump from IB to Growth Equity / VC coming from IB/M&A? Is it all a matter of headhunting? Which are the top firms in London/Europe? When would someone aim to make the move? After 1/2 years in the sell-side? How can one maximise exit opportunities? Do you have any tips? Thanks!
24 Aug 2020
Hi, Has anyone experienced have information on Amex Ventures (www.amexventures.com)? Is this just their corpdev team re-named or a separate VC manager, funded by Amex? Curious to hear anything on street reputation, culture, team size, target deals, and comp/promotion (particularly whether they use phantom shares or other LTIP to mirror carry). Would be great to hear experienced professional's views as I would be looking at a more mid-level role. Thank you
21 Aug 2020
Hey - first of all thanks for all your responses! I have been an avid lurker on WSO and would really appreciate your advice. Quick background, I have recently started as an investment analyst in a tech-focused VC firm (2 weeks in) and so far it has been great but also intimidating. I have to review slide decks of industries where I am a complete novice but I am hoping with experience I can climb that hurdle. I have successfully completed CFA level 1 and I am questioning whether I should continue to get my charter or do another qualification which would help me further advance in the VC
17 Jul 2019
Hey All, During Covid, I've been reading lots of articles and watching videos on what some consider to be the future of tech: 3D glasses with augmented reality (AR). All of the Big Tech firms are developing their own glasses including Apple, Facebook, and Snapchat. Microsoft already has Hololens out there for enterprises, and Google released Google Glass ~5 years ago with little success. Magic Leap is one of the most public disasters of the challenges of AR glasses. I personally find the idea that these will become sensible for the average consumer to purchase in the coming years hard to
29 Jul 2020
Hi everyone. I wanted to get some candid advice from all of you about a job I'm thinking about taking. It is a VC role at a top-tier firm. I'm being directly hired as an associate (so I'll skip the two-year analyst role). My only concern is that I believe that the salary is slightly low. I'll basically be making a little less than 100K on an annual basis. I know that this is a unique opportunity but I have a number of banking offers that would allow me to make your typical BB type salary. However, I strongly want to be in VC long-term. This VC role would clearly set me up to be a partner well
19 Dec 2017
Curious about what kind of candidates healthcare and biotech-focused VCs look for. It seems like many partners have a Ph.D or an MBA - how necessary is that? I'm certainly aware there isn't just one path. For context, I am a graduating senior and deciding between three offers in MBB consulting, and BB healthcare investment banking (both at analyst level). I also have an opportunity to join a biotech startup instead. MBA or science master's degree are an option in the future! But the end goal is VC.
25 Jun 2018
A close friend of mine is at a crossroads & needs some help. I'm going to turn over my account to him and let him ask the question: Hello everybody, I'm in a tough spot. I'm currently enrolled as a sophomore at a non-target. My freshman year, I worked/networked extremely hard and did a summer internship in private equity. For the upcoming summer of my sophomore year, I managed to get an offer as a private equity & credit summer analyst at a top PE fund (think KKR/Ares/Apollo). My issue is that recently a headhunter for a VC firm reached out to me and said they'd like me to work for them this
03 Apr 2018
Bit curious as to what you all view as the top VC markets in the US/Internationally currently? In the US, I'd assume that the San Francisco Bay Area is the top but what other major cities do you see as hotbeds for lots of activity right now? Also looking on towards the future, what are some up and coming areas and do you see any areas in decline anytime soon? Same questions apply for international markets. EDIT: Someone brought up a great point about the quality of startups in a lot of these major cities. Where do you see startups actually being successful and undergoing meaningful exits?
18 Jul 2017
Hello, I am considering applying for the 2+2 MBA program at HBS and Deferred MBA at GSB, and I wanted to know if I have a decent shot before I spend the time writing essays and asking for recommenders. Here is some info: * Senior Undergrad at USC / UCLA / ND / Georgetown tier school (graduating in May) with full scholarship * 3.7 GPA, Computer Science & Business Admin Major * 5 internships, including as a software engineering intern at Google * Will be returning to Google as a software engineer upon graduation * Taking GRE Jan 4th 2019, but my SAT was ~2300/2400 (with 800 math and 800 writing)
08 Dec 2018