Silver BananaTopic
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Back Office to Real Estate Front Office at a major PE shop (Carlyle, BX, KKR, etc.)I know there's been a lot said about this, what I wanted to get a feel for some more recent accounts people had. I'm wondering whether anyone has had any luck in transitioning from a back office role (accounting, operations, etc.) in larger PE shops into more front office roles, particularly in the ...
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Anyone know anything about Intermediate Capital Group (ICG)?Anyone know anything about Intermediate Capital Group (ICG)? Seems like an interesting shop but can't find much info outside of what's on their website. http://icgam.com/...
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Where to find historical price of commodities etc ?I'm an intern at a PE shop. My background is in medicine so naive questions maybe. 1. How do you find historical S&P 500, GDP and Crude oil prices 2015-2017? 2.How do you find prices of what I assume are commodities, e.g. recycled paper pulp, corrugated paperboard? 3. What factor is used to compare...
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Case Study: please comment on my investment memoHi guys, I am preparing for the case study and would love to see your comments on the investment memo. The case is "KKR to acquire Laser Clinics Australia" Feel free to try! ** Let me know what do you think of this memo, what do i miss/ how can i improve. Thanks a lot! ** Investment Memo 1. Su...
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Why do EVs increase over time if companies FCF growCould someone please explain to me why for a company with an expected FCF growth CAGR of 3% forever, the EV calculated year by year also increases by 3%. Under perfect market theory, I would assume that EV does not change is the company exactly meets it's expectations of FCF. I know that mathematica...
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MM PE vs. Big 3 Consulting..........................................................................................................................................
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LBO case study: should i use "PF Ebitda" or "Ebitda"?hi everyone, I am preparing for the case study using the IMs I find online. Most of them highlight multiple and growth rate of PF Eibita instead of Ebitda. i am wondering if I should use PF Ebita to build my model and my valuation, or I should stick to Ebita? If i need to use PF ebitda, how can i ...
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PE analyst at a megafund vs. banking/consultingWhat are the pros and cons of taking a megafund analyst role (e.g., KKR, Bain Cap) vs. an offer from a bulge-bracket bank or MBB? I've heard some say that megafund analysts are basically guaranteed return offers, but also heard from others that PE analysts really struggle relative to bankers/consult...
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Hardest off-color interview questionsFor those of you who went through PE / HF recruitment, what was the strangest or most difficult question you were asked? ...
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Honest GPA typo on a resume sent out for buyside opp. What to do?Hi, I am a 3rd year IB analyst currently at the last round of interview for a major sovereign wealth fund. Was going through my computer files and just realized that the resume sent out to them weeks ago had 3.5 instead of 3.4(my undergrad gpa). This was truly an honest mistake by typo. Should I t...
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AM vs PE FoF for exits into Growth/VC or corp devI realize this topic seems to have been beaten to death, but I was wondering if anyone has experience (first hand or anecdotal) of people who started at a respectable AM (e.g. Putnam, Capital Group, AB) and subsequently moved on to do either some form of private investing (specifically growth or VC)...
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Advice Please! Growth Equity Interview Questions?So I just got notified that I've been invited to interview at a top tier growth equity firm, and the opportunity just sounds absolutely amazing so I'm desperate to land the position. If someone currently at a growth equity fund wouldn't mind elaborating on the interview process, I'd be forever grat...
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Take MM PE offer out of undergrad? or go to MBB/IB?Hey all - I have a question about an offer decision I have to make. After doing an internship at an MBB and finding the work not too interesting, I took an extra semester of college to go through another recruiting cycle. Long story short, I ended up interning at a ~$500M-$1B truly operationally foc...
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Distressed Primers Other than like Moyer and that distressed debt blog, does anyone have decent resources for distressed debt - either primers or case studies? Would appreciate any help...
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list/ breaking into Private fund group/ Private placement/ Fund placement/ fundraisingHey guys i was wondering which firms should i be targeting if i were to land a job in a private fund group. If someone could give me a list (Boutique firms) or opinions of how to best position my self landing a job there that would be great. I'm aware of the budge bracket firms like UBS and Credit S...
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Company Review: Chatham Capital - Great Work Life BalanceGet exposure to lots of various industries. Upper management is respectful of you having a personal life and gives explicit and realistic timing expectations so you do not have to stay up all night working on something they won't look at for 2 days.. Pay could be better as well as the training and j...
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Skipping 1st year PE recruitingI'm a first year analyst at a solid MM tech group that is very interested in private equity, but due to personal constraints (military-related) I'm missing part of my first year. With the process being moved up so much I feel like recruiting as a first year doesn't make sense since I'll have even l...
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MM PE vs MM IBHey guys, I currently have an offer from a MM IB firm for full time and am going through the process of interviewing at a MM PE shop (~$700mm between 2-3 funds). What are the pros and cons of going straight into a deal sourcing analyst position with a MM PE shop? Would that pigeonhole me into PE f...
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Experience transitioning from LP to GP?Hello all, I am currently at a well known PE FoF with strong secondary/co-investment arms. I've become very interested in the strategy of one of the MM funds we've invested in, and wanted to approach them at some point expressing my interest in working for them. I'm junior enough where I don't thi...
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Company Review: Grosvenor Capital Management - Good firm, lacking cultureGreat people, learning opportunities Office is in a nice location near central park Senior Partners are extremely knowledgeable . Culture is focused on the CEO and his inner circle Not as much development or training for junior people Recent turnover...
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Effect of Debt to Equity Swap on 3 statementsHow would you evaluate the impact of a debt to equity swap on the 3 statements in a restructuring context? A step-by-step approach would be much appreciated! ...
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How serious of a challenge is it to raise private equity for a businessman?Anybody in PE here that knows the process ? I'd like to be a businessman in the long-term, but as a failed entrepreneur (couldn't even raise a million for a venture in college that was pretty seriously focused on), I feel fear in my stomach thinking about how difficult it is to raise funds. From si...
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For the resume: Help me recast what I am doing as PE intern associate for resume?Help me rewrite what I am doing as PE associate intern for resume. 1. Is this cash flow analysis? 2. This has been first week only. 3. I'm interested in IB. I'm a non- traditional applicant coming from medicine. (First year of med school, specifically.) 1.Analyzed (parsed?) multi-year tax return s...
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Materials for Starting the JobHello everyone, I'm going to be starting in PE soon, and I was curious if anyone has any presentations/materials that will help me get up to speed on the job. I'm looking for something along the lines of a training manual that an entry level associate would get. I already got the job, so now I wa...
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3-4 hours model test, what should i expect?Hi everyone, I have a PE interview coming next week. it's my first time to do PE interview and I really want some advice on how I can prepare for it. I was told i need to do a 3-4 hours modeling test in their office. It's a case study and I need to finish a model and write a brief investment memo. I...
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Interview - What makes a good growth equity investment?Hello Guys, Was wondering if you could share thoughts on what makes a good growth equity investment (no debt) as opposed to say an LBO investment....
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Ever hear of Stripes Group?Undergraduate junior here, currently going through the recruiting season for BB IBD. We had a small resume drop earlier and I was invited for first round phone interviews with Stripes. They seem very interesting, especially with the kind of companies they invest in (I love tech). But while I have d...
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Tricky compensation situationLong time lurker, first time poster I'm in a tricky compensation situation. I'm 6 months into an associate job at a well regarded mm fund, and have recently learned that I am being paid ~50k less than 1st years before me. Has anyone else been in this situation? I'm thinking of negotiating but unsu...
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Search Fund - Ghosted hard after perfect InterviewI worked at a search fund this summer, and am excited to say that I watched the PE firm make it through a successful acquisition. I want to work at another in the fall (flexible hours around class schedule). I spoke for an initial phone conversation with the principal of a firm I would describe as p...
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REPE --> Infrastructure PE Possible I have seen this asked in threads regarding REPE exit opportunities, but never fully answered. Is it possible to move from REPE to Infrastructure PE? I am an associate at a REPE funds with 4 years of RE experience (3 in REPE, 1 in Lending) and interested in trying something new. Given the revenue st...
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Which recruiting firm is responsible for which PE firms So I have been trying to figure out which recruiting firms are responsible for which PE shops, can someone give me some guidance on the following names? CPI Dynamics Partners SG Partners Henkel Amity Oxbridge Also appreciates if someone tells me more about the names of PE headhunter firms! Than...
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Highly Securitized Small Cap LBOsIn my freshman year Finance 101 class, my professor brought in a friend of his who is a partner at a big 3 consulting firm to give us a talk about debt. He walked us through a basic LBO, and specifically one he performed back in the 80’s where he brought a common product overseas. However, what wa...
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Some cultural red pills on applying for PE in LondonSome of these similar to US funds, some quite different: - 25% of PE jobs here require someone with European language, and typically it will be 1 or 2 specific ones they look for (ones I see most often are French, German, Swedish, Dutch) - If you want large cap or mid cap PE, its pretty damn near...
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Does anyone have any insight into Triton Partners?As per the title, I'm interested in any insight about Triton Partners. They are a European Mid market PE (c. €4bn AUM) that have recently established a €600m distressed/special sits fund. Particularly interested in their distressef/special sits fund, but any info (also on the PE) on culture/peop...
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Private Equity/Hedge Funds based in Seattle?I'm currently a first year investment banking analyst and am beginning to think about upcoming recruiting for PE. While I know I want to stay on the west coast, I wanted to get an idea of whether there are any strong exit opportunities in Seattle (what industry, what firms, etc), or if opportunities...
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Infra PE shop online maths test - what to expect ?Evening, I just got approached for a role in a PE shop, managing below 10Bn USD with a strong focus on infrastructure. There is an online maths test to do - but I have never done any maths test online before (except for internships years ago), any ideas what to expect? I will go through some GMAT m...
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IRR time series - PE Funds - BO and VC performance I need quarter IRRs time-series (at least 10 years) of private equity funds performing BO and VC investments. I got accesses to Bloomberg, however it provides return at a single point in time. Does anyone know how to download time series? I tried also with capital IQ but in this case only more gene...
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Off Cycle Mega Fund Analyst - 4th round 90-minute Case Study Interview - What can I expect?Title says it all - I have a 90-minute case study coming up with a MF for an analyst position. I already had a first case study round, but have been asked to come in to complete another one. Given the time allotment is fairly slim (90 mins), what can I expect? I don't think 90 mins is enough time to...
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Blackstone Strategic Partners InterviewHi, Applying to Blackstone Strategic Partners, and haven't found any meaningful prep material online. Anybody have tips/resources to help a brother out? Also, any inside info about the company would be greatly appreciated....
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AMA: 3rd Year PE Associate ($10bn+ AUM, MBO/LBO, equity, mezz, distressed debt)Edit: Wow, did not expect this thread to get so popular. Apologies if you PM'd me and I have not responded - there are dozens of messages I would respond to if I wasn't getting crushed on a deal. My firm must monitor my WSO activity and figured I needed more work to do... ### Two quick updates: 1....
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Company Interview: Susquehanna International Group - Private Equity InternWas there any specific company in Susquehanna Growth Equity's portfolio that stood out to you and how so? Why do you specifically want to go into private equity and not trading? The rest of the questions were fairly standard background and fit questions. For example, I was asked about how my intere...
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1-hour financial modelling test. What should I expect?Hi all, I have a modelling test coming up for a FT analyst position, and I'm told it will be an hour. I'm not too sure what to expect, I've done full-blown 3-statement LBOs which I don't think I'm able to finish in one hour and I've also done short-form LBOs where I just built out the income statem...
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case study presentation question?I'm working on a take home case study presentation, putting together a few slides about a specific company and presenting operating model, lbo model, and other figures. One of the instructions says to provide an analysis of valuation multiples at various prices (ebitda, ebitda-capex, unlevered fcf,...
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Net Working Capital - Valuation model To any/all who can advise on a question I have regarding the following, I'd have much gratitude: I am working out a Valuation model for a theoretical Steel MFG outfit, using a Free Cash Flow - NPV approach to find a value for the firm. I have mocked up financials, and only a small amount of inform...
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Axial CostDoes anyone know how much Axial Costs. I know they publish some pricing, but heard rumors of big discounts off of that. Thanks...
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2018 Summer Internships in VC/Growth PE/PEI'm currently a junior at NYU and applying to structured programs for VC/Growth PE internships next summer. The only ones that I've found so far are Stripes Group and Insight Venture partners. Does anyone know of firms that are recruiting for summer internships? Couldn't find a thread on here, but m...
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Confused about carry at PE FundSo in general I understand some about PE salaries, but I have a few questions. So let's hypothetically say you're a VP with a salary that includes 0.5% carry, which in a given year (Year 1) amounts to $500,000 for you, which is spread out over a period of 5 years at $100,000. So Year 1: Base + Bon...
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How to conduct Due Diligence with 0 information on private company? * Currently doing an investment analysis on a Private Company * The only information I have is their website, 0 financials * Its a startup with basically 0 information about them online * My question is whats the best way to go about figuring things out like Financial Analysis/Valuation, B...
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Blocking a divestmentHow to block the sale of an asset when the LP has explicitly advised against no churn. How to prepare potential purchasers of assets sold with potential future liability....
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Tenex Capital Management - Info/Culture?Does anyone have any info on Tenex Capital Management? From what I can find, looks like there an operationally focused distressed PE shop started by a few Cerberus guys. Any info on the firm in terms of types of investments/culture/reputation would be greatly appreciated. ...
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FoF PE Modeling Test?What does a modeling test entail for a FoF associate interview? Is this going to be your typical LBOs? It may be worth mentioning that the firm is focused on real assets/infrastructure. I'm under the impression that those types of firms are less concerned about modeling out a full blown 3 statement ...
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Company Interview: African Capital Alliance - Investment OfficerThe firm prides itself in attracting talent of the highest moral integrity. As such, they spent an enormous amount of time really digging into my personality. Competency based. The questions I was asked were more or less the same by all the partners, all related to integrity, team work, various area...
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Consumer Industry-Specific Newsfeeds?Hi everyone, For those of you who are working in consumer retail specific roles, or are simply interested in those sectors, what sites/blogs/journals do you follow and get updates from? I've recently been following BevNet/ProjectNOSH and like it a lot. Was wondering if there are others out there fo...
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PE graduate programs in LondonHi guys, I am wondering which PE firms offer graduate programs in London. So far I found Blackstone, 3i and Terra Firma offer graduate programs, wondering if there are any others (and how I could apply there). Moreover, I'm wondering how selective these programs are and if I'd have a shot at them. ...
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XIO PartnersI am looking for an update from current and ex employees of XIO Group. They have 3 investments, and just failed to hook Meitav Dash (lucky them). Where next? What next?...
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PE recruitment - recruiter list LONDON 2017Dear WSO, This topic has been brought up earlier, although the most recent thread for London recruitment that I have been able to find dates back to 2012. Thus, I felt it could be time for an update of relevant PE recruiters in London, for all the newly started monkeys who are dreaming of making th...
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CDC Group Interview (Private Equity Direct)I have an upcoming interview with the CDC Group (http://cdcgroup.com/) Any thoughts on what I should expect? (Outside of the regular walk me through resume type Qs) I assume it will be tailored to impact investing - anyone done an interview with IFC? Would assume it would be similar ...
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Any info on Alpine Investors? Hey all. Has anyone heard of anything about Alpine Investors? Any insight on their culture, reputation, and comp would be appreciated. They are a low/middle market private equity firm based in San Francisco ...
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Tarsadia InvestmentsHey all, Does anyone have any insight on Tarsadia Investments in Newport Beach (LA)? Interview process, firm culture, reputation, etc. Looks like they manage over $2Bn in a family office structure. Areas of focus are Technology, Financial Services (Fin Tech), Life Sciences and Real Estate. Thank...
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How to get in touch with headhunters as a consultantHow do I get in touch with headhunters as a consultant? I just started and want to get on this recruiting cycle since I'm doing PE DD work. Should I try to get in touch with one through Linkedin, or try to find an email address and cold email one and ask to set up a meeting, or what? I have chat ...
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Junior need for suggestion 2(From China)Hello, I am a Chinese former Big 4 employee. I was expecting an average life. However, Recently, i was dumped by my girl friend. So i reconsidered my life. I plan to go back to school for MBA at my early 30s, i believe i may target one of the ivy league. Here are my questions: ...
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VC & PE A Casebook (Josh Lerner) — Best Cases? I recently purchased Venture Capital and Private Equity a Casebook by Josh Lerner before starting at a PE firm, and was wondering what the best way to go about reading it. It's very long so I want to prioritize the most important cases first. I'm starting in module 2 and was wondering if anyone has ...
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Am I being underpaidA little bit of background on myself: Graduated from b-school (semi-target) and one year masters program in business from a target. I have some relative corporate finance background(budgets, P&L) and IB (sell side) internship experiences. I'm at a small early stage vc fund. My position is a cross ...
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Solamere Capital (Romney PE fund)Hey guys, Does anyone know anything about Solamere Capital in terms of prestige and learning experience? Or just general thoughts? Looks like they have both a direct PE fund and do some co-investing. Thanks!...
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Interviewing at mega funds as a consultant Hi guys, Any experiences people can share about interviewing at mega funds as an MBB consultant? Yeah I know there are probably a few threads on this, just looking for something fresh. ...
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The best way to participate in startup investing/ best VC investment platforms?Hi all, WSO has been tremendously helpful to me in the past 2 years and now I am back to inquire about a particular question: Does anyone know about any good ways to participate in startup investments? Or what are the best platforms/apps/websites/portals for VC investing? The context is that I...
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Why is OID considered a use of cash (LBO)? Hey guys, Been thinking about this problem for the past few hours. From a balance sheet perspective, I can see why an OID would be categorized the same as something like a financing fee, where it is netted against the debt financed and amortized over the term. However, there seems to be a conceptua...
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Undergraduate Summer Analyst PE Interview What to Expect?Hi guys, I will have a first round interview with a PE fund (aum 7B+) recruiting at our school a couple weeks later. I just wanted to know what to expect for this interview. Would it be similar to ib interviews or is there anything else I should focus on? I know my LBO stuff decently but I was won...
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PE Recruiting Coffee ChatsHi all, This post is for the people who have been through PE recruiting or, better yet, participate in their own firm's recruiting. It's my understanding that PE firms use coffee chats to get a hold of whether they want to extend an interview offer, just based on fit. Any tips? What's the breadth...
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Corporate VC Exit OpportunitiesI am a current MBA student interested in venture capital and have recognized corporate VC as a possible avenue. However, I wanted to know what are the exit opportunities if any for corporate venture capital professionals? Is corporate VC a better option than working at a traditional VC firm? ...
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Gobuyside Aptitude TestDoes anyone have insight on the GoBuySide Aptitutde test? I was asked to complete it for a PE interview and wasn't able to find much information online....
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Growth Equity Interview - Lead Edge CapitalDoes anyone have any general advice they could provide for Growth Equity Interviews? Am starting the interview process and was invited to interview with a firm called Lead Edge Capital. Can anyone provide any insights on the firm and what their process is like?...
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Post MBA IB associate to PE? How difficult will the transition be?I hear a lot of IB Analyst make the transition to PE. But would it be harder for a Post MBA IB associate to make that transition?...
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Investor Game A) You are an equity investor. You have in mind three (existing) companies: A, B, C. You can only ask five questions to decide in which one to invest. Task: outline the set of questions. Rules: 1. The companies’ real identities cannot be revealed within the questions 2. You can only invest in one...
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Distressed / Special Situations Firms... East Coast PreferenceGuys/Gals I know that there is a post from a long time ago but felt that given where we are in the cycle it would be good to began a new updated list of buy side PE (or hedge) and sell side/advisory firms that specialize in special situations, distressed debt, and restructuring investment or adviso...
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Terminology Question: Mid cap v. middle marketHey guys, I have a pretty idiotic question - What do people mean when they refer to private equity firms as being "low/mid/high cap"? I've been assuming that's basically a synonym for lower market/mid market/upper market, but am I wrong? Why would you use one terminology instead of the other? ...
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Help got two offers don't which to decide on PE internship ( 6 month maybe negotiable 1 year ) vs. Big 4 2 year graduate program my other offer is from 2 of the big 4 firms, 2 year graduate program (full time). in financial hhhh...
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What can you do after working on growth equity? Considering taking a role in a growth equity fund/company after a year and a half at a bulge bracket TMT. Wondering what options exist after growth equity? ...
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Private Markets versus Public MarketsI recently finished an internship in an Asset Management firm (small shop, ...
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Day in the life of a PE intern How was your experience? Coffee runs or lbo models? How did your relationships with those your worked most with develop by the end? Advice?...
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Company Review: CPP Investment Board - Great firm with great people and culture Opportunities to work with and be mentored by people with really impressive backgrounds, great work life balance. For campus recruitment, HR essentially runs the entire recruitment process, emphasis on "diversity" over competency...

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