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More Detailed Financial Analysis to Determine a Good PE Target?

March 4, 2017, 12:46 pm
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Hello all,

I know there has been much talk about various criteria that makes companies good LBO candidates. But I was wondering if there are any more specific financial ratios beyond margins, growth, FCF generation, debt profile that one could look at to understand a private company better in terms of its attractiveness as a PE target.

Also, let's say a company already ticks all the typical LBO criteria - margins, growth, stable FCF, strong asset base, good market positioning / strong management - I am sure the decision to invest would never be taken just based on that. What other things would you look at?

Many thanks!

private equity
financial analysis
ratios
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Shops that pay for your MBA

March 4, 2017, 3:33 pm
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For shops that require you to get an MBA after your 2-year associate contract, is it the norm for them to offer to pay or subsidize your MBA granted you return afterwards, or is this rare or done on a case-by-case basis?

I'm curious because I've signed to a MM fund with a 2-year program and have seen a couple guys return as VPs post-MBA. Throughout the recruiting process, nothing about B-school (placement, whether they fund it, return offer rate, etc.) was mentioned or disclosed so I assumed it wasn't a thing for this fund otherwise I'm sure they would've tried to use it as a big selling point.

MBA
B-School
private equity
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School project for PE boutique

March 5, 2017, 12:35 pm
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Hi guys,

I have a group project coming up which consists of analyzing a company in term of financials, marketing and strategy. Obviously this will be very broad and basic.

A friend who is in the group know the partner of a local PE boutique, and we are going to do this project on one of their investments. We obviously want to impress and go beyond the scope of the project (which just includes basic ratio analysis, npv, SWOT and similar).

Any suggestions on things I should read or learn, and specific things the partner might like seeing on the report? I have corporate finance by Ross and I have been learning the (very) basics of valuation.

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BB vs Midcap/small PE

March 5, 2017, 6:22 pm
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Assume that one has the chance to either start at a BB (possibly MS/Goldman) or at a Midcap/small PE fund (Ardian, Aurelius, one equity partners) after their UNDERGRAD studies, which would be best in regards to raise their chances for Bschool and to transition from europe to the us?

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Cracks in the PE Bubble Beginning to Show?

March 6, 2017, 8:00 am
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private equity

In a previous thread, there was a lot of speculation around PE being the next high finance sector to follow the growing trend of squeezed margins and lower frequency of transactions.

An FT article from February 2017 mentioned how analysis from Bain showed that buyout groups' share of deals has fallen to its lowest point since 2009 (can't post links since I'm a new user).

"The research found that just 4.2 per cent of deals ended up with private equity buyers in 2016, down from 5.4 per cent in 2014. PE's share of deals peaked in 2006 at 7.9 per cent.
Recent examples of private equity groups being outbid by corporations include the purchase of Yahoo by Verizon after several buyout groups bid for the California internet search company.
Likewise, the share of total mergers and acquisition activity by value involving buyout group purchasers has fallen from 9.1 per cent in 2014 to 8 per cent in 2016, Bain found in research released ahead of SuperReturn in Berlin, private equity's main annual gathering.
Buyout groups are continuing to be priced out in 2017. Consumer groups Weetabix and Continental Foods are each up for sale, and people briefed on both processes say they are largely being fought over by corporate buyers."

What are your thoughts on this? The beginning of a long-term trend or just a temporary drought?

Promote On: 
to Monday, March 6, 2017 - 10:55am
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Bain PE Group Advice

March 12, 2017, 12:50 pm
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Hi guys,

I'm currently pursuing MBA and interested in PE. I understand that it's not that easy, especially that I'm looking for Europe (am European). Thinking to go to Bain PE group. Is it real to get right after MBA or should I go to usual consulting intake and then switch to the right group?

Honestly tried to search, but couldn't. Hope for your sharing.

P.S. Really interested in Bain, while any other thoughts would highly appreciate.

Thank you
BR

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Post-Conflict Private Equity

March 13, 2017, 6:59 am
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I recently met someone from Peru over drinks and we spent some time discussing both my job (oldschool large cap LBOs in Europe) and more growth equity / seed funding type of investments in South America.
He ended up giving a speech over a friend of his that does "Post-Conflict Private Equity", which he essentially described as an investment firm that has an incredibly opportunistic mandate and does small to mid-sized investments across a broad range of asset classes (agriculture, real estate, corporate equity & debt, other real assets (e.g. wood)) in countries that recently suffered from war, political clashes etc. (read: Afghanistan, Iraq, Iran, what feels like pretty much everything in Africa, selected countries in LatAm and Asia), aiming for a decent deal in what seems to be a very high risk / reward-type of environment.

I have never came across these type of funds, neither through literature nor personal contacts, and while a quick google search yielded some names (e.g. http://www.infrontier.com/ , https://en.wikipedia.org/wiki/Leopard_Capital ) these funds tend to be very secretive and not necessarily fans of disclosure.

In case anybody on this forum is familiar with these type of funds I would be very happy to receive some information, otherwise I hope I was able to provide some food for thought regarding what I find to be an incredibly interesting topic in which I have invested literally zero brain cells to date.

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Trilantic Capital

March 13, 2017, 2:11 pm
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What kind of reputation do these guys have on the street (culture, pay, work hours, etc)? ---------/

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Goldman AIMS PEG Group

March 14, 2017, 7:08 pm
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Hey guys,

Does anyone have any insight into Goldman's PEG group in terms of culture/pay/exit ops?

I know they are fund of funds but any other insight?

Thank you!

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Private Equity Firms in Boston

March 14, 2017, 7:21 pm
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Just a list I've compiled of some private equity firms (of varying sizes) in Boston, for those who may be interested. Feel free to add similar firms below if I've missed any!

Summit Partners
Berkshire Partners
HarbourVest Partners
TA Associates
Exaltare Capital Partners
Capital Resource Partners
New Forest
Riverside Partners
Audax Private Equity
Windsail Capital Group
Candescent Partners
Century Equity Partners
Pleasant Bay Capital Partners
Weston Presidio
MC Partners
Bain Capital
Advent International
Windjammer Capital Investors
Sandkey Capital
Vie Capital Partners
BV Investment Partners
Artemis Capital Partners
ABRY Partners

Private Equity Boston
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Quick question about holding companies

March 14, 2017, 8:01 pm
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Can they act like private equity firms since they actually own assets and companies themselves? Think Berkshire Hathaway with the whole 3G capital thing. Hopefully I dont sound dumb asking this but really wanted to know the similarities.

Thanks!

holding companies ownership
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Advice about choosing firm to start career

March 15, 2017, 5:31 am
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Hi,

This question is more focused towards the real estate area, but also for the firms as a whole. If you are starting out after a master in finance in London, would you prefer to start in Morgan Stanley, Ares management, Tristan Capital? What key factors would you consider when choosing one?

Thanks

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Question on Sources and Uses with capital injection

March 15, 2017, 6:19 am
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Hi everyone! Would appreciate some help with sources and uses.

Bidding for a company at EV 8.9x times EBITDA. EBITDA - $8 million. Want to provide $13 million equity, out of which - $8m - for loan repayment, and $5m - goes into company for future CAPEX. $32 loan remains in the company.

Does the below (Sources and Uses, and resulting shareholding percent) seem correct to you?

Rollover Debt $32m
New Equity $13m
Rollover Equity $26.2m
TOTAL SOURCES $71.2m (8.9x EBITDA)

Repayment of Existing Debt $8m
Rollover Debt $32m
Cash Injection $5m
Rollover Equity $26.2m
TOTAL USES $71.2m (8.9x EBITDA)

Resulting shareholding - $13 / ($13 + $26.2) = 33.1%

sources uses buyout
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Best way to get my developer client's energy project noticed by PE firms looking for deal flow?

March 15, 2017, 2:29 pm
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Hi everyone,

I'm a lawyer but I have been a lurker on WSO for a while now. Thought I would run this question by you guys.

I have a client who is a very experienced engineer and energy developer who has laid the groundwork for an interesting and unique powerplant turnaround project. The site is secured and the technology is proven.

We have a couple big players who have expressed some interest in buying out the project once it gets past the environmental due diligence stage. The problem is to get through that stage, my client needs about $5 million. Due to some unique attributes of the project, the payback period for the initial investor for the $5 million would be really fast - maybe just a couple years.

Do you guys have any recommendations to identify investors/firms that would be interested in a project like this, and if so, how do you recommend bringing the project to their attention?

Thanks a bunch!

bringing in deals
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WSO Hall of Fame: Private Equity Forum

May 18, 2016, 2:08 pm
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The Wall Street OasisPrivate Equity Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the private equity industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigatehere. If you think we missed a post that should be included in the Hall of Fame, please e-mailAndy@wallstreetoasis.com the request.


Click on a Topic Below to Reveal the Best Relevant Discussions:

Succeeding as a PE Profressional
Top 5 Skills Needed to Succeed in PE
How to make VP in Private Equity
What do PE professionals read?
Part of carried interest for Sr. Associate/VP in a small PE fund

Developing the Investor Mindset
Thinking like an Investor: The key financial metrics
Very detailed notes of Peter Thiel's startup class at Stanford
Net Working Capital - Valuation model
Calculation of Goodwill in LBO?
PE Waterfall - Modelling Catch-up
FCF - Term Loan A vs Term Loan B
Urgent Help: Mezz Debt and Distressed Debt Investment
How to Analyze a CIM Effectively

Beginner's Guide To Building an Angel Investment Portfolio - Part One
Beginner's Guide to Building an Angel Investment Portfolio - Part Two
Beginner's Guide to Building an Angel Investment Portfolio - Part Three

Helpful Services
Financial Modeling Training - Self Study

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Nearing My 2 Year IB Mark - The "Path" and Questions to Experienced PE Vets

March 27, 2017, 12:15 pm
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(EDITED Because prior post may have been too whiny, so I'll make this as brief as I can. Looking for current Associate/VP+ insight - really would be awesome on an anonymous site like this)

TLDR: How dangerous is it for me to finish my 2nd year with no offer, grab my bonus, move to the city I want to end up in, and network/search for my next job on a day to day basis? Long story short, my group is being forced to kick out my class for financial reasons, and I don't want to move to another group within the firm.

MM banker in average (but interesting) industry group (good overall experience, limited heavy technical aspect) , and I've loved the idea of breaking into the buyside since I first started. Unfortunately though, due to timing of processes as well as probably my own indecision and concentration on a very specific sector/investment stage, I just haven't had too many interviews, and the ones I did have, were definitely more of a learning experience.

Now the weird thing - and why I'm asking you folks for guidance - is that.....I'm not that nervous? I really wanted PE several months ago, but largely just so I could stay on the classic path. Now that I basically failed this path, I have brief moments of complete panic (i.e. will NEVER break back into PE, completely f-cked, etc. etc.), but also most recently, that maybe it isn't the end of the world? Yea sure, massive huge premier funds are likely out of the equation, but I've never been one to only care about brand name.

I know a large of this is rationalizing my situation, but I've had long periods of time recently just figuring out what I want, and CorpDev/Strategy roles in industries I love seem like a great prospect. Certain smaller, growing PE funds seem like great opportunities. Having some time where I don't have to bring my blackberry everywhere seems really, god damn, nice.

However - I do not want to completely ruin my career in finance (especially buyside) because of a stupid mistake I make in my mid-20s.

Advice? Insight? Both would be really, really, awesome of you WSO.

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PE Secondaries

March 27, 2017, 5:31 pm
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Hoping someone can provide me with some advice or insights on my situation and this potential opportunity..

-Recent grad (Econ and Finance)
-CFA Level 1
-Canadian securities course (CSC) (Not sure what the FINRA comparable is S63 or S7??) or if there is one...
-No internships

Boutique PE secondary market, secondary advisory, secondaries (whatever you want to call it) w/ a handful of alumni from my college. I am hoping to use this to my advantage and I want to get in touch with someone there and hopefully through networking land a job...obviously. However, I don't know much about this field of work. What would an entry level position look like/be? Compensation? Hours? Exit ops?

I understand I cant be picky coming from my background, but is this a desirable position, how can it impact my future?

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WSO Private Equity Resume Template for Professionals with Deal Experience is Released!

March 27, 2017, 9:00 pm
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pe resume

Big Announcement: WSO Private Equity Official Resume Template for Experienced Professionals with Deal Experience is Now Public!:

Click here for the free investment banking resume template for college students.

For those of you with deal or project experience coming from Investment Banking or Management Consulting, looking to make sure your CV format is clean and make sure that your private equity resume is polished for those competitive buyside jobs in private equity and hedge funds, we have a great sample resume you can now use free of charge (attached to this post below). We're hoping this clean format gives you an even bigger edge in recruiting (besides being members of WSO :-). Also, don't forget that our private equity interview prep guide is now available after years in the making (here)!

As I mentioned earlier in the week when we released the investment banking resume template for undergraduates, we think the WSO templates give you a lot more flexibility on spacing. It's tough to condense all of your deal experience into a coherent summary, so we hope this is helpful (keep an eye out for the Private Equity Interview Prep Pack which we expect to have a beta version released by the end of February 2014)

This is the PE resume template we use in all of our the WSO resume reviews with experienced buyside professionals.

This particular banking resume sample is for experienced hires, not undergraduates. You should also not take these bullets since they just being used as placeholders / examples and aren't that strong...

Thank you all for supporting Wall Street Oasis!
Patrick

ps - please feel free to share this post and pass it along to your friends in banking or other finance positions

pps - remember, if you are looking for real finance professionals (including talented PE and HF pros) to help with your wording and bullets and tough decisions on what to cut and what to keep, please consider our industry leading resume editing service, specifically targeted towards investment banking, private equity, hedge funds, trading, management consulting and other finance resumes...our testimonials speak for themselves: //www.wallstreetoasis.com/wso-finance-resume-review :-)

resume template
private equity resume
pe resume
private equity cv
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Hi nice to meet you all!

March 28, 2017, 7:43 am
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Hi all,
I am currently a first year student studying a Bachelor of Actuarial Studies/Commerce (Finance Major) looking to end up in private equity! :)

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Too late to inquire about summer pe analyst position at previous employer?

March 28, 2017, 1:32 pm
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Hello,

I am currently a third year university student in Toronto. I recently interned (unpaid) at a small private equity firm during the fall of 2016 while going to school full time. The firm has a very tight knit culture, no real bureaucracy/red tape, and I was treated very well as an inexperienced intern. I was bought lunch by my boss a few times, in addition to receiving a parting gift at the end of my contract.

When I ended my contract in December 2016 (due to the fact I couldn't fit work times into my second semester schedule), I mentioned to my boss the possibility of doing a summer internship the following year, to which I received a positive response, something along the lines of "...yea sure we will be in contact as it gets closer to summer", and it was mentioned by him that it would be paid as well.

My question is this, Am I too late to re-engage with my boss, and seek out a potential position for this summer? And what method would most effectively accomplish that? Currently thinking about either asking to come by the office one day during the week while I'm in the area and bringing coffee for my former co-workers, and maybe stir up a bit of conversation, see how the firm is progressing, build into the question etc. Or I am also exploring the possibility of simply just exchanging a few e-mails with my boss and after asking how everything is going with the firm and such, just ask if their is any potential for a summer intern position this year?

Would love to hear what you guys think, insightful input is much appreciated!

advice; united states; Canada IBD; investment banking; private equity analyst; mergers and acquisitions; M&A Private Equity
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