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End Career Goal Private Equity, what should I be doing currently?

December 30, 2015, 12:37 am
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Hey,

I'm in my last semester of my undergraduate Finance program at a good business within the state of Illinois (Northern Illinois University), but no where near a target school.
My end career goal is to work at or create a private equity firm.
I was wondering what are the different ways to break into a private equity firm? I know most of the PE associates and analysts are from an investment bank, public accounting or consulting firm. Are these the only ways of breaking into a private equity firm?

Also if I were wanting to go into Investment Banking, in a Boutique or Middle Market, is it better to get into a firm and be on the operational side and hopefully get into the front office or continue trying to break in the front office of different IB?
And what are some tips outside of networking and cold calling to break into Middle Market banks?

Thanks Appreciate anything and everything!

Investment Banking
Consulting
middle market
boutique
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Private Equity Sophomore Internship Interview

December 30, 2015, 1:56 pm
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Ask an Institutional LP anything.

January 1, 2016, 9:00 am
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Mod Note (Andy) - we're reposting the top AMA's from 2015, this one was originally posted 1/3/2015.

Fire away with questions and I'll give my answers/opinions. I've done diligence on everything from early-stage VCs to megafunds.

Feel free to PM if your question is sensitive.

private equity
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Does buyout PE offer better learning opportunities than VC for Pre-MBA associates?

January 1, 2016, 10:33 am
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Happy New Year everyone!

Currently a senior beginning to evaluate opportunities for after 2-3 years at an MBB. In regards to PE, it seems like the vast majority of people considering this path tend to focus on buyout PE versus Venture/Growth stage PE (based on what I have seen).

Can anyone shed some light on why this may be? Does buyout PE offer better learning opportunities for someone just beginning to experience the buyside? Are skills more transferable to other careers? Both options seem extremely interesting to me and I want to understand the pros and cons from both sides.

Thanks!

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Disllusioned in the public markets..is PE for me?

January 2, 2016, 3:00 am
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Hi all,
I am an equity research analyst on the sell-side at a BB (~2 years) and plus 1.5 years in a non-finance role in the industry (which is my team's coverage industry). My initial enthusiasm about equity research came from my interest in investing and the excitement of the public markets.

However, after 2 years working here, I have become increasingly disillusioned with it. I see a lot of backward working where Price targets are worked backwards from what the analyst believes, a lot of the work we do isn't actually very detailed, plus my personal experience talking to investors has made me realize that public markets can be really irrational and that perfect market hypothesis holds true in *most cases* (at least in the time period I have worked at and in my sector).

In my industry, I have seen some companies taken private and I realized that PE makes so much more sense. There is so much value-add minus the irrationality of the public markets.

I know that PE is a stretch for someone from ER, but what steps can I take to move in that direction. And do you think that i am moving for the right reasons? Also, please note that I am open to moving to Asia/EM for PE opportunities if its easier to make a transition there.

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High frequency trading -> PE?

January 4, 2016, 2:17 pm
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Hi, I would love thoughts on how someone like me should plan my career around toward a job at a PE firm.

I'm a recent graduate from a top engineering school with good GPA. I have software development/product experience with a big tech firm(Google/Facebook/Apple), a high profile startup(funded by top VCs and decently known) etc. I have leadership experience on campus.

I'm taking a job offer from a top high frequency trading firm. I will be building the infrastructure as well as some trading algorithms for them.

I would love to know what would I need to do if I want to have a shot at PE. I've been thinking, I could transition into running a FinTech Startup ->MBA->PE or work a couple years in high frequency trading -> MBA -> PE. Is there any chance I can transition straight into PE?

I know this path is very uncommon but I wonder if anyone can shed some light on how I should go about going forward with my career.

Thanks so much!

Breaking into PE
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double post...

January 4, 2016, 7:26 pm
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OMERS PE, CPP, Teachers Private Capital

January 4, 2016, 7:29 pm
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Anyone have any sense on what these pension funds in Toronto pay their associates (post 2 years of IB analyst and pre MBA) these days? As well as general lifestyle / hours relative to IB.

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Bypassing headhunters who've shown you PE openings and cold emailing PE employees

January 4, 2016, 10:12 pm
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So some of the headhunters I have been working with have told me about openings in a couple of PE funds, and have asked if they could forward my resume to the position, even though it is early in the process. If i don't hear back in a week or so, would it make sense trying to reach out to alumni / employees in the PE fund's group that is hiring and asking for perhaps an informational interview?

When reaching out, does it make sense to say that you were referred to the position by the headhunter, or is it not smart to say this (i would think not) given that it looks like you are running circles around the headhunter?

I'm trying to be more aggressive in seeking out PE opportunities so would like to do more than just wait for headhunters to throw stuff my way - any thoughts on how this dynamic is navigated would be appreciated.

Thanks a lot

2016 PE Recruiting
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FINANCIAL INSTRUMENT SPECIFICALLY FOR LEASE

January 5, 2016, 6:47 am
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AMA - London Megafund PE, one year in...

January 5, 2016, 11:30 am
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I did an AMA before but I lost my login details. Here I am after a year in PE.

This forum is a constant source of amusement / info so I am happy to answer any questions, with the caveat that anyone participating is a total loser like me who is on WSO during Xmas : )

private equity
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Fundraising in Private Equity

January 16, 2016, 1:57 pm
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Interview assistance

January 16, 2016, 3:28 pm
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Could anyone suggest an up to date report / article etc to read on the state of the PE industry and likely trends for the future in preparation for an interview (no background knowledge on the subject atm).

Thanks.

PE PRIMER
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MBB-->MBA (H/S/W)--> PE

January 16, 2016, 4:10 pm
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Any insight on the following career path?

MBB-->MBA (H/S/W)--> PE

My ideal plan would be to stay at my MBB for 3 years, go for a top MBA (H/S preferred), then go to a MM or smaller shop near my hometown. I have heard that it is quite difficult to make the jump into a megafund post-MBA without prior PE experience, but how about MMPE and smaller funds?

Thanks

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Path to PE for older graduate

January 16, 2016, 5:57 pm
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Hello WSO,

So I have a question about the best path into PE for a person that graduated at an older age.

Short summary: 23, graduated with an Msc in Economics from a top institution on the European Continent last year. Had to take a 2-3 months off due to family circumstances but now interning at a MM PE fund, will be interning at MBB after completion of this internship.

I have been invited to do a 2 year research degree at a top UK institution starting next academic year, and I am highly tempted to take the offer (fully funded, so no debt). I know it will only delay the start of my career for two years, but I believe it will be a great experience and a last true intellectual challenge (in an academic sense at least) before throwing myself out there on the job market. At the time of graduation I will be 26, which is about 2 years older than the average graduate from my country, although that is for a first msc degree, which I already have in the pocket. Based on previous graduates the research degree has great exit options despite being academic in nature.

My end goals is to work in PE, and I am already looking at internships between my 1st and 2nd year of my research degree that may lead to full-time offers. There are two main routes:

1. Summer IBD analyst => FT IBD analyst = > PE pre-mba associate => MBA => PE associate.
2. MBB summer intern => MBB pre-mba consultant => PE pre-mba associate => MBA => PE associate.

Both are extremely challenging paths, with 1 more common than 2 but 2 not impossible. Purely based on this 1 would be the logical choice. I do however have two concerns:

1, If I fail to make PE (which is the most probable outcome by just looking at the numbers) I would see myself being a consultant long-term, whereas I do not see myself in IB for the long run.
2. Age. Regardless of the path I take, I will be 26 when I start and 30 when I start my MBA. This is quite old an may disqualify me relative to the 26 year olds that will have the same background.

Do you have any insights or opinions about this situation and these concerns? IT would be highly appreciated.

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New Private Equity Interview Prep Pack is Here!

January 17, 2016, 5:00 am
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The Private Equity Interview Prep Pack has arrived after years in the making! 2016 Update: It is better than ever with more PE Cases getting added to the WSO Video Library every month!

Our goal at the outset was to make an extremely comprehensive industry and interview guide that would make you very competitive in cut-throat PE interviews. We had countless beta users (from current PE professionals, management consultants and investment bankers, all at top firms) that were amazing in helping us shape the package into the ultimate resource for you.

When we set out to create this guide, our goal was not to simply be the best PE resource on the market. Our goal was to be the best BY FAR, blowing everything else out of the water. I'm proud to say that we have delivered on that goal!

Version 3 includes the following:

  • 9 LBO modeling tests (3 back of the envelope LBO, 3 Basic (1 Hour) LBO Tests, 3 Full (3 Hour) LBO Tests) = priceless
  • 15+ hours of detailed video solutions of these 9 modeling tests
  • 200+ Pages of detailed insight into the recruiting, history, deal process and technical nature of the private equity industry
  • 4 Sample PE resumes from Successful Candidates from a variety of background (consulting -> Large PE, Banking - > MM PE, Banking - > Sector Focused PE, MBA Student with International PE Experience)
  • The 30 most common technical questions and sample answers
  • Top 15 most commonfit questions and sample answers
  • 1 YEAR Access to the WSO Company Database to research 100s more company specific questions ($360 value)
  • 1 YEAR Access to the WSO Video Library ($400 value)
  • Detailed walk-through of the 4 recruiting stages
  • Much more (see detailed Table of Contents below)

To get access to this resource and start studying right away, use any of the green buttons on this page and you will be redirected to a page that gives you more detail.

Learn More

As always, we never stop improving our products and services. This version 2.0 already includes a lot of video content we have incorporated into the guide, but we are always adding in more PE interview Cases into our video library to make this an even more interactive and valuable resource.

We are combining all of our best resources (WSO Company Database, WSO Video Library) to make sure that this product leaves you 100% ready for the competitive PE recruiting process (and also helps you get a better understanding of the PE industry in general)...and once you buy this guide, you get ALL the updates for free into the future (even if we raise the price)!

We've included a detailed table of contents below so you can see how extensive the guide is...

Good luck with your private equity recruiting prep!


Learn More


Learn More

pe prep
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to Sunday, January 17, 2016 - 7:55am
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Why did PE and VC get wrapped together?

January 17, 2016, 3:03 pm
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CPP IB Private Equity Internship vs Jefferies IBD

January 18, 2016, 2:02 am
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Hi all,

I have an offer from CPP Investment Board in their Private Equity division. I also have another offer from Jefferies in IBD.

I was wondering which route you would recommend? I don't think CPP IB offers much in the way of leverage to get into the larger more PE firms as there is no sell side experience (they manage their own assets of $275bn). Do you think having that as an internship would put me on the back foot when looking for a full time IBD offer?

Cheers in advance.

2016 investment banking summer
Banking to Private Equity
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Accounting Due Diligence - understating debt

January 18, 2016, 9:13 am
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Hey monkies - my PE prep book says that in accounting due diligence, Accountants make sure that "any outstanding liabilities are categorized properly as debt or working capital. "this is important because debt is subtracted from the purchase price, so sellers have an incentive to classify iffy items as working capital instead of debt"

However, I was under the impression that:
-Private Company LBO: Purchase Price = TEV = LTM EBITDA x Entry Multiple
-Public Company LBO: Purchase Price = TEV = Market Cap + Net Debt

If anything, assuming the above equations are correct, debt is added to achieve purchase price, not subtracted. (NOTE: Qualitatively, I realize that having lots of debt on a BS can be considered bad, as it increases the cost to the financial sponsor; however, mathematically speaking this should not impact the seller...)

Can someone help clarify?

Thanks!

debt
working capital
private equity
financial due diligence
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Seeking Advice on How to Get into PE without an IB or Mgmt Consulting Background

January 20, 2016, 1:49 am
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Hi All,

The goal:
- Begin my first day of PE as soon as tomorrow without full-time IB or Mgmt Consulting experience or enrollment in B-School.

My Stats:
- CPA
- Currently a Big 4 technical accounting advisor (transaction accounting, financial reporting consulting)
- Former Big 4 Auditor (two years)
- Investment banking internship experience (two summers at a BB)

My question:
How do I begin my first day of PE as soon as tomorrow without full-time IB or Mgmt Consulting experience or enrollment in B-School?
- Note that I'm not opposed to these more traditional routes - simply prefer to develop all of the needed knowledge on my own.
- I'm asking the forum because many persons I personally know seem to struggle to see things outside of the box
- Yes, I have a strong background in accounting

All advice is greatly appreciated. That's for the time and attention.

- CPA

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