Brian DeChesare

DECEMBER 7, 2022

Important names here include: China International Capital Corporation (CICC). Most Asian regional boutiques are headquartered in China, but a few names specifically based in HK include Somerley Capital and The Anglo Chinese Group. Investment Banking in Hong Kong: Recruiting and Interviews. Huatai Securities.

Banking 52

Banking Equity Start-ups Finance 52

Reynolds Holding

NOVEMBER 15, 2023

Against this backdrop, recent regulatory developments in the United States have forced a reckoning with two questions: How much do we know about the GP-LP relationship in private equity funds, and how much does that knowledge tell us about how that relationship should (and should not) be regulated?

Equity 52

Equity Marketability 52

Brian DeChesare

APRIL 5, 2023

Sovereign wealth funds have much longer time horizons and more “permanent capital” than traditional PE firms, hedge funds, and funds of funds, and these points create differences in timing, strategy, and willingness to pay. But the more relevant question is: “Which of these funds would you want to work at?”

Equity 59

Equity Start-ups Private Equity Firm Banking 59

Brian DeChesare

MAY 11, 2022

There were 1,108 comments in the two older versions of this article, and most of them were asking these exact questions. If you’re asking this question, you probably don’t know much about the industry, so I recommend reading our guides to investment banking career paths and how to get into investment banking first. Are You Too Old?

Banking 98

Banking Start-ups Finance Private Equity Firm 98

Brian DeChesare

JANUARY 31, 2024

If we focus on the larger single-manager funds , i.e., those with $1 billion up to $10 billion+, a representative list might look like this (please see the important notes below before leaving a comment or question): Many of these funds were spun off from Tiger Global (hence the “Tiger Cubs” moniker). now) structure.

Start-ups 59

Start-ups Equity Marketability Banking 59

Brian DeChesare

JUNE 29, 2022

The problem could be almost anything, but it’s usually related to: Operational Underperformance – For example, peer companies have generated Return on Invested Capital (ROIC) figures of 10-15%, but this company is lagging behind at 5%, which is well below its WACC. Elliott’s presentation to Suncor after they announced a 3.4%

Private Equity Firm 52

Private Equity Firm Equity Banking Start-ups 52

Brian DeChesare

MAY 15, 2024

We kept getting messages from students and clients like the following: “I’m currently working at a Big 4 firm and haven’t gotten many responses to my applications for traditional PE roles, but several value creation teams have invited me in for interviews. The Operating Partner – Solid articles and interviews with people in the industry.

Equity 74

Equity Private Equity Firm Start-ups EBITDA 74

Brian DeChesare

APRIL 24, 2024

I’ll answer these questions, but, as usual, we need to start with some descriptions: Table Of Contents What is a Pre-MBA Internship? where you attend a few days of events and workshops and get fast-tracked for first-round interviews if you do well enough. Do You “Need” a Pre-MBA Internship? How Do You Apply for Pre-MBA Internships?

Start-ups 59

Start-ups Banking Finance Equity 59

Brian DeChesare

AUGUST 10, 2022

With the possible exception of FIG , oil & gas investment banking generates the highest number of panicked emails and questions. Historically, these panicked questions were usually variations of: “Will I get pigeonholed? That’s still a concern now, but the panicked questions have shifted to: “Will ESG kill the energy star?

Banking 88

Banking EBITDA Dividends Equity 88

Brian DeChesare

APRIL 10, 2024

In Europe, 35% of football clubs have been funded via capital from PE/VC firms, sovereign wealth funds, or private consortiums. A great example is how many European football clubs became distressed during COVID and were forced to seek private capital. include Bruin Capital, Clearlake, and Shamrock Capital.

Equity 88

Equity Private Equity Firm Start-ups Accounting Firms 88

Brian DeChesare

JULY 26, 2023

Like a PE firm, a search fund raises capital from outside investors and aims to multiply that capital by investing it – but like a SPAC, it makes only one acquisition. Because search funds raise little capital to acquire these small businesses, most search fund internships are unpaid.

Banking 52

Banking Equity Start-ups Private Equity Firm 52

Class VI Partner

JULY 28, 2021

Capitalization Table or Cap Table The Cap Table is a table or spreadsheet that illustrates the ownership breakdown of a company: who the owners are, what percentage of the company they own, and at what valuation. It is typically the highest risk/highest potential return portion of a company’s capital structure.

Book Value 52

Book Value Equity Enterprise Value Fair Market Value 52

Brian DeChesare

JUNE 22, 2022

Industry Focus – If you’re interested in tech and venture capital , should you focus on SF-based groups? It’s tricky to answer this question because some differences are easier to quantify than others (e.g., Recruiting – Interview questions are the same or very similar, but the types of candidates and the “randomness” differ.

Banking 93

Banking Start-ups Finance Marketability 93

Brian DeChesare

FEBRUARY 28, 2024

Interview Questions and Case Studies Salaries and Bonuses The Hours and Lifestyle Exit Opportunities Final Thoughts and Summary What is Fixed Income Research? the appropriate debt vs. equity mix, and additional capital needs over the next few quarters. Final Thoughts: Is Fixed Income Research Worth It?

Equity 59

Equity Banking Start-ups Finance 59

Brian DeChesare

NOVEMBER 2, 2022

In addition to Prime Ministers that serve for only 44 days and questionable weather/food, the United Kingdom is also known as a global hub for investment banking. On the other hand, some have raised questions about the future of finance in the U.K. Investment Banking in London: Recruiting and Interviews.

Banking 79

Banking Start-ups Finance Equity 79

Brian DeChesare

FEBRUARY 22, 2023

In fact, it would be quite weird if you spoke one of these terms aloud in an interview. But everyone from headhunters to bankers to interviewers uses the terms “buy-side” and “sell-side,” and most people put themselves in one category or the other. Unfortunately , the ubiquity of these terms has also made them more confusing.

Finance 128

Finance Marketability Banking Corporate Finance 128

Brian DeChesare

SEPTEMBER 13, 2023

Special Situations – This could include the events above but could also refer to investments in spin-offs, asset sales, recapitalizations, acquisitions, or capital raises. Traditional Distressed Funds That Have Diversified: Anchorage (partially shut down), Brigade, Davidson Kempner, Elliott, Marathon, Silver Point, and York Capital.

Equity 88

Equity Banking EBITDA Start-ups 88

Brian DeChesare

MAY 24, 2023

Special Situations – These funds focus on companies that are spinning off or divesting divisions, reorganizing, or otherwise going through more unusual changes (not just simple acquisitions or capital raises). include Elliott Management, Third Point Partners, ValueAct Capital, Trian Partners, JANA Partners, and Starboard Value.

Equity 64

Equity Start-ups EBITDA Banking 64

Reynolds Holding

JANUARY 22, 2024

When asked in an interview to name his greatest accomplishments as CorpFin director, Alan included former rule 146 but emphasized that the accomplishment belonged to a team and not him individually. [5] It was a practical question that should have had a simple answer.

Start-ups 45

Start-ups Marketability Price to Earnings Finance 45

Brian DeChesare

JULY 19, 2023

These are all good questions. If you’re interested in long-only hedge funds, you should ask a different set of questions: Do these long-only funds offer any advantages over strategies like long/short equity ? I’ll answer both questions here, but I want to start with a few definitions: What is a Long-Only Hedge Fund?

Equity 52

Equity Beta Banking Start-ups 52

Brian DeChesare

JANUARY 18, 2023

I’m going to take a broader view than in previous versions of this article and focus on one big question: Finance careers became highly desirable from 1980 through 2020. The increasingly automated process , ranging from HireVue interviews to other online tests and recruiters being used to screen candidates. question are the benefits.

Finance 119

Finance Start-ups Banking Corporate Finance 119

Brian DeChesare

APRIL 13, 2022

Most hedge funds using this strategy have a long bias , i.e., they devote more capital to long positions than short positions. There’s also the single-manager vs. multi-manager question and the degree to which the fund uses quant strategies rather than discretionary ones. Long/Short Equity Interviews and Case Studies.

Equity 91

Equity Start-ups Banking Marketability 91

Brian DeChesare

JULY 27, 2022

Interviews, Case Studies, and Credit Pitches. You can expect questions similar to the ones in a LevFin , DCM , or Restructuring interview, but they’ll be framed in terms of your views as an investor. It might just be that people in these roles are more interested in traditional private equity. For Further Learning.

Equity 52

Equity Start-ups Private Equity Firm Beta 52