Introduction to Private Equity
Scott Stallings, Senior Associate Director MBA Career Management
August 2006
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Agenda
• • • • • • •
Introduction to private equity Fund structure and organization Overview of leverage buyouts Overview of venture capital Deal process/role of an associate Recruiting at Wharton Questions and Answers
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Agenda
• • • • • •
Introduction to private equity Fund structure and organization Overview of leverage buyouts Overview of venture capital Deal process/role of an associate Recruiting at Wharton
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Introduction to private equity
“Who can argue with a new model of enterprise that aligns the interest of owners and managers, improves efficiency and productivity, and unlocks hundreds of billions of dollars of shareholder value.” Michael Jensen, Harvard Business School
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Introduction to private equity
Source: EVCA
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Introduction to private equity
There are a number of incorrect misconceptions about private equity (organized investments in non-listed equity)
Due to the limited information and transparency in the private equity world, there are
a number of incorrect misconceptions and rumours about the industry:
“It is all about buying at low multiples and selling at high multiples…” ”Value creation comes from aggressive over-leveraging…” ”In private equity-owned companies, R&D costs are slashed and people loose their jobs…” “The only winners from the private equity industry are the greedy private equity managers - all other stake-holders are losers…”
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Introduction to private equity
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Introduction to private equity
On the contrary, there are number of evidences that all these misconceptions are incorrect
In fact, private equity is today an important and valuable part of the global economy, benefiting industries in development/transition, owners of businesses, employees, investors and the economy as a whole. Private equity investors are prepared to take risks where there exists a potential to create value!
Hence, private equity is today an important function in the global economy providing liquidity and ensuring accelerated industrial development and change.
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Introduction to private equity
"Angel"
"Venture Capital"
"Growth" Emerging Growth
"Buyouts"
"Distressed Investing"
"Hedge Funds"
Seed Age of Company Stage of Company Public or Private? Equity Requirement Return Expectations
1st Round
2nd & 3rd Round
Leveraged Buyouts
Mezzanine Debt
Distressed Equity
Distressed Debt
Hedge Funds
0 years
0-1 year
1-3 years 1st generation product
3-10 years 2nd or 3rd generation product Private or Public
10-50 years Established, slow growth Private or Public
10-50 years Established, slow growth Private or Public
10-50 years
10-50 years
5+ years
Idea
Prototype
Stressed Private or Public
Stressed Private or Public
Public
Private
Private
Private
Public
$0.2-0.5m
$1-2m
$2-5m
$5-20m
$10 - 250m
$10 - 250m
$10 - 250m
$10 - 250m
N/A
70%+
50-70%
50-60%
40-50%
25-40%
20-30%
30-50%
30-40%
20%
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Introduction to private equity
There are two principal parts of private equity – venture capital (“unproven” startups) and buy-outs (mature/proven businesses)
Buy-outs Cash flows +
Mature companies and industries (proven) Proven technology and industries
Low or declining margins, scope for increased
efficiency
Outdated/ill-suited ownership structure Need for industrial change and consolidation Experienced management Tax shields from interest costs and leverage on
equity invested by using debt
Venture Capital
New companies and industries
(unproven)
Technology/industry bets New business models with potentially
Low operational risk, low/moderate growth,
positive cash flows
high margins
High operational risk, high growth,
Cash flows -
negative cash flows
+Organic growth rate -
+Time/Maturity -
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Introduction to private equity
(7) Liquidate / Sell Portfolio Companies (1) Raise Capital
(6) Nurture Portfolio Companies
(2) Evaluate Market Segments
(5) Negotiate and Structure Investments
(3) Generate Deal Flow
(4) Select Investment Candidates
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Agenda
• • • • • • •
Introduction to private equity Fund structure and organization Overview of leverage buyouts Overview of venture capital Deal process/role of an associate Recruiting at Wharton Questions and Answers
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Fund structure and organization • #1 – General Partner (GP) raises a fund of illiquid capital – $500M to be spent over seven years • #2 – Investors (Limited Partners / LP’s) often sophisticated institutions (pensions / insurance / finance) or wealthy families • #3 – GP utilizes unique knowledge / relationships / strategy to invest in companies / securities • #4 – GP guarantees a minimum return to LP’s after which GP splits profits with LP (often 20% / 80%)
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Fund structure and organization
• GP person / group with proven track record to attract investors • GP writes fund documents explaining investment strategy, how much they wish to raise, who else is on the team • GP meets with LP’s or increasingly with LP’s advisors • LP’s “commit” specific dollars for specified period • Fund Economics: 2% and 8% and 20% / 80% split – 2% of fund size as annual management fee ($500M fund has $10M / year to pay employees, rent offices, travel, etc.) – 8% annual return hurdle on money drawn for investments – 20% / 80% split on profits above 8% return • This 20% is known as “carried interest”
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Fund structure and organization
Source: EVCA
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Fund structure and organization
Source: EVCA
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Fund structure and organization
Source: EVCA
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Fund structure and organization
Source: EVCA
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Fund structure and organization
Source: Venture Economics / Datastream
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Fund structure and organization
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Fund structure and organization
Source: EVCA
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Agenda
• • • • • • •
Introduction to private equity Fund structure and organization Overview of leverage buyouts Overview of venture capital Deal process/role of an associate Recruiting at Wharton Questions and Answers
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The history of buy-out funds
Serving a fundamental need and niche, buy-out players are an institutionalized evolvement with several predecessors “Value ensurers” – Ensuring no-value arbitrage opportunities in the public and private equity markets. “Cleaners/fixers” – Fixing up underperforming companies. “Preparers” – Preparing companies for being listed on a stock exchange or other types of institutional ownership. “Developers and risk takers” – Actively driving undeveloped potential without the short-sighted mind-set of the stock market (“quarterly capitalism”). “Liquidity enhancers” – Ensuring liquidity in times of poor liquidity and in succession situations, and other complicated ownership structures etc.
1900 1950 2000
There is a fundamental need for a type of owner that is always flexible, liquid, and hands-on
1850
Wealthy families Merchant banks Investment companies/conglomerates Buy-out firms
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The history of buy-out funds
Why have the buy-out players been so successful as a concept? Where did the predecessors fall short? Why have the buy-out players been successful? Funded by a number institutions/ investors for 10-year periods the buyout players are always liquid and not affected by individual economic circumstances Buy-out players are temporary owners focused solely on their strategy of implementing their value-enhancing strategies – there are no side agendas Buy-out players have explicit competences in their focus areas of change management, sector expertise, financial engineering etc Buy-out players are professionally structured to act as a temporary owner: 10 year funds Clear governance models – GP/LP Clear split of value creation 24
Capital base
Liquidity affected by individual/ corporate/stock market cycles and fortunes
Approach
Temporary holdings are “non-core”. No clear exit strategies can lead to a very large portfolio and lack of focus
Expertise
Usually, their competences are centred around other issues than being a professional temporary owner No uniform structures exists
Set-up and structure
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The history of buy-out funds
Conclusions on the background of the buy-out funds
Role and purpose
Act as a professional temporary owner – take a business from one level to the next Develop businesses Create value and make money for the investors There is a need for flexibility and liquidity in the market place for corporate ownership A company can always be taken to the next level! Institutional investors do not have the organisations, know-how or experience to make these investments themselves – there is hence a need for buy-out management companies Being private is advantageous in many ways – no politics, no distractions, no short-sightedness, only focus on long-term value creation Broad ownership and buy-in of strategies = motivated staff and management Aggressive, continuous focus on all value creation strategies: Strategic re-positioning New growth venues – markets, products Sustainable improvements to costs and margins Low hanging fruits on costs Efficiency improvements Leverage - tax efficient, leverage on equity invested Flexibility on exit
Why needed?
Why does it work so well?
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Development of the buy-out business models
The buy-out business model has evolved significantly the last three decades
“1960s and 1970s” Phase I Value Arbitrage
Market Conditions Inefficient market place Few buyers – several companies for sale Limited availability of loan capital Focus of transactions Break-up of conglomerates Asset disposals Value arbitrage
“1970s and 1980s” Phase II Financial Engineering
Market Conditions Semi-efficient market place Several MBO firms competing Abundance of capital – both equity and debt
“1990s and 2000” Phase III Industrial/Accelerating Development
Market Conditions Efficient market place Many MBO firms competing Plenty of financing and financial engineering available
Focus of transactions “Old economy” industries Cost-cutting strategies Financial engineering
Focus of transactions Companies with development potential Create value by building businesses
Competitive advantage M&A transaction competence needed Ability to maximize leverage
Competitive advantage Restructure balance sheet Manage cash flows
Competitive advantage Industrial competence Willingness to invest in the future Experience of driving change
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Development of the buy-out business models
What is corporate value and value creation? Enterprise value
”Net debt”
Equity value
Description
Perceived value of all cash flows from the Company to debt and equity holders. Hence, deducting the future value of all operational costs and tax.
Net present value of net debt undertakings (interest bearing debt-cash). Usually = book value of debt.
All remaining value after deducting net debt.
Equity _valueExit
Factors affecting valuation of the equity
DCF value, or = [EBITDA +1 * multiple] - net _ debtExit Exit
Top-line growth
Company and industry Margins profile EBITDA, EBIT, etc
Release of cash flows
Without a doubt, top-line growth and margin improvements are the most important value drivers
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Private equity continues to mature internationally
Most international private equity, while well-established, is still relatively small compared to more mature markets
Maturity and sizes of different private equity markets Drivers of the growth of private equity in international regions
USA, 4,9% ~28 years
Continuous corporate restructurings
Private company ownership succession issues Large public equity market with some inefficient pricing of smaller/odd shares Significant share of mid-sized companies with ambitions and potential for geographical expansion Privatization
Private equity ownershi p as % of GDP
UK, 2,9% ~20 years
Nordic region, 1,4% ~12 years Germany, 0,4% ~7 years China, < 0,1% ~4 years Years of professional and sophisticated buy-out market
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Private equity corporate governance model
Clear division of labor
Management
Manage day-to-day operations Report to the Board
Board of Directors
Appoint and evaluate key managers and supplement managers when needed Define and monitor strategic plans Share and expand network
Private Equity Firm
Oversee strategic development and evaluate new initiatives Appoint and evaluate the Board and evaluate performance of Company Appoint new Board members if necessary Constant focus on impact on exit and ensuring maximum value Initiate and lead the exit process Assisting management in financing processes and M&A work
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Simple LBO Example
• LBO’s are just like buying a house
– Minimal down payment (20%) – Significant leverage / debt (80%) – Cash flow (your wages / company earnings) must meet debt payments – Asset (house / company) should increase in value during holding period (home improvements / company is more profitable) – Minimal initial investment yields significant gain
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Simple LBO Example (cont’d)
• Buy a house / company for $100 – Minimal down payment ($20) – Significant leverage / debt ($80) – Cash flow (your wages / company earnings) must meet debt payments – Over three years mortgage / debt payments reduce principal to $75 – Over 3 years value of the house / company rises to $125 – Sell company for $125 – Subtract $75 of debt – $50 profit on $20 investment in three years – 8% annual hurdle on $20 is $25 at end of year three when I sell – $50 profit - $25 to LP’s = $25 left to split – 20% to GP ($5) and 80% to LP’s ($20)
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Agenda
• • • • • • •
Introduction to private equity Fund structure and organization Overview of leverage buyouts Overview of venture capital Deal process/role of an associate Recruiting at Wharton Questions and Answers
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Overview of venture capital
Source: Macquarie
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Overview of venture capital: 5 Year Summary
• 1999-2000 investment frenzy in all market segments – IPO expectations and new business models based on Internet and Y2K impact 2001-2003 – The “hangover” and clean-up/downsizing of many portfolio company investments – Negative 1st quartile returns
•
•
Late 2003-4 – Continued clean-up: The “walking wounded” survive – The beginning of new company investing – Fresh fundraising attempted on a broader scale
2005 – Increasing liquidity with selected IPOs and M&A activity – Stable investment activity – Capital “overhang” period ended 2006 – Forward – Venture returns regain top place in IRRs but with significant variability among managers – 1st quartile returns significantly positive and less correlated with public markets – Reduced start-up and early stage investment capital
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•
•
Overview of venture capital
History of value creation after initial investment in early-stage venture investing
10x
1985-1997
2003-2010
Company “Value”
1997-2003
5x
1x
1
2
3
4
5
6
7
8
9
10
11
12
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Commitments to U.S. VC funds
Fundraising is stabilizing
$100
$82.8
Total Commitments to VC Funds ($ Billions)
$80
$58.8
$60
$50.5
$40
$26.9 $17.1 $12.7 $6.7 $2.8 $5.4 $7.0 $13.1 $9.2 $17.8 $18.8
$20
$0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 *
Source: VentureSource/Venture One * Annualized 3Q 2005
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U.S. venture capital investment activity
Investment is stabilizing
$100
Venture Capital Invested ($ Billions)
$94.6
$80
$60
$49.5
$40
$36.2
$22.0
$20
$4.2 $6.4 $9.2
$17.9 $13.1
$19.1
$21.3
$20.2
$0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005*
Source: NVCA / Venture Economics * Annualized 3Q 2005
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Valuation movement
Recent Increase in Private Company Valuations
$30
$25
Median Pre-$ Valuation ($ Millions)
$20
$15
$10
$5
$0 3Q99
Source: VentureOne
1Q00
3Q00
1Q01
3Q01
1Q02
3Q02
1Q03
3Q03
1Q04
3Q04
1Q05
3Q05
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Older companies going public - years to IPO increases
Time from Initial Equity Funding to IPO In 2005, the average IPO is for a five and a half-year-old company
6 5 4
Years
5.7
5.7
5.7
4.5 3.6 3.2 3.1 2.8 2.8
3.5
3 2 1 0 1996 1997
1998
1999
2000
2001
2002
2003
2004
2005
Source: VentureOne
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Liquidity: IPO vs. M&A exits
Venture-backed IPOs vs. M&A Transactions
700
= Venture-backed M&A
600
= Venture-backed IPOs
Number of Transactions
500
400
300
200
100
0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Source: National Venture Capital Association
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Agenda
• • • • • • •
Introduction to private equity Fund structure and organization Overview of leverage buyouts Overview of venture capital Deal process/role of an associate Recruiting at Wharton Questions and Answers
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Deal process/role of an associate
Investment Model
• Identify sectors with the following characteristics – Large, high-growth market opportunity – Competition is made up of many small companies with no dominant market-share leader – Undergoing a fundamental shift in the business as a result of economic or technological change Identify initial company upon which to grow the business – Focus on companies that have meaningful revenues – Identify the company best positioned to exploit the market opportunity – Select a management team capable of carrying out an aggressive growth plan Accelerate the company’s growth through acquisition and consolidation of smaller-sized companies
•
•
With the goal of building a $750 million market capitalization company
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Deal process/role of an associate
Multiple Points of Contact
Auditors
Attorneys
Search Firms
Portfolio Company
Employees
Customers Directors
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Investors
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Deal process/role of an associate
l l l l l l l l l l l l
Source deals and initially screen opportunities Meet with management team of potential investment Partner meeting and further screening Due diligence begins Prepare formal Investment Memorandum Partners meeting and investment decision Term Sheet submission Legal negotiations Co-investor syndicate selection Due diligence checklist completed Investment closing Active investment management
Week 1
Months 2-4
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Deal process/role of an associate
Source: BVCA
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Typical Due Diligence Checklist
1. Basic Information from Company a. PowerPoint deck b. Business Plan c. Detailed revenue plan with backup assumptions 2. Ownership Structure a. Detailed Capitalization Table b. Will option pool need to be increased? 3. Market Opportunity a. Research analyst reports - size, growth, dynamics of the space b. Bottom-up analysis the size of the market 4. Competition a. Competitive Matrix including: i. Funding ii. Last Round Valuation iii. Revenues iv. Business Model v. Value inflection points 5. Public Comparables a. Business Model b. How they compare to the company being considered c. Revenue Model d. Market Cap/Revenues e. Time to IPO 6. Customer Interviews a. Relationship with the company b. Assessment of the company - Strengths and Weaknesses c. Perceived value proposition d. Project/proposed relationship details e. Comparison of alternatives - Strengths and Weaknesses f. What might be the potential revenues the company could generate? g. Who else might be interested in the company for their product/service? h. How does the technology/service fit in with other technologies/services in place at the customer i. Other potential applications/avenues for the product/service j. Hurdles to success - potential obstacles for the company to be successful
7. Analyst Interviews a. Assessment of the company - Strenghts and Weaknesses b. Market opportunity c. Competetive landscape d. Hurdles to success e. Exit opportunities - who might acquire the company 8. Management a. Detailed resumes for each member of management team b. Management interviews - determine prio experience, track record c. Open positions that need to be filled i. When will they be filled ii. Who are the candidates, type of candidates d. References i. From the management team ii. Other references from past co-workers at other companies 9. Previous Round a. Term Sheet b. Due Diligence c. Conversation with previous round investors i. From last round to this round ii. Future value inflection points 10. Sales Assessment a. Review of current accounts i. Nature of relationship, stage - e.g. pilot, beta, etc. ii. Revenue potential b. Current pipeline c. Backlog 11. Technical Assessment (if applicable) a. Determine appropriate person to do technical assessment b. Key questions i. Does it work as advertised? ii. Will it scale? iii. What are the alternative technologies iv. How much of a lead, if any, does the company have? 12. Legal Due Diligence 13. Company Specific Due Diligence
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Deal process/role of an associate
Source: EVCA
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Agenda
• • • • • • •
Introduction to private equity Fund structure and organization Overview of leverage buyouts Overview of venture capital Deal process/role of an associate Recruiting at Wharton Questions and Answers
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The hiring process – What PE firms are looking for?
Analytics/problem solving ability • Case Method • General business situations • Answer-driven diligence vs. output-driven • Judgment Desire/Energy/Drive • Willingness to work hard • Thoughtful about career goals • Very high achiever • Track record of success Fit • • • • •
Team Player Maturity Integrity Curiosity and initiative Leadership
Commercial Instinct • Business judgment
– Able to discern what is likely and what is possible – Operating pragmatism
•
Composure
– Able to interact as peer with senior professionals
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Private Equity/Venture Capital/LBO Full-Time Offers Extended to Wharton Students in 2005-2006
Abraaj Capital Limited Advantage Partners Inc. AIG Highstar Akkadian Private Ventures American Capital American Securities Capital Partners Darby Overseas Investments, Ltd. Dubilier & Co. Emerging Markets Partnership Equity International Fidelity Capital First Round Capital MKS Partners Morgan Stanley Alternative Investments Onex Corporation Partners Group Paul Capital Partners Quad-C Management, Inc.
Apax Partners, Inc.
Arlington Capital Partners Bain Capital, LLC Blackstone Group LP, The Bridgepoint Capital Brockway Moran & Partners, Inc. C.V. Starr
FriedbergMilstein, LLC
GE Capital Corporation Goldman Sachs & Company Great Hill Partners Greenwich Energy Investments, LLC GSC Partners HIG Capital
Quadrangle Group LLC
Riverside Company Riverstone Holdings LLC Sankaty Advisors Soros Fund Management LLC Sterling Venture Partners The Carlyle Group
Camden Partners Holdings, LLC
Carlyle Group, The Caxton Associates, LLC Centerbridge Capital Partners Cherokee Investment Partners, LLC Churchill Capital Circle Capital Ventures Citigroup Asian Principal Investment CMS Companies Crestview Partners
International Finance Corporation
Ironwood Equity Fund LP JLL Partners Lake Capital Landmark Partners LEM Mezzanine, Inc. LightSpeed Venture Partners Lionstone Group Macquarie Holdings (USA) Inc Metalmark Capital
The Riverside Company
Time Warner Inc. Thomas H. Lee Partners, L.P. Torch Enterprises Trivest Partners, L.P. Unison Capital Veronis Suhler Stevenson Partners LLC Vestar Capital Partners Warburg Pincus LLC WL Ross & Co. LLC
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Private Equity/Venture Capital/LBO Internship Offers Extended to Wharton Students in 2006
AEA Investors AIF Capital Allianz Capital Partners AMC Delancey Group, Inc. American Capital Apax Partners, Inc. BC Partners Bentley Forbes Buchanan Street Partners, Inc. Burrill & Company Carlyle Group, The Citigroup Alternative Investments Group Forum Gruppe GE Asia Pacific Technology Fund Golden Gate Logistic Graham Partners, Inc. Hamilton Lane Advisors Inc Hupomone Capital Partners IDG Ventures ING Clarion Real Estate Insight Equity Internet Capital Group J.F. Lehman & Company JP Morgan Bay Area Equity Fund NJTC Venture Fund Olympus Partners PA Early Stage Pacific Corporate Group LLC Palladium Equity Partners, LLC Paul Capital Partners Petrus Partners Ltd. Permira Advisors L.L.C. Quaker BioVentures RAF Industries, Inc. Relativity Fund Russian Technologies
Clearview Capital, LLC
Clearwater Capital Partners Commons Capital ContiInvestments Credit Suisse Deutsche Bank Real Estate Opportunity Fund DFJ Dragonfund
Kayne Anderson Private Investors
Keystone Property Group Lehman Brothers Holdings Inc. Liberty Associated Partners Lightyear Capital Linden LLC Loita Capital Partners International
S.R. One Limited
Sandbox Industries, LLC Sankaty Advisors Sequoia Capital Silver Point Capital Soros Private Equity Partners Sterling Venture Partners
DN Capital
Entrepreneur Partners, L.P. Falfurrias Capital Partners Fidelity Ventures Flywheel Ventures Fortress Investment Group LLC
MidMarket Capital Advisors, LLC
Milestone Partners Millennium Technology Ventures Morgan Stanley New Boston Fund
SunTx Capital Partners
SV life sciences TAMC Texas Pacific Group Veronis Suhler Stevenson Partners LLC
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Offer and Acceptance Stats for Full-time and Summer Jobs
• The class of 2006 received 74 full-time offers in private equity. 46 of these offers were accepted. • The class of 2007 received 75 summer internship offers. 57 of these offers were accepted.
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PE Recruiting Landscape for 2005* (Update)
• • • •
Firms that came on campus to recruit: 17 Firms that did a resume drop through CareerPath: 18 Firms that posted to the MBA Job Board: 69 Firms that bought the resume book: 32
*this list is mutually exclusive, so each company is only counted in one category • Total PE firms recruiting at Wharton: 136
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PE Hiring Funnel
• There was a backup in the market
– 2000-2001 analysts / associates stopped leaving for bschool – 2002-2003 MBA graduates took any P/E job
• Now looking to upgrade - limiting opportunities for current MBA’s
– 2004 – 2006 opportunities up but so are the number of qualified candidates
• The P/E Funnel: student with prior PE experience job search
– – – – 150+ letters / calls 20 legitimate opportunities / interviews 10 second rounds 1 job
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Role of the Private Equity Club
• Educates members on private equity industry; assists members in their job search • Works closely with MBA Career Management – Club events with companies (main form of company contact with students after EISs) are sometimes scheduled through the Private Equity Club – Club receives weekly emails from MBACM with updated information on EISs, job postings and major recruiting updates/changes
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Background of Candidates with PE Offers
11% 2% 25% PE VC IB Consult. Entr. HF Other
13%
6% 13%
30%
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Reasons to Consider a Career in Private Equity
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Reasons to Consider a Career in Private Equity
• • Develop wide range of skills (finance, strategy, board governance, etc.) – Team and project management Interact with senior management – Deal directly with CEO/CFO and senior management – Transactions undertaken are often high profile, company altering events Work with highly talented peers – Learn from those around you Able to take on responsibility early – Steep learning curve Industry expertise or breadth of knowledge across industries – Can specialize in an industry (e.g., Technology, Healthcare, etc.) or take a generalist approach depending on the firm Deal flow – Long-term growth in industry expected to continue and to evolve – Breadth of different types of transactions and experiences
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•
•
• •
Guidelines For Private Equity Job Search
•
•
Think Big – but be realistic and have a back-up plan
Find a passion and focus: if your direction and approach isn’t working then find another
•
Network your way into the information flow: find constituencies who share
goals and values
• Make lists, work the lists; don’t underestimate the need to “do your homework” • Seek out mentors who can offer strategic advice and act as a sounding board
to provide reason
• • • • Listen and hear what others are really saying “21 No’s” – then move on Assess and re-assess your skills and identity “Be careful what you wish for, it may come true”
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What should I be doing over the next few weeks?
Self-Reflecting on Potential Career Directions
Is private equity right for me? Am I right for private equity?
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MBA job opportunities skill-set scorecard
Entrepreneurship Capital Markets Strategy Consulting Corporate Finance Hedge Funds General Mgmt Investment Mgmt Private Equity Venture Capital Finance Accting Raw Genius Industry Knowledge Judgment Leadership Pedigree; Education Team Player
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MBA Career Management
Agenda
• • • • • • •
Introduction to private equity Fund structure and organization Overview of leverage buyouts Overview of venture capital Deal process/role of an associate Recruiting at Wharton Questions and Answers
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