Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. This means they seek to rule out any concerns about the companys future ability to be profitable (once they reach scale), so they can focus their efforts on assessing growth and expansion opportunities. The fit questions Id spend most of your time on are as follows: Related to fit, firms seek to get to know candidates on a deeper level by asking about their resume and past experiences. 01. Is it typical IB 3 statement DCF type stuff or are there growth specific technicals i should revise? The founders stake will be reduced from 100% to 80%, while the value owned by the founder has increased from $5 million to $16 million post-financing despite the dilution. The GE fund uses minimum or doesn't use debt to invest in target companies. Is there a viable exit strategy planned by existing investors and management? Sometimes they might ask the candidate to do paper LBO, 1-3 hours of LBO modeling test, or even take-home LBO model and presentation. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. 1. proven business model with demonstrated product-market fit 2. organic revenue growth, solid unit economics with great scalability 3. strong management team 4. competitive advantage and ability to address threats 5. viability of growth plan and future opportunities Top SaaS questions 1. Quick operational improvements and revenue growth of the target firm. Unlike LBO buyouts, growth investments are typically minority ownership stakes (e.g. For example, suppose the stakeholders with majority ownership desire to sell the company to a strategic, but a few minority investors refuse to follow along (i.e., drag-along the process). Some business models require massive investments in working capital in order to grow (e.g. The risk characteristics and return profile are two major points in any type of investing, and GE is not an exception. Which firms go on-cycle now? Does anyone know how to prep for a growth equity interview / what kind of questions to expect? Sure there are some exceptions. With growth, the technical modeling is important but not as big of a deal as big LBO players, so don't expect a 5 hour LBO--when I interviewed at a growth place, it was a 90 minute LBO and now that I work here it's more of a valuation exercise with a downside, base, and upside case. Learn financial statement modeling, DCF, M&A, LBO, Comps and Excel shortcuts. Professionalization of internal processes (ERP,CRM), Market expansion and customer cohort analysis, Business development and go-to-market strategy planning. Keen on working with deals in private markets, Interested in investing, operations, and using critical thinking to boost the firm's growth, Persistent working on long-term projects (building a portfolio company over the years), Open to non-deal work (company operating and underwriting). Unlike VC investing, where it is widely expected that the majority of investments will fail, companies that reach the growth equity stage are less likely to fail (although some still do). However, redemption rights are rarely exercised, since most of the time, the company would not have sufficient funds to make the purchase even if legally required to do so. The firm focuses on investing in software companies and is considered an investment leader in this sector. Those two risk-mitigating factors help diversify the portfolio concentration risk while reducing the risk of credit default by avoiding the use of financial leverage. cost of goods sold, labor, and marketing), but it excludes fixed costs (e.g. If you don't receive the email, be sure to check your spam folder before requesting the files again. Growth equity investments involve: Minority Stakes (i.e., < 50%) Using No Debt (or Minimal) Debt Those two risk-mitigating factors help diversify the portfolio concentration risk while reducing the risk of credit default by avoiding the use of financial leverage. This will be more common for junior roles. In this article, I will discuss the major categories for growth equity interview questions, and I will provide specific examples of questions and answers, where possible. VC and leveraged buyout private equity are two ends of the investment line. As an example, Airbnb has this very dynamic. They invest in firms with proven market demand and scalability. These companies have lots of fundraising options. The industries of target firms are tech, fintech, biotech, etc. Once you have your anecdotes be sure to practice telling them in a compelling way. This question is starting to test the degree to which you think like an investor and have an awareness of what factors are important for growth investors to consider. Learn Online: Understand the analysis done by venture capital professionals in early-stage investing. Even if a company could grow quickly, if they require lots of funding to fuel each new leg of growth, you will want to be cautious as an investor since the company may require more new capital to scale, which will decrease your return by dilution. TheLBOPE and GE funds invest in relatively mature companies with established products and models. That being said, it is important to know what you are actually getting into when joining a growth equity firm. The main differences between the work in GE and work in PE are the following: Sourcing:In some firms, Junior analysts have to do primarily cold calls and cold emails all day. However, VC funds invest in early-stage companies to conduct market research and develop the product. GE lies right in the middle of that line. Non voluptatem beatae expedita sit sed omnis. It can be very beneficial to have interest areas that overlap with the focus of the fund, on top of having the proper soft skills to represent the firm. The seed round will involve friends and family of the entrepreneurs and individual angel investors, Seed-stage VC firms can sometimes be involved, but this is typically only when the founder has previously had a successful exit in the past, The Series A round consists of early-stage investors and typically represents the first-time institutional investment firms that will provide financing, Here, the startup is focused on optimizing its product offerings and business model and developing a better understanding of its users, The B/C funding rounds represent the expansion stage and still involve mostly early-stage venture firms, The startup has gained initial traction and shown enough progress for the focus is now trying to scale, which involves hiring more employees (e.g., sales & marketing, business development), The Series D round (and onward) represents late-stage investments where the new investors providing capital will usually be growth equity firms, Investors provide capital under the belief the company has a real chance at undergoing an IPO or a profitable exit to a strategic in the near term. In most cases, there might even be no controlling shareholders. Insight Partnersis a venture capital & private equity investment firm founded in 1995. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Rem porro eos sunt debitis facilis at. Rather than rehashing it here, I strongly recommend you check out my dedicated article on pitching a stock in interviews for a complete, step-by-step process to finding and pitching stocks. The purpose of the cap table is to track the equity ownership of a company in terms of number, type of shares (i.e., common vs. preferred), the investment timing in terms of the series, as well as any special terms such as liquidation preferences or protection clauses. Are you comfortable with sourcing and financial modeling? Qui rerum laudantium enim sed voluptas. The GE strategy is between venture capital (VC) and private equity (PE). So, first, let's discuss the similarities and differences in the recruitment process. 7. That is very helpful for the growing company to scale faster. Voluptatem at repellendus qui ab repudiandae illo consectetur est. While its unlikely candidates would encounter all (or even most) of the investing questions that follow, its important that candidates internalize how growth investors think, so they can work through questions on their own. Many have some debt. For these anecdotes, its best to draw from work experience, but dont be afraid to draw from college or extracurricular experience if its really compelling. I remember in my own interviews I was once asked, tell me about a time when you demonstrate attention to detail. The anecdote I used was from a job I had in college putting out tables and chairs for an event space (i.e. Thus it has less control over the strategic and operational decisions of the target firms. What do you look for in a good candidate for growth equity? The liquidation preference determines the relative distribution between the preferred shareholders and the common shareholders. They acquire a majority or 100% of the target company. Researched and authored by Almat Orakbay | LinkedIn, Reviewed and Edited by Aditya Salunke I LinkedIn. For example, shareholders might want to sell the firm in 5 years. As with private equity interviews, growth equity interviews can also involve highly technical questions. A type of private equity that focuses on investing inlate-stagegrowth firms that need to scale their businesses. Even if the business has no leverage, growth investors care about this because cash flow and capital efficiency are key determinants of returns (and conversely, dilution). Sometimes you only need to be right about one or two of the Ms. In addition, the fund generates revenue through exit strategies such as selling the firm to a strategic buyer, financial buyer, or IPO. Nulla nemo molestias perferendis a. Dolores velit beatae dolorem culpa vel doloremque et excepturi. The candidates may come from various backgrounds: investment banking, consulting, product development, entrepreneurship, and engineering. Here, the objective is more related to riding the ongoing, positive momentum and taking part in the eventual exit (e.g., sale to strategic, Initial Public Offering). They also target the planned allocation of the cash proceeds into re-investment, unfunded growth opportunities, etc. The typical examples of expertise are the following: Capital structure optimization (debt financing, restructuring). The compensation is a little bit lower than that of PE. Typically, a growth equity transaction involves a significant minority investment (e.g. Understanding a companys unit economics is a very important part of diligence for growth investors because they seek to take market and execution risk, not business model risk. The answer is it depends. Before Bain Capital he spent one year at Fidelity Equity Partners, a middle market growth-LBO fund. The compensation is the lowest among all three. After all, these are typically the best companies in the fastest growing markets so even though firms seek to have proprietary deals, theres usually going to be competition. 1. The fund might not always offer the solution directly. However, the number of places is limited. General Atlanticis an international firm founded in 1980 by Chuck Feeney. Therefore, the associate will need to accumulate data points from each interaction to build upon the funds understanding of the market. But, before that, the investment fund gathers information about the short- and long-term goals of management and shareholders. Ideally, youve picked companies operating in great markets for your stock pitches and sourcing exercise. As with many questions, here the interviewer is trying to assess the degree to which you understand investing fundamentals and your ability to communicate clearly and succinctly. For example, the firms have a clear customer acquisition strategy: expansion into a new market, acquisition, etc. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. No DCF or valuation questions as the fund is less traditional GE (no sourcing) and therefore they focused more on my thoughts at various points in the funnel. You are the flag bearer for the firm and will talk to thousands of CEOs so this part is super important. Recruiting is also very similar to that of private equity. Thats why Ive written an entire article dedicated to the most common growth equity technical questions. All investment firms love to feel like they are getting the top talent. In your answers, help them out by highlighting areas youve been the best (e.g. That said, to accurately calculate their share of the proceeds (and returns) in a potential exit, it is crucial for growth capital investors to closely examine existing contractual agreements and the cap table. I'm joining a GE firm in April and below is what my interview process consisted of: Where did the technical questions arise here? Growth equity firms generate investment returns by investing in companies that create value through profitable revenue growth. They invest in firms operating inTMT, financial, and healthcare industries. Thanks for this. In PE, you have to do heavy due diligence because PE acquires 100% of the target firm and must ensure that the company will be profitable. This is because the product idea potential has been validated, whereas product development is still ongoing in earlier stages of the business lifecycle. So, let's talk about growth equity: what it is, how it works, the difference among other types of funds, the trends, and the career-building in this field. The target companies have stable free cash flows that ensure the ability to pay down the debt. 5-49% ownership) into a company that is growing quickly. For example, the fund can provide a networking opportunity for the target company, its management team, and the board of directors. The firm also has credit and public equity investing products. Sint ut est nemo cum eum aut molestiae sint. Use code at checkout for 15% off. Most of the time spent on interaction with the management team and bankers, financial modeling, and due diligence will go straight to sourcing and market research. The work consists of. These investments entail much greater risk of failure; given this, the expectation is that most venture investments will fail, but the gains from good bets will more than make up for losses from the bad ones. How much did you prepare for GE and was this off cycle? Here are the average numbers in North America (as of 2019). Its very important for firms to screen for fit because in growth equity, junior investment professionals are often on the front lines representing the firm when meeting new investment targets. Growing Interest: You developed your interest with a buy-side internship, more personal investing, a student investment club, and other tactics. Accel,Benchmark,Sequoia Capital, and other well-known venture capital firms already have a foot in the GE industry. The company invests in firms operating in the technology, healthcare, financial services, consumer, and business services industries. 29. The regular revenue of target firms is up to $3M. In your history with Growth Interviews have they asked any of the following? Nevertheless, the risk of failure is much lower in GE. That is the distinctive feature of GE's investing strategy. As a result, the GE funds expect to get positive returns from their investments with no risk of losing the majority of their portfolio. 1. For each fund you interview with, you should look up their prior deals and have specific questions. sounds like a very long process, are you based in the US? If the company isnt profitable today, there are a couple key factors youll consider as a growth investor: Yes working capital can be a key component of cash flow and capital efficiency. That's why the only thing they can rely on is trust. Finally, no matter what approach you take with this question, Id recommend a short caveat for your interviewer along the lines of One of the reasons Im excited about this role is to develop and refine my growth investing approach, but my current framework is A little humility, especially in an interviewer, can go a long way. The salary and compensation vary across the regions and countries. Uses of Growth Equity Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats 10:00AM EDT. Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats Apr 29 - 30 10:00AM EDT. The following section discusses how GE works, strategies, target company profile, risk characteristics, and return profile. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. You will get several tell me about a time questions. Sorry, you need to login or sign up in order to vote. Conversely, so-called negative working capital dynamics can help accelerate the growth and capital efficiency of a company. Firm Knowledge:What's our firm's current portfolio? Furthermore, target companies usually operate in the technology, financial, healthcare, and other innovative sectors. Can one lateral from mid-size VC to "large" VC? Therefore, the best way to create enduring value is to have as strong a business model as possible. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Recruitment advice. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. When you're faced with a case study, he says you need to think in terms of: the industry, the company, the revenues, the costs, the competition, growth prospects, due dliligence, and the transaction itself. A pay-to-play provision incentivizes investors to participate in future rounds of financing. Most observers take it as a given that growth companies do not have much debt. They have already achieved positive revenue, and they are on the way to profitability. For example, let's say you are accepted in 2022. Corporis neque ipsa aliquam quas voluptatem. Deals are simpler than PE deals; thus, finding a great company first is a winning strategy. So you can move to the industry from more general background likemanagement consultingandproduct management. Both GE and VC investments focus on the companies operating in innovative industries (technology). Study Resources. Also, the fund looks at the following significant points: Attainable and reasonable market share estimated by the target company (the clear target customers), The efficient expansion growth pace (at maximum capacity) of the company (industry standards, average indicators given the company's size, geographic location, industry), Funding requirements for future growth (the acquisition, buying long-term assets, etc.). Investment bankers are the expected candidates for that role. It's popular for the same reason that value-add real estate is popular: it seems to offer the best of both worlds. Since a companys growth trajectory is so dependent on the market they are serving, it makes sense that growth investors focus so heavily on markets. Growth Capital for Exceptional Entrepreneurs | Summit Partners was founded in 1984 with a commitment to find and partner with exceptional . How did you prepare for these kinds of things (mock sourcing call, etc)? The growth equity case study is the source of much anxiety for candidates preparing for interviews. The company receives cash from the guest at the time of booking, which is often far in advance of the time of check-in when the host is paid. 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries), All-access Pass: All Interview Courses & WSO Services. Interested in hearing about growth equity interviews from people who have gone through the process recently (last 1-3 years). These types of provisions require existing preferred investors to invest on a pro-rata basis in subsequent financing rounds. Apr. The firm's competitive advantage is its pattern recognition in scaling up companies. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex, How do you measure yourself against other golfers The target firms use GE as a tool for growth rather than survival. Oftentimes, the initial investment theme will come from higher-ups, and then the junior employees will be responsible for compiling a list of companies that are connected to the given theme. The most important question: does this job makes sense to me? Suppose the target company addresses all of the above criteria. The only possible risks are execution risk and management risk. Generally, growth rounds occur after early stage venture investments, but before IPO. It has $39 billion inassetsunder management dedicated to GE investing. Management interaction:Since the growth equity will not have controlling ownership, the interaction with the management team in GE is less than that in PE. Guide to Understanding the Growth Equity Interview. To do well in this cold calling exercise, one should: Be able to introduce the firm background in a concise manner and right away convey the potential fit between the fund strategy and the company, Ask questions to management that pertain directly to determining whether it would be worth scheduling further calls (i.e., straight to the point), Show adequate industry knowledge to come across as competent in the industry vertical and having done enough research ahead of the call, Run the company through the firms investment criteria but in a conversational tone without the call coming across as a laundry list of questions, Another common exercise is being asked to pitch a company of interest. The following two sections discuss the differences between GE and other investment strategies in terms of multiple metrics, investment philosophies, and the target companies. GrowthCap's Top 25 Growth Equity Firms 1 INSTITUTIONAL VENTURE PARTNERS Average Net IRR: 25% - 30%* Institutional Venture Partners (IVP) is a US-based private equity investment firm focusing on later-stage venture capital and growth equity investments. The typical holding period of VC investments is 5-10 years, the IRR is 35-50%, and the exit multiple is 5-10X. My understanding was that most growth funds were off-cycle, and on-cycle was limited to just the growth arms of MFs/HFs and a few others e.g. However, due to the competition in the industry, some investment funds differentiate themselves by delivering those monetary and expertise resources. Did not come close to any other PE, IB, PERE or VC interview I've done but pulled small elements from all of these industries. 4. 6. Usually, growth equity firms seek to invest when the unit economics of the company have been "de-risked," and the company is looking to raise money in order to expand to new products, services, or geographies. The firm's primary focus is investing in high-growth tech and ScaleUp software businesses disrupting the industries they operate. If you want more practice questions or more in-depth discussion, check out my comprehensive growth equity interview prep course to go even deeper. Est repudiandae est inventore est placeat aperiam occaecati. I've done as few as 5 and as many as 16, so it's a stamina game as well. Wh en a lousy team meets a great market, market wins.. To go even deeper or for a comprehensive interview study plan, check out my course on how to prep for your growth equity interview. For this question, you might acknowledge that you know you wont win every deal, but your job will be to put the firms best foot forward with every entrepreneur. Almost all businesses need external funding or operational guidance to scale their business. This indicates to the interviewer that preparation was done in advance and there is a specific reason for wanting to join this firm in particular. Thats why Ive answered each question below in depth, so you can fully understand and start to develop your own instincts. India & Southeast Asia:Jakarta, Mumbai, and Singapore. These numbers are pretty low for an internship position: typically 1, maximum of two rounds. Since there are an infinite number of behavioral questions one could be asked, to prepare I generally recommend candidates brainstorm 4-5 compelling stories they can use to draw from during behavioral questions. first analyst to be picked for X honor in their first year), or only (e.g. The other things that the target company needs are expertise on how to scale and navigate the obstacles in its business. 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