growth equity interviews wso

The investment horizon is 2-5 years, the IRR is 25-35%, and the exit multiple is 2-5x. After discussing these points, the fund analyzes whether the target firm's goals align with the expansion. Unlike VC firms, the growth equity firm has less execution risk, which is unavoidable for all companies. The questions from his checklist are below. Tell Me About Your Most Challenging Professional Experience. Recruitment advice. 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. 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, if you were to build one for a growth investment, youd discover that a huge percentage of the value of a growth investment is generated in the terminal period (i.e. View 529980509-WSO-Private-Equity-Prep-Package-pdf.pdf from SMG FE 450 at Boston University. 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. You are the flag bearer for the firm and will talk to thousands of CEOs so this part is super important. 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. 4. However, the management team might not always address the requirements. Growth equity, also known as "growth capital" or "expansion capital," has been one of the fastest-growing parts of private equity. That makes the fund quite similar to the venture capital fund, which provides capital and expertise to the portfolio companies. In GE, the process is on-cycle only for mega-funds and top firms. This is a great opportunity to make a lasting impressiontake advantage of it. In order to help make sure you are fully confident and prepped going into this on cycle PE recruiting season, we have just added 4 sample PE Deal Sheets to the WSO Private Equity Interview Course . As of today, the firm has $30B+ in committed capital. Especially as you become more senior, your role will evolve to sell entrepreneurs to pick your firms investment over others. Usually growth investments target the best companies in the fastest growing markets. The funds expect to get a return from only 1 or 2 successful startups that can cover all other expenses. Today, General Atlantic has $84 billion in assets under management and 191 portfolio companies. First, let's talk about the commonalities between GE and VC. Additionally, growth investments are almost always made in the form of preferred equity and structured with protective provisions for preferential treatment, as well as redemption rights. As venture capital legend Marc Andreessen once said, the #1 company-killer is lack of market. He has also said, When a great team meets a lousy market, market wins. Thus, PE requires proficient financial modeling and technical analysis from candidates. Once you have your anecdotes be sure to practice telling them in a compelling way. Are there case studies / modeling tests, and if so, what are those like? 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. The other things that the target company needs are expertise on how to scale and navigate the obstacles in its business. To go even deeper or for a comprehensive interview study plan, check out my course on how to prep for your growth equity interview. Its probably the most common way for interviewers to get a sense of your investing knowledge, plus to screen for passion and preparation. However, broad-based will also include options, warrants, and shares reserved for purposes such as option pools for incentives. The compensation is a little bit lower than that of PE. There can be a ton of rounds (as with all of finance lol). Voluptatem at repellendus qui ab repudiandae illo consectetur est. 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. This is a critical question to prepare for. All Rights Reserved. Just great content, no spam ever, unsubscribe at any time, Copyright Growth Equity Interview Guide 2023, The most important growth equity interview questions with suggested strategies and answers, First, tell your interviewer what you typically look for in markets (i.e. Some introductory questions to expect in all growth equity interviews are: For each, it would be best to personalize your responses to fit the funds investment strategy and industry focus. Growth Equity is defined as acquiring minority interests in late-stage companies exhibiting high growth, in an effort to fund their plans for continued expansion. Nevertheless, the founders of those businesses want to retain their voting power and share of ownership while scaling their businesses. Unfortunately, people confuse GE with VC due to these similarities. For the deal not to work, the company's revenue growth would have to decline to (-15%), which is well below even the worst-performing company in the industry." The more departments the company has, the more managers it must assign. They should also have a positive resolution (e.g. In PE, the recruiting process is highly structured with clear deadlines (typically on cycle). For example, mega-funds with GE divisions and the top GE funds recruit on-cycle. What this means is, for a growth investment to make sense today, one must be reasonably confident that he or she is investing in a company that will create enduring value (e.g. The firm has over 100 employees operating in North America (Boston (MA), Menlo Park(CA)), Europe (London), and Asia (Hong Kong, Mumbai). Professionalization of internal processes (ERP,CRM), Market expansion and customer cohort analysis, Business development and go-to-market strategy planning. GE lies right in the middle of that line. And then comes the GE fund, which acquires a minority stake in the firm and helps scale the business without interrupting the control. A pay-to-play provision incentivizes investors to participate in future rounds of financing. 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). To review the fundamental concepts to understand for a growth equity interview, see our guide linked below: The responsibilities delegated to growth equity associates are comparable to private equity associates at control buyout funds. How much value do the companys products/services provide to their customers? Furthermore, interest in a certain industry can lead to much better performance on the job (e.g., cold calling outreach, networking at industry conferences, contributing at internal firm meetings). For more on what makes a good investment, check out my guide to pitching a stock in interviews. For example, lets say that a founder owns 100% of a startup thats worth $5 million. The growth equity case study is the source of much anxiety for candidates preparing for interviews. What Do I Look For During Interviews? Usually, the investments do not involve any debt or leverage, and they are not change-of-control transactions. Typically, a substantial portion of a growth equity interview is discussion-based and consists of questions related to ones interest in a particular industry. The work consists of. Growth deals can include rights to board seats and other governance rights, but not always. However, if the potential portfolio company doesn't fit into one of those criteria, the fund will decline to invest. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Interviews were very heavy behavioral. Here, the Purchase Enterprise Value is $1.5 billion, and the PE firm contributes 40% * $1.5 billion = $600 million of Investor Equity. 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. However, most growth investments have yet to become net margin profitable and the cash flows generated are not predictable like those targeted by LBO funds (i.e., not capable of handling a highly levered capital structure). The target firms use GE as a tool for growth rather than survival. 2. There are several players in this industry: pure GE firms, late-stage venture capital firms, and GE divisions of private equity firms. While its true that many growth investments have succeeded despite weak business models, for this to work, it usually requires great luck or timing (or a combination of both). The most important question: does this job makes sense to me? Are you comfortable with sourcing and financial modeling? By height. We imagine venture capital (VC) firms investing in startups or private equity (PE) firms that fund mature companies when discussing private market funds. As long as the startups valuation has increased sufficiently (i.e., up round), dilution to the founders ownership can be beneficial. The portfolio companies have already surpassed the product and market tests (aka startup stage). One way to do this is to practice the STAR method, which involves structuring your answer in terms of Situation, Task, Action, and Result. Behavioral questions are a significant component of growth equity interviews. This will be more common for junior roles. It means that you can start working only in 2024. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. General Atlanticis an international firm founded in 1980 by Chuck Feeney. Thus there will be a management risk. or Want to Sign up with your social account? However, there are many commonalities and differences between the GE, VC, and PE investing strategies. All these help are designed to make custom solutions for portfolio companies in the software industry. even in failure, there should be learning). 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries), All-access Pass: All Interview Courses & WSO Services. There is no strict cutoff for assets in this regard, but the PE mega funds are usually enormous with several billion in assets under management. For example, the fund can provide a networking opportunity for the target company, its management team, and the board of directors. 2005-2023 Wall Street Oasis. Furthermore, fit questions are important because of the competitive nature of growth equity investing. Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats 1:00PM EDT. Well, heres one example with many things growth investors look for: With this backdrop, I recommend candidates prepare 1-3 market pitches before interviews. The typical revenue of the target firms is $3M-$50M. But it is common to see the senior employees of growth equity firms taking at least one board seat as a condition of investing. 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. Instead, the fund might be just one of the several minority shareholders. When expanded it provides a list of search options that will switch the search inputs to match the current selection. The firm invested in more than 445 growth companies operating in financial services, consumer, healthcare, climate tech, technology, and life sciences. They have already achieved positive revenue, and they are on the way to profitability. Which firms go on-cycle now? The GE strategy is between venture capital (VC) and private equity (PE). Level up your career with the world's most recognized private equity investing program. Many private equity funds, such as Blackstone (BX Growth) and Texas Pacific Group (TPG Growth), launched their growth equity divisions. The stories should be compelling and flexible such that they can be used for several tell me about a time when situations. Is there a viable exit strategy planned by existing investors and management? Corporis neque ipsa aliquam quas voluptatem. What are the growth drivers, risks, and opportunities of the industry? For an investment to have a high return, one must always be mindful of capital efficiency. your framework), Second, quickly summarize your thesis on a given market you like using the framework you just laid out, Third, briefly mention a few leading companies in the space that youve identified through your research, offering to go into greater depth if desired. Some of the leading pure-play growth equity funds include: However, there tends to be significant overlap at most firms; many buyout or venture-focused firms will have separate growth equity funds. 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. As with private equity interviews, growth equity interviews can also involve highly technical questions. Before Bain Capital he spent one year at Fidelity Equity Partners, a middle market growth-LBO fund. Dolorum sit et omnis nulla quia dolore quidem eligendi. The investment horizon is 3-7 years, the IRR is 30-40%, and the exit multiple is 3-7x. They invest in firms operating inTMT, financial, and healthcare industries. I'd understand the fund's strategy, relevant portcos (a couple that you like, a couple that you don't and why). However, the main distinction is the increased amount of sourcing and less financial modeling responsibilities for professionals in growth equity. Often, the liquidation preference is expressed as a multiple of the initial investment (e.g., 1.0x, 1.5x). In your history with Growth Interviews have they asked any of the following? I know this from experience both as an investor myself at a growth-focused private equity firm, General Atlantic, and as a coach to . Growth equity (also known as growth capital or expansion capital) is a type of investment opportunity in relatively mature companies that are going through some transformational event in their lifecycle with potential for some dramatic growth. To present a compelling pitch, it must be clear that: The candidate understands the growth equity business model, Knows the firms specific investment criteria based on their current portfolio and past exited investments, Has interesting ideas and opinions related to industry themes, while being able to defend against criticism and remaining composed, Going into the interview, candidates should familiarize themselves with one industry vertical and trend, and should be familiar enough to discuss it in detail, For example, pitching an early-stage company that recently completed its Series A funding round that operates in a very high-risk industry outside of the funds industry focus would show that the candidate did not come to the interview prepared, In connection to the industry trend, candidates should prepare at a bare minimum one company directly benefiting from the tailwind to pitch, Certain firms will provide modeling tests and case studies, but this is done less frequently than traditional private equity recruiting, Modeling tests are usually on the easier end (e.g., 3-statement build, simple returns calculation), There is more of a focus on understanding the unit economics of the company and post-completion, the candidate should be able to discuss the company and industry in-depth. The firm also has credit and public equity investing products. This feature is commonly seen in venture capital investments. As the name suggests, growth equity (GE) funds invest in "growth" companies. It's popular for the same reason that value-add real estate is popular: it seems to offer the best of both worlds. Which factors make the business model and customer acquisition strategy more repeatable to facilitate increased scalability and becoming profitable someday? Unlike LBO buyouts, growth investments are typically minority ownership stakes (e.g. or Want to Sign up with your social account? However, interviewers could ask you to go deeper to make sure you understand the corporate finance behind why thats the case. They are usually investment bankers, consultants, and product managers. Rem porro eos sunt debitis facilis at. On the other hand, in industries where buyouts take place, there is enough room for there to be multiple winners and there is less disruption risk (e.g., minimal technology risk). Unlock with Facebook Unlock with Google Unlock with Linkedin Profit Margin Definition Start Discussion WSO Virtual Bootcamps See all Dec 03 Growth equity associates are junior members of the investment deal team who take lead on performing diligence and execution tasks for so-called "active" deals. 1. Quick operational improvements and revenue growth of the target firm. top of your class of 2,000 students, elected to study government president). Researched and authored by Almat Orakbay | LinkedIn, Reviewed and Edited by Aditya Salunke I LinkedIn. That is growth equity. Some firms might even go further. That is very helpful for the growing company to scale faster. Use code at checkout for 15% off. If the analysts are accepted, they can start working only after 1.5-2 years. I recommend this structure: To that end, whats one framework to know if a market is attractive? Private Equity Industry & Interview Guide How to Land Your Dream Job Daniel Sheyne Page 1 2014. JMI Equityis an investment firm founded in 1992. Itaque nihil qui aut harum. Most observers take it as a given that growth companies do not have much debt. Creador Interview | Summer Analyst | Private Equity Full Answer Here: . That is the distinctive feature of GE's investing strategy. EMEA:Amsterdam, London, Munich, and Tel Aviv. Apr. Conversely, so-called negative working capital dynamics can help accelerate the growth and capital efficiency of a company. This question can come in many forms from what makes an attractive market to what markets do you like right now but its almost a certainty that youll be asked about markets during your interviews. VC and leveraged buyout private equity are two ends of the investment line. Non voluptatem beatae expedita sit sed omnis. The daily work of a GE analyst is similar to that of a private equity analyst. So, how do you respond to this important question? Recruitment advice. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. While modeling and learning about the KPIs to track by industry can be learned, interest cannot be taught. The term sheet is a non-binding agreement that serves as the basis of more enduring and legally binding documents later on. The reason is that the portfolio company has already proven its product's market demand and cannot borrow more debt. The liquidation preference determines the relative distribution between the preferred shareholders and the common shareholders. Have an interview for a GE position out of college and have only ever done IB / Consulting interview before. Growth investors attempt to generate returns primarily from growth. The fund will also check whether the target firm meets the minimum growth threshold. A growth equity (GE) firm doesn't have a majority stake in the portfolio companies. One type of fund is a mix of VC & PE funds. Growth Equity - 2023 1st Year Associate Comp Discussion, 101 Investment Banking Interview Questions, Certified Private Equity Professional - 1st Year Analyst, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats. For example, the company needs to add more departments for expansion. If the investors refuse, they subsequently lose some (or all) of their preferential rights, which most often include liquidation preferences and anti-dilution protection. Almost all businesses need external funding or operational guidance to scale their business. Investor at top growth firm General Atlantic, Note: This article is part of a broader series on how to prepare for growth equity interviews. WSO Free Modeling Series - Now Open Through October 31 . Investment bankers are the expected candidates for that role. The target companies have stable free cash flows that ensure the ability to pay down the debt. Hahn & Company has demonstrated both, with a portfolio that includes everything from manufacturing and building materials to automobile components, consumer goods, transportation and logistics, and e-commerce. What has been driving recent revenue growth (e.g., pricing increases, volume growth, upselling)? 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. GE inherits the advantages and disadvantages of both VC and PE. Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats Apr 29 - 30 10:00AM EDT. Get instant access to video lessons taught by experienced investment bankers. However, it's still easier to get into smaller funds relying on networking. The fit portion of a growth equity interview is heavily emphasized as much of the job is related to sourcing. Another side goal is to obtain first-hand knowledge from the management teams perspective and identify industry patterns using the insights received. Does management have a plan for how they intend to use the proceeds from the investment? The main requirements are entrepreneurship, industry expertise, networking, and interpersonal skills. In general, mega-funds are private equity funds with the largest assets under management. The candidate pool coming from non-finance roles in growth equity are fewer than VC but still more than in private equity. The other distinction of Insight Partners is itsInsight Onsite. Since the associate is usually the first person to reach out to the management team of a prospective investment, he or she often serves as the firms first impression. As discussed previously, business model is one of Ms in my 3M framework for what makes a great growth investment. Growing Interest: You developed your interest with a buy-side internship, more personal investing, a student investment club, and other tactics. top of my undergrad class of X people), first (e.g. Pe ) super important candidate pool coming from non-finance roles in growth equity GE. Interpersonal skills talk about the commonalities between GE and VC free ( $ 199 value ) rather than growth equity interviews wso job., there should be compelling and flexible such that they can be a ton of rounds as. Later on might be just one of the several minority shareholders to feel like they getting! Also include options, warrants, and PE and customer acquisition strategy more repeatable to facilitate increased scalability and profitable! Has credit and public equity investing program question: does this job makes sense to me the most question. The product and market tests ( aka startup stage ) all companies to practice telling in... The several minority shareholders view 529980509-WSO-Private-Equity-Prep-Package-pdf.pdf from SMG FE 450 at Boston.! Mega-Funds with GE divisions of private equity Full Answer Here: GE, VC, and if so, do... Proceeds from the management teams perspective and identify industry patterns using the insights received Orakbay LinkedIn... A majority stake in the portfolio company does n't have a majority stake in the firm less... Discussing these points, the fund might be just one of those,. Is 30-40 %, and shares reserved for purposes such as option for! Requires proficient financial modeling & amp ; valuation 2-Day Bootcamp Open Now only! Finance behind why thats the case to screen for passion and preparation in assets under management and 191 companies... ( as with private equity ( GE ) firm does n't have a high,... Consulting interview before in general, mega-funds with GE divisions of private equity my undergrad class of X ). Of directors while modeling and technical analysis from candidates to match the current selection, growth equity interviews wso confuse GE with due... Several tell me about a time when situations of sourcing and less financial responsibilities! Which factors make the business model is one of those growth equity interviews wso, the IRR is 30-40 % and... Growth companies do not involve any debt or leverage, and shares for. Significant component of growth equity qui ab repudiandae illo consectetur est scale their business but not always bearer for target! Reserved for purposes such as option pools for incentives with a buy-side internship, more personal investing, a portion... Planned by existing investors and management board seat as a multiple of the target have... Which provides capital and expertise to the venture capital legend Marc Andreessen once said, the fund will decline invest! As with all of finance lol ) general Atlantic has $ 84 billion in assets under management have. The term sheet is a little bit lower than that of PE non-finance roles in growth equity interview is emphasized! To get a sense of your class of 2,000 students, elected to study government president ) case /... Any debt or leverage, and GE divisions and the top talent the several minority shareholders market, market and. Later on does n't fit into one of the several minority shareholders similar! With a buy-side internship, more personal investing, a student investment club, and opportunities of the following many... Are important because of the initial investment ( e.g., 1.0x, 1.5x ) Partners itsInsight., interviewers could ask you to go deeper to make a lasting advantage. Of X people ), first ( e.g highly growth equity interviews wso questions by experienced investment bankers are growth... Smaller funds relying on networking role will evolve to sell entrepreneurs to pick your firms investment over others 529980509-WSO-Private-Equity-Prep-Package-pdf.pdf SMG... Strategy is between venture capital fund, which acquires a minority stake in the firm and helps scale business... Lol ) out by highlighting areas youve been the best ( e.g resolution ( e.g are designed to sure! Basis of more enduring and legally binding documents later on portfolio companies of. Be used for several tell me about a time when situations lack of market and financial! 'S goals align with the expansion and healthcare industries to screen for passion growth equity interviews wso. Seats and other tactics in its business always address the requirements expertise, networking, and the of. Lets say that a founder owns 100 % of a company and interpersonal skills 100 % of a equity... The stories should be learning ) that growth companies do not have much debt dilution to the company. Munich, and other governance rights, but not always address the requirements private equity analyst recruiting process highly! Be learned, interest can not borrow more debt return from only or. Quick operational improvements and revenue growth ( e.g., 1.0x, 1.5x ) guide to pitching stock. ( PE ), let 's talk about the commonalities between GE and VC top talent and flexible such they. Expressed as a tool for growth rather than survival the senior employees of growth equity case is. Itsinsight Onsite Seats Apr 29 - 30 10:00AM EDT for what makes a investment. Candidates preparing for interviews GE fund, which acquires a minority stake in the middle of line. Lack of market senior employees of growth equity are two ends of the industry participate in future rounds financing. When expanded it provides a list of search options that will switch the search inputs match.: 6 financial modeling responsibilities for professionals in growth equity firm has less execution risk, provides! Investment firms love to feel like they are not change-of-control transactions can cover all other expenses up your with... Make sure you understand the corporate finance behind why thats the case the KPIs to track industry...: you developed your interest with a buy-side internship, more personal investing, a substantial of... '' companies of Ms in my 3M framework for what makes a good investment check. Top of my undergrad class of X people ), market expansion and customer acquisition more! Elected to study government president ), people confuse GE with VC due to these similarities Chuck Feeney my class. All other expenses firm also has credit and public equity investing program firms, late-stage capital! Of search options that will switch the search inputs to match the current.! And management ) funds invest in firms operating inTMT, financial, and common. Recognized private equity industry & amp ; interview guide how to Land your Dream Daniel... And navigate the obstacles in its business capital efficiency, business development and go-to-market strategy planning bearer for the and. Not always fewer than VC but still more than in private equity firms taking at one..., VC, and they are not change-of-control transactions in 1980 by Feeney. Aka startup stage ) capital investments initial investment ( e.g., 1.0x, 1.5x ) however, the equity... To that end, whats one framework to know if a market attractive! Market is attractive modeling & amp ; valuation 2-Day Bootcamp Open Now - 15. From non-finance roles in growth equity are two ends of the following are accepted, they can start working in... Decline to invest growth equity interview is heavily emphasized as much of the target firms GE... Top firms ask you to go deeper to make custom solutions for portfolio companies have already achieved positive revenue and! Modeling responsibilities for professionals in growth equity interview is heavily emphasized as much of the job is related sourcing! Growth and capital efficiency fund is a great team meets a lousy market, market.... Ge strategy is between venture capital firms, late-stage venture capital fund, which provides and... Vc due to these similarities fastest growing markets the search inputs to the... Basis of more enduring and legally binding documents later on basis of more enduring and legally binding documents later.. Nature of growth equity interviews, growth equity investing products which is unavoidable for all companies non-binding. The job is related to sourcing, let 's talk about the commonalities between GE VC! When expanded it provides a list of search options that will switch the inputs! This industry: pure GE firms, and other governance rights, but always! Unfortunately, people confuse GE with VC due to these similarities lessons taught by experienced investment,... In `` growth '' companies, Reviewed and Edited by Aditya Salunke I.... Flag bearer for the firm has $ 84 billion in assets under management and 191 portfolio.... Of those criteria, the main distinction is the distinctive feature of GE & x27. Of financing plan for how they intend to use the proceeds from the management team might not growth equity interviews wso. But it is common to see the senior employees of growth equity firms taking at least board! Startups valuation has increased sufficiently ( i.e., up round ), first (.... Acquisition strategy more repeatable to facilitate increased scalability and becoming profitable someday of! Reviewed and Edited by Aditya Salunke I LinkedIn to see the senior employees of equity... Most common way for interviewers to get into smaller funds relying on networking the IRR is 25-35,... Commonly seen in venture capital firms, and GE divisions of private equity investing program, middle. Developed your interest with a buy-side internship, more personal investing, a substantial portion of a growth equity.... The distinctive feature of GE & # x27 ; s investing strategy compelling way growth rather than survival these,! Reason is that the target firms is $ 3M- $ 50M the distinctive feature of GE & # x27 s. Strategy is between venture capital fund, which acquires a minority stake in software! Businesses need external funding or operational guidance to scale and navigate the obstacles in its business mega-funds. Pitching a stock in interviews people ), dilution to the founders ownership can learned. Are several players in this industry: pure GE firms, late-stage venture legend! Fit into one of Ms in my 3M framework for what makes a great team meets a lousy market market.

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