Seeking Resources for PE Prep: IC Memos/CIMs/Verbal Cases
Hello everyone, as a second-year analyst at an MBB firm, I’m beginning my preparation for private equity recruiting. I plan to connect with current PE associates and reach out to friends in banking for resources, but I’d appreciate your guidance on where to find examples of the following:
-
IC Memos: I understand these are typically internal documents, but I’m preparing for on-cycle and off-cycle processes. Any illustrative or concise examples would be greatly appreciated.
-
CIMs: I’ve come across some older materials from credit investors (e.g., American Casinos, Merlin Entertainment, NPC/Pizza Hut) and one from a commercial due diligence process, but I’m looking for more recent examples. I assume these aren’t readily available on SEC/EDGAR, and as a non-banker, I don’t have much access.
-
Model Tests: Are there any Google Drive folders with model test examples for mid-market and upper mid-market on/off-cycle recruiting? How frequently do candidates receive pure modeling exercises compared to information packs that include a 10K, CIM, and modeling assumptions, which are then evaluated in a business discussion?
-
‘Verbal’ Case Studies: While these seem to be more relevant to consulting, I’ve heard they are also common in firms like Bain Capital, Charlesbank, and Advent. I’m unsure where to find these—should I approach standard consulting casebooks as if they represent LBO targets?
Additionally, I’m keen on enrolling in a structured course with interactive elements. I’ve completed much of Peak Frameworks, but since I lack a banking background, I’m looking for something that starts from the basics and includes peer practice opportunities. Any recommendations would be greatly appreciated!
One response
Hey there!
Great to see you’re gearing up for PE recruiting! Here are some thoughts on where you might find resources for the different areas you’re interested in:
IC Memos: These can indeed be tough to come by since they tend to be very internal documents. However, you might find some illustrative examples on platforms like Wall Street Oasis or forums dedicated to finance. Sometimes, ex-banking associates share their anonymized versions of IC Memos. If you have connections at your firm or through alumni networks, reaching out for any training materials might yield helpful insights.
CIMs: For contemporary CIMs, it’s true that they’re not easily accessible. However, checking out industry reports from reputable firms (like Bain, McKinsey, or BCG) can help you understand the format and content. Some investment firms also publish case studies on their websites that might resemble CIMs. Networking with bankers or PE associates could help you get a view into recent examples.
Model Tests: For model tests, platforms like Wall Street Prep or Training The Street offer resources aimed at prep for PE interviews, including modeling tests that are tailored to MF/UMM processes. Google Drive isn’t typically a treasure trove for these, but networking events and recruiting workshops offered by your school or professional organizations often have exercises that mirror actual tests.
‘Verbal’ Case Studies: You’re right that verbal case studies are common in private equity interviews, especially among certain firms. While consulting casebooks can provide a good foundation, look for materials specific to PE, such as those by firms like Blackstone or KKR, which may provide scenarios aligned with their investing styles. Additionally, certain platforms offer specific case studies for private equity interviews.
As for a structured course, I’d recommend checking out organizations like the Private Equity Institute or specific boot camps that focus on both technical skills and live practice with peers. Some online courses also have forums or group components where you can practice with others.
Good luck with your prep! You’re on the right track by seeking out resources and connecting with peers—keep that momentum going!