In today’s competitive landscape, standing out in private equity interviews requires more than just solid deal experience. Recognizing this, Onefinnet recently hosted an insightful session dedicated to helping candidates sharpen their approach to deal presentations. Kicking off the event, Kaushik Ravi addressed a central theme: success in private equity interviews hinges not only on what you’ve done, but also on how clearly and convincingly you present it.
What unfolded next was a highly practical and candid breakdown of what top-performing candidates do right and what many others tend to overlook. Whether you’re actively interviewing or preparing for future opportunities, the following key takeaways will help you present your deal experience with greater impact and confidence.
Start with Structure: Set the Market Context
One of the most common pitfalls candidates face is failing to structure their pitch effectively. To mitigate this, the best presentations typically begin by anchoring the deal in its broader market context. For example, when discussing an acquisition in the beauty sector, it’s crucial to explain the underlying market dynamics. Specifically, was the category growing? Was the company a leader or a disruptor? Were there macro tailwinds driving the opportunity?
By laying out this context early on, candidates enable interviewers to quickly grasp why the deal was interesting and worth pursuing. Consequently, it sets the stage for everything that follows and clearly demonstrates strategic thinking from the outset.
Highlight Key Metrics and Deal Dynamics
Once the context is clear, the discussion should naturally shift to a few key highlights, typically three to four core points. These may include, for example:
- Comparable company trading multiples
- Precedent transaction data
- Targeted and achieved IRR
- LBO range and capital structure
At this stage, a candidate doesn’t need to have every number memorized. However, they must demonstrate a solid familiarity with the figures and, more importantly, how those numbers tie into the overall investment thesis.
In addition to discussing the numbers, candidates should also explain the nature of the transaction. Was this, for instance, a proprietary deal or part of a broad auction? Who else was in the process? Why was this asset compelling to pursue?
Demonstrate Financial Judgment Under Pressure
Private equity interviews often involve follow-up questions designed to test a candidate’s depth of understanding. Candidates should expect to be asked about:
- Growth rates and EBITDA margins
- Capital structure scenarios
- Downside risks and sensitivity analyses
Being able to articulate how changes in assumptions, such as a 3% decline in growth, would impact returns demonstrates not just preparation but also financial judgment.
Think Like an Operator, Not Just a Banker
Beyond just understanding the transaction mechanics, candidates must adopt an investor mindset. In other words, they should think beyond the deal closing and into the post-acquisition phase. Specifically, what operational levers could be pulled to unlock value?
For example, this might include:
- Expanding geographically
- Introducing new pricing strategies
- Improving procurement or cost structure
- Enhancing the go-to-market model
Ultimately, interviewers want to see how candidates would drive value creation, not just value capture.
Break Down the Revenue Model
Top-line growth is a starting point, but it’s never enough. Candidates should be prepared to explain how revenue is generated. Is growth driven by volume, pricing, product innovation, or customer expansion?
Being able to dissect and reconstruct the revenue model is essential to showing a deep understanding of the business.
Be Specific About Your Role
Remember, Interviewers are not just evaluating the deal, they’re also assessing your individual contribution. Therefore, candidates should be clear and honest about what they specifically owned in the process. Consider the following questions:
- Did you lead the due diligence workstream?
- Were you focused on valuation?
- Did you manage communication with the target’s management?
- Were you involved in modeling or investment committee preparation?
Each of these responsibilities reflects a different skill set. As a result, being transparent about your role helps interviewers assess your strengths with greater precision and confidence.
Step Back and Make the Investment Call
Perhaps the most telling part of any deal discussion is the final layer of reflection: Would you have done the deal? Why or why not?
This isn’t about memorizing the right answer—it’s about demonstrating judgment. Candidates should be prepared to discuss:
- What the risks were
- What the upside looked like
- Whether the valuation made sense
This kind of analysis shows maturity and investor acumen, and often separates the good from the great.
Own the Deal—Don’t Just Describe It
Ultimately, successful candidates are those who can own a deal, not just walk through it. In particular, they show clarity of thought, a deep understanding of the mechanics and rationale, and the ability to communicate confidently under scrutiny.
For those preparing for private equity interviews, this approach provides a clear playbook: structure your story, back it up with real metrics, understand the broader market, and think like an investor. After all, in this field, judgment is what gets you through the door, and what keeps you there.
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