Good morning to all,
我am open to give back to the community by answering (most of) questions aboutPE.
About myself, ending my second year as an investment analyst at aMMSpanishPE. Prior to this I was an off-cycle analyst while finishing my master's degree in industrial engineering. Did some internships in industrial companies and consulting.
Jul 24, 2020
Jul 24, 2020
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Comments (29)
Hi, whoops, looks like nobody chimed in here.... maybe one of these discussions below is relevant:
我hope those threads give you a bit more insight.
Hey, thanks for doing this!
我'm currently working as aPEanalyst ( hopefully soon to be associate) in Portugal, and would eventually like to move to Spain.
我've been following quite some funds in Spain (portobello, sherpa, etc), and night have some questions:
1) I know that many of these funds operate in all Iberia. Would you think a Portuguese speaker could break intoPEin Spain? My Spanish knowledge is intermediate, meaning I can fully understand but I have a rather basic level when it comes to maintaining a conversation.
2) How's compensation like? As a first year associate in Portugal I can expect to make around 75-85k all in. Are salaries in Spain forMMin line with these?
Thank you once again for your help!
Hi jjmnj!
Totally correct, usually SpanishPEfund have an investment area that covers iberia (Spain + Portugal). However, apart from Sherpa I think that most ofMMPEonly do 1 investment (2 max) per fund. Most of your coverage/origination will be within Spanish companies and for that it will be helpfull to improve your Spanish.
Compensation should be similar, maybe a little bit higher. This depends if your firm gives you share of the carry or not.
At the end: A + B + C = aprox the same in all firms. Therefore higher annual comp if not receive carry but less exposed to long-term upside.
A: annual base salary; B: annual bonus; C: annualization of carry
Hope this helps
Thanks OP. Where's most of the action in Spain, Madrid or Barcelona? Which is the most difficult region to do business in? Most militant or violent unions? Who's the best team to partner with for distressed industrial deals?
Thanks!
MostPEfirms are based in Madrid or Barcelona, though Barcelona tends to be moreVCfocused. Therefore, in terms ofPE, I would suggest Madrid is more active.
Yeah, totally correct, Madrid is more active inPEand could potentially serve as a hub for LaTam transactions.
Hi OP! I'm an MSc in Finance graduate starting an off-cycle internship at aMMboutique in Madrid (mostly M&A). I expect to become aFTanalyst after 6 months. What is the average salary for first year analysts in Madrid? I can't really find any info on this. Is there a big difference betweenBBsand boutiques? I guess theBBsonly have regional offices in Madrid.. whereas working for a boutique like mine would enable me to gain more deal exposure. What's your take on this?
ibordie88:
Fisrt years analysts in M&A should expect 35-55k€ base salary. Range may vary betweenMMandBBboutiques.
我agree,MMboutiques will certainly give you more deal exposure.
The friends I know working at some of theBBsin Madrid have a 65k EUR base as A1, not 55k...
ForMMPEin Madrid if you come from aMM我BBoutique you will compete against Big4 peers, the deal exposure is not that important as the brand name when it comes to getting opportunities in such a small and competitive world (You will also findMBBconsultants trying to make their way in, so there´s a huge competition for decent funds, making the branding a very important thing. Also large deals usually bring complexity and more workstreams that can lead to better exits, and normally in this market those are covered byBBs, sometimesEBsand local banks such as BBVA or Santander)
我f you try to go for a UMM /MFyou will have a big trouble to recruit if you dont come from aEB/BB因此，请尝试考虑您要寻找的退出OPPS，并在需要时尝试采取行动（如果您没有在UM上呆着/MFyou should be fine for LMM)
我nterested in knowing the candidate they're looking for. I'm starting a MSc in Finance this year and I'm looking to work in我BorPEin Madrid.
我t's very different.
我f you don't have previous experience, landing a job in我Bshould be easier.PEinternships should also be accesible.
PErecruiting in Spain is a shadow market, only accesible through network or headhunters. Referrals are highly recomended.
Are there any decent size funds in Barcelona? If so which ones? How common is English spoken inPEfirms in Spain? Would love to live and work in Spain some day.
There are some but quite small and you will have a real pay cut.
Spanish is needed as most are just analyzing the Iberia market, would be a wise choice to start learning Spanish if this is your goal
Not many. I know that Miura (MM) and Carlyle (big fund) are based in Barcelona. In general terms, Barcelona is moreVCfocused.
我f you want to work in Spain, Spanish is a must (at least in MM). Big funds might consider candidates with limited Spanish level
Thanks for the AMA, very helpful
我would like to ask what you think is the best way of approachingPErecruitment in Spain as an我Bassociate at aBB在伦敦。它通常如何工作？
How common is it that the major European funds (Advent, Civen etc..) recruit for their Spanish office?
Many thanks!
Rotation inPEis very low. I would suggest working along recruiters/headhunters and trying to network directly with people in your targetPEfunds
Cinven has 6 people at their Madrid´s office if I am not wrong, same for Advent. This year Cinven hired an analyst and expanded a little bit the office, but still they are very small, and most of them are seniors, so expect no turnover or very little.
.
Appreciate you doing this.
我'd like to ask you about recruiting intoPEin Madrid as a foreigner. For context I'm a USMBAstudent.
我s breaking in similar to the US in that you need to network and network or is recruitment more formalized? Do mostPE公司在西班牙喜欢前银行家?
Yes, networking is definitively very important because it is a shadow market.
MostPEprefer former M&A bankers or management consultants with 2-3 years of experience.
As already mentioned in other posts, being foreigner is only a liability if you are not fluent in Spanish. Additionally, I would say that having a local network is an asset that is harder to have as a foreigner.
Thanks. I am fluent in Spanish, but don't have a network in Spain yet.
Based on compensation it might make more sense for me to join a US firm with an Iberian presence, then go on assignment rather than transfer.
Thank you for your post.
我am a non-target undergraduate currently trying to get asummer internshipfor next summer. It would be possible for me to get one in Private Banking (thanks to networking), but I also want to try my luck in getting one in PE, M&A, AM,MBBor related in Spain or the UK? Should I try networking more? What do you recommend? I don't mind the firm not being top tier, as I want to learn and gain an insight to see what kind of role I would like the most.
Thank you.
You're welcome. It depends on what you want to do next. If you envisionyourself doing private bankingin the mid-term, I would suggest you the internship you mentioned. If you want to doVC/PEor M&A, I would highly recommend you to look for an internship in an M&A orPE.
As it is widely spread thoughout different posts, networking is often the key to land a desired internship.
Hope it helps
Hi, thanks for taking the time out to answer some questions.
我'm a Native Spanish & English speaker (US undergrad, semi-target). I got an offer for Summer我B2022 (rising undergrad junior). Have thought aboutPEin the future after the 2-3我Bstint. How can I best prepare myself forPEin Spain? I saw you commented to be on the M&A group,what aboutECMor Industrials? - they seem to get a good deal flow. Also, how would you compare the SpainPEvs USPEculture? I've thought of the possibility of working abroad and would appreciate any advice you may have.
hi, I think that the best way to secure a full-time offer at aPEfirm after 2-3我Bstint is to previously do an internship. And for that, you need networking.
Regarding your second question, I think there are better posts that explain advantages and disadvantages of M&A vs.ECMor Industrials. In my opinion, any of them would work.
Lastly, I would say that tickets in SpanishPEare lower than tickets in USA which in the end results in a slightly different work. Regarding with culture, I think it varies from firm to firm rather than from country to country. Never been in americanPE, so I think I can add very little to that.
Hope it helps
ty for the insights!! truly appreciate it
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