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- First Step to Final Offer 3/25/25
First Step to Final Offer 3/25/25
Brooks Gammill
March 26, 2025
Your weekly round-up of an M&A deal walkthrough, insightful market news summaries, technical quiz questions, and various internships, events, and diversity programs. A key resource to best prepare yourself for finance recruiting. If someone sent you the newsletter subscribe below!
CAREER OPPORTUNITIES
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Nomura Securities International 2026 Global Markets Summer Analyst Program - NYC Link
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
TECHNICAL QUESTION OF THE WEEK:
How do you know when a revenue or expense line item should appear on the Income Statement? |
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MARKET NEWS
Goldman's Nachmann Predicts Increased Regulatory Attention on Private Credit
Goldman Sachs' global head of asset and wealth management, Marc Nachmann, expects heightened regulatory scrutiny on private credit markets as the sector rapidly expands. Private credit and secondary markets were among Goldman's fastest-growing business areas globally in the past year. Nachmann noted that as profitability in these sectors grows, regulators are likely to increase oversight, prompting Goldman to actively engage with them to address emerging concerns.
Source: Bloomberg
JPMorgan Asset Management Exits Climate Alliance
JPMorgan Asset Management has exited the Net Zero Asset Managers initiative, a coalition aimed at addressing climate change. This decision follows the departure of other large financial institutions, reflecting ongoing debate about climate targets in asset management. The firm cited the evolving regulatory environment and inconsistencies in net-zero definitions, opting instead for independent action on climate commitments.
Source: Reuters
M&A DEAL OVERVIEW
Bain Capital to Acquire 18% Stake in India's Manappuram Finance for $508 Million
Bain Capital is set to buy an 18% stake in Manappuram Finance, an Indian non-banking financial company specializing in gold loans, for $508 million. The investment, marking Bain's continued expansion into India's financial services sector, signals strong investor confidence in India's consumer finance industry, benefiting Manappuram’s plans for growth and capital expansion.
Source: Reuters
ADDITIONAL RESOURCES
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: D, By looking at recent, similar LBOs and use the median Debt / EBITDA levels from them as references. — How do you determine how much Debt a PE firm might use in an LBO and how many tranches there would be?
Explanation: In an LBO (Leveraged Buyout), the amount of debt a private equity (PE) firm uses is typically determined by looking at recent, similar transactions and referencing the median Debt/EBITDA ratios from those deals. This provides a benchmark for an appropriate level of leverage based on the target company's financial performance and market conditions. The number of tranches (or layers of debt) is determined by the structure of the deal, with considerations for the company's risk profile, cash flow stability, and the preferences of the lenders. Commonly, the debt is split into senior and subordinated tranches to balance risk and return.