What does it truly mean to work in private equity, not just in theory, but on the ground, in deals, and with people? This was the focus of an intensive training session hosted by Onefinnet, where aspiring finance professionals were given a rare, detailed walkthrough of the realities behind the job title. The session, led by Onefinnet CEO Kaushik Ravi, was designed to equip participants with an honest, practical understanding of the role, and the mindset, required to succeed in private equity.
What emerged from the discussion wasn’t just a job description. It was a framework for ownership, responsibility, and value creation, rooted in both technical execution and human connection.
The Case Within the Case: Time-Pressed Deal Analysis
Private equity interviews often involve case studies that simulate real-world situations under time constraints. Ravi emphasized that candidates should aim to build a functional, barebones LBO (Leveraged Buyout) model within the first 45 minutes to an hour when given a three-hour window.
“You won’t get growth rates right in that time,” he remarked, “but you should be able to get to a clear return estimate and communicate a directional investment view.” The takeaway was clear: even with imperfect data, structured thinking matters.
This approach reflected a broader truth in private equity: success lies not just in finding the perfect answer, but in articulating your assumptions, understanding trade-offs, and taking ownership of the recommendation.
Understanding the Four Buckets of the PE Job
To help participants connect the dots between interview prep and on-the-job expectations, Ravi broke the private equity role down into four key components:
1. Fundraising Support
While dedicated business development teams handle most capital-raising activities, investment professionals often step in to provide performance data and explain portfolio outcomes to Limited Partners (LPs). In smaller funds, this role may be more hands-on.
The lesson? Even if you’re not pitching LPs directly, understanding how investments perform and communicating that impact is crucial.
2. Idea Generation and Market Research
Private equity firms expect associates and VPs to spend a significant portion of their time generating proprietary investment ideas. This involves both desk research and market conversations. Whether it’s mapping out sub-segments in consumer goods or identifying under-the-radar companies in fintech, the goal is clear: build deep, actionable knowledge in specific verticals.
“Deals don’t get done just because you have capital,” Ravi noted. “They get done because of your relationships and your insights.”
This is where networking becomes indispensable. Professionals who maintain active dialogues with operators, bankers, and advisors gain not only intel, but also credibility in the ecosystem. The most successful associates are often those who combine analytical rigor with relational fluency.
3. Transaction Execution
When a deal moves forward, execution becomes the dominant priority. Associates are expected to own the diligence process end to end, building the model, coordinating legal reviews, conducting market diligence, and managing data requests.
Transitioning from advisory roles in consulting or banking into private equity can be jarring for some. In PE, the buck stops with you.
“If you’re an owner, the random lawsuit from 2019 is your problem,” Ravi explained. “You can’t say ‘that’s legal’s job’ or ‘let’s let the consultants handle that.’ You are the one accountable.”
That shift, from advisor to owner, is what sets private equity apart. And it’s also what interviewers are screening for when they ask candidates to walk through a case.
4. Portfolio Company Management
The responsibility doesn’t end with a signed deal. PE professionals are expected to remain actively involved in the value creation journey of their portfolio companies. This includes regular conversations with CFOs, participation in board meetings, and early identification of risks and opportunities.
“You don’t want to be surprised in a board meeting,” Ravi advised. “By then, it’s too late.”
While external consultants may be brought in for specific projects, especially during the first 100 days, investment professionals must stay close to the business. They are, after all, the stewards of the fund’s capital.
The Centrality of Relationships in Deal Flow
One recurring theme of the session was the vital importance of relationships. From deal sourcing to management buy-in, success in private equity depends as much on people as it does on numbers.
Networking, in this context, is not a soft skill. It’s an essential part of the job. Ravi encouraged participants to proactively build connections with bankers, operators, and advisors, people who may one day bring them the next deal.
He noted that even junior professionals should aim to meet with 4–5 management teams every few weeks, not to pitch, but to listen, learn, and lay the groundwork for future opportunities.
What Happens When Things Go Wrong?
Not all deals go according to plan. And when portfolio performance falters, the true test of a PE professional begins.
Ravi shared examples of underperforming investments and the hard lessons they bring, about discipline during diligence, the cost of bad timing, and the importance of people retention. “Stability before growth,” he emphasised, highlighting the need for structured incentives, management alignment, and early course correction.
The broader point? In private equity, resilience is just as valuable as foresight. When faced with unexpected challenges, your ability to stabilise the situation, without losing sight of long-term goals, becomes your defining strength.
Earning Trust and Accelerating Growth
As professionals rise through the ranks, expectations shift. In the first year, 70–90% of time might be spent on transaction execution. But as you progress, responsibilities expand to include sourcing, portfolio leadership, and eventually, sitting on boards.
Career growth in private equity is cumulative, built on trust, competence, and consistent delivery. Even when inheriting a troubled asset, strong execution and proactive communication can earn recognition.
Funds understand that not everything is within your control. But your approach, your ability to drive impact within your sphere of influence, is what ultimately gets rewarded.
Final Reflections: A Mindset of Ownership
Private equity is not for the faint-hearted. It demands technical fluency, relentless curiosity, and a mindset grounded in ownership. As this Onefinnet training session made clear, it’s not just about being great at modelling or nailing the interview. It’s about thinking like an investor, every single day.
Networking, in this world, is not extracurricular. It’s your access to information, your pipeline for opportunity, and your credibility in a fast-moving ecosystem.
Sessions like this are more than career prep. They’re mindset shifts. They reveal what it takes to not just get into private equity, but to thrive in it.
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