Yugansh Gupta | Multiples PE

Yugansh currently works at Multiples Private Equity. Prior to joining Multiples in 2019, he worked in Investment Banking at Deutsche Bank for 2 years and at Bank of America for 1 year prior to that. Yugansh is a Chartered Accountant and B.Com graduate from University of Delhi. He will be sharing insights about private Equity in India from his experience at Multiples.

Interview

How did you recruit for this role? What would your advice be for potential candidates aspiring to get here? (recruiting strategy, cycle, process etc.)

PE recruiting in India is largely driven by head-hunters (Michael Page, Native, IKYA). One of these agencies contacted me for the role at Multiples. I would advise potential PE candidates to stay connected with these firms during their search. If possible, try to meet them in-person to make sure they understand your experience and your preferences. Candidates should pro-actively reach out directly to their preferred PE firms as well to show their interest and understand more about the firm and the kind of people they hire.

What are the key skills that are required for this role?

PE roles usually require strong financial modelling and interpersonal skills. It is also very important to stay updated on market trends and have in-depth knowledge on a few sectors.

What is the typical feeder profile (typical previous work experience) for this industry in general and for your firm in particular?

Most successful candidates have previously worked at either top tier investment banks or consulting shops and are either CAs or graduates from Tier-1 engineering institutes. In India, consultants tend to have an edge over bankers in PE recruiting.

Is there an education path that is preferred for getting a role in this industry?

If you are still in high school, I would highly recommend doing your undergrad from the US, Canada, UK, or even Australia. One need not obsess over elite colleges like Harvard. Any top 15 college in the US (e.g. University of Virginia) or Top 3 colleges in other countries (e.g. LSE in the UK and UNSW in Australia) are equally good to get a head-start in investment banking or consulting enroute to a career in PE. There is also a ‘very’ strong preference for international candidates in India.

If foreign undergrad is not feasible, aim for top tier Indian engineering institutes such as IITs / BITS or consider doing Chartered Accountancy.  

What is your total team size and what is the typical team staffing on a case/deal?

Multiples has a 15-member investment team. The typical deal team comprises of 3 people (MD, Principal/VP, Associate/Analyst)

What is a typical day at work for you?

Since the deal flow tends to be erratic, there is no typical day at Multiples. However, I reach office around 9:30 and spend an hour sorting through emails, catching-up with colleagues on the deals in the market and planning the rest of the day. Then, I focus on my deliverables in the order of their importance. Works usually includes preparing for and attending management meeting, calls with industry experts/bankers, and analysis on an ongoing deal (financial modelling / investment memo).

What are your key responsibilities and deliverable on a case/deal?

• Lead end-to-end investment process (sector mapping, management interactions, financial evaluation, due diligence & documentation); often working directly with MDs
• Monitor portfolio companies & help them grow faster & achieve operational excellence
• Develop a strong relationship with investment bankers and global PE/VC firms to source transactions
• Support the investor relations functions, as required

What is the typical exit that people get from this role?

PE offers great exits. Typically, people go for top tier MBA. Some even start their own venture or go for leadership roles at a new-age businesses.

What are the pros and cons about this role?

Pros

• The exposure is phenomenal. You’ll get to meet the people you would normally find on TV channels including best-in-class investment professionals and founders of unicorns. For e.g. I was selected to represent the firm at a global education conference attended by over 50+ global investors.
• You’ll learn how to make decisions based on analysis rather than intuition. It will also teach you how to present and defend your views backed by data as well as develop your interpersonal skills. Given the rigor of the role, you will feel confident to take any challenge head-on.

Cons

• Intense competition can be demotivating at times
• Pressure to deliver high quality work 24*7, although you are compensated reasonably well

What are your typical work hours in a week (including weekends)?

80-hour weeks on average

How do the responsibilities evolve as one grows in this industry into senior roles?

As you grow into senior roles, you’ll be evaluated based on outcomes (successful deals), and not on your financial modelling, number crunching or PPT skills. If you can help the firm make money, you’ll do well, else you’ll be shown the door. There is no middle ground in this industry and there is zero tolerance for excuses at most of the leading firms.

What would be your advice for people aspiring for a similar role?

You’ll need to build a strong pedigree / brand over time. From your undergrad to your work experience, everything counts. The importance of reading and staying updated with latest news and industry trends cannot be overstated. Good Luck!