Any recommendations on books to read to get acclimated to the PE world and investing? Joining an MM secondaries firm and would be interested in reading beyond pdf’s, content online.

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Some books I enjoyed, in no particular order.:

- “Why deals fail” (Anna Faelten): Discusses key issues when defining an M&A strategy, not specific to PE but M&A in general

- “King of Capital” (David Carey): Covers the history of Blackstone and with it the development of the overall PE industry

- “The masters of private equity and venture capital” (Robert Finkel): Interviews several industry leaders, each of them gives insights about specific issues they faced throughout their careers

- “Lessons from Private Equity any company can use” (Orit Gadiesh): Quick description of the key principles to create value for companies. the idea is that it is based on PE practices and can be applied to all companies. it is written by a couple of Bain partners.

- “Mastering Private Equity” (Claudia Zeisberger): Very thorough guide with key concepts and principles structured following the deal cycle related to PE, there is another book from the same author which provides business case examples

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(This app doesn't allow you to copy text??)

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The Barbarians at the Gate

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You won’t have time to read anything else than investment memos 📝

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Secondaries has way better wlb, they’ll have plenty of time

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Valuation by McKinsey - there’s also a shorter version called Value. The concepts are a great framework for thinking about businesses

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Wolfe research 10K guide is great to get a feel for navigating finance as a former consultant

Quality investing is a book given to new associates by one mega fund I know

Then just general investing books (the most important thing, the intelligent investor, etc)

Honestly PE specific books aren’t super useful but investing books in general are. Like the tactics they used to close a deal 20 years ago probably aren’t the same as today. You learn fund recycling, cov lite loans, etc from being a part of the apprenticeship model. So focus on investor mindset and judgement

Good luck and enjoy the vacation before starting :)

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