Mark Patterson, co-founder and chairman of the private equity firm MatlinPatterson, was interviewed recently in SternOpportunity, the voice of New York University’s School of Business. Patterson is a Stern alum (1986) and head of a Manhattan-based private equity firm that focuses on distressed investments across a range of industries.
Patterson encouraged students to get a toehold into private equity no matter where, and not wait for the perfect private equity job opportunity to come along. “If you get the Goldman job or the Blackstone job, wonderful; but if you don’t, don’t worry about it. Just get yourself in the game.”
As for the type of candidate his firm searches for, you must be smart, excellent at analytics, and ready to work long hours. But also, Patterson wants to know how well you can sell. “What is the hardest thing you’ve ever sold? When did you explain yourself in a way that someone bought your idea?” he asked.
The private equity business and life in general are going to toss some big obstacles in your way. So Patterson also asks candidates about their greatest loss, and what they did to overcome it. He wants to find private equity job candidates who are good at “climbing hills.”
Patterson also likens the private equity industry to race car driving, one of his passions. “You’ve got to ignore facts coming at you very quickly in order to go fast. And you have to be willing to crash. Meaning, in business, when you’re making decisions that could have an outcome other than you’d like, somebody still has to make that decision and say: this is a risk worth taking. In the car, you’re doing that all the time.”
As for the direction of the private equity industry today, Patterson sees deal flow to be increasingly healthy over the next two years in terms of LBO activity. Although transactions will be less leveraged and PE funds will likely be smaller. You can read the full interview at SternOpportunity.
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