Interview Prep | Notre Dame Venture Capital

VC & Growth Equity
Interview Prep Guide

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Updated 2024 Fall Interview Guide Coming Soon

Common Behavioral Questions

Story
- Tell me about yourself and why this firm
- Why not return to X?
- Why ND and why your major?
Strengths
- In what areas do you “outshine” your peers
- Tell me about something/a project you’re proud of
- What are you an expert in?
Weaknesses
- In what areas do your peers “outshine” you
- What are your blind spots
- Time you failed
- Time you had grit
- Time you felt embarrassed
Resume
- Talk to me more about… (anything on your resume)
- Make yourself interesting in the interests section! A good way to stand out

VC Specific Questions

What sparked your interest in VC
Tell me about a time you’ve been persistent
Tell me about a time you’ve faced rejection
Tell me about a time where you’ve been valuable to a founder
What do you like to read about in the news
Summarize the most recent news article you read
Who are your favorite investors
Tell me about your experience with…
- Sales
- Product management
- Journalism
- Investing
- Sourcing
Personality
- What do you like to do for fun
- What are you passionate about
The Role
- What are your goals/ what do you hope to accomplish as an intern
- What’s so special about our firm
- Where else are you recruiting?

Common “Technical” Questions

Tell me about a category you are interested in
- Similar questions
  - Do you have a strong interest in a specific sector?
  - What horizontals or verticals excite you?
  - What geographies are you interested in?
- How to answer
  - Pick something specific
  - Describe the market, industry, trends, incumbents, and any relevant data points
  - How is your category segmented
  - Prepare ~3 companies to talk about
  - Your delivery matters just as much as the content
  - Have a couple of categories ready to talk about
  - Have a balanced answer… don’t forget about the risks!
  - Describe your framework for how you would analyze if a company is a good investment
Finance
- Tell me about your experience with financial modeling
- Walk through an income statement
- Walk through a DCF
- How do you think about valuing a company
- What are your favorite metrics for an X company
- Take a look at merger models in the guide since M&A is a common strategy for portcos
- Market sizing
- Know the paper LBO so you understand returns math
Portfolio
- Which of our portfolio companies are you interested in and why
- What’s something strategic you think this company should pursue
- Which one of our portfolio companies are you NOT interested in/ you think it wasn’t a great investment and why?
Trends
- Tell me about a couple of trends that would be relevant as a tech-investor
Public Markets
- Which company do you think will be the best investment if you were to buy today and hold for 20 years
- Which public tech company would you say is the “smartest”
- If you mention a company… What multiple is X trading at? What do you think of that?
- What’s in the S1?
Deals
- Tell me about a deal you’ve been following (IPO, acquisition, spin off…)
- What are the pros and cons of an IPO
Fundraising
- Why do companies choose equity capital? When would other sources of financing make more sense?
How VC Works
- Explain to your grandma how a VC fund works
- How do you calculate the returns in a fund
- Calculate the return if…
Mock Founder Call

Growth Equity Questions

Why is debt not used in most growth investments?
- Unpredictable cash flows from company so can’t raise debt on attractive terms
- Cost of capital - investing in the business itself generates higher returns than paying off debt
Evaluating Business Model of a Growth Deal
- Profitable (unit economics) or viable path to profitability
- Capital efficient (working capital needs)
- Good margins
- Enduring value
Risks to Evaluate in a Deal
- No business model risk, No management team risk
- Some market risk and execution risk
How Would You Convince an Entrepreneur to Take Your Investment?
- Unique capabilities of the firm
- Track record with other companies
- Unique story, history, and mission
- Optimizing for long term value over highest bidder
- Being most enjoyable to work with, likable
How Would You Approach Sourcing?
- Source leads
- Cold call or warm intros
- Preparation
- On the call
- Debrief the team

Other Resources

Past Interview Questions

Bessemer Venture Partners
- Round 1:
  - Tell me about yourself
  - Walk me through your resume
  - Tell me about a space you’re interested in
  - What are some companies in the space that you like
  - Case study: mock sourcing call (10–15 min)
  - Would you invest in the company from case?

Some Questions to Ask Your Interviewer

What was most surprising to you when you first started working here, or just as a tech investor in general
What’s a deal that you didn’t end up doing and what was your reasoning?
Which company in the company’s portfolio would you have also personally invested in, if you could?
What’s your take on X trend?
Have you ever thought about taking the founder route – why did you decide to go straight into investing?
How do investment decisions get made here/ what’s the structure of the investment committee?
Fun founder conversation or story to share?
What’s something you wish you knew when you were starting out as an investor?
What is your favorite thing about working here?
Where do you like to get your news? Or creative ways to source?
What are you most excited about what you are working on now and why?
What’s been most challenging about the job?
Is there anything else you think I should have asked?

List of Firms

M33
- Co-founded by ND alums Mike Anello and Tom Guilfoile
Volition Capital
- ND alum partner Sean
Insight Partners
- On Handshake
- Very early timeline
- Need to network to get on their “hot applicants” tracker
6th Street
- Recruits through WSC, application drop in the summer
General Atlantic
- Very early timeline (interviews in early summer)
Summit
- Application drop in the summer, interviews in the fall
Bessemer Venture Partners
- More info here (talk to Libbie Frost!)
Accel
- Fall application drop and interviews
- Katie Brown runs all ND recruiting
Stripes
- Get connected with Courtney in HR
Bain Capital Tech Opps
- Structured recruiting events in alignment with Bain PE, Credit, etc – loops into WSC
Irish Angels
- ND ties strong, Chicago
Tech Nexus
- ND ties strong, Chicago
Battery Ventures
- SIBC project
Vista
Apax Digital
Golden Gate
Level Equity
- Kaitlyn Sattely
Spectrum Equity
General Catalyst
Blackstone Growth
Goldman Growth

More Resources

Other ways to break into VC…
- Found your own startup!
- Join NDVC club at ND
- Join a fast growing startup
- Big tech – PM, sales, business operations
- Corporate venture
- Tech IB or consulting
- Anything interesting that shows you like to take a risk and initiative