Private Equity Field Study
Class 2
Michael EwensFinance Division, Columbia Business School
Columbia Business School
PE Field Study · Fall 2026
Week 1 reports
Initial project plans
Discussion
Columbia Business School
PE Field Study · Fall 2026
Firm contact in week one
- 9 met someone at the firm, 3 had email contact only, 1 had none
- 11 of 13 reached the 30 minute contact requirement
- The two who did not: a contact on vacation, and deliverables still being defined
- Most meetings were introductory or administrative; two were substantive
Columbia Business School
PE Field Study · Fall 2026
What you worked on
- 4 reported no work started yet, tied to timing or a pending kickoff
- Onboarding: background checks, email and SharePoint setup, NDA redrafting
- 4 described analytical work already underway
- A data room and quick return model on a live deal with an IOI submitted
- Thesis work on data center infrastructure and on water treatment roll-ups
- Expert interviews and valuation decks; CRM, CIM review and theme development
Columbia Business School
PE Field Study · Fall 2026
Who you are working for
5 lower middle market · 2 middle market · 2 large cap · 5 a family office or permanent capital
- A 130-year-old Indian conglomerate's family office, in AI and green tech
- A consumer family office with no fund life, sometimes holding to IPO
- A Seattle fund founded by ex-Microsoft executives, two deal professionals
- A middle market shop taking only bankruptcies and special situations
- A multi-billion family office in enterprise AI and defense tech
Columbia Business School
PE Field Study · Fall 2026
Challenges you expect
5
Sector or domain knowledge
“an industry that I have no prior sub sector experience on”
3
Technical and modeling
“I never worked in M&A, so I don't have experience modeling LBOs”
3
Time and workload
“going deep on a specific topic given the limited time I can give in a week”
2
Undefined scope or structure
“like an external consultant, without structure”
1
Remote and time zones
“working remote most of the days”
Columbia Business School
PE Field Study · Fall 2026
Where you are, one week in
Columbia Business School
PE Field Study · Fall 2026
On the weekly reports
- When the question asks for a paragraph, we mean a paragraph
- At least three sentences
Columbia Business School
PE Field Study · Fall 2026
Week 1 reports
Initial project plans
Discussion
Columbia Business School
PE Field Study · Fall 2026
Where your projects sit on the deal cycle
Columbia Business School
PE Field Study · Fall 2026
Expected hours per week
Columbia Business School
PE Field Study · Fall 2026
Where you will work
Columbia Business School
PE Field Study · Fall 2026
What you are delivering
Weekly
- Progress updates
- CIM briefs
- Model changes
- Research notes
- Open diligence questions
Monthly
- Working drafts
- Thematic milestones
- Deal flow summaries by sector and source
End of semester
- IC memos
- Integrated models
- Market maps
- Thematic theses and target lists
Three plans record the cadence as TBD, to be set with the firm in week one
Columbia Business School
PE Field Study · Fall 2026
Week 1 reports
Initial project plans
Discussion
Columbia Business School
PE Field Study · Fall 2026
Discussion
Which challenge concerns you most? What is your plan to address it?
Has anyone already navigated one of these? What worked?
Columbia Business School
PE Field Study · Fall 2026