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Private equity firms, on the other hand, are groups of investors that use collected pools of capital from wealthy individuals, pension funds, insurance companies, endowments, etc. to invest in businesses. Private equity funds make money from a) convincing capital holders to give them large pools of money and charging a % on these pools and b) generating returns on their investments. They are investors, not advisors.There is less standardization in private equity various funds will engage their associates in different ways, but there are several functions that are fairly common, and private equity associates will participate in all these functions to some extent. They can be boiled down into four different areas: Fundraising Screening for and making investments Managing investments and portfolio companies Exit strategyFundraisingTypically handled by the most senior private equity professionals, but Associates may be asked to help out with this process by putting together presentations that illustrate the funds past performance, strategy, and past investors. Other analysis may include credit analysis on the fund itself.Screening for and making investmentsAssociates often play a large role in screening for investment opportunities. The Associate puts together various financial models and identifies key investment rationale for senior management regarding why the fund should invest capital in such investments. Analysis may also include how the investment may complement other portfolio companies that the PE fund owns.Banking Models vs Private Equity ModelsBecause Associates are often ex-investment bankers, much of the modeling and valuation analysis required in a PE shop is familiar to them. That said, the level of detail of investment banking pitchbooks vs PE analysis varies widely. Ex-bankers often find that the huge investment banking models they are used to working on are replaced by more targeted, back of the envelope analysis in the screening process, but the diligence process is a lot more thorough. One cynical argument to explain this difference is that while investment bankers build models to impress clients to win advisory business, PE firms build models to confirm an investment thesis where theyve got some serious skin in the game. As a result, all te bells and whistles are taken out of the models, with a much bigger focus is on the operations of the businesses being acquired. When deals are under way, associates will also work with lenders and the investment bank advising them to negotiate financing.Managing investments and portfolio companiesOften managed by a dedicated operations team. Associates (especially those with management consulting experience) may assist the team in helping portfolio companies revamp operations and increase operating efficiency (EBITDA margins, ROE, cost cutting). How much interaction an Associate gets with this process purely depends on the fund and the funds strategy. There are also some funds that have Associates dedicated to just this part of the deal process.Exit strategyInvolves both the junior team (including Associates) and senior management. Specifically, associates screen for potential buyers, build analyses to compare exit strategies Again, this process is modeling heavy and requires in-depth analysis.