It's been said in previous threads that having a closed deal on your resume is not an absolute necessity, given how early on-cycle PE recruiting usually is. But with on-cycle being pushed to 1Q2021 (maybe even later) due to COVID-19, a larger % of analysts (maybe most) will have closed deals to discuss throughout the processes. I imagine those who don't have closed deals would therefore be at a disadvantage. What do people think about the extent of this disadvantage? How would you best frame your experiences if that is the case?
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I’m a first year analyst myself so take this with a heavy grain of salt, but I’m at a BB in a top group and haven’t gotten anywhere close to a closed deal yet. Have gotten on a few live processes but no where near actually closing in the short amount of time it’s been, and I doubt any of my deals will by the time recruiting starts.
At the end of the day I think it’s less about having something actually closed/announced and more about getting deep enough into a process (even if it hasn’t closed, or if it falls apart) to the point where you’ve done most of the work that would get done anyway, so there’s plenty to talk about during interviews. What difference does it make whether the deal closed vs. you got deep into a process and it fell apart during diligence? You still did enough work to be able to talk about the model you built, investment rationale, nuances of the transaction, etc.
I’ve had the same concern myself and the second years in my group with PE offers as well as a ton of friends in PE told me not to stress about it, just say everything you would have said as if the deal closed, and let the interviewer know where it’s actually at.
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