Exploding Offer for 2024 summer @ MM PE Firm in NYC
I have an offer at a middle market private equity firm in NY for the 2024 summer that explodes next week. I am at a top-target school and have been going through the recruiting process with both IB and PE. Unfortunately, I don't think I will be able to accelerate any of my IB processes to a point where I would get an offer prior to when I need to get back to the PE firm.
With that said, I have no clue what I even want to do. The PE firm operates in a niche industry, and I am worried about the potential exit opportunities. However, I could also see myself growing with that firm in particular. I am only really interested in the boutique firms for IB (Lazard, Evercore, Centerview, Gugg, etc.), and they are just starting the process at my particular target school. I am not particularly interested in the BB banks, and think I would fit in better in a smaller environment.
What should push me to take/reject this offer? What are the pros/cons to starting out at a MM PE firm? And if I do not enjoy my time there, what are my options for post-graduation? If I end up with a full time offer, what are the exit opportunities like?
Evercore and CVP are basically done already (if you haven't gotten your first interview yet you're probably not going to). Think Lazard and Guggenheim have started their process already too, but school dependent I think. Probability of boutiques is pretty low, take the offer dude
Yeah, roommate had interview with Centerview the other day. Wasn't sure about Evercore though. Had an interview with Guggenheim a couple days ago and the guy said they would continue on with the process with me, but he wasn't sure how much they could accelerate it.
sorry to break it to you, done for evercore 100%. screens at my target wrapped up like 2 weeks ago, last superdays are either this week or next I think. CVP I'm also still hoping to hear back from, but believe they took one batch from my school already which is all they did last year. Don't count on EBs, take ur offer, renege if you end up getting something but wouldn't bet on it at this point
Thanks for the insight. Agreed, probably best not to count on the EB's. Cheers mate!
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A couple factors I would think about:
1. How realistic is it for you to get an offer at EB? As others mentioned, CVP/ EVR/ PJT are all essentially done now. PWP/Lazard/Moelis may stay open longer but if you don't already have a first round I would expect your chances are low. Unless you think you have an incredibly high shot (as in a Superday lined up at least) I would sign the MM PE offer.
2. Do you want to do IB to exit to MF or do you want to still do MM long term? If you want to go to a MF in the long run, it could be favorable to wait out for an EB offer. However, EBs only send so many students on-cycle to MFs and you have to compete against a lot of top BB candidates so there is still no guarantee you won't end up in MM/UMM PE anyways. That being said, MM PE still isn't a bad place to try and exit to MF PE from. The people I saw who exited from MM shops to MFs all were at MM firms with a lot of deal flow and a strong advantage in their respective niches. If that's the case for your MM offer, I would still sign it even if you want to do MFs in the long term.
moelis wrapped up for targets(I assume) and definitely non targets are done( i was at their superday). I think (?) pwp is still going? but not sure.
PWP and Moelis are done
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