2014 Recruiting - Chatter About things starting up
I've been hearing some chatter around the bullpen and from the recruiters that things are starting to get going. Fresh from a headhunter today - Centerbridge, New Mountain, GTCR & Audax are all going out this weekend / early next week and over over the next few weeks everything will be happening.
Anybody heard anything else? Or received invitations from the firms mentioned above?
I have heard the same thing. A friend of a friend received an interview with GTCR today.
I have heard the same as well. Sounds like the process is getting started.
Confirmed as well. Growth equity scene in both the Valley and Boston are going to take off soon here.
hedge funds have started
My understanding was that most hedge funds tend to hire as-needed and not with the 14-16 month lead time that many PE firms follow. Is there a certain group of hedge funds that follows that cycle as well?
Yes. Talk to your headhunters, more than a few have already started and are currently in process for 2014 associates.
Warburg is starting its process next week.
Yep, can definitley confirm the WP process.
Nope not true. WP is starting coffee chats and the like with a few analysts and hasn't even sent out all the invites yet. official process hasn't started and will not happen until january.
This isn't what I have heard. What makes you so confident that they will wait until January?
I doubt that...I can see Warburg holding off if any of the other megafunds decide to start recruiting.
I think he is contending that they will all hold off until January, not just WP. Though I'm interested as to the source of this rumor.
This is not a rumor - most of the big funds waited until January to recruit for their Summer 2013 classes and they all will continue as such for Summer 2014. A few large funds did not wait and recruited in Spring, including Silver Lake and Advent, though most megafunds waited. Don't know what the landscape will be like this year but I imagine that since GS and now MS has a policy where analysts have to wait to recruit, more funds will be inclined to wait but time will tell. i can confirm that warburg (which did 2013 recruiting only 2.5 months ago) is NOT recruiting for 2014 until next january as they (along with the other funds that waited) were happy with the results. they may be starting coffee chats but that will continue for the next ~8 months and will span across a very wide group of analysts across the street.
Definitely am aware that the big funds waited until January last year, but it seems like there is chatter that the process could go earlier this year. There are definitely GS / MS analysts that are involved in the process going on right now, despite the official policy.
EDIT: Per GoBuyside, WP held an analyst event and interviews could be "a quick turnaround".
I can confirm you're wrong about warburg and probably one or two other megafunds regarding waiting until january. In general funds were not happy with the results except maybe TPG, but their returns have been so shitty they'll take anything.
Nobody wants to be stuck with a pool of only GS candidates and leftovers from other banks.
And I heard there have been plenty of GS candidates at these interviews/info sessions
Can anyone explain the process (would be helpful if broken down for different size firms)? For example, for megafunds: networking event -> x -> y -> z etc.
nm :( didn't want to bring forth the QQ
What happens at these cocktail events? If you're invited, what are your odds of getting an actual interview?
think of it as the networking portion at the end of a campus networking event. tons of people crowding around a few investment professionals schmoozing, etc.
odds are high, probably 60+% once youre invited to the cocktail event. more like 100% if youre a top 5 group.
Some hedge funds have definitley already started. Had a few kids already leave from my bank. Places that I've seen going - Silver Point and email traffic about other distressed funds
If you're on the GoBuyside distribution they you can see a pretty extensive list (that I posted below) of all the firms that are interviewing currently. I think they update this list regularly and send email updates.
American Securities American Securities Opportunities Fund Anchorage Capital Arlon Capital Partners
Audax Group Baupost Group Berkshire Partners Cantillon Capital Management Centerbridge D.E. Shaw Dragoneer Farallon Capital General Atlantic GTCR HBK Investments The Jordan Company King’s Street Capital Marcato Capital Maverick Capital New Mountain Capital Pershing Square Sansome Partners Silver Lake Sumeru Silver Point Capital SPO Partners Stockbridge Investors (Berkshire Partners Hedge Fund) Sycamore Partners Valiant Capital Valinor Management Vector Capital Welsh Carson
D.E. Shaw, pershing, and baupost are probably the most selective firms on this list.
Ridiculous comment.
Warburgs interview invites went out. They are interviewing tomorrow.
Interesting that none of the other megafunds have started. I wonder if they are going to hold off until January once again.
Technology Cross Over Ventures invites went out - it's a pretty good MM shop
A more updated version from Gobuyside of firms currently interviewing:
Advent International American Securities American Securities Opportunities Fund Anchorage Capital Arlon Capital Partners
Audax Group Baupost Group Berkshire Partners Cantillon Capital Management CD&R Group Centerbridge Century Park Capital D.E. Shaw Dragoneer Eton Park Management Farallon Capital Francisco Partners General Atlantic Golden Gate Capital GTCR HBK Investments Hellman and Friedman The Jordan Company Kayne Anderson Capital King’s Street Capital Leonard Green & Partners Madison Dearborn Partners Marcato Capital Maverick Capital NEA New Mountain Capital Oaktree Principal Group Oaktree Distressed Debt Pershing Square Reservoir Capital Sansome Partners Silver Lake Sumeru Silver Point Capital SPO Partners Stockbridge Investors (Berkshire Partners Hedge Fund) Sycamore Partners Technology Crossover Ventures THL Partners Towerbrook Capital Valiant Capital Valinor Management Vector Capital Warburg Pincus Welsh Carson
KKR moved. Beginning interviews early next week.
Can confirm this for at least one of their funds.
KKR interviews start tomorrow for PE
Anyone hear back yet?
The whole "megafund waiting" thing was not going to last more than that one cycle the way those guys got burned.
It's unfortunate for everyone involved, but that's life. I wonder what the Nash equilibrium would be in this industry
I can confirm, I am chatter
it seems recruiting starts pretty early during your 1st year. do you guys have any recommendations for incoming analysts to do in order to prep / position themselves for PE interviews? practice building LBOs? books to read? deal experience to request?
thanks in advance
+1. If Nouveau Richie has something to say about West coast recruiting that'd be fantastic.
Start sucking a lot of D
ditto...
bump..
Did anyone hear back from Warburg or TPG?
Tpg's given out a lot of offers already
What about Apollo, KKR, or Blackstone?
anyone know if the real estate groups at these megafunds have started yet?
Does BX still recruit given that they have 3-4 PE analysts anyway?
3-4 PE analysts per class, so 6-8 overall*
The hedge fund forum isn't quite as active so posting here. Is there any movement on the hedge fund front? More specifically for distressed funds?
I know there were interviews at some major funds; did anybody receive offers already? ie. Centerbridge, King Street, Silver Point, Anchorage etc...
I do know someone who got an offer at Silver Point a couple of days ago.
how'd everyone do?
Does anyone know what firms tend to wait and go later in the process, specifically the names of those firms?
So how did everyone do? How'd the other members of your group do? What's the general feeling right now?
how were the placements at the top groups (gs tmt, ms m&a, bx m&a/rr, etc.)?
TPG gave 2 offers to GS, 7 in total (compared to 5/7 for the class starting this summer)
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