Blackrock Private Equity Partners

I don't know anything about the job bud I had lunch with a guy who did two years there and now he's an associate for a pretty strong VC. Guy is very smart and well respected amongst the VC's I've interacted with. Only one data point but I bet he's a decent example for exit ops out of Blackrock PEP.

FoF.

well thanks both of you, but those are two rather conflicting responses. anybody else have color on the matter?

OP, a search would reveal it is mostly a FOF.

http://www2.blackrock.com/us/individual-investors/products-performance/…

That being said, I'd expect more portfolio management questions and those related to how you would go about differentiating GPs and individual managers from GPs. I wouldn't worry much about direct investing, especially if you are in IB already.

@peinvestor2012, I'm still undergrad actually - no IBD experience, although I have some PE/HF internships. I've been to that link of course, and know its a lot of FoF, but I'm trying to get into pure PE, and was trying to figure out how this would position me for that... hard to tell if its 5% direct or 40% direct for example.

also - do you have any good sources for differentiating GP's and individual managers, as you mentioned?

thanks.

Sanity Check,

appreciate all of the advice. I know pure FoF isn't good for exit ops, but I wasn't sure if they did direct or co-invests - sounds like the later. Sitting on a MM IBD offer right now. I'll probably take that if nothing else pops up, but I guess I'll go to the Super Day and feel it out.

thanks again

Direct = co-invest. Blackrock role is only fund investing.

I'm at a top BB so take this for what it's worth:

You want to get into direct PE? Well, Blackrock isn't going to provide any incremental help. You will be working on FoF investments, where your primary responsibility will be related to investing with GP's; this role will entail a bunch of non-valuation work. Modeling is very basic - no LBO, DCF, etc. is required. Although, you will atleast be privy to how LP's allocate capital, which is cool, I guess, but will be really tough to go into a buyout fund without a IBD background.

Your sitting on IBD offer, which will give you all the tools that are required to get into PE.

Based on your long-term goals, I'd say this is an easy decision.

OP, exactly what Sanity posted. FoF is much different than direct.

Definitely do MM IBD over Blackrock FoF if PE is what you want. If you perform well, you can move to a solid MM PE shop. Or, if you go back to B-school and are able to obtain a SA position in BB or at a larger fund, you can probably move up some.

I guess the guy I know was a unique case based on the responses...

^ Yeah but your story isn't that rare either. Going to a VC is quite different from going into a direct buyout shop, which is what I think the OP is driving towards.

I know plenty of VC friends who have 0 finance experience and came from all kinds of backgrounds including one who was a sales manager at a corporate job. The skill-set is more around networking, sourcing and believing in the idea rather than modeling and transaction-oriented.

Wouldn't agree on some of the previous posts here. Interviewed with them in London and they said they are setting up a new fund. True that co-investments and fof are still their main business. But at least guys there told me in the interview that they will participate more in traditional direct investments, like buyout, especially in middle market.

I got asked about lbo and dcf simple case study in the interview and no question about fof. Everything was more about a direction investment process. But still, if you wanna do classic PE, bx/kkr will still be better in terms of compensation. BTW BLK PEP has a nice office and a relatively better life balance.

Anyone have more info about the structure of the Blackrock PE Partners group and details on interview process/questions?