Getting a job at Blackstone/KKR/TPG/other megafunds out of undergrad
I'd like the input of people who have worked at these firms. I'm doing an elite boutique internship this summer (think Lazard, Evercore, Greenhill, etc.) and I did a Goldman IBD internship after my sophomore year. I've also have quite an impressive academic record from a target (not some BS one like Dartmouth either). What's the best way to position myself for interviews with PE firms after my summer internship?
Oh, and unless you actually have some useful input, I'd prefer you to stay out of this thread because moron blabber, while amusing, is a waste of my time.
Do not feed the trolls.
You jelly?
honestly with these two internships and strong academic record you might have a shot at getting an interview at for example slp and BX (maybe not for slp if you are not at wharton).
but you need to get into contact with the headhunters that handle their recruitment or get lucky to see a posting somewhere, otherwise it will be tough.
this is from my past experience, but its much more random than IBD recruitment. and shops like KKR or tpg well dream on pal..
Troll is successful.
do people seriously not have anything better to do than take time and troll on WSO?
who actually sits there and types the above just to be a troll?
ok i give inn. troll wins.
GBB:Troll - 0:1
I love what blackfinancier did, and how the OP responded with a rather gay "you jelly?". Like lol OP, you are obviously one of those brilliant retards that are so common in finance.
i should have used pictures
Coincidence that both dukeofduke and chubbybunny like to say 'you jelly'? Just a thought.
they are both the same fuckers
I have no intention of continuing to feed the troll however things must be said.
While your summer experience is adequate to entertain the idea of entering PE directly out of undergrad the chances of landing KKR or TPG are somewhere between 0 and 0. Your academic record may be impressive but the likes of KKR and TPG will see straight through that to the pretentious individual underneath whom they would never work with. Your need to insult a fine institution (Dartmouth) in order to prove your own superiority along with your other demeaning WSO comments ("GPA that important?") clearly prove that while you may be intelligent you have a lot to learn.
Best Path to Megafund? (Originally Posted: 09/24/2008)
Who is the better candidate for firms like BX PE, TPG, Carlyle, Silver Lake, KKR, Francisco Partners, etc.?
1) top undergrad --> two years at top investment bank in a top group (lev fin/sponsors/M&A)
OR
2) top undergrad --> two years at top mid-market private equity firm in NY
Is going into mid-market private equity straight out of undergraduate more impressive and looked upon more favorably by megafunds? I would assume that doing two years of MM PE at a reputable shop would be hands down better than doing two years of investment banking at GS/MS/Laz or Evercore. Especially in this market. Am I wrong?
I would go for option 1. Whenever I have looked at the backgrounds of associates at those types of places they tend to have graduated with some sort of distinction from a top university and worked at MS or GS in a top group
option 1 is the more "traditional" route.
i would have to think that working in private equity straight out of undergrad would be far more attractive than spending 2 years doing pitchbooks, company profiles and simple models. You get a much more hands on, in depth experience working in pe even during the down times since you are working on existing portfolio companies rather than acquisitions. Nonetheless i am sure working in a well respected firm in a top group is a great stepping stone. The developments in the markets over the past several years have opened the opportunity for undergrads to go straight into private equity. For those who want to go into the industry, i would think that many would rather bypass two years of ib and go straight in.
I think the typical path is top banking analyst to pre mba associate in MM PE to MBA to Megafund.
Thanks guys, I know what the "typical" and "traditional" path is. Obviously, going from undergrad straight to a top MM PE shop is very rare and difficult to do. That's why when you look at associates at megafunds most of them came from GS TMT or MS M&A. Very few go from undergrad to MM PE to megafund simply because it's so hard to do in the first place.
With that said, if you were a recruiter from BX PE, would you take the Ivy grad who did the "traditional" thing at an investment bank or would you take the Ivy grad who jumped straight into a relevant PE shop? I'm with Barbara and I'm inclined to say the latter.
LOL... keep telling yourself that if it makes you feel better. Why the f did you even bother posting this question if all that you were looking for was affirmation that your sh*tty job will someday get you into KKR/BX/Carlyle/TPG. Instead of feigning a question, you should've just posted a command, "Tell me that I will eventually get a job at a mega-fund". Then the responses might be more to your liking.
To answer your inane question however, many idiots unqualified for BB banking (I'm sure you know some not-so-typical bankers who might fall into this category) end up settling for also-ran jobs at MM PEs... yes, I know many 3.2's from my school who are now working at "top MM PE shops" making a whopping 35k a year!
what is "top MM PE"? any examples?
looking at the entire incoming classes at 3 megafunds, all were at top-tier banks/MBB/or in the private equity groups at these banks...
if it's a "top" MM PE shop, what's the point in shifting over to a megafund... difference in comp and experience will be negligible
FCF -top as in Audax, New Mountain, Golden Gate Capital, etc.
No b2 I am still in school. Have internships at a top BB and top MM fund under my belt. Thanks for your concern though.
Seems that all those "idiots unqualified for BB banking" who settled for jobs at MM PEs fared better than those "qualifed BB stars" that I saw on the cover of the NY Times carrying boxes out of Lehman/Bear/Merrill (I even saw a couple of Wharton shirts, and yes, I feel bad for them).
My point is that everyone who does have a job right now should be happy. Also, I know that everyone on this board will have their own opinion and I can respect that; it's when you start putting down other people that the whole purpose of this board goes out the door.
Granted, the OP's question was inane, but here's my answer: Transactional experience + a built-in network will make the biggest difference in an interview vs. whether or not you worked for a BB or MM PE.
WestCoastChimp - Obviously it's a rough time for the industry, and I thank my lucky stars everyday that I'm employed. Last year, I went through the sh*t that the current college seniors are going through right now, and I know what a bloody awful situation it is to be in.
Regardless, my complaint wasn't about the merits of MM PE versus BB IB; my complaint was that this thread was created SOLELY to satiate the insecurity of the OP. He wants someone to pat him on the back, tell him how awesome his job is, maybe provide a little heavy petting... what a waste of peoples' time to read this sh*t. His insecurity completely seeps through in his post and he gets immediately defensive when the answers don't cater to his liking. As I stated before, he's not seeking advice; he's seeking affirmation.
Notyourtypicalbanker - it's great that your still in school... so it's not your shtty job that you're insecure about, it's your shtty prospective job, (which you don't even have yet). You got no-offered at JPM -- and not even in NY -- you had to settle for HK where the bar is set lower, and now you're wondering whether your lack of offers/opportunities in IB will be detrimental long-term. I read you like an open book.
"Is it me or does it feel really good over here in the buy side, specifically in the mid market sphere?"
rolls eyes
B2, dont make comments you are not qualified to make. I have freinds who went straight into PE in small funds >400 million, and who earn almost what bankers earn (55k base and 50k bonus this year) and who work around 50 hours a week (Sure its not the 60-65k base and the bigger bonus, but not bad). Clearing 6-figures and leaving the office by 7 is pretty good for a 22 year old. 35K a year?? Yea maybe one of the associates assistants earns 35k a year.
westcoastchimp, thanks for your answer.
LOL giocatoredoro - judging from your past posts, and this most recent one, I am easily 1000x smarter than you are and I definitely know infinitely more about the subjects on which I speak than you do.
to giocatoredoro's point, if OP is going to any of the firms he mentioned (Audax, GGC, NMC), he will not be working 50 hours a week... analyst position at audax is only slightly better than banking in terms of lifestyle.
lot of other factors to consider in this decision (including comp., the economy, location, etc), but historically, i would have said GS TMT/MS M&A > Audax. probably not the case with GGC/NMC, but i haven't heard of them recruiting from undergrad. if you have an offer at the "top MM PE firm", just ask the first years/second years where they've placed for their next job... if it sounds like they haven't interviewed or haven't considered leaving, it's probably a sign that they haven't secured interviews or the firm isn't supportive of analysts interviewing with other funds.
fyi: top MM pe firms are firms like Golden Gate, H&F (if you consider them MM), Berkshire Partners, MDP, GTCR, Providence Equity Partners... Audax should not be considered in the same tier.
Why do u say that about audax? Hours aside, they have a great rep, strong returns, and are really active in the market. I know undergrads at my school who chose them over McK and GS.
the idea that everyone at MM shops is waiting to jump to a megafund is silly. A lot of people have no interest in being at a big firm doing huge deals...
FreeCashFool,
What is MDP? Is it Madison Dearborn Partners?
Thanks.
Yes
FCF, no disrespect intended, but I don't consider PEP, GTCR, and H&F true mid-market players. Providence is sector specific meaning they invest in media and telecomm with equity investments of $250M to $2.5B - a bit too large to be considered mid-market. GTCR, while they are based in the midwest, I also wouldn't consider them a mid-market fund among the likes of Audax, GGC, Berkshire, and New Mountain. And H&F is nowhere near a mid-market private equity firm.
What is it about Audax that makes you feel like the opportunity to jump to a megafund is not as readily available as it is coming from GS/MS? Maybe it's like ad12 said and junior guys at MM PE firms simply don't feel the need to make the transition, so there is a huge unknown factor there. GS/MS has a track record and proven history of sending analysts to top buyout shops, but firms like New Mountain don't simply because they don't have "analysts" in the traditional sense of the word.
curiousG: yes - Madison Dearborn
ad12: i'm not badmouthing audax, i'm just saying if OP is going to quote "top-tier MM PE", he shouldn't be comparing it to Golden Gate. audax is a great place to work in private equity, but most people would take any of those shops i listed over audax purely based on prestige (which is sadly based on the fact that those other firms are tougher to get into). people glorify audax on this board because they're undergrads and they recruit on-campus... at the end of the day, it's a reputable mid-market firm with solid returns where you'll get a good experience.
as far as me being "silly" -- you're reiterating what i initially posted -- i asked why he would want to switch to a megafund if he's already in top MM PE when difference in comp/experience are negligible.
notyourtypical: fair -- you might not consider those MM's, i'm not interested in discussing whether audax is top-tier or not -- you can form your own opinion on that, seems like you already have. i also didn't say that it's difficult to move from audax to a megafund... i'm telling you that if you want a real perspective on this and if you indeed have an offer from them, you should talk to 1st and 2nd years and see where they've placed. GS/MS/MBB are just the more traditional routes to megafund PE... unless you have proof from Audax that there have been analysts who have made the move, why gamble
Thanks model21 & FreeCashFool for clarifying.
I am curious as to how do you define "MM" PE firms? I know some firms specifically call themselves "MM" firms, but what if it's not clear?
Is it based on their AUM? If so, what is the borderline btwn mega-funds and MM shops?
Thanks in advance.
another option is consulting.
megafunds also like to choose associate/analysts from top consulting firms because they have more experience of general strategy.
=== http://bankertimes.com investment banking news
Rankings of Banks from Megafund recruiter (Originally Posted: 04/18/2011)
Elite boutiques are very dependent on the individual so I wont' rank them, especially due to small class size. Evercore and Lazard in my experience do the best, Moelis is absolutely overrated and rarely get looked at.
First tier is GS (any group is fine, there's no emphasis on GS TMT), MS M&A, MS Tech, JPM LevFin, JPM M&A, Citi M&A, CS M&A.
Second tier is any BB group not in the third tier (see below). This includes CS/Citi and JPM top groups that are not in tier 1.
The worst banks to be at (third tier) are UBS, Barcap, BAML and DB. DB has always had horrible placement and Barcap is now back down to pre-2007 barcap in terms of IBD reputation. Its simply not up to par but is great for S&T. BAML is a mess and UBS is pretty much a disaster zone, we don't even look there.
So there you have it for the BB's and everything below this is the mm's like Piper Jaffray/Jefferies/etc.
Hope that helps you guys but remember its all based on individual because even a third tier UBS healthcare (nonexistent group) guy can have a good interview and beat out someone from CS sponsors.
hi boutiquebank4life
hi boutiquebank4life, stop calling K-mart a megafund!
I stopped reading at JPM LevFin as "First tier"
haha yeah. and it seems like you hate Moelis so much with no reason. i bet you didn't get an interview there. they are sending 4 kids to TPG next year. according to your logic, if they get more attention, the entire TPG class will be filled up with Moelis kids.
and your post is just worthless. period. I personally know about 10 analysts from BAML and DB joining megafunds either this year or next year. I also know a whole bunch of guys from GS/CS going to smaller mm funds. so you obviously don't know what you are talking about. recruiting is a number game. and as long as you get contacted by headhunters, it's fair game for everyone.
this type of thread is just starting another meaningless fight.
^^^^and you fueled the fire.
Don't feed the troll.
It's amazing how much entertainment this guy gets from trolling.
Not trolling, my comments are almost 100% identical to ones left by someone at KKR, who I think I know.
//www.wallstreetoasis.com/forums/former-ms-ma-kkr-here-to-field-questions
Moelis is very overrated, I think the above link is more insightful than mine but the results are the same.
haha, no you are a troll.
-
I have a question.
What the fuck discernable skill set would you gain from Goldman M&A over BAML M&A? As analysts you people fucking edit power point presentations and plug numbers into pre-made excel models all day. The sheer number of threads about which group is better than others is beyond rediculous when you factor in the raw talent and skillset needed to do the job, which is minimal in both cases.
Well, for one, BAML M&A is a group that actually exists, whereas Goldman M&A is a figment of your imagination. I would venture to say that BAML M&A would be a far better experience.
the older i get the more i regret working in finance
How to Get A Job at a Megafund (Originally Posted: 09/28/2011)
This guy has the process down pat. No doubt he's getting into a bidding war with multiple offers.
wtf that never worked for me
Path to megafunds! (Originally Posted: 05/13/2012)
I skipped the i-banking analyst spot, and instead I took a first-year analyst role at a boutique PE firm (500MM). My goal is to get an associate position at a PE mega fund (KKR, BlackRock, Carlyle, TPG, etc.) in the future.
Would the following be a reasonable path to do so?
analyst at a boutique PE for 2-3 years --> Top 7 MBA --> associate at a PE megafund
Did you use the fucking search function to find answer before you posted this retarded topic? It's been asked before. Use the Search Function and ask if you seriously can't find the answer.
...Jackanape...
I've never seen Frieds post like this ever...
Bfin,
It that's sarcasm, then I clearly haven't come out of the post-haze state I've been in since 3PM on Friday. IF it's not, you should know that I've gone off many many times on the subject of searching. It's been a while, but I think in the last 3 months, I've done it 3-4 times that I can remember off the top of my head. I swear, you would think that anyone who wants to get into banking would know how to do their own due diligence.
Excuse me, Frieds, but it IS rational to post a new question on the forum, rather than expend the effort and time required to find an esoteric piece of information. It took me literally 1 minute to post my question. After posting, I waited approximately 30 minutes, checked the replies, and found an answer to my specific question! Posting a new topic is the RATIONAL choice!
Your response was unnecessarily harsh.
Uh... no. It's not. And trust me, I've been far more vitriolic to people who have asked far stupider questions. The point is if your in Private Equity you should know that doing your own due diligence is essential. That includes exhausting other resources before you start asking questions. This question has been asked before. In two minutes of searching on the first page alone I found ~8-10 topics relevant to your question. How does the fact that I can make a simple query on the subject and you can't? It's called do the work yourself and then ask questions if you can't find something related to the topic.
This.
Besides not wasting posters' prior efforts and good posts, it's also good to build on an existing thread to provide new info as well, so all the answers are in one (or at least fewer) places.
To answer the OP's question, no.
So its rational to do incrementally less work (though I would argue that posting this was more work than searching for any of the other 100 threads on this) on your end because it saves you time and effort and fuck everyone else. You're gonna go far kid.
What does it take to get into a PE megafund out of undergrad? (Originally Posted: 10/27/2012)
So obviously, one would need a high GPA, finance experience, and go to a top target (Harvard/Wharton) However, what specific experience and extracurricular activites are recruiters looking for? What is the unofficial GPA cutoff? Maybe anyone who has gone through the process can share a sample resume' or share some advice for a prospective freshman looking to make it into PE. Thanks WSO.
Top school is not a prereq. Take a look at the bios on firm websites.
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