What type of PE firm are you at (middle market, etc.) and what type of person would thrive there? Curious to see how different the cultures really are across firms.
I'll start. Lower middle market firm. We prefer engaging and enthusiastic over pure competence and thoughtfulness. Obviously you need a base level of competence and intelligence but, for example, James Bond and Don Draper probably wouldn't do well here. Ryan Gosling's character from The Big Short (terrible movie btw) would be a good fit. Definitely a bias for athletes as well.
Curious to see the responses in this thread since I have seen wildly differing accounts for culture at a PE shop.
I went ahead and awarded you MS for your slander of "The Big Short"
Right back at you, kid
Book was good; movie was awful. Way too many scenes of groups of people yelling incomprehensibly.
the movie was damn awesome. Bale, Gosling, and Carrell all killed it.
This. I remember when I heard they were making a movie thinking "that was a great book, but how in the hell can that be an even half decent movie". The answer as it turned out was that it can't.
MM distressed industrials - rat like cunning and the enjoyment of chaos is our culture.
Also at a lower to middle middle market firm. We prefer brainy / intelligent / nerdy (not claiming to be a genius because I am not) over socially smooth; however, being able to interact well socially is important in any industry so we look for that as well. Our senior guys want us to be the ones that walk in and ask thoughtful and meticulous questions, creatively think through issues, etc. which flows down to the lower levels. An example of our culture is that one of our senior guys asked potential associate candidates what their favorite excel shortcut is vs. what their favorite drink is.
Person that would thrive here long term is someone who is both intelligent and diligent in every process (IC memos, diligence, etc.). I would personally prefer someplace a little less stringent, but it is still great training and experience nonetheless.
Interesting - sounds pretty different from mine. Thanks for sharing.
Do you find it a little stuffy because of that? I have a friend who has described a similar culture at his MM firm and he has been frustrated by it.
Secondly, what was the best Excel shortcut answer?
Yeah it is definitely a bit stuffy. I had difficulty adjusting at first, but you get used to it after a while. It is a lot different than IB in terms of culture, but it also brings a significantly better lifestyle (hours, quality of work, etc.) so can't complain too much at the end of the day. Overall, it's been a really solid experience and no place is going to be perfect (grass is always greener syndrome).
It's been a while so I honestly couldn't tell you what the responses were, but it was just important to see if the candidate could think on their feet and it also gave them some insight into the culture at our place.
Lower middle-market. No bullshit, "roll-up your sleeves" culture. Lots of interaction and working with management teams, and use every opportunity to get involved with portfolio companies. Jeans at a board meeting isn't unusual.
So when you guys say lower middle-market, what are we talking here? In my head, I think of last fund raise of
That seems in the ballpark. I put LMM to MM since everyone defines it differently.
We refer to LMM based on financial metrics of targets: platform deals are $30-50MM in revenues and EBITDA around $2-5MM.
hire me
importance of workplace dynamics/environment in PE firms? (Originally Posted: 03/12/2013)
I'm considering making the leap from a very social and dynamic consulting firm to a small 4 person PE team, which is one of the smaller offices of a much larger PE firm which you have all heard of.
The particular office has incredibly nice and friendly guys, but I'm concerned that my personality is not fit for such a small team work environment. I'm a extrovert by nature, I'm used to being in lots of meetings, speaking with numerous people on a daily basis, etc. Even though the shop has a ton of capital to deploy and I will have an excellent opportunity to gain experience and responsibility...I'm concerned that I am going to get lonely and depressed, sitting in an office pretty much alone, all day/everyday. The top 2 guys are usually traveling or at meetings, which pretty much leaves me and one other guy who is about my age. Part of me feels like this is part of progressing to higher levels within your career, where you simply don't make friends at work the way you did right out of college.
My friends are all so excited for me simply because of the name and prestige of the firm, they say the choice is a no-brainer. But regardless of how prestigious the firm is, or how high the pay...whats the point if you're going to be unhappy?
I can imagine many guys made the leap from large IB analyst programs to small firms. Any thoughts?
We walk around the office without shoes and feet up on table @ monday morning deal reviews is the norm. feels more like family office. partners are not afraid to dive into the modeling or data room either.
What size fund are you at
~500
I started at middle market IB firm that had very strong camaraderie and went to a middle market PE firm that has almost no camaraderie. I enjoy the work at the PE firm a great deal more, but the lack of any social aspect does start to wear on you after a while especially if you are a social person. Also, the IB firm was more formal in its approach to career development which was nice although I do feel that I am learning a better skillset at the PE firm especially for what I want to do long term. How long are you planning on staying at the PE firm? It could be worth it if b-school or PE is your end goal. I would make the decision based on what you want long term. It sounds like you will have a lot of autonomy at the PE shop and that is something that you will have to be okay with as well.
Anyone got smelly feet? My feet have started to smell since I started wearing dress shoes 5 days per week. Never had that problem before. Maybe no shoes at the office is the cure.
It's bacteria from sweat. Get shoes that breathe and a dermatologist can prescribe a solution that slowly retards the sweat glands in your feet.
Let your shoes/feet breath at home. Be sure to rotate shoes. Never wear them back to back. Occasionally take a few pages from an old news paper, crumple them up, and shove in the shoe. Also, get a spray deodorant and spray that on your feet before you put your shoes on.
The camaraderie aspect only you can judge. However, the nature of the job can actually be quite "social". At the mid/senior levels, PE is all about managing advisors, portfolio company execs, meeting management teams, building relationships in the industry. If I look at the diary of a VP or above at my fund, it will typically be blocked full of appointments/meetings.
At the junior level, it can be like this, or it can be lots of solitary data-crunching depending on the working style of your fund.
Agree with all the above posts, but will mention one other thing. If you truly feel that your "personality" will not be a good fit for the job, team, environment, etc. I would be very careful about making the jump. Yes, PE is much more of a loner environment, and I oftentimes miss my bullpen. But, this doesn't really effect me that much because the work is so much better. You spend 12+ hours a day in the office - nothing worse than being miserable for all that time. IMHO, if you truly feel like ou won't mesh in the environment, don't do it.
Interesting.
How do you determine fit and culture in PE Recruiting (Originally Posted: 10/05/2011)
How do you go about finding information about PE firms, particularly middle market firms. It seems as though the PE recruiting process is fairly random and it’s easy to get paired up with a company that just doesn’t fit well. So how do you gather the proper information, particularly in terms of fit and culture, when those things obviously aren’t listed on the website? I feel like interviews generally don't give a full picture. Will be PE recruiting in a year and was wondering how this really worked…
If you have friends in PE, they'll most likely know the rep for different shops (as they also probably have friends in PE). If not, best way is to feel them out during interviews. Focus on getting as many 1st rounds as possible and then ask the questions you want answers to during the interview. If you advance, grab coffee with an associate and ask even more direct questions about hours, lifestyle, type of work ,etc. Associates are generally going to be straight forward about this kind of stuff.
It really is a matter of asking around through your work friends and colleagues that are more senior than you. More often than not, they'll either know a guy or know a guy who knows a guy that works at any given PE firm. The world of high finance is incredibly small when you actually get down to it, and it's extremely interconnected.
What about headhunters? Do they actually have value added in regards to fit or is it all bullshit?
Mostly the latter
Perfect
This is actually a great thread. Specific parts of other firms' cultures is not something you can easily find out through normal channels but makes a huge difference in your happiness there, so helpful to hear these tidbits (even if not with the firm name attached)
Megafund. Miserable, toxic, cutthroat culture. Not a single happy junior employee, just varying degrees of depression.
Care to elaborate?
What about being an athlete makes the biggest appeal to you? I am currently a collegiate D1 athlete and was curious about what would make it sound best on my resume
Nostrum id sint vel quis consectetur repudiandae. Quia atque nihil et molestiae blanditiis. Minima non odit repudiandae soluta sed iure rerum dolores. Cum cumque labore esse quisquam fugit. Perferendis eius ut ut et voluptatem molestiae repudiandae.
Officiis debitis enim vero repellendus veniam. Accusantium vitae nemo hic consequatur. Totam a voluptatem assumenda.
In quaerat nobis consequuntur occaecati quaerat. Consequuntur sed aut dignissimos qui voluptas at numquam. Recusandae error tempora recusandae quia sunt quis. Qui dolor nostrum fuga hic eos. Nemo est sequi consequatur qui tempora et labore. Impedit qui sit quidem autem ex eos. Cupiditate sit sit iure.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Quas repellat est nihil ut molestias perspiciatis illo. Enim delectus occaecati nostrum vitae est aut est. Omnis ut est itaque laboriosam cumque. Accusantium ut placeat laboriosam.
Animi rerum sed voluptatum dolore reiciendis. Et et voluptatibus nobis perspiciatis adipisci quasi ratione voluptas. Ab dolor et ea et cupiditate veritatis numquam.
Quaerat possimus quidem possimus nostrum unde. Quam itaque veritatis officiis tempore repudiandae ut. Minus quis et fuga omnis error. Quo repudiandae eos beatae mollitia. Labore odit ea ratione qui occaecati perferendis laudantium. Aut aut corrupti quis laborum corrupti voluptatum laboriosam.
Voluptatum voluptatem est reiciendis fugiat autem suscipit ipsam. Vel minus et exercitationem similique vitae. Et minima sint nulla fuga id sed ipsa. Molestias tenetur quaerat modi possimus qui dolorem exercitationem. Perspiciatis rem sit nobis sed.