MM focused bank to PE?
I have an offer for a position at a MM type bank (think GE Capital, CIT) working on equipment financing deals. The jobs responsibilities are similar to an investment banks (financial modeling [mostly LBO recap, DCF, no M&A], due diligence, credit research, pitch books).
I want to eventually get into a small MM PE. Should I accept this role if that is my stated goal.
Thank u
do it. try to lateral to an investment bank later.
Sounds like a good experience and you see a handful of people in middle market PE from GE capital. Not as familiar with CIT.
GE Capital > CIT.
Both used to be non-bank lenders (by "non-bank", I mean not as regulated and did not have access to typical bank funding), but that is changing. CIT is still ironing things out post-bankruptcy. GE has a better rep (even before CIT filed). Assuming your offer is for GE, try to lateral over to GE Antares...they provide capital for PE firms.
I think it would be a good start, but try to lateral into banking after a year
Its not CIT or GE, but something similar to them. The job is more corporate lending than anything else. Anyone other opinions?
bomp
Cracking PE from a MM Bank: Advice? (Originally Posted: 07/29/2011)
Hi All,
Long time reader, not a lot of posting. Had a few questions though in regards of making the move from IB over to the PE side (surprise surprise) after your a-typical analyst stint.
I am currently at a solid MM bank in the midwest and have just started as a first year analyst. To make things even more interesting, my program is rotational across DCM, ECM, and IB over the next two years (which means there's a very good chance I will get both coverage and product group experience). I assume that it only makes things more difficult to try to make the move with this varied amount of experience
I'm assuming that given the economy and my situation, it is going to be 80% networking (I'm really ruling out the top tier funds and assume I will be focusing on strong MM PE firms, ideally in chitown) but what else should I be doing to better my chances?
My other questions about the process are:
1) Given my situation, what would be the best groups to focus on (i.e. product groups/stuff on the dcm or ecm side since IB is obviously a given) that would best fit the mold for this kind of transition.
2) What is the deal with higher-end MM PE firms and their recruiting schedules? I know the Megafunds typically try to interview 1.5 years in front of when you start but I have gotten a decent amount of mixed information for the next few tiers in the industry. I would definitely appreciate a little more color on that.
3) What are the best headhunters given the region and focus that can help with this kind of move? Do I need to be searching for something specialized or just the big names that are already out there?
4) Should I be trying to get some exposure here in the near future or should I hold off and try to permanently place somewhere (in 1-2 years) before I scratch the surface?
I apologize for the wordy post but I figure there is a lot of ground to cover. All advice is much appreciated and thanks in advance for any helpful responses.
Are we talking Harris Williams/Baird/Blair? Or more like PNC/Key?
Sounds like Key. Key does a decent job of placing into the few local PE firms. I've heard of some breaking into the NY PE scene, but I think that's rather rare. Best bet would be to sit in M&A as long as possible, I think M&A and Industrials are their best groups. If it's PNC though, good luck...
Ferragamo is right on about M&A and Industrials with Key. M&A is always a good group to focus on for PE recruitment no matter what bank you work for. Financial Sponsors is also a good group to be in, as you'll have more opportunities to network with the firms where you'd like to eventually work.
I don't know too much about recruiting schedules or headhunters for the Midwest though.
do as much m&a as possible. all the other crap will not help you. if you're at Harris Willams/Blair/Baird, then you're fine - you'll get plenty of opportunities to interview with good mm PE firms (although it doesnt sound like you're with those firms based on the description of your job).
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