PE Networking
Alright.. So let me preface this as anyone who has seen me post before knows that I have been very pro-banking for a career. With that said I am really starting to consider life on the other side.. At least while I have the opportunity to recruit.
I have started talking to headhunters and people in the industry and its gaining some internal momentum. My main worry in recruiting buyside is that I will be booted in 2 years and have to face an MBA or recruiting all over again, which sucks.
BUT, I do love the diligence process and digging into a compan... The benefit of being on the GP side of the equation is HUGE... Obviously pre-mba's don't get carry but it is a great business model if you can stay in the industry and skip an MBA or get back post-mba.
I'm just finishing up the year and am expecting my snazzy bonus shortly and am starting to try figuring out what I want to try doing and where I want to try going. I have compiled at least an initial list of places I would really be interested in learning more about, and am trying to figure out what the best way of approaching people at the firms is.. Is it socially acceptable to just shoot over an email? Or do you guys use linkedin? My bank (as I'm sure most of yours also do) has a database of pretty much every firm and people we know there and contact info.
HI, I currently work in a boutique PE firm, and I am just a analyst. Our company is small with only 5 people. I think we use LinkedIn and also, net work. Cold call or an email is not common, socially hard to be acceptable. Hope this helps. Thanks.
Could you go into more detail please? Are you saying you guys recruit through linkedin? Do people contact you through it?
You can shoot a cold email over but it's obviously better if you can get warm intros from contacts using things like LinkedIn, referrals through senior guys if that's kosher in your group, alum or something/someone else you have in common. If you're going to go the route of headhunters try to find out which funds they're repping and make inroads on your own so that someone may know you when your name comes across their desk but do not try to go around the HH's because there's a good chance they can fuck you over unless you've become really close to someone at the fund.
If you're going for the larger funds, not only MF's but most of the decent sized funds, you'll probably need to get an MBA but that's not necessarily terrible. I never did one so I can sell all of the reasons you don't need one but it's definitely not a bad thing to have on your resume.
Completely agree. Just trying to gauge how it would be received. I'm mainly looking at guys at the Associate level who came from my bank. Cold email but at least something in common. I just wasn't sure what the "norm" is for PE. I can imagine a lot of guys start ignoring LinkedIn
Sorry, been getting ROCKED, on a couple things. I have been talking to some more senior guys that I work with VPs and SVPs and they said they would help me out and call whoever they know. I guess the next thing is trying to gauge timing, in not reaching out "too soon" that they are shocked you are reaching out so soon, but also not "too late" to miss the boat. Any ideas?
PE networking: subtle or direct? (Originally Posted: 01/17/2018)
Hi all. I’m a current MBB Analyst, and I’m currently trying to network my way into interviews at top PE funds. Primarily targeting alumni from my current firm and undergrad school.
For those of you who are on the other side of this equation at PE funds or who have successfully networked in the industry in the past, what kind of approach works best? A super direct message - eg attach resume to the first email and say outright “I’m looking for a job at xyz fund” - OR a more subtle/less transactional intro, with no resume attached and a message more along the lines of “would love to connect over the phone/coffee and hear more about your career path and experience at xyz fund?”
How come you're thinking about pursuing PE as opposed to staying in IBD for the long haul? Would be helpful to get your insight.
If I don't like how recruiting goes or it doesn't really jive with what I'm looking for I may stay where I'm at.
Direct. The people who work in these fields don't have a lot of time to play around with you, so it's best just to get to the point. Be courteous and humble, obviously, but be to the point.
Try to focus on someone you have something in common with (grew up in same town, same college, same prior job) and just be direct. "I am very interested in your firm and would really appreciate it if you would spare a couple minutes on the phone to allow me to introduce myself and to ask a couple questions. I am a fellow NYU grad and would be grateful for a couple minutes of your time."
Cast a wide net and reach out to lots of people because you response rate will be low. If you want something specific do not be afraid to be direct and ask.
I've been in PE now for 3 years at 2 different funds and people are generally willing to help out.
Networking for PE - Junior too early? (Originally Posted: 03/15/2010)
As a junior is it too early to start networking for PE?
It is never too early to network and build relationships.
My worries primarily concern the relationships going stale between now and the 3 years when I'll actually be looking for a PE job?
sorry if this sounds stupid, but what kind of stuff do you talk about for 3 years (every quarter?) until you want an interview? i don't see this working unless you guys end up being friends and play squash or something more often. these "update" emails can only go so far
megafund pe networking as an analyst (Originally Posted: 04/27/2011)
searched around but couldn't find anything definitive.
as a first year analyst, is it ok to reach out to alumni form your school at megafunds? what would be the best time to do this (december/january)? What's the pitch (thinking about pe, want some input, etc)?
Any different for large HFs?
Curious as well
bump
Too many ppl; too few spots on buyside. Everything is uber competitive --> standardization. Most important thing is being in right group, reaching out to headhunters, killing interviews - knowing ppl generally wont give you a push. Everyone at a megashop knows tons of ppl who would like to take the single digit # of spots they have.
What group/firm are you in?
You might be wasting your time even thinking about megafunds
the best utilization of your time would be networking your way into the top groups. Or else you would not have a shot at mega funds anyways.
just ask boutiquebanking4life or whatever that guys name is... lol
interested as well. wouldn't knowing associates/principals help bypass the headhunters, and in doing so, the firm saves money..?
The amount of money it would save doesn't matter all that much to most PE firms.
They don't care about saving the money part. But you need to remember that these PE guys get pinged by the brightest guys out there as well so unless your contact is pretty high up there (VP or above) who is handling the recruiting process you probably have no shot. Your best chance is to go the the top groups or else you have little to no chance to get into these megafunds.
Of course, it's a different story when you try to network in a MM PE shop where by reaching out might just grant you an interview on the spot.
Does anyone else hate the term megafund? Reminds me of mega man and toys
you guys are idiots, theres a guy at KKR that came from Jefferies, this top group or no shot talk is bullshit. It makes it alot easier, but far from impossible to get in from worse groups.
in an investing role or cap markets? know there's a couple of ex-jefferies guys at kkr cap markets but that's the first i've heard of any doing buyside work there
by "top group," are we saying MS M&A/GS TMT/BX or bust?
is there any downside to reaching out to an alum, at any level, at a megafund before recruiting starts? if not, when is the best time to start?
^nope.
This whole not getting into a megafund unless you are at a top group kind of reminds me of the not getting into BB IBD if you go to a non-target. It's hard, but not impossible.
what about SAT score? how important? what are cutoffs?
Just like there are kids from non-target state schools in groups like GS TMT, there are people from non-top groups/banks at places like TPG
Very very few profiles of mm ib to megafund. Youll see tons of non targets at Goldman or JPM but VERY rarely do you seen a non bulge or top boutique kid at TPG or KKR at least in the buyout fund. Maybe 1 every couple of years
Timing of PE Networking (Originally Posted: 11/15/2016)
Last year the recruiting cycle started near the end of January. How soon is too soon to start reaching out to former analysts, school alumni, etc.
Or said differently.. when would you start networking and reaching out to people? Assuming the process kicks at the end of January again this year.
Bump? A better way to ask this question
For those currently at funds. Has your fund started talking recruiting or are other associates/VPs starting to take info calls from analysts?
How prevalent is PE networking? Is it all done through the headhunters or analyst supposed to be networking similar to breaking into banking.
Networking to get a PE/HF job? (Originally Posted: 06/25/2008)
I'm probably going back to the group I spent last summer in. It's arguably one of the worst industry groups at a lower-tier BB. I think the exit opps are pretty bad (no analysts seem to go to decent buy side jobs...and I'm not talking about KKR....like i think one or two analysts over the past two to three years has received a job at a $1 billion+ fund....most stay in banking, get their mba or go to very small buyside firms).
I'm assuming that means that recruiters probably aren't knocking down the doors of people in my group, and hence they will not help me much either. I'm curious as to how structured PE/HF hiring is. Is it all done through recruiters, or can people from mediocre groups get interviewed if they are proactive and reach out to alums and other sources.
I went to a non-target and received a few BB summer offers last year purely through getting in contact with alums and they were able to get me interviewed. Basically, I'm wondering if the same is possible on the buyside, or if my lack of banking pedigree will be a serious issue. Assume I actually do get a couple deals done and have something to talk about in an interview.
Definitely possible. Get the experience and reach out to the recruiters and be persistent like you did when you were first getting into banking. Sounds like you already have a summer under your belt, so assuming you were a decent summer you should have some clout when it comes to getting first crack at the best deals right out of the gate. Work hard and get close with the senior bankers on your deal teams, and make sure you start early if you want to interview with the bigger shops.
Gametheory - what do you mean by "early"? Is that Sept-Nov? Or Jan - Feb?
tm11, how bad is the industry group that you're talking about, and why is it so lousy? are you sure you're not being hard on yourself? anyway, i agree with GameTheory -- persistence is key and tap any and all of your networks. recruiters may not come to you, but you can always go to them and if you make a strong impression for yourself and keep yourself at the forefront of their minds, they'll likely give you a chance. and if you want to move to a good PE/HF job, it doesn't hurt to get the blessing of the seniors on your team either.
numi, I guess I don't have any specific numbers, and I probably am being a bit hard on myself, but it is not a good group. It's one of your standard industry groups that is at every bank (ie Energy, Industrials, FIG, Sponsors, RE, Consumer, etc.), but it is probably bottom 2 if not bottom 1 in the bank as far as industry groups go. I don't know why it's so bad except to say that the MDs don't pull in as much business as they should, and the group has not done a great job of hiring outside talent. Additionally, I think this makes the group undesirable and hence it does not end up with the best analysts (I chose the group because I thought the industry would be interesting).
Thanks for the advice, though. I'll definitely be proactive and do whatever possible to position myself well for the buyside.
when you interview, you might just want to tell them that you chose the industry because you thought it was interesting, without mentioning anything negative about what you now know about the reputation. be very clear that you voluntarily choose that industry. if they ask what you didn't like about it, then maybe you can say something about things, but whatever it is, don't insult the people and don't rail on your group. maybe a good answer might be that you had thought you'd see more deal flow but it hasn't been so, and maybe it's just market-related. if they know your group, they'll know the reason for the slow business is probably because it's not a great group, but at least you'd be keen enough to realize that the deals that you were seeing weren't all they were cracked up to be and you're looking for a job where you can do more.
Networking as an analyst for PE jobs (Originally Posted: 12/19/2009)
I've heard several times that certain groups such as Financial Sponsors offer you better networking opportunities for PE recruiting. While I understand how such a group deals more with PE shops, I don't understand how analysts really get a chance to network, especially when they are very seldom taken to client meetings. How exactly would you be networking at all as an analyst regardless of the group you are in?
Networking can happen in any group more or less. The issue is in some groups you have literally zero access to PE firms and at least in a Sponsors Group you'll be interacting with them daily. You should use your 2-3 years to network all over the city if you are in NYC. Meet all sorts of people at various PE shops and throughout your firm. Get introductions wherever you can and follow up on them. Most of all, my serious advice is the best opportunnities are made if you are a TRUE rockstar. If you are your VPs and MDs will stand up for you and make the calls and just get you the job you are looking for. Be loyal and the best in your class and the rest will follow.
Wso fan is right on. It's more about making a good impression on those in your group and allowing them to put in a good word. If you kill it for your MD for two years and he calls up a partner at a PE shop he has a great relationship with and gives you a golden review, you will be in very good shape.
Networking with PE guys. (Originally Posted: 02/26/2010)
Is reaching out to PE alumni while still a junior a little early? I feel like people are most receptive to networking with students as opposed to people who are already working but I'm a little worried networking right now will lead to the connection fizzling out in 3 years when I'm looking to enter PE.
Also, what are peoples thought on networking with analysts who left the firm your interning at this summer for PE? Are they a no go until next year or is it ok to contact them before starting?
It is great to network this early. You should build your relationships slowly and be respectful of everyone you speak with. Just be careful and don't ask for a PE job as a junior.
PE alum networking (Originally Posted: 11/17/2010)
Hello all,
Long time lurker, first time poster.
I have a networking/ info session with an alum next week that works in PE and I wanted to be able to ask some good questions aside from the basics. I tried the search function and couldn't really find anything worthwhile so I was wondering if you all would help me out.
What questions would you ask if you were going to be in the meeting? If you can point me to a previous topic that would be great.
Its a smaller fund ($200mm) in the midwest if that would help.
Thanks for any help you all can give me.
bump...
Networking for PE - Advantages? (Originally Posted: 04/12/2012)
What are the advantages of networking with PE alumni/contacts given that most recruiting is done through headhunters? Is there any benefit in knowing lower level employees (associates) at targeted PE firms? i.e can they help analysts at ibanks get interviews at their PE firm?
I'm considering just emailing a few people and talking to them about their experiences in Investment banking and how they secured their job. Is this a decent way to go about this? I networked my ass of to get a banking job, and just wanted to know if I need to/there is benefit to networking in PE as well..
Thanks for the help guys.
Of course. There's always a benefit to networking. The only exceptions might be some of the purely meritocratic processes (e.g. a prop trading firm) and college/grad school admissions, and even then it might tip you over
Any particular instancles or 1st hand experience in how early PE networking helped you guys?
Any particular instances** or 1st hand experience in how early PE networking helped you guys?
really interested in this as well
PE networking with people you haven't talk to in ages (Originally Posted: 11/10/2012)
A bunch of people who at one point I was friends with, I haven't really kept in touch with (and they haven't really made an effort either). Life kinda got busy and then a few (3-4) years went by...just like that. Now some of them are working at funds/shops I want to work at, and I feel really guilty sending them emails, just because now that I want a job. Part of me feels like this happens quite often, especially with how busy people are in finance jobs. Another part of me feels kinda cheap, sending them emails/messages like "How are you doing", how's life, let's catch up...etc. When in reality, it's quite awkward, since I haven't spoken to them in ages, and we weren't the "greatest" of friends to begin with...and if they are smart enough to be working in PE, then they probably know the real motivation behind my message.
Thus, I was curious to know how often others had to pull one of these guilty networking moves. Clearly I learned my lesson about networking and the importance of maintaining it before you need it. But for right now...whats the best way to go about it... without sounding like you are using them?
Then just direct and ask them about the funds. At least you aren't being disingenuous.
start talking to them on FB more? maybe conversastion will become more natural and then go on from there?
have no shame
Networking as a PE associate - what do I do? (Originally Posted: 04/18/2015)
Hey guys, I am an associate in a reasonably solid and reputable PE fund in London but I don't like sector we are focusing onat all. I want to switch and I have short list of firms I want to (try to) work for. I want to try cold linkedin mailing etc. but I don't want to be awkward and miserable.
I mean, when you are scouting for analyst job the rules of the game are clear - write as many as you can, explain that you want to work in IB/PE, try get references and info interviews, etc. Everyone knows that you are doing it to get a job even if you do not say it directly (you can just write or tell a person "I want to learn more about IB industry from you, about your experience, etc." but everyone understand it means "I want to get job via you or with your help one way or another" and that's fine - these are rules of the game).
When you are an associate, it is something different in my opinion. You need some different framework for reaching out to VPs and I haven't found it yet. It would be awkward to write to VP or director the above (hey, I am working at x but I don't like focusing on TMT and I am searching for a change) - that is just weird. It will look just not respectable. It is like I am at their mercy to begin with.
Any suggestions? Am I overthinking it? How would you cold-write associates, VPs and directors in different PE firms (and to some extent competing with yours) that would work smoothly?
do you attend any big industry events where they would be attending? Here in the states, we have many ACG event, which brings together professionals from PE firms all over the Us.
Ask your bankers and attorneys for intros at funds you're interested in. In london just have them set up drinks casually and pretend it's by coincidence if you don't think it's kosher to just outright say it. It will be a much longer process to get a new position so just do that as much as possible. Also, ask consultants, accountants and any other service providers you can think of who work with PE firms.
Thanks for suggestions guys, appreciate it. Unfortunately I rarely visit industry events... Good idea with using advisors for establishing contacts (although somewhat slightly non-ethical probably...)
Any other thoughts?
I would think the first step would be to talk with headhunters (obviously not the ones who work with you firm). Given you work at a well-known firm, I don't see why they wouldn't be helpful, especially since you seem to have a pretty clear reason for wanting a switch.
I think with your situation, you need some form of relation (getting an intro, having attended same school, worked at same IB, etc) in order to effectively network and meet people. I think it's fine to email alums (either from UG or bank) and say: Hey, I am new to PE and trying to build my network and meet other professionals in the industry and given we attended same uni / work at the same bank, I was wondering if you'd want to grab a coffee or drink sometimes. You just need to be more targeted at your approach.
PE Networking with Known Fund (Originally Posted: 05/13/2015)
DELETE
Just tell your SVP. If they do a lot of work with this PE fund then they're almost guaranteed to find out (if they haven't already).
Delete
Bump
Are PE Firms Frigid to Networking? (Originally Posted: 04/02/2016)
So I took a really scattershot approach to IB recruiting during both my SA and FT processes, and it basically worked well and was expected by all parties; those who answered helped my process and those who ignored/might have been annoyed probably didn't hurt or were diluted by the number of active lower-level bankers who did respond and were involved in the recruiting banking.
However, I've heard some fellow candidates gunning for PE spots get not just stonewalled by PE employees, but actively told not to network and that the firms would choose based on resumes (especially MFs). My question is whether there are firms who are notably icy towards networking in the IB-> PE stage; I know APAE and Marcus_Halberstram have noted that networking can help land interviews through "recommendations" to headhunters. Nevertheless, I don't want to spoil my relationship with a (potentially senior) person at a firm that's not very large, especially since I'm going to a bank that should get plenty of headhunter action.
So, are there any notable PE shops I should shy away from reaching out to?
Well, it's not just the PE firms that you don't wanna piss off - you also wanna make sure you're not pissing off HH's also, since they are the gatekeepers. So hypothetically, even if the firm is OK with it, I wouldn't necessarily go around the HH. I would just take their request to not contact the firm on face value. If they say don't do it, then don't do it. If they don't say anything, then sure, go for it.
I would note that some firms view that sort of initiative very positively (generally firms that do a lot of more proprietary outreach, like Growth Equity and VC firms).
Would you want to work for someone who gets offended by someone simply reaching out?
Yes, you would, because there are tons of great firms where reaching out can offend certain people with sensibilities. Platitudes like "You don't want to work for [ ] anyway if they judge you on x y z" are basically sour grapes. In fact, I would argue that better firms would value demonstrated interest (or even discount it) much less than the average firms because they know the offers they give out will pretty much be accepted.
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