5/19/12

I know that very few people get hired to decent firms out of undergrad. However, I am wondering if these people had summer experience in IB before they were hired. Or do PE shops who take undergrads train them in modeling? Thanks.

Comments (40)

5/19/12

Only kid I know going top tier PE had a fall semester internship (term off) at a top 3 BB in FIG where he was one of only 3 interns and at one point logged 140 hours in a single week. He had to go through 16 rounds of interviews and network to get that PE gig and that is only for SA. He'll be a senior at an Ivy in the fall and has a stellar resume so... it's not easy.

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5/19/12

If you go to Wharton Silver Lake Partners recruits some undergrads

5/19/12

A decent-sized fund ($1BN +) interviewed at my school for SA. I got an interview without any IB experience or anything through networking. My past internships included BB PWM and a HFoF. I didn't get the job and I don't know if they took anyone from my school, but it is possible without prior IB/PE experience.

I would be able to demonstrate that you have some modeling skills though because I can guarantee your competition will.

In reply to dogboo
5/19/12
dogboo:

If you go to Wharton Silver Lake Partners recruits some undergrads

most analysts of any reputable PE firm (from what I've found) but nearly all summa from wharton

5/19/12

Yes, top funds recruit from top schools. I have seen post from top PE firms on my career centers job posting, but they are always looking for the very very top students--think almost perfect transcript +Work EX+ extracurriculars

In reply to turtles
5/19/12
turtles:

at one point logged 140 hours in a single week

Bullshit.

MM IB -> Corporate Development

In reply to SECfinance
5/19/12
SECfinance:
turtles:

at one point logged 140 hours in a single week

Bullshit.

well it might be but that's just what he said. otherwise he was averaging the normal 80-90 hours

5/19/12

Blackstone recruits here at Cornell. I know a person who got REPE and he (she?) worked in IBD during junior summer.

p.s. I'm pretty sure it's REPE...definitely PE I'm just not that sure which group

5/19/12

Heard of a couple people at my school and also Berkeley go to Blackstone / KKR straight out of undergrad. Either this year or last year.

5/19/12

One of BYU student will go to Blackstone as well this year

5/19/12

I met one person, who went to Wharton and did GS TMT during junior year and got into KKR.

In reply to bumpthethread
5/20/12
bumpthethread:

Blackstone recruits here at Cornell. I know a person who got REPE and he (she?) worked in IBD during junior summer.

p.s. I'm pretty sure it's REPE...definitely PE I'm just not that sure which group

I also go to Cornell and know who you're talking about. She - I have no idea how you forgot her gender (wtf??) - worked in IBD at DB last summer like an absolute animal. She put in ridiculous overtime. I forgot which group she worked in. She is going to Blackstone REPE.
I know one other kid from Cornell going to PE but those are the only two I'm aware of

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5/20/12

I know about guy who got in Blackstone PE in London. He says he was the only one in PE straight from undergrad in the office, at least that year. Long distance acquaintance though, so not really sure hoy reliable the info is. The guy did have an incredible resume, like MM IB, GS and MS IBD internships, num 1 in grades from num 1 uni in the country, extracurriculars bla bla bla

5/20/12

Don't personally know, nor can I track anyone, from my current school (Yale) or past school (Columbia) who got megafund PE straight out of undergrad. However, I can see a couple people from each having gone to Audax/Pegasus, etc. and then later to Carlyle/TPG.

That said, I think BX PE recruits a Wharton or Harvard student every year. Last year it was a Wharton girl who graduated with a 3.9+ and interned at GS TMT the summer before OCR. You need to be very well-connected and extremely high-acheiving (3.85 minimum).

Either way, it's doable. People have gotten much more lucrative gigs post college than mega fund PE. I'm not sure if you know the Dartmouth kid who landed a position at Paulson & Co. out of college a few years ago. Bought a place in NYC in his first year most mega-fund VPs could only dream of. :P

In reply to TheKid1
5/20/12
TheKid1:

I met one person, who went to Wharton and did GS TMT during junior year and got into KKR.

JH?

You sure that person's not BX?

In reply to gammaovertheta
5/20/12
gammaovertheta:
bumpthethread:

Blackstone recruits here at Cornell. I know a person who got REPE and he (she?) worked in IBD during junior summer.

p.s. I'm pretty sure it's REPE...definitely PE I'm just not that sure which group

I also go to Cornell and know who you're talking about. She - I have no idea how you forgot her gender (wtf??) - worked in IBD at DB last summer like an absolute animal. She put in ridiculous overtime. I forgot which group she worked in. She is going to Blackstone REPE.
I know one other kid from Cornell going to PE but those are the only two I'm aware of

lol sorry. I don't know her personally. I just know that it's a senior in the hotel school (heard from my friend) - didn't really know the name.

5/20/12

Ya it is JH, who is BX.

All in all, it is very tough. High GPA is pretty much a must along with baller internships

5/20/12

There goes my dreams... I did multiple Internships at a pe fund filled with ex goldman guys and thy gold me I wouldn't get a full time offer

In reply to couchy
5/20/12
couchy:

There goes my dreams... I did multiple Internships at a pe fund filled with ex goldman guys and thy gold me I wouldn't get a full time offer

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5/20/12

my friend from OSU interned his junior year at GS ER and now he is doing PE at Maq in NYC and austrialia (its based out of there)

I want a lady on the street, but a freak in the bed,

Go Bucks!!

In reply to Ambition
5/20/12

GS ER in NYC?

Ambition:

my friend from OSU interned his junior year at GS ER and now he is doing PE at Maq in NYC and austrialia (its based out of there)

In reply to seedy underbelly
5/20/12
seedy underbelly:

Don't personally know, nor can I track anyone, from my current school (Yale) or past school (Columbia) who got megafund PE straight out of undergrad. However, I can see a couple people from each having gone to Audax/Pegasus, etc. and then later to Carlyle/TPG.

That said, I think BX PE recruits a Wharton or Harvard student every year. Last year it was a Wharton girl who graduated with a 3.9+ and interned at GS TMT the summer before OCR. You need to be very well-connected and extremely high-acheiving (3.85 minimum).

Either way, it's doable. People have gotten much more lucrative gigs post college than mega fund PE. I'm not sure if you know the Dartmouth kid who landed a position at Paulson & Co. out of college a few years ago. Bought a place in NYC in his first year most mega-fund VPs could only dream of. :P

You transferred twice?

In reply to blueslord2910
5/20/12
blueslord2910:

GS ER in NYC?

Ambition:

my friend from OSU interned his junior year at GS ER and now he is doing PE at Maq in NYC and austrialia (its based out of there)

yep

I want a lady on the street, but a freak in the bed,

Go Bucks!!

5/20/12

There are posts on this website that indicate some lower ranked schools, such as UVA and UT, send one student a year to some big PE funds. Alas, those posts are from pre-crisis days and may not hold true anymore.

Tangentially related question: Do the people who get megafund PE out of undergrad get to go to HBS, Stanford, or Wharton after just two years?

In reply to Ambition
5/20/12

That is so cool!

Ambition:
blueslord2910:

GS ER in NYC?

Ambition:

my friend from OSU interned his junior year at GS ER and now he is doing PE at Maq in NYC and austrialia (its based out of there)

yep

5/20/12

I know that Jon Gray joined Blackstone REPE right after undergrad at U Penn. He has spent his entire professional career there, was co-head of real estate investments along with Chad Pike where he was responsible for the HIlton Hotels acquisition. He is now global head of real estate and on the board of directors.

Too late for second-guessing Too late to go back to sleep.

In reply to bumpthethread
5/20/12
bumpthethread:
gammaovertheta:
bumpthethread:

Blackstone recruits here at Cornell. I know a person who got REPE and he (she?) worked in IBD during junior summer.

p.s. I'm pretty sure it's REPE...definitely PE I'm just not that sure which group

I also go to Cornell and know who you're talking about. She - I have no idea how you forgot her gender (wtf??) - worked in IBD at DB last summer like an absolute animal. She put in ridiculous overtime. I forgot which group she worked in. She is going to Blackstone REPE.
I know one other kid from Cornell going to PE but those are the only two I'm aware of

lol sorry. I don't know her personally. I just know that it's a senior in the hotel school (heard from my friend) - didn't really know the name.

Yea, she beasted. REPE only goes after hotelies though, no? I don't know anyone from AEM who has gone from UGrad to PE in any capacity.

In reply to IBTeaching
5/20/12
IBTeaching:

Yea, she beasted. REPE only goes after hotelies though, no? I don't know anyone from AEM who has gone from UGrad to PE in any capacity.

I don't think AEM places well into such intensive roles to be honest, though it is hard to generalize, since PE recruits are such a small sample. The other person I refer to above is Econ (I'm pretty sure, def not AEM).

5/21/12

Are these elite firms the only place you can work PE out of?

5/21/12

Off the top of my head, the following places have hired summer interns from Wharton

BX
Apollo (REPE)
Sankaty
GSIP (posted, not sure if they took anyone)
Silver Lake
Ares

All of them hire FT. Other places that I know have hired FT include Audax, Leonard Green, Oaktree (not sure if for PE specifically) and Pegasus. Banking is basically a prereq, but the guy interning at Silver Lake this summer has a lot of startup experience. Obviously most of these people are brilliant and did "everything right".

5/21/12

You're right, my bad.

I remember people saying they weren't using one of their three choices to apply for GSIP because it's such a crapshoot and figured that it's the PE arm.

In reply to TurquoiseHexagon
5/22/12
TurquoiseHexagon:

You're right, my bad.

I remember people saying they weren't using one of their three choices to apply for GSIP because it's such a crapshoot and figured that it's the PE arm.

You can only apply to 3 positions out of Wharton?

In reply to gammaovertheta
5/22/12
gammaovertheta][quote=TurquoiseHexagon:

You can only apply to 3 positions out of Wharton?

This is crazy if its true

5/22/12

You can apply to three positions at Goldman, if I'm not mistaken. So three different IBD locations uses up the three, or one S&T/ER/IBD or whatever.

5/22/12

GSIP = HF
GS Capital Partners = PE

In reply to HarvardOrBust
5/22/12
HarvardOrBust:

GSIP = HF
GS Capital Partners = PE

this.

5/22/12

I'm from a non-target undergrad and I'm working first year out of college at a $500M+ VC firm. I did 3 internships - one in boutique PE, one in Bulge-Prop and one in boutique IB.

I also know another kid working PE at MD Sass NY from SUNY Binghamton.
I know 2 kids out of BYU working at Huntsman Gay Global Capital and CS PE.
Also, CCMP just started this year taking analysts (they realized 2 analysts strait from undergrad = 1 assoc. in cost). I know a kid who interviewed for them
Also know a Silver Lake Principle who was hired undergrad, but he was also a Summa at UPenn

Regarding top PE it's not easy. However, there are ways. Primarily it's network.

"If you want to succeed in this life, you need to understand that duty comes before rights and that responsibility precedes opportunity."

In reply to TurquoiseHexagon
5/22/12
TurquoiseHexagon:

You can apply to three positions at Goldman, if I'm not mistaken. So three different IBD locations uses up the three, or one S&T/ER/IBD or whatever.

3 per firm. This is reasonable. I wish they had this at Cornell, in fact

In reply to TurquoiseHexagon
5/25/12

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