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
turtles:

at one point logged 140 hours in a single week

Bullshit.

MM IB (2 years) -> TMT Corporate Development

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

If you go to Wharton Silver Lake Partners recruits some undergrads

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

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.

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

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

5/20/12
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

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
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.

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).

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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.

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?

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

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?

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

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!!

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)

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

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

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?

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.

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".

5/25/12
TurquoiseHexagon:

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".

Does GSIP have a PE component? I was under the impression that they are entirely a l/s hedge fund.

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.

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?

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
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

5/22/12

GSIP = HF
GS Capital Partners = PE

5/22/12
HarvardOrBust:

GSIP = HF
GS Capital Partners = PE

this.

5/22/12

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