Do private equity firms hire undergrads?
Is it true that famous private equity firms like KKR, Black Stone, Apollo, and others recruits at undergrad level? If so then what kind of College do they recruit?
Private Equity out of undergrad
Private equity firms do hire undergraduates. However, there are usually only a handful of undergraduates from top schools that recruit directly into PE firms. Usually with previous experience in investment banking or private equity. Boutique firms with minimal recruiting structure can accept undergraduates too. Usually, these positions are given out based on relationships.
Some private equity firms that recruit out of undergraduate include:
from certified user @ledger123"
most places dont hire analysts straight from college, simply for the fact that they dont want to waste time training people with no work experience. some large funds hire analysts, but only exceptional candidates with prior banking internships and FT options. on the other hand, small lower mm PE firms without much structure could also hire analysts, but those are hard to depend on.
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I thought they only hire people with experience and post MBA.
I think its very firm specific. I heard Blackstone does. I've heard others do not. You should call Human Resources and ask.
I friend of mine got a Blackstone internship his junior year, but didn't get a full time offer. He did restructuring, not PE though. So I guess to answer your question, yes they do hire undergrads, but probably just for financial advisory and not PE. He goes to a target public school (UVA, UT, UMich, etc).
Friends at Harvard did get entry level positions at KRR and Bain Capital. They had strong work experience (GS for two summers). You need the deal experience to even be considered.
Chase Us, Break In http://chasingconsultantsbreakingbankers.blogspot.com/
Read this thread
http://www.wallstreetoasis.com/forums/better-path-for-private-equity
could anyone give me an estimate on how many straight out of undergrad jobs there are as a private equity analyst?
just wondering...
Just out of curiosity, are there small/boutique PE shops willing to hire undergrads with good but not Harvard/GS backgrounds?
Yes. I came from a non target and got a job as a 1st year analyst at a boutique PE firm in Chicago without any IB experience. 3.7 overall, 4.0 double major and stats minor, two internships, honors college and a bunch of honors society shit probably helped though.
Know a couple Berkeley kids who did PE internships at KKR. Also at boutique SF shops like Griffin.
blackstone, bain, silver lake, cerberus, audax
PE firms do hire out of undergrad, but you won't be working on deals. You'll most likely be doing sourcing for them aka finding companies to invest in and cold calling. Its good a good way to get your foot in the door, but don't expect to do anything too significant for your first couple of years.
Blackstone for sure hires out of undergrad into PE. I think Silverlake has recently started doing the same. Bain capital not so sure but their credit hedge fund (Sankaty Advisors) hires straight from Undergrad.
Do not agree with nbburna at all. Sourcing roles are clearly defined as such from the start. The above mentioned names hire you to be an analyst in every sense of the word and as an "investment team" member.
Not trying to belittle anyones opinions but saying this on a factual basis.
Agreed with marginofsafety.
Also, Bain Capital did start an analyst program in their PE arm a few years ago. I think they've only taken 1-2 analysts per year so far.
Is it possible to network your way into a top 50 PE fund that doesn't have an undergrad program?
Absolutely. That's a pretty general question, but IMO, you can network your way into just about anything (including the Royal Family).
For those of you who've broken into PE or are trying to, if you were interested (or if you are) in value investing, is there a place/group that you'd recommend gunning for, or would you aim at hedge funds?
Apollo hired at least one undergrad this year.
Private Equity Internships as an Undergrad (Originally Posted: 07/04/2015)
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If you could get a PE internships straight out of undergrad, why not leverage those experiences and try to get a PE SA position during your junior summer at a MF (i.e. Blackstone, Apollo, etc.)?
Often, the best way to get into IBD FT is to get the SA position. If you do two PE internships instead, you get two things against you: 1) having to recruit for FT positions for IBD which is pretty difficult and 2) having no prior IBD experience (this isn't a bad thing if you can spin your story right).
I guess it's still a little early to really decide either way. It's extremely unlikely for me to land an SA position at one of those firms (I have a 3.5 at a non-target) it seems. Thinking about it more, it's obvious that I should spend time pursuing both for next Summer. But as you alluded to, it's probably best to have experience in both, regardless of what I want to do after UG. I’m dying to work in renewables finance. Thanks.
It will certainly hurt you if you intend to get a job in banking, and the likelihood that you are given a FT offer for an investment role at a PE firm is slim to none.
Yeah I guess that makes sense. Realistically I think the best route would be to shoot for a banking internship for next summer (going into senior year), and then try to get PE for FT. At least that way there's some banking experience on the resume, and I'm sure PE analysts do a decent amount of modeling (although probably not the same amount as banking).
Structured Undergraduate Private Equity Internship programmes? Like Blackstone (Originally Posted: 10/27/2014)
Hi,
I'm interested in PE and I'm in my second year of uni (russell group, UK) and I'd like to know what other structured internship programmes there are in PE.
After speaking to some students who have had PE internships, they say they loved it but as they are only undergrads, they have nothing to offer the firm, so they are not offered grad roles etc. They advise me to apply for BB/Boutiques etc which I am currently networking into.
I realise there is basically no chance of breaking into PE as an undergrad but I'm just curious about which firms do offer structured internship programmes for undergraduates in the UK.
Thanks.
Anyone?
Anyone?
Cinven does, as far as I know
Thank you!
goldman, Silver Lake, BX and i heard also Rothschild fapi sometimes.. cinven does only internships to my knowledge but maybe someone slipped in as analyst already
Thanks for your response!
Terra Firma offers an internship as well. They also have the structured analyst program.
So they do. I've noticed Dartmouth Partners handles their analyst intake applications. Thanks!
AXA & CVC hires interns in Paris from what I know.
Private Equity right out of undergrad? (Originally Posted: 07/22/2015)
What are the firms that recruit right out of undergrad?
.
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Any idea on the recruitment process and the candidates for MM PE e.g. Audax?
Undergraduate private equity (Originally Posted: 08/28/2014)
I have had the opportunity to interact with a senior person at a mega fund. The meeting went really really well and the guy said he will help me with getting a summer placement. He asked for my cv and he said he will tell the recruiters/hr that he would like to take me on and that I can add value and provide good help etc.. I go to a non target and I am an undergraduate. Are my chance solid of getting an internship at this megafund? Am I missing something really obvious that will stop me from getting this, do I need to do anything else?
Do you
make sure you follow up when he told you to. if you didn't close the loop (when do you expect HR to begin scheduling interviews?), call him/her and do that asap. if they say they're starting to arrange interviews October 1st, call 2 weeks after that if you haven't heard something, politely ask for an update. and call him first, at the end of the conversation say something like "I realize this isn't your job, but I wanted to ask you since you've been so helpful, should I follow up with HR going forward to save you some time?"
stay persistent but not naggy, you've done what you can do. assuming you sent thank you email, he has your CV and all of that good stuff, just be patient.
Thanks for your reply. I will send him my cv in a weeks time because I have some work experience in another field that could strengthen my application. Also he says he will look up the right contacts within the firm to best help me get some experience. I do not think there will be interviews. He said they have had a few people come in and spend the summer with them and it was done through people they knew and it was organized informally. This position was not advertised.
Undergrad to PE?.... I hope you are some kind of wizard because BB training and development is, in my view, extremely important for a high fire power PE Analyst/Associate.
well it is not exactly doing lbo. It is more strategy and markets stuff.
@"thebrofessor" gave good advice.
Anything can happen so keep beating the pavement for more opportunities, but you should be good to go. Congrats.
Hey, thanks mate.
PE right out of undergrad (Originally Posted: 06/28/2015)
Does anyone know which PE funds hire FT right out of undergrad?
Thanks in advance!
Look for the PE funds with analysts.
Is lower MM PE possible after undergrad? (Originally Posted: 02/24/2016)
If banking doesnt work out after graduation will someone be able to pull off a Private Equity analyst stint at a MM or even lower MM PE firm? Assuming you had relevant experience in banking during undergrad.
most places dont hire analysts straight from college, simply for the fact that they dont want to waste time training people with no work experience. some large funds hire analysts, but only exceptional candidates with prior banking internships and FT options. on the other hand, small lower mm PE firms without much structure could also hire analysts, but those are hard to depend on.
Not that common in general but that depends on what you define as MM. Look around for small pe shops that you can leverage through someone you already know. Some do hire at analysts but usually those people had relevant internships or had interned there prior.
Undergraduate --> PE (Originally Posted: 02/02/2013)
Is this even possible? When I look at the websites of firms they all say Associates with at least 2 years work experience.
Is there any way in hell I could network into a small-mid sized PE shop in a regional city straight out of undergraduate? I have a 4.0 and decent internship experience but no full-time obviously.
Is there such a thing as an analyst at a PE shop?
Thanks.
Check Blackstone, BlackRock PE Partners, Macquarie, GS/MS and your school's job posting website. There are a lot of firms that hire undergrad to their direct investment business.
Leonard Green takes in analysts. Know someone doing SA this summer and appearantly return offer rate is pretty high
Very possible. Especially with small PE boutiques.
Yes, it's possible. Especially if you're at Wharton.
I know that Ares Management recruits at my school for private equity SA positions.
Yes, anything is possible.
getting into a quality shop out of undergrad will depend largely on the brand name of your school, shallow as that is. doesn't hurt to try but i wouldn't set your heart on it unless you're at H/W
PE firms that hire straight undergrads? (Originally Posted: 09/11/2012)
I know there are others besides Bain Capital, Cerberus, and Silver Lake that hire directly out of undergrad but not sure which ones...
Thank you for the help!
Don't Miss This Awesome Related WSO Content Do private equity firms hire undergrads? tell me about Silver Lake Capital? Do Alternative Investment Firms like FIG hire out of undergrad? PE firms that hire out of undergrad am firms that hire undergrads Silver Lake Partners & Francisco Partners Silver Lake Silver Lake
More firms hire gay undergrads than straight ones. Sad, but it's just a fact of life.
gays and "underrepresented" minorities :/
Beat me to it. That said, Silver Lake has a really really gay-friendly culture if that's what OP is into.
Leonard Green is doing OCR at my school.
PE Right After Undergrad? (Originally Posted: 12/02/2010)
What are the chances of landing a job at a solid PE firm directly after undergrad? Anyway to do this or is it too hard? How can I position myself to do it?
I am currently working for a MM PE fund in Chicago and came from a non target. Networking is going to be your best bet as well as internships or clubs that illustrate your understanding of finance. It's a very different recruiting process from IB since most smaller funds don't have as structured of a process as IB's. I can tell you my path was; studied abroad and met a guy starting a hedge fund focusing in shipping (at a shipping conference in Greece), met a former colleague of my boss and got an internship the next summer at his small energy PE fund, and then after my senior year got connected to a guy my VP was working for. This guy was restructuring a large fund in Chicago and needed an analyst for the remaining portfolio's, phone interview and then flew up for 6 interviews with different members of the team. PM me if you have any more detailed questions, happy to give advice as i was in the same boat last Spring.
Difficult... a few places have a structured process (BX, SL, and etc.), but those positions are extremely rare to come by... and of you go to the smaller funds, the process is much less structured and you have to depend on heavy networking (esp. as an undergrad)... I know a few places that also recruit from time to time at specific target schools (i.e. Audax and Monitor Clipper Partners), but again very competitive...
I have some friends who work at Blackstone and other PE giants straight out of Wharton undergrad. It seems they are very selective in recruiting (they don't consider resumes from all but about 3-5 schools out of undergrad). Not sure about smaller firms though.
The only person I know that got a megafund offer out of undergrad:
Ivy Target -> BB IBD Internship -> Top Group Internship (MS M&A, GS TMT) -> Megafund
I know someone who did Ivy Target => BB PE Internship => Megafund. Extremely competitive process, and this guy knew his shit.
yes. If you have connections it's not an issue. Here's a horror story for you: I had 3 rounds of interviews with Blackstone for a PE spot in London when I was graduating from an Ivy in the U.S. in 2008. At the time I had just decided that "PE was cool" and since there's "a month left in school, I should probably ask dad to make some phone calls and get my a job" (I've changed since then, but I was an idiot/asshole, acknowledged)... had a prepared AT ALL for the superday and known what DCF even stood for I'd have gotten the job... sigh
Obviously with the name International Pymp you must still be an idiot/asshole...
bahaha :-D
^haha... well I'm better informed now, but I'm still a cocky fucker, there's no question about it. Lol. you got me!
Touche, good sir, at least you have a sense of humor about it. It's not so much cocky I have a problem with, it's guys that are cocky and take themselves too seriously that need a life check
I'm not at a mega fund, but I'm at a solid PE in London. I leveraged an invitation to interview at Blackstone London and cold called/emailed a number of shops asking for coffee and advice. Two firms were impressed with that and both gave me a FO internship. The one I chose even advised me that I should go the IBD route but if it doesn't work out I'm good to stay here once I graduate. Fucking sweet.
Thanks for all of the replies.
Undergrad to PE (Originally Posted: 05/09/2012)
Hey everyone
I was wondering if anyone posting on here ever successfully made the jump directly from undergrad to PE or has at least interviewed with firms that offer undergrad a position and would be willing to share their experience?
Please feel free to PM.
Thanks
Silver Lake recruits at the undergraduate level, though essentially exclusively at Wharton.
APAE, many thanks for your reply. I know that SLP recruits at the undergrad level but I am more interested in the actual interview process and not whos recruiting.
I appreciate your comment though!
also interested
Made it to PE straight from undergrad myself. Which funds recruit undergrads has been discussed before, just use the search function.
for FT, IB experience is required and for SA finance-related experience is whats most important. You should also tailor your story to what the fund looks for with new recruits (do they care a lot about pedigree? are they an operational-focused fund? then mentioning your operational research major might help in the interviews).
They will mostly focus on your previous finance experience and make sure that you have an understanding of it from an investor standpoint. financial modeling experience is also a plus.
Another thing that helped me prepare was to look at finance case interviews from different MBA case books.
Also, fit is paramount to these funds. Remember that the key driver behind undergrad recruiting efforts is that you can shape them to your liking without picking up the ¨bad habits¨ from IB.
Great answer, thanks. Do you have any tips for finding out what the funds look for? What MBA Case Books can you recommend?
I tried the same myself. It took me a while until i had understood that if you wanna work in PE you need to have IB background. Even thoug, I received some offers I didn't choose PE because mostly these PE firms have 1-2 transactions per year. None of the top notch PEs is going to hire a person with no professional background at all. I'm almost 100% sure. PE is more about the whole process, especially Due Dilligence. Therefore, to be valuable for a PE firm, it is a prerequesite that you have a lot work deal experience. Certainly, there are ppl that broke into PE straigt after college but I doubt that they will be as good as someone who has a track record of let's say 5-10 transactions. You just have to be honest to yourself.
There are a handful of megafunds that recruit right out of undergrad, meaning they recruit people without any FT IBD experience. I think the other points you mentioned are all a questions of perspective. If one wants to do PE, actually working for a PE fund from the start will probably be better, also as a learning experience, then working 2 years for a bank.
wow what a Debbie Downer...what happened? You sent an email to Kravis and he didnt get back to you?
Made it to MM PE straight from undergrad. PM me for details.
How can undergrad break straight into PE without OCR? (Originally Posted: 08/03/2015)
Assuming that this is based on your own effort. And is this a good idea?
An increasing amount of people are skipping the 2-year stints with I banks and going right to HF or PE shops. I can only imagine it takes a lot of hours of networking and probably a good amount of cold calling, regardless of who you know. I wouldn't set your heart on a specific firm though, as I'm sure its more a case-by-case basis
PE out of Undergrad School (Originally Posted: 02/18/2014)
I had a questions for those that work at PE shops. I am graduating this year and I have an option to work at a PE shop that invests mostly into funds or at a boutique M&A (2- 200 mill). My future goal is to work at a PE firm that does direct investments. Which experience would be more valuable?
PE experience > M&A however, if you want even a hope at doing MF, perhaps M&A might be more suitable, cause then you can lateral to a BB
Take the boutique M&A gig over FoF.
Private equity undergrad internships (Originally Posted: 05/23/2010)
Any advice on getting summer undergrad analyst positions at $1B+ or even $5 billion AUM Private equity firms? is it harder than getting
it's going to be all networking. the bigger the fund, the more opportunities you will have at a BB coming out of undergrad (ie if they like you, they will get you interviews, and perhaps a pass right to superday, at several places).
There's a private equity forum by the way
PE out of undergrad (Originally Posted: 09/06/2013)
Been reading a lot of discussion on this forum about why it might not be the best idea to do PE (even at BX/KKR/Bain/Silver Lake) out of undergrad because of the structured role of IBD, and that ironically it might make more sense to go IBD if you want to get a good associate role at a buyout firm.
What are some reasons for this? I can see this making sense, just like it might not make sense for some HS all-stars to not go straight to the NBA but get some additional training in college for 4 years
This confuses me as well. I've seen numerous direct recruits move up, without lateraling. I sure as hell wouldn't turn them down.
Some PE funds offer analyst positions as a way of taking care of grunt work that they feel isn't worth a pre-MBA associate's time. Straight hires out of undergrad, for the most part, are extremely smart (chances are they turned down GS TMT/MS M&A) and relatively cheap.
For example, CCMP Capital provides PE research analyst positions that focus on market research and due diligence rather than real LBO modeling. Some people are concerned that comparable roles at megafunds are similar, and that they would be able to gain more relevant experience at a BB before lateraling over and doing real work as part of a deal team.
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I think the general idea is that there is a clearer path from a top IBD group analyst to megafund PE associate. This may be true but I personally wouldn't turn down a decent PE analyst job if PE were my goal, even if it were less structured than IBD experience. Moreover, megafunds are not necessarily the best destinations within PE.
But is IBD training necesarily more "structured" than PE analyst experience?
This is not correct. While research is a big part of the job, the good analysts at CCMP do pretty much the same thing as the associates, including writing investment memos, building lbo models, etc. Not all of their analysts get promoted but that is their primary source for associates now. 2 of their current associates were analysts out of undergrad with them.
Can anyone shed some light on how the analyst programs at all these firms (KKR/BX/Bain/SLP/LGP/Audax/etc) are operated? Are they 2 and out like banking analyst programs, or are they hiring intending to keep you on as an associate? Is the position basically associate-lite, or is it more bitchwork (the way 7xEBITDA describes CCMP). Hours? Comp?
Perhaps I can shed some light on this as I was hired out of undergrad as an analyst at a VC fund. To give some color, I don't work at a Sequoia/NEA level shop, my firm is a $350M AUM fund that is a top quartile for the industry we invest in and we co-invest with a lot of the big names, we're just not a premier fund.
Anyways, I've had very mixed feelings about the decision I made going strait into a fund out of undergrad. I was the first out of UG hire for the fund, all other analysts/associates had done 2-3 years of IB or consulting. The difference is very apparent. You simply don't have the structured skill sets or process oriented project management abilities to be as trusted as the other junior guys, thus sometimes leaving you silo'd in a research/cold calling position.
Advantages of a bank: - You will likely get the very structured training regimen -- funds likely will pay for Training the street but that doesn't equal the same experience
In a strong IB group you will get much more exposure. I talked with an analyst in GS TMT who at the end of his 2 years had completed 20 transaction. 15 months into mine I've only worked on 4 deals, completing 2. --> Pros for the IB is you just get better at core technicals faster with more transactions --> Also at the IB you will have more mid-level junior guys who will rip your stuff apart and really mentor you until your good. You may not get this at a fund as there are usually smaller teams with tighter bandwidth.
When you're really in a time crunch on a deal, the guys with IB experience will be trusted by the MDs for the fire drill turn and you will be left in a support role if you're lucky
Finally, if you're like me and you realize you like growth equity more, or Visa versa, other firms will be weary as you are not their mold hire. You won't be automatically dinged, but if you can't absolutely prove that you can go head to head on a LBO or M&A model against the IB analysts interviewing, even your transaction experience and portfolio company management knowledge won't help you and you're done.
Other little thing: You won't be in as big of a group, your network will be smaller, you won't always have as many social opportunities as your friends in big IB groups (not a big deal - i just noticed that being on a 5 member analyst/associate team vs my friends at banks).
I don't necessarily regret my decision. I've just noticed in my position where I'm more interested in PE, the growth funds are very hesitant to hire me as I have been doing VC where as IB analysts are experienced with growth and buyout deals. If I was looking to stay in VC, I feel it's pretty equal to IB, minus the larger transaction volume and core competencies exposure.
I wrote this really fast so I hope its coherent. Feel free to ask me additional questions if you want to.
Bambino
could not agree more. esp. the deal experience is incomparable. in a PE, you can do 0 deals in a year. in IBD, you can do a deal every 1-3 months, depending on group etc.
can I pm you ?
I know this is an old thread - but I wanted to know what the prevailing thoughts on the CCMP analyst program still are. If you push to gain exposure to the technical side on top of the "grunt work" you do, can the program be a good starting place for a long career in PE? Also, how does it compare to a place like Audax, another MM that hires out of undergrad?
A lot of the Real Estate PE shops do offer PE out of undergrad. At my school, Starwood Capital Group recruits heavily for Summer Analysts and I know of a few kids who were extended offers.
Of course you should do PE out of undergrad if that's where you want to be long-term. The only exception would be that if you want to go to the top tier firms in terms of prestige, then going the IB route may give you better chances (but they are still extremely slim).
I don't understand everyone's infatuation with the KKR/Bain Capital/Silver Lake. You can make a ton of money at a smaller shop, have more flexibility and freedom in developing an investment story, and typically have a better lifestyle.
Regarding the original question, it would only make sense to choose a top IBD group if you're not sure on PE as a longer term career. IBD "opens more doors" and gives you the most opportunity to jump to HFs as well as PE. However, that is not to say top PE analyst programs at places like you mentioned will not give you the same, if not better, opportunities to jump to a HF specifically if that is what you desire
More and more growth equity shops are hiring undergrads to fill sourcing/BD analyst roles. I am currently an analyst at one of these shops and I can surely say that I do not do any deal work, which upon finishing the program, will put me at a major disadvantage when it comes to financial modelling. Then again, you also see MBB grads being hired as associates at these shops.
With that said, where I see an advantage is that I will have 2 years of developed soft skills (talking to CEOs, holding insightful conversations on the phone, etc.) and will be way ahead of the pack than the average IB analysts. Let me be clear, this advantage pertains to moving into another sourcing focused growth equity shop (proprietary sourcing has become more and more prevalent as the market becomes more competitive). Also, being at a PE shop, I still have exposure to live deals and am always in an opportunity to learn from my Associates, VPs, Principals and Partners. The exposure to the inner operations of portfolio companies regarding how they are doing well/bad, strategic growth initiatives, etc. I find to be very interesting and very valuable. Lastly, so long as I do my job and with great effort, the people I work for will have my back and will be very helpful on next steps. Note that my ideal plan is to become an associate here, which is certainly a possibility.
Accounting and modeling is teachable, but having those soft skills for this certain aspect of the job isn't necessarily the case. I completely understand those who want to go into IB first for execution experience, because it certainly makes sense. But one would be crazy to say that going straight to PE is always going to be the wrong move.
My two cents
Here are some differences that I have found after working at a PE shop and talking with others in the industry...
As an investment banking analyst, you will most likely see and execute more deals than a private equity analyst. Some PE analysts out there spend a good portion of their time sourcing deals (depends on the firm) instead of actually modeling. As a result of this, PE analysts who move up as an associate are slightly less knowledgeable about various transaction nuances. In other words, a PE associate who spent 2 years in a solid M&A group at a bank is better able to understand the various nuances involved in it than a PE associate who started as a PE analyst.
That being said, PE analysts are introduced to thinking strategically much earlier than IB analysts. As a PE analyst, you are thinking about factors that drive value and affect the overall investment's risk profile. IB analysts on the other hand, may be better/faster at modeling but do not put as much strategic thought into why they modeled things the way they did.
Sidenote: I hate that the NBA has that one year rule... it's SO ridiculous...
If you're good enough to go to the NBA out of high school, then go. One semester of college isn't going to make a difference.
Just would like to hear everyone's opinion for PE in Asia since the deal flow and class size for the various IBs in Asia are much lower and smaller.
Private Equity - Undergrad (Originally Posted: 08/29/2012)
What PE firms recruit junior summer analysts out of undergrad? And what type of work experience would you need to make their cut?
Thanks in advance for any input
Also interested
Not sure about junior internship but CCMP hires partially out of undergrad, so I'd assume they also take undergrad interns...
Just checked the OCR website at my school and Silver Lake (this is a first), Bain Capital, apollo, and cerberus all have postings. Warburg has one as well but the date is 2009...?
That said most of the people who get interviews with typically have some BB IB internship or some internship in an investing capacity (MM PE, Investing groups at Goldman, etc.)
Seriously, where the hell do/did you go to school? Sounds other-worldly!
I know that Blackstone hires from ugrad from my target (not sure other funds, haven't really checked). But that's the thing - OP do you go to a target? If you don't, getting a PE SA/FT out of undergrad is infinitely more difficult.
Audax recruited at my LAC
Aky what school did you go to?
Bain cap for summer analysts? Are you sure? They have taken 1 kid/year from my target (except last year) for the last 6-7 years FT, and never recruited summers here. Are you conflating the PE arm with Sankaty (credit HF)?
EDIT: Audax, BX, BlackRock Kelso come to my target. Silver Lake only takes Wharton kids
BlackRock isn't PE
No, I'm talking about Bain Cap PE not Sankaty (although Sankaty also hires at my target). I agree with you that it is very sparse but they hired a kid from my undergrad ~3years ago and currently have a listing on my targets' OCR website. Silver Lake does as well, although like I said earlier this is the first year that I've seen that.
It's watered down PE
http://www.blackrockkelso.com/Overview/index.htm
What school is it that people get these crazy recruiting opportunities?
There are usually more and better opportunities available after 1-2 years in IBD. Don't rush it kids.
I'd rather be the guy who does 2 yrs M&A then goes to KKR/Eton Park/other top preftigious fund than the guy who joines Apax or Sankaty out of school.
i can guarantee you have a better chance at kkr associate out of apax than m&a anywhere....
What's usually the career progression of these PE analysts out of undergrad? I imagine most are promoted to associates, but are they more likely to be promoted/asked to return versus a typical candidate?
I'm going to weigh in here because this stuff pisses me off. TLDR: Life isn't fair, but it still works out.
Why shouldn't hiring managers at elite firms screen resumes the way NewGuy suggests? It makes total sense. A megafund PE firm is going to take ~5 kids in its class (and a HF like NewGuy's will probably only take 1 kid), so can you explain why they should look at someone who doesn't have the most prestigious background? They don't have time to interview every single smart kid, and you're delusional if you think the summa cum laude Columbia grad at MS M&A isn't more likely to be more intelligent than the magna cum laude UT grad in JPM TMT.
Yes, there are lots of smart kids who didn't go to an Ivy, or who didn't perform to their full potential in college. Fortunately for them, life exists outside of megafund PE & HF, and you can do very, very well for yourself going from BAML to Madison Dearborn. That is a totally reasonable path for anyone who is hard-working and even close to as intelligent as the kids getting megafund offers.
Generally AUM is the defining factor but OK.
And even then, Apax out of undergrad has a hell of a lot more pedigree than any banking job.
Hs comparisons are also a joke because they ignored the obvious 1) HYPS magna + GS (any competitive group) vs 2) HYPS magna + Apax
In which case, if you had to choose, take #2 any day. In itself it's a stupid comparison though, because both will get a chance to interview for their fair share of elite associate positions and from there none of this matters.
And last, at least in the states Apax doesnt take people out of undergrad anyway, so this is a stupid discussion.
I know little about Apax and a quick search on Linkedin shows that they clearly do not get the cream of the crop. Hardly any of their post-MBA associates had PE experience pre-MBA. That's enough to tell me that the guys with pre-MBA PE experience don't consider them that prestigious.
Do you work at Apax? You sure are getting ultra defensive here. Sorry I don't find your firm preftigious bro.
So we are saying that people who do PE out of undergrad will do better at HF recruiting than someone who did IB? I understand that having PE experience is probably better than not from a PE perspective, but how is that true for hedge funds?
because at a PE shop you will spend some of your time thinking about the business as an invesmtent, which is alot closer to HF work than the aligning of PPT slides and flipping books that you do in IBD.
http://www.peimedia.com/resources/images/PEI%20300/2012/Top-50-thin.jpg
not to say that this is the definite list, but maybe you have not heard of it because Apax is more focused in Europe
its just like saying CDH is not good but when in fact they compete with KKR/BX in China
@ 7S, you're right, Apax is better known in Europe than in the States, so maybe that's why these narrow-minded folks think it's not "prestigious".
All the talk on this website about which school is more prestigious, which I-banking role has more prestige, or which mega-firm is recognized as most prestigious makes me want to vomit. The reality is that prestige is entire subjective, and has little-to-no bearing on the ability of the firm or the individual to make money. It's all just a bunch of childish bantering that people play here and it's sometimes laughable, but more often that not, it's sickening.
I just want to know why NewGuy keeps spelling prestigious as "preftigious."
Undergrad -> MM PE - Thoughts? (Originally Posted: 03/24/2008)
I was just curious on what people's thoughts are with regards to starting at a MM PE shop right after undergrad. It would be appreciated if someone could outline some pros/cons. I put this topic in the IB forum only because I'm looking for a comparison vs. undergrad -> IB.
If you can get a good position than go for it. I mean, my thoughts or anyone else's are not as important as your potential employer's
I accepted an offer at a boutique PE firm over going into banking, I'm still not sure if I'll have an edge in the future...
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Is it possible to get into Private Equity as an undergraduate (Originally Posted: 10/10/2011)
I'm an Accounting and Finance indergraduate from a top 5 university in the UK. Do you think it is possible to get into PE by making use of networking oppurtunities? If i get tnito PE as an analyst will majority of associates be laid off in the second year like in IB or will majority of analysts be promoted as associates? Is it unlikely to get into PE without an MBA?
From everything I have read here, it is quite difficult to get into PE/VC without an MBA. And if you do, it is an almost purely sourcing gig with the firm.
A small fraction of people go in right out of undergrad, and it's far more common at the smaller shops than the megafunds. PE/HF typically recruit from the sell side because the want people that are already good at what they do and don't want to train people. High end VC is heavily skewed towards certain colleges (Harvard, etc...) and if you don't have any experience, an MBA may be more of a liability than anything else.
Search around the site a bit and get to know some of the guys that went straight to PE. ALSO, and I say this too often but whatever, here goes: networking will overcome ANY AND ALL limitations. Knowing the right people makes the recruiting standards irrelevant.
Well, UFO is mostly spot on. Networking won't overcome everything. You have to know the job that is done in PE to get a job in PE straight out of school. A smaller shop can't afford to take on somebody who they have to train extensively and a larger shop will just go grab an IB analyst.
You can break into PE straight out, but you need to 1) know the job, 2) network your ass off, 3) have a strong background in finance (internships, school, etc)
PE straight out of undergrad (Originally Posted: 02/26/2013)
There are a few PE firms recruiting out of at my school. One of them is a MM and the other one is a boutique, both in Atlanta. I go to a semi target. What can I expect in terms of difficulty in getting an interview and the interview itself? And anything related to a PE undergrad summer internship would be greatly appreciated. thanks
Is this Roark? Know an lbo model like the back of your hand.
Roark is actually one of the firms I'm applying to. That interview process looks rough. How the hell are UGA kids making it in?
Are the interviews as tough as at a newer boutique PE?
Undergrad to PE? (Originally Posted: 09/30/2008)
I know it's hard but is it at all possible to move straight from undergrad to PE without IBD experience? Should I expect consulting case interviews for PE?
I would suspect from recent other posts as well as the current state of the economy that it would be quite difficult to get a PE job unless you are the top of the top. Even then, I wouldn't suspect you(or most/all undergrads including myself) would have much of a chance, especially with so many (recently)out of work bankers looking for a job.
But hell, if you want it enough I'm sure it can be had for a large enough price...
I might be wrong but given the current state of the economy it is highly unlikely to get a job at PE fund unless you are an absolutely amazing applicant and having outstanding connections.
i had several interviews with PE as a undergrad i got both type interviews, consulting case and banking-style valuation, EBITDA, multiples, blah blah.. i think you should prepare both
I don't know about without banking backgrounds, but people with BB or good boutique IBD experience and high GPA's (3.8+) definitely got a lot of PE interviews this year. Bain Capital, Apax, Blackstone, Silver Lake, Cerberus, Audax, and Elevation Partners were all here, not including the random less major PE firms.
Sure, I think it's possible. I had a second round with a mm pe firm last fall...granted things have deteriorated significantly since then, so it might be a lot harder now. Just for a little perspective, I went to a non-target and had like a 3.4...although most of that was due to a pretty horrible fall sem fresh year. Either way, unless you have the qualifications warhawk mentioned, you should probably stick to applying to smaller mid size firms.
PE straight from Undergrad (Originally Posted: 11/17/2009)
Does anyone know the reputation of PE firms that hire straight from undergrad? I am currently in a 2-year investment banking program, but a PE firm recently lost an analyst and is hiring off-cycle (need someone by 1/2009). I am trying to debate whether it would be a better situation for me or if those firms work like investment banks, since analysts are straight from undergrad in both scenarios.
So, you're in a 2-year IB program - that would generally position you for an associate position at a PE firm after you're done. So, I'm not sure why the loss of an analyst at a PE firm particularly concerns you.
That said, analysts in PE support associates. There are a limited number of PE firms that hire undergrads, including some well-known ones such as Blackstone and Silver Lake, among others. So reputation of the firm is not an issue. Maybe you could clarify what you're asking though? Are you asking if you should leave your IB analyst position to take a PE analyst gig? IMHO, no, finish your IB stint and then join PE as an associate - assuming you're at an IB with reasonable-good exit opps.
Yeah, the question is whether to leave my current IB analyst program and start at this private equity firm. The title would be analyst at the PE firm, but it would be a position similar to pre-MBA associate. The PE firm said it would be a two-year contract with a track to associate (assuming a mutual interest and need). I'm asking because I'm currently interviewing with other firms, but this is the only PE interest I have received thus far (I am in the final round of a Fund of PE Funds), but didn't know which would be the better career option. Stay in my IB program then move into FoF or switch to PE now? In either case, I'm pretty sure I'm headed to B-school and would like to eventually end up in Corporate Development/Strategy, so I want to set myself up for that.
Unless they have a DeLorean with a flux capacitor, it's going to be pretty hard to meet that staffing demand.
My thoughts exactly!!
Assuming your a second year analyst, I would say finish out your program then make a move. That will leave you much better positioned at wherever you decide to go. In my opinion, it seems like a waste to start an analyst program then leave to be an analyst for another 2-year program. As for what's better from a career standpoint, I don't really have any insight into that. But I would imagine it depends heavily on the differences between the prospective employers.
The reputations of these firms vary immensely; Blackstone hires out of ugrad for PE, but so do firms with funds
Interesting to note... http://www.silverlake.com/content.php?page=team
every single analyst at Silver Lake graduated from Wharton undergrad
and all but one was summa.
Maybe because SLP only recruits undergrads at Wharton? (i.e. no other undergrad targets) Their recruiting process is very inflexible in my experience - no accelerated interviews after SAs, etc.
I promise you SLP will ONLY recruit out of wharton undergrad.
Yeah, from my process with this company, it definitely seems like reputations vary with firms that recruit straight from undergrad. This firm needed an analyst off-cycle because they had one leave for a Hedge Fund. Strange, because I didn't think people would want to jump from PE to HF, at least not until they finish their current program. That was a red flag for me at this firm.
Undergrad -> MM PE - Starting right out of undergrad (Originally Posted: 03/25/2008)
I was just curious on what people's thoughts are with regards to starting at a MM PE shop right after undergrad. It would be appreciated if someone could outline some pros/cons.
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