Do SM HFs recruit from IBD
Was curious if top SM HFs recruit from to IB groups likE PJT/EVR RX?
Sorry if this is a dumb question, am going through recruiting and was just curious if MF PE is required for those exits, or analysts just prefer the MF PE path.
Not a dumb question at all—it's a great one! Based on the most helpful WSO content, top single-manager hedge funds (SM HFs) absolutely recruit from elite investment banking (IB) groups like PJT RSSG and Evercore RX. These restructuring (RX) groups are highly regarded for their rigorous training, exposure to distressed and complex financial situations, and strong deal experience, which align well with the skill set sought by SM HFs, especially those focused on credit, distressed investing, or event-driven strategies.
Key Points:
Direct Recruitment to SM HFs: Analysts from top RX groups like PJT and Evercore often skip the private equity (PE) step and go directly to SM HFs. These groups have strong pipelines to funds like Anchorage, Oaktree, Apollo's credit arm, and other top-tier hedge funds.
MF PE Not Required: While many analysts choose the mega-fund (MF) PE route for broader exit opportunities, it's not a prerequisite for SM HF roles. RX analysts often have a leg up for HF recruiting because their work is more closely aligned with the distressed and credit-focused strategies of many SM HFs.
Why RX Analysts Are Preferred: RX analysts develop a deep understanding of capital structures, distressed situations, and financial modeling, which are critical for hedge funds. This makes them highly attractive to SM HFs compared to generalist M&A or coverage bankers.
Recruiting Trends: PJT RSSG and Evercore RX are consistently mentioned as top feeders into SM HFs. Other strong RX groups like Lazard and Moelis also place well, but PJT and Evercore tend to dominate in terms of reputation and exit opportunities.
In summary, while MF PE is a common path, it's not mandatory for SM HF exits. Analysts from top RX groups like PJT and Evercore often go directly to these funds, leveraging their specialized skill sets and strong networks.
Sources: Top Restructuring Groups 2019 & Restructuring Questions, Top Restructuring Groups 2019 & Restructuring Questions, EB Ranking/Comparison
Bro get one of those jobs first. And yes SM HFs do, but not all of them.
Generally PE analyst programs the best
Aren’t u like 19
yes
Apologies for hijacking the thread, but is it possible even out of non-tippy top BB/EB groups?
I am a former analyst of one of those two rx groups you mentioned. We received plenty of inbounds from HFs. The main reasons most analysts choose MF PE has nothing to do with increased hedge fund opportunities but has to do with other factors instead.
Most good HFs dont recruit on cycle
There's a guy on Lone Pine investment team who went to Boston University graduated with engineering degree, 2 years GS IB then straight to Lone Pine. How tf that happened idk.
Way to dox the guy. Delete crazy specifics.
tfdym dox lmfao it’s a public LinkedIn profile
Bro if ur at lone pine you could give a damn less abt fcn wso😂
They all reach out to good groups.
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