500+ exists into PE analysed
Do I have too much spare time? Perhaps yeah, but it's a bit of downtime in the office so I thought I would look at the backgrounds of people who went into PE.
I went through LinkedIn profiles of around 500 people in PE roles (range of hierarchy positions) - and noted down where they worked at previously.
I only noted BB and EB - quite a lot of guys came from Big 3 Consultancy, barely any from MM and about 40 from big financial institutions such as Nomura and BNP… but there were too many firms to note down.
Is this flawed? Yes, in various ways, but I did this more as an 'experiment' and something to do to see what sort of banks PE guys worked at before making the jump.
What I found:
Top 3 BB are massively represented compared to Tier 2 BB, I didn't realise the gap was that big
Surprisingly CS was the 2nd highest represented Tier 2 BB
EB exits are still great, of course their numbers are much lower compared to institutions of thousands of people: although surprised at how low GUGG placed
Surprised to see Rothschild top the list of EBs, but again that could be because it's got a much larger headcount over the likes of Evercore
Picture is unreadable. Plz fix.
Interested in seeing your findings.
It is blurry for me also
Could you link the file?
Interesting to see. Esp the EBs — It looks like every one places about the same on a per capita basis (with the exception of Gugg, as you mentioned). Two questions:
1. Are these global exits or only Europe? I know of some EBs that have placed into firms that you have 0 for.
2. Are you including all types of employees (such as MDs and Principals) at PE firms? That could explain why firms like Roths or Laz have high placement (b/c they have been around for a while so have more classes exiting).
I’m sure I missed loads, for example going through all employees at Apollo would take hours, so it is very likely, especially for boutiques, I missed many. That’s the flaw of this analysis, but as mentioned it was more of a snapshot then a 100% accurate representation
Very disappointed to see the lack of representation of Tobin & Co. I -I mean JUSTINE- built this absolutely amazing EB from the ground up, and it has amazing placement into top LMM PE firms.
Can you do it also for London?
I wouldn’t imagine it would be dramatically different to be honest, I’d say 60%+ of the profiles I looked at were London based.
Maybe that’s because I am based in The U.K. and the London-based profiles were appearing first.
nice
Pls can you run the same analysis for which regions are feeders into terrorist organizations, and share a list with the UN?
Some people like you have too much time, and clearly I do too to be commenting on this crap
I mean although this might seem like as ‘having too much time’, I’d say that for somebody who wants to get into private equity like me, doing stuff like this isn’t a bad thing at all as you get a clear view of where you need to be to get into PE.
I come from a massive non-target Uk uni and have broken into IB, and I spent lots of hours doing similar things for the IB industry.
Things like this and general research allow you to understand the industry better imo - I had not idea what BB/EB/MM even mean a year or so ago tbh, just like now I’m familiarising myself with the different tiers of PE houses.
This is an useless exercise. Nobody cares. I "broke" into IB 11 years from a school that bulge brackets didn't recruit from, but once I had passed the psychometric tests, and received a first round, literally nobody cared about the school though it did help to have alums there, who were doing well. For analyst recruiting back then, folks cared way more about schools and rankings in the US than they do in the UK. UK back then was much better in the sense that it was a fairly structured process on how to get an interview, and if you did basic reach outs, not going overboard like the way in the US (please refer me to him/her, please refer me to your dad, now please refer me to your MD, and finally I would now like to speak with your cat or dog, whoever is available), you're good, because in the UK, nobody does it. They just put in their application, and hope for the best.
This is some really proactive shit. Good job. Being serious.
Interesting analysis.
One thing I think worth pointing out that the numbers are also likely influenced by personality type similarities - the people who are most likely to work at GS/JPM/MS are probably more likely to have the personality/desire to do PE after banking. Like if you are the type to try super hard for your career and are willing to work at one of those banks, you probably are doing it because you want to do/stay in PE afterwards.
They definitely also exit easier to these firms, but I think there is some correlation to personality groupings.
100% spot on. Have met various people at the rest of the BBs not wanting to exit PE/MF, but significantly less of those people at JPM MS GS
This is a huge aspect, at one of these Tier 2 BBs. 1.5 yrs in and more than 50% of my analyst class has left with the majority swearing off "High Finance" (IB/PE) careers. The ones who did decide to gun for MFs/UMMs largely got offers (Carlyle/KKR/Insight type firms). What must be a new trend, is a new group of juniors who aim away from MF/UMM and want a calmer life at a LMM fund.
This sounds like confirmation bias. Most of the T2 BBs are also much smaller than GS/JPM/MS in terms of raw headcount.
Would love to see this same data but on where PE associates go (ignoring b school - so any post mba roles)
Too much spare time but can't spell the title correctly
No Jefferies? With the way they are performing these days they should be included.
The PE firms are roles in Europe only and not North America right?
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