Bain Capital PE vs PJT RSSG
Hi monkeys,
I go to a top target (H/W) and I am currently deciding between 2 SA offers. I am learning towards PJT RSSG due to the highly technical exposure in RX and having the flexibility to switch to L/S HF, PE, distressed HF/PE in the near future. I understand that Bain Cap is already buy-side but I am not worried about getting another buy-side opportunity, I simply want to go to the right buy-side opp for myself. After interviewing with Bain Cap, BX and Apollo, I'd rather work at the latter two places down the road than Bain Cap mostly because of how Bain Cap approaches a lot of their investment thesis. Culture at both Bain Cap and PJT is great, comp will be similar, probably would like to start my career in NYC which gives PJT a pro.
Any input would be very appreciated. Thanks everyone again throughout this recruiting process.
Fellow monkey
Definitely take PJT R&R, the exits and skill-set you get there are both best in class. One of the best, if not the best, groups on the street for buy-side placement
I'd absolutely take PJT. "New," exciting, top place to work at that will leave you with a great skill set and more options. I personally don't think there's a better place to start a career than pjt at this point, with Blackstone quality and talent, freshly poached top rival bankers, lack of regulation due to their size, and freedom to grow and tackle massive deals.
That being said, Bain Capital is great place and you can't go wrong with either. Also, I'm curious as to what you didn't like about their "approaches a lot of their investment thesis?"
In the end, PJT will give you better training, better client exposure, more access to partners, and better options (but not necessarily a guarantee return offer to Bain Cap though). Congrats!
If it gives you comfort I took PJT over a megafund analyst offer and I have no regrets. PM me if you want to chat.
From my understanding, some of the kids in the incoming class accepted PJT's Strategic Advisory (M&A, etc.), not just RSSG, so they would have more exposure to investing than you think.
Which "incoming" class are you referring to?
Thanks guys. I've made my final decision and will be going to PJT RSSG. My decision was based on (in no particular order) best exits on street (not sure where I want to go yet for buyside), will be very good at technicals in 2 years, constant partner and client exposure, great group culture/hours (people are very laid back, face time isn't an issue even for SA/just do your job), top 3 comp on street (much higher than regular street), NYC.
You made the right choice.
PJT RSSG is the legacy BX RX group. Of the two BX banking groups, it came out of the PJT spin-off better off than it was before (whereas you can't say the same thing as unequivocally about Advisory).
Here's what matters for your first job: career development (how it positions you to proceed in the future), professional development (the skills, soft and hard, that you acquire or hone), network, comp,
The 'do I take a banking or MF PE analyst role out of undergrad' question really hinges on two things: the caliber of the bank your offer is from, and your level of commitment to PE as a career path. The former because that formula outlined above will yield a better outcome for the KKR PE analyst than for a Wells Fargo or RBC or Lincoln Intl. analyst. The latter because your opportunity to recruit broadly for finance roles (PE, HF, VC, corp dev, strategy, family office, etc.) is unparalleled coming out of a banking analyst program. It's considered the foundational career step: you're acquiring a known and measurable skill-set, some relationships that may prove useful to your new employer, and an ability to take all the shit that rolls downhill and still get shit done.
Evaluating PJT RX vs Bain in light of that formula then, the advantage goes to PJT.
The legacy BX group ran an absolutely airtight recruiting process and routinely selected the best sort of kids. Teams were lean, so in busy periods, you legitimately had summers running processes independently by the end of their internship. The learning curve was steep yet within an atmosphere of 'ask any question you want'. All that boiled down to analysts that essentially had their pick of where they wanted to go. The exits were weighted toward distressed funds, whether public or private market, though not as strongly as people on this forum used to preach (I'd say it was ~40% rather than the 80% this forum would give the sense of); top-notch PE was really common.
Since that's continued essentially undiluted inside the new PJT, in short, you won't find a better banking group in terms of career development or professional development. The network is really high-caliber, but the knock you could make on it is how narrow it is. Similar to going to an Amherst or Williams instead of Penn or Dartmouth, you're trading a giant analyst class that's going to be more diverse and wind up spreading farther for one that's both more homogeneous and similar in outcome. That's up to each person to decide for themselves when considering BB vs. EB. Lastly, comp routinely exceeds Street, and it does so within a no-facetime culture (at least within BX).
The downsides of the PE analyst program are that they're so new that most of the firms haven't yet standardized what the analyst experience is meant to be. Whereas in banking there's a clear process of assessing who's worth offering the Associate promote to (and thus a rubric any analyst knows they're getting evaluated on if they want that option), in these PE analyst programs the funds aren't always promoting internally. TPG, KKR, Bain, et al. are still all running processes through Glocap, Henkel, and Amity each year -- who are they selecting? The PJT, GS, MS, Lazard, Evercore kids.
Worst, the work you're doing often is not as robust or diverse as that which your peers in banking are getting. That means when recruiting rolls around, your deal experience (including incomplete or failed deals) isn't as well-rounded.
Lastly, the name-brand effect can be a consideration. If you're recruiting for PE, any other PE firm is going to know the MF PE name where you were an analyst. If you're recruiting more broadly (corp dev, strategy at a startup, etc.) in places not populated by walking finance hardons, KKR isn't a known entity like Goldman Sachs or Morgan Stanley that's constantly in mainstream news is. It's the same phenomenon of an EB vs. BB on the 'signaling' or recognition effect.
I imagine most of what I said about MF PE analyst programs will get smoothed out as time goes on (and fairly quickly). You can already see exceptions. Silver Lake routinely takes the objectively best (or second or third) best kid (sometimes two) from Wharton every year. They have a machine, and within it, an intentional and well-designed place for analysts. Over time, more of these firms will too.
Congrats on two impressive offers. You made a smart decision, and I wish you the best as your career unfolds.