CVP/PJT vs BX/Apollo SA (London)
Trying not to get doxxed so apologies for not being as specific as possible with my offers.
Have had an offer for CVP/PJT for a few months now (which I signed) but got an offer fairly recently for Apollo/BX in a team that I like. For those wondering - yes Apollo does SA recruiting as a pipeline for An1 but this is only advertised at a few universities and isn’t public. Point is, my Apollo/BX offer is convertible which is a consideration.
In short, my CVP/PJT offer is my dream offer. Always wanted to be a career banker but did want the doors open to PE just in case. Never expected to get any looks from MF PE but now that I have an offer it feels like a lot to turn down as this is “THE exit from banking”. Like I said, it’s also in a team that I quite like.
At the moment, I’m leaning towards my current PJT/CVP offer as I also don’t want to reneg having already signed, met the team, etc. and consequently burn bridges I’d ideally like to keep. But would also be super helpful to get some thoughts if I’ve lost my mind to turn down my PE offer.
Thanks
Which teams at APO / BX, teams would be pretty important for the comparison. If it’s something like RE or ISGI at BX / APO, I’d go w PJT / CVP
Thx for the comment. Could you expand a little bit on why (not bc I have an offer for those teams but just want to get a bit of colour)? I don’t want to name the team specifically so I’m not sure if I can address your point well.
If it helps, I haven’t seen any PJT/CVP exits to this specific team at Apollo/BX. If that’s what you’re hinting to.
I don’t think PJT and CVP are v comparable firstly. PJT can exit to Distressed / Special Sits / Private Credit if sufficient staffing in RSSG and CVP has exited to MFs like CD&R and Silverlake. These are very different pathways already.
It really depends on the team at APO / BX. Are you interested in whatever team / asset class you cover there or not? Don’t go to RE if you have no interest in RE and are only going for the brand prestige. The team at these funds must play a large role in the decision making here.
Will add a decision tree from my POV if I were in your shoes in case this is helpful but think the other replies are reasonable viewpoints.
Do I want to be; (A) a career banker or (B) an investor long-term?
If A, then take the banking summer. If B see below
Do I want to be an investor in the sector / team that the summer position is in at BX / APO?
If yes, then take the offer at BX / APO. If no, see below
Do I want to be an investor in corporate private equity long-term and not the team / sector I have an internship offer for at BX / APO?
More nuanced answer here and this is the point that the other replies are addressing, although I lean on the BX / APO side. Worth noting it may be rare to see the banks you mention exit to the teams you are mentioning but it is also rare for people in these non-corporate PE teams to leave and join the corporate PE platforms of BX / APO. However, as a data point I have seen them exit to corporate PE seats in other "prestigious" platforms just not in London so it is possible. Going into BX RE secures a great brand and platform but it will likely pigeonhole you into being an RE investor for example if you join there full time and I have never seen someone go from an RE summer to corporate PE FT (sure maybe 1/2 examples somewhere but extremely rare). Given this is a summer and not full-time offer (for which this answer would be different) I think the BX / APO summer gives you lots to talk about from an investor standpoint if you want to try for corporate PE full-time roles afterward the door is open. If not you still have quite a lot of optionality going forward.
I do broadly think these are both very strong offers to receive and not sure you can really go wrong here, just make sure to think through what you really want to do long-term.
Not meaning to hijack the thread but would appreciate anyone's thoughts on considering a non-PJT/HL Rx SA/OC versus a MF Private Credit (likely mainly Direct Lending) SA/OC?
Unsure on long term career but interested in moving into PE at some point as of now.
Quite a tough one and marginal, but for the same reason as above would probably take the MF offer here and try to interview afterwards for a FT PE position elsewhere or for a FT banking role in an M&A team (to then go into corporate PE a couple of years down the line).
The issue with the Rx role is that you are typically less likely to get corporate PE looks with it (sweeping generalisation but broadly true for corporate PE, special sits PE still very much open). So you would still have to parlay this into a FT banking role elsewhere or in a different team. With the MF offer, maybe you find credit interesting and want to stick, it opens a potential direct-to-PE path elsewhere with the brand, and can also recruit for FT M&A banking roles. For me, it's just increased optionality which I think is good for internships. Again, slightly different if it were a FT question as you start to get pigeonholed quite quickly.
under a similar dilemma with GSAM PC vs a rx SA, would it be the same consideration or is GS PC a considerably weaker name
Apollo does LDN SA recruiting at Universities? Since when? wtf
They do some weird Oxbridge / LSE recruiting for ISGI and another division (can’t remember which).
HVF is an offcycle for 6 months
Both offers are top notch and can't go wrong either way. That's why there's not a clearcut answer here so it comes down to your own personal preferences.
From my personal experience a few years ago, I pulled out of a BX BREDS process to stick with my PJT offer because I really wanted to experience Rx and also get M&A exposure and didn't want to pigeon hole myself into RE as was more interested in other sectors.
APO / BX have super rough cultures in London. CVP/PJT will give you a much better life (not talking about hours specifically, but just not hating your life) and you preserve the full optionality to go to APO / BX or to less dark places (which you'll probably want to do anyways after 2 years in IB)
What team at BX/AP? I would take Centerview tbh especially since youve already signed
Someone told me the apollo cre credit internship converts but the rate is very low fwiw
You can easily get to MF PE from CVP or PJT if we are honest. How are the conversion rates?
Conversion rates are good and haven’t really worried about that. Not sure about BX/Apollo though
I would take the PJT/CVP offer, gives you a lot more career flexibility and a much broader range of exit opps at this early stage
CVP converted 6/7 of its summer interns last year in london idk about pjt or BX
Do they hire analysts?
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