Hey folks
I’m an incoming BB analyst at bofa/citi/barclays and interned in a top group for my internship. Headcount change led to me being transferred to a capital markets group.
How do I recruit for PE now? Was prepared to go on cycle and have relationships with all the HH.
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Oof that's actually brutal
Based on the most helpful WSO content, here's what you need to know:
Leverage Your Headhunter Relationships: Since you already have relationships with headhunters, use them to your advantage. Headhunters are the gatekeepers to most PE recruiting processes, and they can help you navigate this situation. Be upfront about your group change and emphasize your skills, deal experience (if any), and your commitment to transitioning into PE.
Focus on Networking: Build relationships with senior bankers in your new group and across the bank. Even if you're in a capital markets group, there may be individuals who can vouch for your abilities and provide strong recommendations. Additionally, connect with alumni or professionals in PE who may be willing to guide or refer you.
Prepare for Deal Experience Questions: If you lack direct deal experience due to your group change, focus on transferable skills and any relevant exposure you had during your internship. Be ready to articulate how your experience aligns with the PE role you're targeting. For example, highlight analytical skills, financial modeling, or any exposure to transactions.
Target Specific Funds: Some funds may be more open to candidates from non-traditional groups. Research funds that value diverse experiences or have a history of hiring from capital markets groups. Headhunters can help identify these opportunities.
Consider Off-Cycle Recruiting: If on-cycle recruiting feels too competitive or misaligned with your current situation, explore off-cycle opportunities. These processes are often less rigid and may give you more time to build your case and prepare.
Stay Persistent and Flexible: While this situation is challenging, it's not insurmountable. Many candidates have successfully transitioned to PE from less traditional backgrounds. Stay focused, keep networking, and be prepared to adapt your strategy as needed.
If you need more specific advice or resources, feel free to ask!
Sources: From Private Equity Associate to VP in Private Equity, https://www.wallstreetoasis.com/forum/investment-banking/breaking-into-private-equity-from-banking?customgpt=1, Private Equity Recruiting Process (From Banking), My Private Equity Recruiting Process, 2022 Private Equity Headhunter Coverage
Congrats on Barclays
feel for you— group placement is actually the worst. Two suggestions:
1.) lateral
2.) wait out the two years then switch into any top group (build connections early). Then usually after a year or two people will leave.
It's not the end of the world, and you may develop the skills necessary to do well in your next role.
Had a few friends in similar situations back in the early 2010s. To be perfectly candid, the best and only real pathway for you right now is to move internally to a coverage group, especially in this market. The days of people from cap markets moving to coverage roles in similar tiers of firms are over; it only really happens in hot markets at the junior level (right now, simply going to be too many people way more qualified/with coverage experience than you trying to lateral as juniors or get jobs as juniors). So this means doing your 2 years, being a rockstar there, and using the relationships you have built internally to lateral over to good groups. I think the common viewpoint back in the day when I was a junior (can check if this has changed, but highly doubt it given how seemingly "solved" PE recruiting is) was that Analyst 2 is the absolute ideal year to leave for PE, and the year the vast majority of those who end up at megafunds leave.
The way internal transfers work at most bank (GS for instance) is you come in as an An3 or Aso 1 (depending on bank's analyst program years, for GS would be Aso 1), but it's not like you can leave the first year of coverage experience given you won't have any experience by then, which will push your timeline back even more and would think exits are worse the further in years you go for PE.
What about other GS FO roles lateralling into cov? i thought GS made alot of internal transfers start at an1
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