In a target school and recruiting to some southern firms near my hometown. Mostly LMM or MM boutiques because I am not enthusiastic about NYC or SF.
Pretty intentional about following into PE, but not a megafund. I'm happy at a middle market PE shop after banking.
Is it still pretty likely to be able to pivot from MM IB in southern shop to a MM PE fund? Or is PE mostly for big bank/EB alums?
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congrats on Truist/Wells
Take this with a grain of salt, but I had kids from my target intentionally only recruit for Southern banks in the ATL/Charlotte/etc areas at banks like Jefferies, Wells, Truist, Stephens, Imperial(?) and a few other places.
A lot of them exited finance altogether because that was always the end goal but my friends who stayed on all seemed to have no issue recruiting for, what I think is considered, top PE and HF options in the region. I think the combination of target profile, known bank, and story for staying in the area (family, etc), made it pretty easy for them to recruit.
All this good to know thanks!
LMM/MM PE in the South, recruits mostly from LMM/MM IB in the South. Especially in CLT. The few UMM shops will look at BB/EB’s. Makes sense, considering the similarities in deal size.
Super helpful thanks for thius
I went from Truist IB to MM PE in the South. As others have said you'll get plenty of looks at MM/LMM PE in the South as most of these places will be looking for people who want to stay in the area. Pretty much every PE you interview at will ask why you want to be in that location vs. New York, so doing your banking in a non-NY city always makes it an easy answer.
Great to hear for me, thanks!
What group were you in in truist if i may ask
M&A group at STRH pre-merger.
As others have said, regional PE recruits from regional IB. I had reliable success networking with the PE firms in my market (name makes it pretty obvious) coming from one of the few name-brand (but lower MM) investment banking groups in the area.
Local PE shops outside of NYC, especially the smaller ones, value "cultural fit" above all. Being a guy with deep connections to the neighborhood and a similar background as your prospective coworkers will take you far in smaller markets. I can think of plenty of firms that would rather recruit someone local and likeminded than some NYU -> Morgan Stanley M&A drone from NYC. Dudes doing $50M Industrials buyouts in ATL don't really give a shit about all that NYC hype. You'd get a better look being from the same UGA frat as the guy interviewing you.
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