It seems based on this board that Top PE Funds Carlyle/BX/even top smaller shops like Hellman Friedman pretty much only take guys from GS/MS/elite boutiques, and that MM PE tends to take guys from HW/Jefferies/Top MM IB firms.
So -- where do guys from Citi/DB/UBS usually end up? If it's MM PE why is there an advantage to going BB vs MM if long-term goal is PE?
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MM to upper level PE and also better network and usually better pay and a better experience, along with having a big name on your resume. Sometimes they do get large funds or move to other roles easier.
the advantage of lower bb vs. top mm is greater optionality. unless you're in a top group at one of those lower bb's, you probably won't have a good shot at a megafund, but you'll still get a shot at mm pe funds just like the top mm firm but in addition, the name of the firm still opens up a much broader range of opportunities if you wish to leave high finance (corporate world, nonprofits, etc) vs if you were at a top mm shop.
there's some value in that additional optionality because, lets be honest, how many college students really know for sure what they want to go until they've actually spent some time in the industry. plus, there's still always the chance, however small, of landing at a megafund.
that being said, if you're 100% sure you want to do mm pe, top mm shops might be worth a look. but i dont know many who are that certain of career goals at this stage (most college students i know are either in the "kkr or bust" mentality or are just doing banking because they have no idea what they want to do with their lives)
would love to get more thoughts on this.
Just out of curiosity:
How large is this "top" candidate pool? In other words, how many analysts do GS, MS, and the top boutiques (EVR, BX, GHL, Moelis) throw into the PE recruiting scene every year?
Also, how many top PE opportunities open up on an average year at places like KKR, BX PE, Carlyle, H&F, etc?
I'm curious as to the type of exit opp's in PE available to CS?
I think it's about chances. On average, analysts from UBS, DB, WF as seen from the most recent exit ops have a better shot of upper-MM PE and like twilightgirl said, open up more broad opportunities to a top MBA program or a top corp development gig than the pure MM investment banks.
A good comparison is to look at jefferies healthcare (ex ubs) vs. normal jefferies. The healthcare non-MM may end up in the same place as normal jeff but on average they do better.
i went through a few firms below the top ones (TA Associates level) and it looked like GS/MS/Citi/CS/JP were the most well-represented with a few from other BBs
fembotma is pretty on the spot, I know a few analysts at citi, DB, and WF who went into top 50 PE firms last year but not megafunds (I believe the firms did 400+million transactions occasionally, with 3-8 billion in size). Even though its not megafund, a lower BB usually gives a better "range" of options either through a large analyst class or past connections.
But if you want pure MM PE, a nice option may be a place like HW or HLHZ.
As for how many analysts Megafunds take, it depends on the year. Recently its been pretty bad but it looks like improvement from now on.
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