Q&A - MF PE Analyst Leaving
Hi guys,
Not a lot and I know this has been discussed to death, but trying to give back as much as I can. Please let me know of anything you want to know!
For context, I did the whole classic Target > IBD SA > MF PE. Now I'm leaving to a HF
Understandable if no one gives a s* haha, but in case any college guys / interns have any Qs fire away!
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I can’t want to make fun of you with my friends behind your back after management meetings. We’re gonna eat you alive prestige PE boy. I HOPE we have the same coverage.
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and yet they hired me!
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Type of HF? Was your analyst stint incremental in learning how to invest etc or just useful to build a technical base?
Joining one of the MMHF grad schemes next year but curious how that experience compares to starting in PE out of school for a career in publics.
HF - Activist (Elliott, Starboard, ValueAct)
Technical base for sure yes, learning how to invest - yes, but to a lesser extent. It definitely taught me a lot and showed me to what extent things are diligence-able, what kind of things to look out for ("what would public markets react to") - we always did rel val with public securities to make sure what we bought was worth it privatised. Unfortunately though, you learn far more about process / stakeholders involved for better/worse and a lot about your existing PortCo's, which can sometimes just be super administrative. So a mixed bag, but very grateful for the learnings I recieved
Why would someone going to an activist fund which hires maybe 1-2 people a year post this much identifiable information about themselves on WSO?
The biggest finance hardo at my school chose p72 over BX. Think MMHF have hit an inflection point in terms of public investing at least
Yeah a few years ago that probably wouldn’t have been the case. Hell people would take too IBD over P72 and the like, even for a career in publics. Doesn’t seem to be the case anymore. Anyway, I don’t think I’ve ever cared or based a decision on what other people have done, don’t think it’s a good barometer for program quality personally.
i am curious what the PE analyst programs are though, and how PE out of school differs from HF out of school, even though I have 0 interest in anything outside the shop I signed with.
Can you share interview questions / process for HFs?
Interview Qs mainly around my deal experience. We had a "landmark" deal that was celebrated in the media quite a lot in 2023 so that was extensively debated by almost everyone I interviewed with. Process was very similar to OC that my friends did - but I was inmailed 1 year after spending time at my PE shop - lots of interviews with juniors, 1 mini math test + lots of psychometric ones and then seniors / multiple PMs
Funnily it was my first and only process with HFs so cannot share anything more generally
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