Advice on PE Recruiting / Offers
Third year in banking and recently landed an offer at a “second time” LMM fund.
I have two other ongoing processes (1 MF, 1 Growth) but it’s still early in those processes. My offer will expire before I get late enough in the other two processes to accelerate and obviously nothing is guaranteed.
Am I stupid for being picky and wanting to hold out for something “better” (bigger platform, more AUM, more optionality). I was impressed by the team and I think I’d learn a ton more at this LMM fund than doing more years of banking and honestly probably even a more traditional PE program.
My other main concern with them is they were very explicit about VP being more of a maybe vs strong upward mobility, lots of white space etc. Messaging was that it’s more likely to be a 2-3 and out at which point I’d need to lateral / MBA unless I perform exceptionally well. For a relatively new small fund I think it’d be very difficult to lateral except maybe to another smaller fund. Their main associate for non-promotes is exit is search fund or MBA.
My gut is leaning towards holding out for something better but I wanted to get honest opinions. Cognizant of the fact I’m an associate and recruiting will only get harder / fewer looks as I get into my fourth year of banking. A lot of my close friends are saying to take it and try to make a move from there.
how long have you been recruiting/ how many processes have you gone through?
Long time. Started my first year, swung and missed probably 20+ processes over the course of a year and subsequently took a break from recruiting. Lateraled to a stronger bank and grinded prep. Been back in the market now for 3-4 months.
just take this offer don't push your luck at this point
Accept and then renege if something better sticks. Odds you land an offer in one of the other processes are fairly low might as well go through the awkward conversation than be left with no job
It’s immediate start. Once I commit I’m in it for the next 2 years.
I disagree. You can get yourself some breathing room by saying you’d like a few days to think about it. Then negotitate the start date for a week and start in 2-4 weeks.
No one will bat an eye at that. Go ahead and let your growth/MF processes you received an offer you are considering and they want you they’ll expedite a little bit.
You should be able to wrap the processes before the offer expires tbh
Only an analyst, but TBH I would not consider a LMM unless I know there is room for upward mobility. A maybe wouldn't cut it for me because you are limiting yourself way to much in terms of future lateral prospects and I'd imagine you'd actually be better off and perserve more optionality going A2A in banking for a year and trying to recruit from that instead rushing into a LMM and risking a dead-end with no lateral prospects and shitty MBA placements.
Honestly disagree. Much easier to lateral once you've broken into PE, even at an LMM, than it is to move from IB Asso to PE. Right or wrong there's a cliquey banker vs. investor archetype people have.
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