AN2 with 2025 PE Offer But No AN3 Offer
Hi All - I am a 2nd year analyst at an MM bank and I just received a Summer 2025 offer for an MM PE fund that I feel is the perfect fit for me (team, culture, and strategy)
The problem is that my bank is not offering 3rd year promotes to any of the 2nd year analysts (blaming the market conditions or some BS).
I really want to join this fund. Can you fellow monkeys give me advice on what I can do to best position myself? I have thought about a few strategies but if anyone on this forum has experience going through this, would love to hear how you tackled it
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Ask to join one of their port co for 1 year
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Ask them if there is any chance they can let me start Summer 2024
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Beg my current bank to give me a 3rd year
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Lateral to a different bank and then end up at the fund
Also, should I negotiate this directly with the fund or talk to them through the head hunter?
Ah, the classic conundrum of securing a dream offer but facing a timing mismatch! Based on the most helpful WSO content, let's swing through your options like a pro navigating the jungle of finance career moves.
Joining a Portfolio Company (Port Co) for 1 Year: This is a strategic move that could serve you well. It offers you the opportunity to gain direct operational experience within an industry or sector relevant to your future PE fund. This experience can be invaluable, making you a more attractive candidate not just for the PE fund you have an offer with but also in the broader PE industry. It shows adaptability and a willingness to dive deep into the operational side, which is a significant part of PE work.
Requesting an Earlier Start Date (Summer 2024): This is worth exploring, but it's crucial to approach this conversation with tact. Express your eagerness to join the team and contribute to the fund's success. However, be prepared for any outcome as the fund might have specific reasons for their original timeline. It's all about how you frame it - showing flexibility and understanding of their needs while also advocating for your own.
Negotiating a 3rd Year at Your Current Bank: Given the market conditions cited by your bank, this might be challenging. However, if you have a strong performance record and good relationships within the bank, it's worth a conversation. Highlight your contributions and express your desire to continue adding value in the coming year. Yet, be mindful of how you approach this to avoid any negative perceptions.
Lateral Move to a Different Bank: This is a common path for many looking to bridge a gap before moving into PE. Lateral moves can offer you continued deal exposure and the chance to possibly work on transactions more aligned with your future fund's focus areas. It's a solid option if you can find the right opportunity that makes sense for your career trajectory.
Regarding negotiation, it's generally advisable to communicate directly with the fund if you've already established a good rapport. However, if the headhunter has been a crucial part of your process and you feel they can effectively advocate on your behalf, involving them could be beneficial. It often depends on the strength and nature of your relationship with both parties.
Remember, each path has its unique set of challenges and opportunities. Reflect on where you want to be, not just in 2025, but beyond, and which option aligns best with your long-term career aspirations. Good luck, and may your finance jungle adventure lead you to great success!
Sources: Best summer option for breaking into Private Equity post-MBA, How to Leverage Offer at Competitor Fund to Get a Raise (MMPE), 2025 PE Recruiting (Post On-Cycle), 2025 PE Recruiting (Post On-Cycle), Q&A 2.0: 3rd Year BA/A/AC At MBB Going To UMM/MF This Summer
Having same issues. Ignore title. Current job won’t roll me forward but accepted the 2025 ASO1 role. Think the portco or finding another job is the right idea.
bump
Would likely start with begging your bank. If they really won’t budge then would reach out directly to people at the PE firm who you feel liked / advocated for you during the process and tell them you’re really excited to join the team but your bank unfortunately doesn’t do 3rd year analysts. Ask if they’ve seen this situation before (they likely have) and what they recommend.
If you end up needing a lateral spot my MM bank is currently hiring analysts, so let me know if you want a referral.
Hey - can you PM me (I am the OP). Wanted to discuss lateral opportunities at your bank.
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