Ares Management PE Analyst Program
I know there was one made for a Vista Equity. Do analysts touch the models in the Ares PE Analyst program or is this reserved for the associates like at Vista?
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The structure of the program is similar and different to Vista in a few ways. First, analysts are siloed at both firms which is somewhat unique to both of these programs (in many PE analyst programs you will be treated as an associate-lite). What this means is that your roles and responsibilities are distinct from those of an associate.
In terms of similarities, both roles focus upon new acquisition opportunities rather than portfolio company work, however, at Vista you will likely see more new deals due to the nature of their software roll up strategy. That being said, the role at Ares is more robust (imo) due to the fact that the analysts build the initial model and do a write up on the CIM giving them both the technical component and the advantage of accumulating “investment acumen”.
Either way, both programs are phenomenal and you can’t go wrong either way, but to answer your question, the Ares program does provide analysts with the modeling reps. However, I would really stress that this is not the allure of being able to join one of these programs and is a worry that is often over-emphasized on this forum. There’s a reason these firms continue to hire and train their analysts in a certain way and have a track record of A2A promotes, so obviously they are building out the skills for you to be successful at the firm.
If you had the opportunity to start your career at a BB or Ares analyst program (assuming you want to do PE), which would be the better first gig?
crazy to not pick ares IMO... some truly sharp people there, and even though it’s known to be particularly dominant in credit, their pe arm is quite strong too
i would imagine most people that want to do pe would choose to go straight to a megafund like ares instead of grind out for two years in IB - especially if pe is already their end goal
Absolutely agree with anonymous (above). The analyst program is maybe the most “structured” of any firm (and I pain to say that as all of these programs don’t have the same structure as say a standard BB analyst gig) and will provide you with an exceptional learning experience. If you want to go into PE long term there’s honestly no comparison.
A friend of mine is a PE associate at Ares. All analysts receive associate offers, and a couple have been promoted to VP on an accelerated timeline. He spoke highly of their work and capabilities. Sounds like most people don’t stay because they either don’t want to be in LA or because they wanted to try something new.
Silver Lake, KKR, and BX PE analysts can also skip a year over their banking-> PE peers. That says a lot about the talent they attract + the quality of their analyst experience. About half of the PE analysts end up in top HF roles. It’s a self selection bias of the kids who wanted buyside more than anyone, are very technical + driven. You’ll see many of the top Tiger Cubs pick up one or two every year.
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