I am a 1st yr Analyst starting out, am I cooked for pe recruiting since I have heard a lot of ppl hiring based on coverage groups? Any advice on how to use FIG to my advantage? Do PE firms even hire FIG analysts? Any advice helps. I have some free time in the next few weeks towards the holidays, what should I be doing?
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Ignore title : also incoming analyst for FIG: in coffee chats, the FIG lack of PE pipeline narrative appears to be a myth. For one, a lot of PE transactions look to be more in the area of FIG (Apollo is a good example of this). Some PE shops purely focus on FIG e.g. insurance, depository institutions etc. Otherwise, the modelling skills developed in FIG are very useful in PE regardless, even despite not having DCFs as a focus of your work vs DDMs.
Would be happy to hear from others in this forum as well.
Ignore title - FIG analyst at bulge bracket bank w $25B in non insurance M&A closed
MUST READ for anyone in FIG thinking PE or potential FIG in IB
This is not true. There are a ton of “private equity” deals done in FIG because GPs want to build “volume-related” (ie larger AUM = more FRE and PRE into the GP) earnings potential. These deals (ie acquiring insurance platforms, specialty lending platforms / other originators, banks) are, yes, “private equity” deals in the sense that the buyer is the private equity firm but the vast majority of them are not “buyouts” that sit in a fund (yes there are some) for a few years and the sponsor optimizes the business model, drives top line growth, does add-on M&A, implements strategic change, etc in the sense that you grow EBITDA & push for margin expansion etc via the traditional buyout (globalizing here) “playbook”.
Separately, buyers of FIG M&A targets cannot use leverage to execute deals in the sense that you would fund a, for example, industrials or TMT target buyout with 40 equity / 60 debt. Its impossible due to business models.
This topic does not receive enough recognition. Banks intentionally shield incoming analysts from this truth, but buyout shops and headhunters know it. If you want to go FIG coverage —> non FIG traditional buyout (esp in NYC) its extremely difficult because you will be recruiting having never seen one buyout style deal.
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Go to LinkedIn, find a PE firm you want to work at, search FIG/Financial Institutions and conduct outreach to those people for help. It’s worth it, worst thing that can happen is they ignore u.
TLDR: it will be slightly harder to recruit for non-FIG MF PE roles if that is what you want but not impossible.
If you stumbled into FIG and not sure if you want to pursue FIG PE, I'd caution you taking the first interview opportunities that recruiter push you towards (unfortunately will be FIG heavy) and stand your ground on what you prefer.
Take time to look up where the FIG alums went, reach out to the exits at your ideal shops. Barclays FIG seemed to have placed well from what I remember. good luck!
Would love to hear more about this and where Barclays FIG places
FIG is paradise
A bit too late to help you but as I’m sure you’ve realized by this point, PE firms buy insurance brokerages and wealth management businesses like hot cakes so plenty of opportunities if you stay in FIG. A bit harder but not impossible to go to non-FIG PE - I’m at a similar firm and have seen people go to generalist PE shops (although generally more middle market)
Welcome to hell buddy
Care to elaborate?
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