BB ER Associate Industrials —> PE?
Morning folks,
I’m an incoming ER Associate Industrials for a BB out of a non-target in NYC.
I understand that jumping straight to PE after the stint is near impossible, but it has been done before.
I understand that the smoothest path would be to internally lateral in IB, then PE. But, id I were to jump straight into PE, I would have to network aggressively, which I have done to secure my position.
But, will I have a shot at the KKRs, BXs, etc.? PE has a strong industrials space, so I believe I can make that case from my coverage.
The world of LBOs fascinates me and I would greatly appreciate any guidance. Thanks monkeys!
ER -> PE do-able? Sure (though I've only seen it once)
ER -> KKR/BX? Absolutely not
Not exactly KKR/BX, but among the top players if I play my cards right.
No, and when I say KKR/BX I'm also thinking of other top MF (Apollo/EQT/Bain/H&F) and UMM (Genstar/Clearlake/CD&R) out of your reach
It's hard enough as it is to get to KKR/BX even from top IBD groups at BBs
Definite no to KKR/BX from ER. You won't even get the emails from the recruiters - there is no networking in PE recruiting/oncycle, it's all gatekept by HHs. If you lateral to a top industrials group at around a year, you could have a shot if you take a third year and do oncycle.
Even if you do move to IB, be aware that MF PE is a total and absolute shitshow to try to get during oncycle, especially if you are nontarget. You don't say your GPA, but if not extremely strong then that + non target + non traditional path would basically exclude you from most MFs right off the bat. Don't put all of your eggs in that basket, MM firms still do LBOs too.
LMM or MM PE after two very strong years in ER without lateraling? Maybe - this is where you could network your way in. Not likely though. The models and work are totally different.
The well trodden path is to transfer to IBD after a year, do a third year, and do oncycle. Note you'd have to be ready for oncycle like your first or second week on the desk with recent timing of it, so be ready to go for oncycle (LBO modeling and case studies down 100%, story totally straight) immediately if you do transfer
Thanks for the insight. I know headhunters have a strong pull in that regard, would networking aggressively not make the transition to UMM PE from BB ER plausible? Not necessarily KKR/BX, but you get the gist.
Look, you're trying to do some mental gymnastics into convincing yourself that you can make it to UMM/MF funds from ER. The best thing you can do is to stop deluding yourself. No, networking will not help for on-cycle placement, and let's just think about this from a numbers perspective
There's ~200 UMM/MF PE seats and GS, JPM, MS each have analyst classes of 150 so that's 450 analysts/class from top BBs and Laz/EVR/MOE/PWP/PJT/CVP will increase that figure to ~650
So you have 650 kids from top BBs/EBs all gunning for the same 200 spots--and that's not even including BofA, Citi, CS, Jef, UBS, etc
So given that there's 1000+ IBD kids going for those 200 spots, why would they bother interviewing someone from ER when they could fill all those slots 5x over with IB kids from reputable banks?
I'm not trying to put you down, but it's good to be realistic for your own sake
Person above answered it - no, you simply cannot go from BB ER to UMM or MF PE, full stop. Headhunters don't have a strong pull, they have an absolute monopoly on these processes. if there was any shot you could network into those seats, the rabid kids on this site (who are already a step ahead being in IB rather than ER) would be doing it. If you are serious about PE the best thing you can do is get ready to move to IB and start preparing for oncycle.
Networking is a great skill but it is of zero help in PE recruiting, except maybe in LMM where they are too small to have a HH
Not trying to be harsh, just realistic
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