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May 31, 2024
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Audax is very solid IF you know you want to be in PE for the long run
Bad advice. BB IB for sure. Will open doors to better shops, more established training pipeline (and probably better brand), bigger network, etc.
People get tricked into taking roles like Audax right out of undergrad, because they see the "PE" label, but you're better off in the long-run doing your 2 analyst years. PE will still be there, especially if you're good enough to hack it in IBD. If you don't think you're up for it, probably weren't going to succeed in PE anyways...
Audax is actually one of very few PE firms that recruits heavily from undergrads with a decent-sized analyst class and therefore has (i.e. can afford to invest in and implement, due to economies of scale) a well-structured analyst program with proper training. They also do tons of transactions so you will certainly develop deal experience there. Really not a bad option if you know for sure that you want to do PE.
Not a bad option, but not a great option, and not as good as traditional BB IB. That's all I'm saying.
I would take the BB for the optionality post-internship. The hope being that you get an offer back and that towards the end of summer you have already networked with the MFs you are trying to approach. A GS/MS/JPM internship is very typical before going to work for Blackstone/KKR/TPG/Warburg/Silverlake full-time as an analyst. So something to consider if you want to keep your options open and swing for the fences.
Also the attrition rate for Audax interns is high. Go to LinkedIn and search internship and audax as previous company. A lot didn't go back for whatever reason and ended up at "worse" places for FTE considering they were trying to break into PE. Suggests that quite a few didn't get an offer back.
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