I want to learn more about the PEP group. The previous threads were from 2019-2020, which say PEP was mainly FoF. Based on Blackrock's website, it seems they built their brand in FoF but raised a direct buyout fund in 2020.
I'm curious about their strategy/role as a junior, the work, exit opps, etc.
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interested as well
not really rated in the street, mega fund/mid market rejects go to Blackrock PEP
It's still just a FoF strategy. PEP has two investment teams: one does primaries and co-investments, and one does secondaries. The secondaries team was in the news quite a bit in the spring when the MDs who ran it left for Apollo. Hiring for the investment team is done almost entirely at the analyst level directly from undergrad.
BlackRock has a several direct funds (LTPC, Decarbonization Partners, Transition Capital, etc.) but they are not run by PEP and if you work at PEP you would not have any interaction with any of those teams that does direct investments.
Thank you for the info. I am curious, how viable is it to internally switch groups between PEP and the more-focused direct funds? I know this is a niche question, but is Blackrock generally supportive of internal mobility within alternative investments? I'm just trying to learn all the options, thanks!
My impression is that there is not a ton of mobility between investment teams at BlackRock but that there is plenty among the investor relations and product strategy roles.
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