Blackstone PE Secondaries vs BB IB -- for PE Exits
Juggling offers between BX PE Secondaries and a bulge bracket IBD, which do I choose?
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Internship or FT?
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At BX secondaries you’d build a bit of a different/niche skillset beginning your career there vs traditional IB where there’s the ability to pivot.
You’d get a much wider range of exit ops at any BB/EB but if you want secondaries there’s not a better place to start.
does secondaries give as much earning potential as direct pe?
At BX I think so, not so much the case elsewhere
If ur worried about the future, I can assure you that BX SP looks like a great place to be. Secondaries are one of the (if not the) fastest growing parts of PE, and BX is a big player, with its record-breaking fundraise size. So if ur worry is future earnings/growth potential, that can be dispelled.
Main question is optionality. IB will give you more of it.
I'm not certain about return offer rate, but I've heard it's on the lower end -- even if BX SP is a good place to be long term, would a lower return offer rate deter you from it?
That's an assessment you have to make for yourself. Me personally - I'd go for BX SP, but its cuz I'm not that risk averse. Do you think you have the competitiveness/skillset/diligence/personality to fight for one of those spots? Its no guarantee, but if you come into the internship and don't feel the desire to fight hard to get a return offer, or if you have a crappy personality that people don't want to work with, you will probably not be even in the running for a spot. You need to ask yourself that.
Also consider - are you willing to do an internship to learn if you like the job/industry/get a head start on a fast-growing field, or is it way more important to you to get a good paying full time role? An IB SA would probably be the more risk-averse spot, given return rates are higher. However, if risk aversion is your shtick, I would recommend against going into a high growth field in the first place.
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