BX / KKR Evergreen PE vs GS/EVR IB → Top MF PE
Would appreciate perspectives from people familiar with BXPE and KKR’s equivalent evergreen/private wealth PE strategies.
These strategies make direct investments and co-invest alongside other strategies across their respective PE platforms, but with evergreen capital and generally longer holding periods.
A few things I’m trying to understand:
- How are analyst roles in these strategies viewed by top PE headhunters? Are they considered strong direct PE experience for recruiting into top MF flagship/core PE strategies (BX / KKR / APO, etc.), or is the traditional GS/EVR IB route still significantly better positioned?
- If the ultimate goal is top MF large-cap/core/control PE, would you take one of these investing roles straight out of undergrad, or GS/EVR IB → recruit for MF PE?
- How realistic is internal mobility from an evergreen PE strategy into the firm’s flagship/core PE team? Does this actually happen, or are the teams effectively separate career tracks?
- How does compensation compare with flagship MF PE and top IB at the analyst/associate level?
- Do investment professionals in these evergreen strategies receive carry, and if so, from what level and how meaningful is it relative to flagship PE?
Mainly trying to understand whether starting in one of these strategies provides a strong path into top MF traditional PE (BX/KKR/APO, etc.), including through internal mobility, or whether someone with that long-term goal is better off taking the conventional GS/EVR → MF PE route despite delaying the move to the buy-side.
Follow up question:
In the co-investments with the other strategies who does the actual work? Do these funds have more of a back office role in these cases?
IB
How come?
No one respects the things that PE firms do that aren’t PE
IB is the standard
None of these platforms have been around long enough to have an actual reputation as a pond to fish out of for PE recruiting.
That said, hard to go wrong if you’re at BX / KKR in a PE investing role. Question is quality of the experience. My guess is it will not be as good as an Analyst PE program at BX / KKR / WP. I also don’t think it will be as high velocity / rigorous training as a tried as tested IB program at GS / EVR.
So you can’t go wrong if that’s the best seat you have available to you. But I probably wouldn’t pick it over a top banking group at GS / EVR etc.
Go do investing. Kids here are obsessed with prestige. Nothing prepares you for investing like actually doing investing
This is retarded
This would otherwise be good advice, if it wasn’t entirely wrong and uninformed. But otherwise, great take. Nice one, bud.
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