Can a 1st Year PE analyst go on cycle?
Senior at target, signed with a MM PE firm after interning at a BB. Struck out for MF PE analyst but got to final rounds. Can I go oncycle in the fall for MF as soon as I hit the desk for PE or would I need to wait until year 2?
the most important question is whether you are in NYC / SF or not. Not being in either really complicates doing on-cycle out of PE analyst program.
NYC
absolutely. in fact, I think that describes most of the recruiting pool this cycle (1wk-1mo on the desk at the outset of on-cycle)
agreed that's the case for bankers but how about PE analysts given they are already on the buyside
Having considered this myself starting at a LMM PE fund, most of the reputable recruiters I spoke to said that the UMM and MF PE firms really want the 2 years of banking experience since starting in PE can be hard to judge when it comes to experience and training. Banking is just so regimented that everyone comes out the other end with mostly the same skill set and work ethic.
Probably would recommend reaching out to a few recruiters and getting their take though, no harm in doing that. Some firms would definitely consider it but not thinking the larger funds.
got it, that makes sense. Does this refer to on-cycle and off-cycle recruiting or mostly just on-cycle?
Think this is more related to on-cycle give that off-cycle is less process oriented and funds can take more time to learn about candidates. It might give you a leg up if considering off-cycle in all honesty depending on how you can speak to your experience.
I actually totally disagree with this take. I think that may be true for less established programs or programs at smaller firms, but my friend went through on-cycle as a first year PE analyst at a reputable NYC MM and placed at a UMM
would a 3b latest fund size be considered reputable?
No doubt it can happen. But I believe this question was more about the odds — in this case I think being in PE right out of undergrad is, as I said, more of a wildcard. I’ve heard recruiters say this directly to me, so while there are exceptions, I think it’s a good rule of thumb.
Probably not for MF. Some larger MM/UMM might entertain a PE analyst, but MF have the pick of the litter, they are going to go with a known entity from a top banking group
I’ve seen a MM PE analyst place at TPG…
I mean yeah you can definitely find anecdotal stories of this happening, but it's probably 1 or 2 in the last 100 or more MF analysts and likely an outstanding candidate. It's not common. If OP is dying to move with oncycle, using his one shot with HHs to focus just on MFs is putting his eggs in a very small basket
When are ppl on this site going to understand that one data point doesn't indicate a trend.....
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