Close Relationship with PortCo CEO

I am in a really fortunate position where I am very close to a CEO of a PortCo that is backed by a UMM PE firm (10-15 partners). For more context, this portfolio company is a pretty well known consumer/retail company. From what I have heard as well it is also one of the most valuable companies the fund owns. I was talking with the CEO and casually mentioned how the firm that backs his company is like my “dream shop.” When I told him this he made the offer to introduce me to some of the people he knows well there. That being said I took him up on the offer and he has set up a call between myself, 2 partners, and a director. I am currently at a lower BB/ top MM bank in one of the firms best groups. Additionally, I attended a semi-target banking school that has some decent exposure to PE. I am curious what my chances look like here for getting an opportunity at this fund or how I could navigate this opportunity to get a solid look from the shop. Pretty unique situation but I’m sure this isn’t the first time this is happening. Someone have any insight on how I can navigate this? I have obviously done quite a bit of research on the fund, investment strategy, etc. Just want to get some advice really

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I sense you have some optimism that these conversations may lead to a full-time associate role at the fund.  I would say that that optimism is well placed -- you wouldn't get time with two partners and a director if not.

That said, you still need to treat this as an informational interview because you may come off presumptuous if you don't. And at the same time you need to be prepared as if this is a full interview because they might launch into that direction. 

In short, I think this intro you got is a double-edged sword.  You got a bit of an inside track but you actually have to double up on your preparation.

In any case, I would recommend you take charge of the conversation and let them direct you into a more traditional interview questioning if they like.  Below is a structure I would suggest

  1. Build Rapport - "Hi, how's your day going? Are you in [HQ city] today or traveling?" This is not about becoming best buddies.  Just some light, small-talk (bland as it may be) to establish that you're a human.  No more than a minute or a few sentences.
  2. Establish Intent & Structure - "Great - well thank you for taking the time to speak with me.  I'm looking to learn more about [XYZ fund / get into private equity, etc] which is why I asked [PortCo CEO] for the introduction. What I thought would be helpful would be for me to give you an overview of my background before I ask questions about your experience. Does that sound good to you?"
  3. Deliver Your Story - This is the same thing you would respond to "Walk me through your resume".  Keep it between 1-2 minutes.  Try your best to tie in why your background has led you to say this is the kind of fund I want to join
  4. Ask Questions - Try to come up with questions that will help you give better answers in a real interview setting. For example, if they say they work in lean deal teams, great now if you're in a full on interview, you can say I work at a MM bank where deal teams are lean and what I love about it is I get to step up on responsibility.  I'm interested in this PE firm because I know you are similar.  The other tact is to ask questions where they will get to brag (e.g., about a recent successful exit)
  5. Close it Out - "This has been super informative. I think [XYZ firm investment approach / culture / etc] is really interesting and is exactly what I'm looking for.  I'd love to keep in touch and if there's an opening to join the firm, I'd love to be considered."

The tricky thing is if they do decide to actually interview you, you will need to also be on top of your game.  So a bit tough having to prep both ways but it's definitely a leg up to get an intro like this.

 

I am curious what my chances look like here for getting an opportunity at this fund or how I could navigate this opportunity to get a solid look from the shop.

32.7%

 

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