Differences in MF Associate Class Sizes
Can someone share the size of associate classes at the different MFs? Feel like it affects where to prioritize for interviews. Any info would be helpful
How is the experience different at the funds or groups with larger class sizes compared to ones who run leaner? Or for firms who hire from consulting and banking as opposed to only IB?
Saw on another thread that CD&R industrials has a huge incoming associate class size of 13, which is pretty insane. CD&R's overall incoming associate class size will be 25...
Usually, firms that hire associates into specific industry groups (e.g. TPG / KKR / Carlyle / CD&R) tend to have larger overall class sizes compared to firms that hire into a generalist pool (e.g. BX / APO / EQT).
Another rule of thumb is firms with strict 2-and-out associate programs (basically all MFs these days) tend to have much larger associate classes than firms that are more career-track friendly.
Any rough estimates of size for these firms?
And how would a 13 person associate class size work? Is it banking 2.0?
Which PE firms give associates the most responsibilities with smallest teams?
I’d add that while the overall class sizes might end up large for places like KKR, their sector teams are still much smaller - like Industrials, Consumer each have maybe 2-3 associates
KKR I think, 1 Partner, 1 Principal and 1 associate for Industrials, TMT has 2 associates and 1 Director extra
Believe TPG / KKR has some pretty large incoming associate class sizes as well, which makes sense since they place associates into different industry teams.
If you want the most responsibilities on leaner teams at the associate level, a better bet would be to go to a growing UMM with a track record for internal promotion. But these roles are very hard to come by, even more competitive than MF roles in most cases given much fewer spots.
Why is there even such a discrepancy? If there are 13 CD&R industrials ASOs vs 1 KKR industrial ASO, does KKR just look at fewer deals and CD&R submits a ton of low probability IOIs?
Guess I'm struggling to reconcile the volume of analysts at CD&R with how notoriously sweaty the group is?
Have worked with both a bit and at a competitor fund, my 2 cents…
1) work will fill the time given. If there are 13 associates and someone isn’t on a live deal, I can guarantee some enterprising VP is going to be running take private scenarios on 10 different targets, even if there is a 0% chance things get done.
2) KKR has probably the most built out ops team of any fund, CD&R associates are likely spending much more time on portfolio company work. CD&R also does a bit more “messy” deals, so their companies will typically have more complexity than a typical KKR business.
3) Again this is all my experience, but KKR is much more likely to “play to win” on less assets than CD&R which is much more likely to spend a ton of time on a bunch of stuff and see what they can get done at a low multiple.
4) from the CD&R post and my friends there, I don’t think the complaint was just “we work so much” (that is true at every single large cap fund). It’s that they work a ton on things with horrible odds of getting done and immense amounts of time wasted.
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