Do you consider Advent, Bain, Berkshire, H&F (and other consultant-friendly shops) as top exits?
Mostly thinking about recruiting at consulting-friendly shops (left banking for MBB and have a story why that makes sense for PE). These are obviously great funds, but I keep hearing that you really only get to interview with a couple places during the on-cycle mad dash. Would you pass up on a first round interview at a top banking-friendly shop (e.g. Carlyle, BX, KKR, etc) to attend one of these shops’ processes instead (especially as a consultant, but also more generally). Any further detail on these funds in particular would be much appreciated as well (not that many threads from very recent years for Advent or Berkshire) - thanks!
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why over Carlyle?
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Short answer: yes
Long answer: yes
People will split hairs between the banking / consulting focused shops you mentioned but at the end of the day all are well-regarded MFs/UMMs that place very well into HSW. Where you interview and ultimately decide to take an offer is going to be a matter of personal preference (the experience you want to get in PE, geography, etc.). Is there a specific shop you'd like info on / specific questions you have? Otherwise it's hard to be much more helpful
Thank you - I think I’d love to return the Boston, unlike many. I went to school around the area, most of my friends live there, and my SO is going to grad school there too. It just so happens that several operationally-leaning UMMs / MFs are in Boston, so would love to hear your take on Advent, Bain and Berkshire in particular.
Advent - relatively underrated firm. Has a better rep in Europe, but overall returns have been very strong. Impression I get is that it's slightly better on WLB and has pretty good culture. People I know who work there enjoy it.
Bain - associate experience can have a pretty wide range because they don't do that many deals and deal teams are big. Nonetheless, everyone I know who's been offered the option to go back post MBA has taken it. Pretty much everyone gets into H/S. Post MBA seems like a grind. Unclear how happy folks are.
Berkshire - know the least out of the three, but former associates seems to view the firm in high regard. Seems to have a good culture. If this tells you anything, they did a two or three week firm wide shutdown this summer to let everyone recharge. No way that would happen at a banker focused firm.
Any more color on the seeming discrepancy between pre MBA associate and post MBA experience at Bain? I had heard the same about large team sizes (think they break out the various diligence workstreams on deals to sub-teams) that made WLB not too bad, but is it just more lean at the post MBA level or something?
Honestly I'm not sure. Could be small n, could be that VP layer is more lean, could be that deal environment has been busier the last few years so everyone is just busier. Sorry I don't have more insight there.
This is mind blowing. I'm at a similar calibre fund as these as not a single person from the last two associate classes wanted to stay on to VP, even the ones offered it. It just completely blows my mind there are firms where people like their job enough to stay.
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