EUROPE: Chances of joining mega fund in PE
I am currently exploring the optionality of joining a BB (not top 3) or a young PE fund (~5bn AUM after second fundraise).
Pros for BB is of course the optionality and having broader experience down the line. However, I hated my time in internships and would never stay there for +3 years anyways (so career banker is out). Conversely, joining the PE fund seems more appealing to me, both in terms of work and team culture.
However, my LT goal is to break into a MF. Specifically I am looking at an operationally oriented fund, who also focuses on certain sectors like tech, HC. These include funds like H&F, EQT, Bain Capital. I am no interested in funds focusing on financial engineering (e.g. Apollo) or industrial funds (e.g. CD&R).
I know my expectations/wants are unrealistic, since there are only a handful seats for these roles. So I was wondering, what are the chances to get a seat in those funds? Is it worth to sacrifice three years of my life at a BB to potentially secure a place, or does joining a young PE fund look more attractive? I assume for MF the go to route is to look at bankers or consultants rather than PE Analyts?
It all boils down to what you really want to do long-term. Think about why you really want the MF PE, as it may not be what you enjoy the most.
I believe that it is difficult to move upstream (MM to MF), hence it is better (probability-wise) to be in BB and work on large cap deals to move into a MF.
Generally, BB will give you more options if you are not sure of what you like and you should likely be able to find a MM seat in the future as well, while having the option to get into a MF. Obviously, getting into a MF will always be statistically difficult or almost impossible but I believe that doing it from a MM fund will be harder.
You say you hated your internships and want to join a MF, lol
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