GE @ BB or UMM PE?
Recently received an offer to join the growth equity team at a top BB (GS/MS/JPM) - would be an immediate start and come in as an analyst, with potential ASO promotion in 2023. No buyouts, pure growth / late stage venture investments.
Also have an offer from a decent (but not top) UMM PE fund (TJS, Kelso - a step or two below the Veritas and NMCs of the world) for summer 2023 start.
Long-term goal is technology growth investments and buyouts. The UMM fund is generalist but heavy focus on industrials. Worth staking it out at the UMM for 2 years and trying for a tech fund, or would the BB principal investing experience be better?
UMM role is career-track, no MBA necessary.
If we're putting all the secondaries aside (think culture/WLB/etc.), do you have any insight on the intrapromote or exit status(es) of the UMM PE fund? From your post, I gather that you're only wanting to stay there for 2-3 years so you can transition into tech. Couple of things to consider here:
Honestly, both of your current positions have leeway for future positions in a space you want. I'd focus on the holistic side too, figuring out what culture and other things that matter to you are like at either of these options, as well as the obvious package deals / total comp / location / etc. These seemingly smaller things can make your life great or pure hell later - take it from someone who experienced both sides.
Best of luck to you. Congrats on the offer!
Thank you! Really appreciate the response. To clarify, my offer is for AN1 (AN2 promote this coming July) at the BB, and ASO1 at the UMM. The BB start date is immediate, while the UMM start date is summer 2023.
I am also looking to transition to tech buyout / growth PE, not a tech company - wondering if industrials buyout / LBO experience will be better than tech growth equity if I want to move to a tech buyout fund (Francisco Partners type)
Thank you again!
Ah! My bad. Totally misread your comment. It's been a long day and I am already tired - not even Monday yet.
In that case, the question can kind of hone in on the statute of the UMM & how "generalist" it truly is. Having a slight slant towards industrials alone won't make you any less favorable for a TBF, but if you're in that core group then it may count slightly less than GE, not to mention one specifically focused on tech. LBO modeling, general buyout, and sourcing investment are all core structures that anyone transitioning should have, so you'll be covered on the 'general' aspect of it if you choose to continue with the BB route. However, tech growth equity will actually put you at an advantage. You're moving towards more specialist roles here, which will make you more attractive later on.
Of course, this is all relative. You could do great at the UMM and really zone in on fundamental aspects of the industrials debt modeling, index spreads, and the whole works, but then just genuinely suck at the tech GE side and fall flat come performance day. Am I saying you're gonna suck? Of course not, but these highly specified types of equity really look for the top-performing players. From a PERSONAL perspective, I would say that industrials will be easier (slightly... this is still finance LOL), but you may actually find that you'll look SLIGHTLY more attractive with a focus on attracting minority interests in tech-specific funds.
I think I've said a lot of words, but not given my actual opinion, so it's this - you're in a great spot. I think a lot of what you have either way is going to place you in a position to succeed. If I didn't think that, I wouldn't say it. While these positions may look very different from each other, I think the real decider of you getting a Francisco Partners offer or not getting a Francisco Partners offer is your individual performance. Your job is gonna be hard, and I know that you also know that. Your ability to not only provide results, but level-headedness, real effort, and discipline are what an employer is gonna look for. Sounds kind of corny, but damn if it isn't true.
Again - best of luck to you. Congrats on the offers. Welcome to the big boy world - enjoy the ride!
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