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Based on my friends who have worked/are working in their london office, would still suggest to go to a megafund. The banks's balance sheets are shrinking after the crisis, also credits become more expensive in europe, and due to the volker rule, banks will decrease their principal activities somehow. And PIA is really not the strongest business of GS, so you may feel less "constrained" working at a megafund. But still, it's a good choice and provides great exit opp (for bschoo/other funds/corporate etc). It's for London, not sure about the US.
Against what other shops?
As Xaipe said, deals will be smaller than typical megafund transactions.
if you're a rising second year haven't megafunds already recruited?
Ditto - also heard that GS PIA is well into the interview process (or completed) for non-GS candidates, with the remaining PIA spots being held for GS analysts when they can formally recruit in January. If what i've heard is the case and you havent interviewed yet the ship has probably sailed.
Mega fund boat has sailed, but I believe I will have a chance to interview with PIA in NYC over the next few weeks.
Regarding your replies, I would like to compare them to other solid middle market shops. It sounds like MF>PIA, but how about other MM vs. PIA?
It really depends on what other shops are you interviewing. Normally I'd say PIA but from an industry perspective, in both the europe and the US, MM buyout is generating more profits these year and will be the trend in the near future (directly got the information from Jim O'neill). As you know it's less frequent to see mega deals after the crisis
How would you compare PIA vs. an offer at a top non-megafund shop like H&F, Leonard Green, CD&R?
Without more details I can't say much if it's for an associate position. I do think it's more about the location, compensation, the people and your preference. Friends told me people at PIA tend to leave instead of climbing up the ladder tho (again for london)
Comp will be a bit lower at PIA. B-school placement is the same. culture is team-specific and can vary widely for any firm. the analyst program in PIA is 2 years with no guarantee to be offered advancement. after 2 years theres a minimal likelihood youll be asked to stay, most go to b school, move to a different PE fund or a different division within GS
Isn't GS CP separate from GS PIA? Or is it part of it?
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