How many MF ASCs stay in PE?

Based on the most helpful WSO content:

1. Retention in PE:

   • The chance of an associate at a megafund (MF) making it to MD/partner is around 5%.
   • Firms with large associate classes typically retain about 30-40% of their associate class, but moving up from there is extremely challenging.

2. Career Longevity in PE:

   • Most post-MBA PE professionals last less than 4 years with their immediate post-MBA firm.
   • The path to partner is long and arduous, often taking 7-8 years before seeing meaningful carry distributions.

3. Career Paths 5-10 Years Out:

   • For those who stay in PE, many do not remain at the same firm. They often move to different firms, including lower middle market firms.
   • For those who leave PE, common destinations include:
     • Business finance
     • Commercial finance
     • FP&A (Financial Planning & Analysis)
     • Corporate development
     • Corporate strategy
     • Startups
     • Non-profits

4. General Trends:

   • The industry is more saturated now than it was 10-15 years ago, making it harder to advance.
   • Many professionals transition out of PE after 2-7 years on the buyside, often pursuing MBAs or other opportunities.

This information highlights the challenging nature of long-term careers in PE and the diverse paths professionals take after their initial stints.

Sources: Leaving Megafund for Lower Middle Market - Am I Crazy?, A Few Observations on Investment Banking Exit Opportunities, Associates who started as analysts: Why did you stay in IB?, Are top MFins target programs for Private Equity firms?, Longevity of Hedge fund career: how long do people last in this industry?