Leonard Green & Partners
Please tell me about Leonard Green & Partners, I know it is a great shop and it hires almost exclusively from UBS/CS LA. How would an offer there compare to one from a mega fund (i.e. KKR, TPG) in terms of prestige and pay?
9-9, some weekends, good pay, nice parties at the partners' homes on occastion.
Right on with regards to hiring from UBS/CS LA. The last two years they have taken one per year from both for pre-MBA associate positions. Probably most well known for its buyout of PETCO, which it did with TPG. As far as prestige, definitely up there, although not at quite the same level of the other guys you mentioned. Probably more comparable to HM Capital, Thomas H. Lee, and CD&R. Pay is, however, in line with the other guys you mentioned (at least at the lower levels). Stays very small, meaning it's pretty tough to get hired, though.
I believe two analysts from CS LA will be joining LGP this year.
3 guys this year -- 2 CS LA; 1 UBS LA.
Great pay; good hours; partners are ex DBL guys who are raking it in. I find that a lot of people, especially in LA, have this as their top choice because of the lifestyle.
double post.
word.
bump. any update?
You looking at associate or analyst level? At the analyst level they have had a program established for a couple of years now, and along with Ares are your two big options for PE in LA out of undergrad. They have been doing accelerated recruiting in the fall for SA positions. For this year, I think they may be in the middle of the process or even completed at this point, but I'm not sure.
at the analyst level, how would lgp compare to top tier ib?
My take on evaluating buyside options vs IB out of undergrad is that you should only go the buyside route if it is an industry/firm/geography where you really want to be and could see yourself long term. At a top tier banking group you are very likely to have recruiting opportunities on par with or better than a firm like LGP. So the advantage to going direct to the buyside is primarily that the experience for your first two years may be more relevant (although some argue you'd be better served in the long run getting more deal exposure at a banking group) and hopefully you can be promoted within the firm to Associate and possibly beyond. But both of those factors don't amount to much if you join a place like LGP but know you aren't going to be happy staying long-term; if you want to be mobile within a few years, then you'd probably be better off at a top banking group where the recruiting process is well-defined and there is a natural exit after 2 yrs.
So basically, think about it in practical terms and ignore the "prestige" of going to PE right out of undergrad. If you want options and aren't sure you want to do upper-MM PE in Los Angeles, then you'd easily take a top banking group in NYC over LGP. On the other hand, if this really is your dream job, then why not go directly to doing what you like?
There are very few things you wouldn't be able to recruit for coming out of LGP at the analyst level that you would be able to recruit for coming out of a top tier banking group (e.g. BX rx) outside of Elliott, Highfields, and a couple other one-off, top tier distressed/activist shops. Even then, if you push the headhunter, you can score interviews there as well.
I disagree that you're more mobile out of banking (who says you're guaranteed a top tier group anyways) vs. a strong PE shop. It will be much easier to sell the "why I want to stay in PE" or "why I don't like PE and want to go HF route" story if you have relevant experience on the buyside.
Don't discount how advantageous it is to have buyside experience at a legitimate place out of undergrad during the January-March recruiting season. LA isn't for everyone, but I'd take experience right out of undergrad over location preference. But that's just me.
LGP is a very strong shop. Unless you're at GS/MS you're not even guaranteed an interview at LGP.
What is comp like at the analyst/associate level?
You would be out of your gourd to accept any investment banking gig out of ugrad over LGP.
Not really. Seeing as MF PE analyst programs still occasionally lose kids to top banks/groups, I don't see why LGP would be any different.
dont know about the analyst program (seems newer) but associate (post-ibanking) pay is top notch. one of the most sought after jobs in LA
Leonard Green Partners Ugrad SA interview (Originally Posted: 12/06/2013)
Has anyone gone through this process and is willing to share their experience? I'm planning on going about it as a banking interview, as I don't have any real relevant PE/modeling experience. Any insights/advice would be appreciated. Currently just planning on focusing on basic LBO, debt financing knowledge.
Thanks
Mostly qualitative. Runs through some basic LBO questions (ie. if entry multiple is a and exit multiple is b, ebitda growth is x%, capex is c per year, what's the MOIC). Very similar to banking.
dont know about the analyst program (seems newer) but associate (post-ibanking) pay is top notch. one of the most sought after jobs in LA
Leonard Green (Originally Posted: 02/09/2012)
Hi, just wondering if anyone knows the status of associate / summer associate recruiting at Leonard Green in LA? How are the interviews, hours and culture there? I assume the private equity interviews will involve an lbo model or case study? Thanks for any help.
LGP just recently had a recruiting mixer with ~50 1st years..... better get ready.
They are pretty early last year as well....
any more recent info on them? should i expect them to do recruitment again this upcoming January/February? any insight appreciated on timing or interview process.
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