Currently an SA at a MM PE shop (think $2-7B AUM). Would it be possible to leverage this for FT PE recruiting? I'm thinking about applying to places that don't normally hire analysts but are in the same industry verticals as my PE shop. Would they automatically discount me because I would be coming in as an analyst or would they deem my experience from a competing shop as valuable enough to give me a shot?
Note: Firm I'm at does hire FT analysts, however I would like to explore my options...
I did an SA job with a top PE fund 3 years in a row but they didnt' hire me or any of their other interns. There were enough IB analysts knocking on their doors that it would never make sense to hire an undergrad.
I would be VERY surprised if you landed anything. If ur so bent over starting on the buyside, beyond the traditional shops, consider some of the BBs. They occasionally will hire people into their internal PE funds.
Still it's very rare. It just doesn't happen. Your modeling skills aren't fast enough and nobody really cares about your ideas. I didn't get to develop my own thesis until my 3rd internship, the rest of the time I was doing standard banker shit.
I've heard what couchy is saying which is that PE firms almost never hire out of UG. So can someone explain why so many PE funds take on interns? Isn't the whole purpose of intern programs to be used as a recruiting tool? I.E. banks don't hire SAs because they add value directly but to get bright people funneled into the FT program and to weed out people who looked good on paper/interviewed well but turn out to be shit analysts.
this is a good point - personally know people who interned at apollo and GS PIA as undergrads and zero people in the SA class received offers because there were none to give. begs the obvious question of why hire SAs in the first place.
The point of a summer program is not solely to be used as a recruiting tool. It's cheap labor, primarily. But there's also the fact that although they might not hire that person pre-banking, if they really thought the person was talented, they have the inside track to go after them again come recruiting season...which, as it stands now, would be ~6-8 months later
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