Interested to get peoples' thoughts / insights on the current state of the PE recruitment landscape in London and on recent exits from banking to PE.
Anecdotally, I have heard that processes in 2025 have been incredibly competitive, with candidates often being asked to sit multiple additional rounds outside of the advertised process.
Additionally, interested to hear peoples' thoughts on which banks have placed well recently. Have seen a number of impressive exits from the usual BBs (GS, MS etc.), but also several from EBs (PWP, PJT etc.).
I remember when ppl said EBs don't place well into MFs, we've clearly seen the opposite. PWP PJT EVR - solid exits into MFs. Oh yes, let's take a moment to remind people - Lazard doesn't exit to MFs for the kids saying they have a good brand name to do so.
Yeah, outdated advice from people still living in 2018
What is the play for Lazard sa’s then? Try and lateral ft?
The private equity recruitment landscape in London has always been competitive, and 2025 appears to be no exception. Based on the most helpful WSO content, here are some insights:
Recruitment Process:
Timing:
Banks with Strong Placement:
Competitiveness:
Key Considerations for Candidates:
In summary, while the usual BBs continue to dominate PE exits, EBs are increasingly making their mark. The process remains highly competitive, with candidates needing to excel in both technical and behavioral aspects to secure offers.
Sources: Private Equity Recruiting Process (From Banking), 20 Most Frequently Asked Questions - London Edition, A Few Observations on Investment Banking Exit Opportunities, 20 Most Frequently Asked Questions - London Edition, https://www.wallstreetoasis.com/forum/investment-banking/breaking-into-private-equity-from-banking?customgpt=1
I feel like there is a general sentiment to hire more and more consultants? I'm also a bit butthurt. At a UMM now but when I check my linkedin kinda surprised how many of the MBB folks who never seemed that interested to work in finance suddenly announce that they start out at Advent, Permira, Nordic, BainCap, Apax.
What wonders me much more is that it seems like anyone from MBB almost exclusively (if they choose PE) exit to a top name fund whereas lot of people in banking go more downstream in the MM.
When financial engineering becomes harder, it is time to think about vAlUe CreAtIoN
I know a guy at Primera who was a PL at BCG in the private equity team. His words to me were “I never touched a financial model at BCG”. Consultants at MBB (those on private equity teams) seem to outsource the modelling parts and just grind through all sorts of DDs and end up with good industry and financial competencies. There are merits to this skill set that is a clear differentiator from bankers, especially if your bank has a bad culture of hyper fixation on PowerPoint fonts and excel formulas.
It’s the same reason why HF (especially MMs) tend to prefer equity research analysts over bankers.
But what is the differentiator? That they understand businesses well given they've run tons of DDs and strategy/ops at companies themselves?
worked with consultants in my previous role and they were nowhere near as sharp (yet more entitled…) as our bankers. Happy that my current role does not hire consultants.
Consultants exit well but at subpar funds in London. The only top one they have access to sre H&F, Advent & CVC. All the rest they have access to are honestly a cut below top tier opportunities
But it's still annoying when they don't get killed like you do, can take their time to live life and then exit to good PE, or corporate role.
They get to appear smart, just because they have a million regurgitated CDD decks/library so it looks like they understand the vertical, when this is really not the case.
Did an internship at a MM PE fund and it seems they always struggled (don't blame them, it's more so whoever is hiring). Logic was value creation is important at these shitcos, so need consultants.
so much BS. Out of my head: Permira, Baincap, EQT, KKR (currently has a process for investment team from MBB), General Atlantic, Bridgepoint.
It is almost harder to think of funds these days which don't hire any consultants at all (Blackstone, Apollo, Oaktree?) - but even 95% of BB bankers won't get hired there.
Permira, EQT, and Bridgepoint are definitely the subpar exits I mention - shit pay and/or progression and/or performance issues
Bain Cap Europe and KKR are decent-ish outcomes but their performance in Europe is abysmal and again not the best outlook, especially Bain Cap. KKR is okay as an exit as you get paid carry across all their strategies so not that much of pain in the ass (and their product distribution is better). KKR is also the least likely to hire consultants.
GA is good no question, don't think they hire consultants over bankers consistently
What was your point exactly?
The only two top tier exits that MBB give you access to are Advent and H&F, CVC if you are lucky - again leans more towards banking. Here is a list of other top tier exits that are closed off to you: Apollo, BX, Thoma Bravo, Francisco Partners, Warburg Pincus, CD&R, TPG, TA Associates, Silver Lake, all the special sits shops, all the hedge funds, Private Credit, Infra, basically any other private markets sub asset class that is less dead than PE at the moment
a PJT senior asso very recently exited to Apax
Yes, but to a credit team at Apax I believe.
I heard from a friend working there that there have been an increasing number of PE exits in the last few months:
Was this associate to Advent recent? I know one exited a year/2yrs ago.
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