Lower MM PE vs Co-Investment PE

I'm currently a 2nd year at a top consulting firm, and while recruiting hasn't worked out exactly as I had hoped, I've fortunately come out with two offers: one at a lower MM fund (~$500M AUM) and one at a co-investment fund (~$3B AUM).

I was hoping to get some advice on which offer to to take. My goal would likely be to go to b-school and work in MM PE or a HF post-MBA. Honestly, I am kinda leaning towards the co-investment fund due to cultural fit / people but am concerned that I may not be able to make the transition to direct MM PE (either pre or post MBA). Some other comparisons between the offers:

  • Comp / people / exit opps are all more or less the same

  • Comp: Both are a slight haircut from what seems to be standard MM pay. Not surprising, given the the low AUM at the MM and that the co-investment fund fee structure is different. Pretty satisfied here though

  • People: I think the partners at the co-investment shop are actually a bit more impressive. All the partners come from very reputable direct PE shops and are more "pedigreed". No big differences at the Associate level

  • Exit opps: Seems like most Associates go to b-school afterwards after their 2 years. Mix between HSW and other M7 schools at both shops

  • Work: The lower MM PE has an industry focus (that I am interested in), whereas the co-investment shop is a generalist. There would be more portfolio work at the lower MM PE shop and almost none at the co-investment firm since you're looking at so many more deals / not going as deep. My concern with the co-investment shop was that they would essentially just leverage the GP's work, but they assured me that they do all their own due diligence (e.g., building own models instead of using GPs, doing own primary research). Although I know from my consulting experience that recruiting and reality are often different things. This is where I am most conflicted, as I want to make sure I have a shot of transitioning to MM PE.

One thing I'll note is that I'd prefer to take one of these two offers rather turn them down and wait for more PE opportunities to arise. After having been through the process, it seems like a huge component of coming out with an offer is luck, and I don't want to play the odds. Thanks in advance.

1 Comments
 

Rerum itaque alias ea nam amet eaque. Molestias provident labore et qui. Mollitia officiis nihil architecto et tenetur recusandae eveniet. Molestiae nihil et adipisci eius. Soluta a necessitatibus rerum amet voluptatibus animi.

Career Advancement Opportunities

June 2026 Private Equity

  • The Riverside Company 99.6%
  • KKR (Kohlberg Kravis Roberts) 99.2%
  • Blackstone Group 98.9%
  • Warburg Pincus 98.5%
  • Bain Capital 98.1%

Overall Employee Satisfaction

June 2026 Private Equity

  • KKR (Kohlberg Kravis Roberts) 99.6%
  • The Riverside Company 99.2%
  • Ardian 98.9%
  • Blackstone Group 98.5%
  • Starwood Capital Group 98.1%

Professional Growth Opportunities

June 2026 Private Equity

  • Bain Capital 99.6%
  • The Riverside Company 99.2%
  • Blackstone Group 98.9%
  • Starwood Capital Group 98.5%
  • KKR (Kohlberg Kravis Roberts) 98.1%

Total Avg Compensation

June 2026 Private Equity

  • Principal (9) $653
  • Director/MD (24) $547
  • Vice President (97) $363
  • 3rd+ Year Associate (104) $281
  • 2nd Year Associate (234) $272
  • 1st Year Associate (411) $229
  • 3rd+ Year Analyst (33) $157
  • 2nd Year Analyst (95) $134
  • 1st Year Analyst (271) $124
  • Intern/Summer Associate (37) $80
  • Intern/Summer Analyst (351) $61
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
kanon's picture
kanon
99.0
5
dosk17's picture
dosk17
98.9
6
GameTheory's picture
GameTheory
98.9
7
DrApeman's picture
DrApeman
98.9
8
Betsy Massar's picture
Betsy Massar
98.9
9
CompBanker's picture
CompBanker
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”