Megafund/UMM PE Analyst Program Discussion Thread
Since this topic has been coming up a lot recently, I figured it made sense to compile a list of the top UMM/MF PE analyst programs (current ones, not like LGP or TCV which discontinued) and thoughts on them to help people make the call between these and traditional BB/EB roles. Note that this isn’t just buyout programs.
Blackstone – Hires for a bunch of different groups, including Private Equity, REPE, TacOpps, Secondaries (Strategic Partners). Arguably can’t beat the name brand, pays somewhat below street because they can KKR – Newer and smaller program compared to BX. Also hires for multiple groups (including PE, REPE, NGT, Infra, Macro). Kind of speaks for itself, although NGT is apparently somewhat sourcing oriented Warburg Pincus – Analyst program has been around for a while – have been told that the culture is a bit rough (a bit sweaty) but top notch all around Vista – Cares a ton about the online exam results and loving tech. Nuance here is 1) pure tech/SaaS focus 2) in Austin or Chicago Bain Capital – Romney and Boston. Hires for PE, and historically Ventures and Credit but think those programs might’ve gotten axed Insight – Sourcing quotas on start-ups, but great name-brand if you want to do growth/VC; promotes up to associate after which I believe you aren’t a sourcing monkey anymore General Atlantic – Ditto Insight Ares – LA, hires for PE and Credit, PE program has been around for 5+ years (credit is new) Silver Lake – Very tech-focused and intense, smaller and target school heavy class BDT – Newish Chicago fund that raised a ton of dry powder, merchant banking model so half banking half investing Apax – Hires for growth and traditional buyout – growth is 85% sourcing focused, buyout role is newer Audax – Probably the gold standard for a MM PE analyst role, only hires from target schools, has a credit arm in NYC but everyone else is Boston or SF GTCR – Only hires from intern class, the other big Chicago fund Crestview
Let me know if I’m missing anything, didn’t include some of the smaller shops since don’t really think too many people would take those over BB/EBs. Source: Going through/went through the FT recruiting process for over half of these so if you guys violently disagree with any of these takes blame my contacts Edit: Changed Vista and Ares' descriptions as per comments
Would caution against thinking about summit / insight / ga / kkr ngt for those truly interested in PE -- growth equity is not late stage private equity and the skills you learn while sourcing are not transferable, nor will you get associate looks at PE shops after being an analyst in a sourcing role at a growth equity firm. These are all great programs that pay well with good cultures and are a great fit for those who are truly passionate about early stage investing and meeting founders. If you want a career in VC or growth, absolutely take it. But if you want to do large cap technology buyout stick to Vista and Silverlake, or the two years of TMT banking that can get you to to the other big players in the space. Source: friends who worked at insight / ga and absolutely hated waking up in the morning to go cold call people and wound up going to bschool bc their only exit opps were to corpdev or another sourcing role.
Can someone confirm if KKR's all-in is 185k for first year analysts? That sounds like such cap, but I have seen that number on a couple of threads.
If that's true that's a much better deal than BX with equivalent brand name value
I've also heard Warburg, Ares, and SL cited at around that level of comp