Have the choice between a MF Private Credit role and an IB role at a Jeff/Gugg tier bank for junior summer. Any insight or general advice on this decision would be appreciated!
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If it's Gugg or Jeff I'd probably take MF PC, but I might consider PWP if I wanted trad MF PE Buyout
Would it be nearly impossible to go from MF PC to PE?
it's not impossible, but you wont be able to make the jump to MFPE. Most MFPC I met go to MMPE.
These are very different career paths. You have to think to yourself do you want to pursue a career within investing straight out of undergrad?
I have met many people from Jef and PWP in MFPC. So it's definitely doable if you realize you want to go into investing instead. TBH I'm not super familiar/close with people from gugg.
That said if you want to pursue IB, I think you should probably consider PWP. Gugg is definitely trending upward but I feel like PWP is more similar to Moelis/Laz in terms of prestige and also PJT/CVP in terms of analyst experience/culture.
Also, if you're considering on-cycle recruiting it seems that PWP gives very good exit opportunities. I know 2 people who are at top L/S Equity HFs, MFPE (special sits and buyout.) and were from non-target backgrounds. I know at JEF it's going to get harder to get looks at MFPE, and not really sure about Gugg.
Congrats, and good luck!
Congrats on Jef
i assume this is jefferies since I know gugg (NY at least for M&A and RX) and PWP (NY/LA) has finished up recruiting.
If your goal is PE, then why do you want to do private credit?? Maybe you're thinking about businesses the same way, but it's a compltely different style of investing...
If you're gung ho about PE, just go to JEF.
Wouldn’t take PWP
I would take MF PC and recruit for a top IB shop / distress firm for Full-time.
How do you view the switch to PE for FT or on-cycle?
I would go to MF PC and stay there. It’s a phenomenal comp/hours balance, and frankly you’re more likely to rise the ranks. Obviously if you don’t like PC at all, don’t force yourself into anything. But if your main attractions to finance are the money, “prestige”, and job stability (which is the case for 90% of us on this forum; very few people actually enjoy LBOs, we enjoy the money that comes from them), I would do MF PC. You might not get the opportunity later on
Do you think this still applies to the junior level? Trying to see if MFPC or traditional IB would offer more opportunities straight out of undergrad
Why tf else would I have replied to your post? Obviously it applies at the junior level
IB has more by volume of exit opps but MFPC is the exit opp lmfao
MF PC, no question. Better role, better experience, and people who exit usually go to L/S HF, VC/GE, or UMM/MF PE. Distribution of outcomes is much better than IB + if you like your team / role / firm, you could always stay in that role since tailwinds are so strong.
If you’re doing MFPC with any hopes of getting into MFPE, or just because the name feels more prestigious than settling for a lower-tier bank, absolutely don’t do it: But if you’re interested in PC, then hands down it’s the best option. However, you can probably get better PE exits from sucking up banking for 2 years at one of those shops so it just depends on what your endgame is
Are there no exit opps from MF PC into MF PE that you know of at the junior level?
Not really, especially if you want MF.
Interned in MF PC and have seen people do this. A lot of people just opt out of doing PE and decide to do something different
A lot of interns offering advice on this thread…
IMO, only take the MF PC offer if you know for sure you want to do PC. As some others have mentioned, to go to MF PE from MF PC is difficult since they are different styles of investing. Going to Jeff / Gugg will keep the MF PE options open along with MF PC.
Do you think you can get siloed as a SA and not recruit for PE if I decide to?
Multiple people from Ares PC summer have gone to PE
@intern don't listen to this VP. Your odds of ending up in MF PE from a Jeff/Gugg are virtually 0 lol. You should take MF PC. Biggest problem with MF PC is that most people aren't familiar with it so you'll have uninformed people say don't do MF PC but that's because they don't know better. You'll also have to reach out to headhunters yourself to get on their email list but that's really easy to do. If you had a GS/MS/CVP/EVR offer, it's a closer call and I might even say take one of those 4 banking offers but Jef/Gugg vs. MF PC is easy MF PC. If you have more specific questions, go ahead and ask them here so everyone can benefit.
Just remember to be proactive about on-cycle recruiting since the banking kids will start getting emails before they even start. You should also plan to leave at the 2 year mark. If you wait too long, then yeah you would get stuck (or would require restarting as a MF PE associate 1 and you would lose a year but not the worst thing in the grand scheme of things).
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