MF Recruiting From Non-BB / EB
Just starting as an AN1 at a non-BB / EB shop that has strong MM PE / GE exits, but less luck with MF PE (partially due to self selection). Industry-focused boutique with strong dealflow along the lines of Leerink or Union Square Advisors.
How feasible is it to break into MF PE from a firm like that? What process should I follow? I'm assuming the MF HHs won't reach out to me directly, so I'll need to make that initial contact.
Following. typically everyone on this site hypes up the HH route but not sure what to do if that's not an option. in a similar spot to you.
I think this is going to be very difficult unless you go to an UMM PE and then lateral. Even then, a lot of the UMM PE funds only take BB / EB analysts.
If you look at most MF associates, they almost always come from BB / EB backgrounds. It’s an uphill battle for sure, but I guess anything is possible.
I understand HHs gatekeep much of the MF PE recruiting process, but could you bypass that with individual networking? I know a few MF MDs who would be willing to go to bat for me - I'm assuming this would at least guarantee me an interview, similar to IB?
Anything is possible. I just think that it’s much different than IB. There are plenty of non-traditional candidates that break into IB, but if you look across all MF associates on LinkedIn or firm directories, the backgrounds are pretty uniform (typical BB / EB or lateral hires from MM PE). That’s not to say you can’t make it happen, but it is far from the norm.
When you say strong MM PE exits, are these +$1bn shops in Tier 1 cities? Should be getting inbounds from HHs that cover MFs in the case.
If not, lateralling to a BB/EB is the path of least resistance. Make sure you really want and understand the MF PE route however. I'd be weary of leaving a good seat in search of brand-name/prestige.
Yep, almost every exit is to a $1bn+ fund in NYC / SF. Recent exits include Veritas, Waud, and BainCap (believe him and another person who exited to Carlyle are the only MF exits in the past few years).
Pretty sure I know which bank this is but will preserve anonymity. MM / UMM is doable but MF will be hard through standard HH process. If you have personal connections at MFs, it can't hurt to leverage them. My firm reviews personal referrals separately (outside of HH candidate pool).
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