MF to MF Lateral
Recently was offered a SA at an MF and I was wondering what the possibility and process would look like to lateral into another MF later down the line. I am curious because I am unsure whether I want to focus on a specific sector within PE when my interests are in another industry. The alternative MF clearly has the better platform for the industry I am interested in longer-term.
Any insight into the process would be greatly appreciated (e.g., whether to lateral after 1 or 2 years)
bump
You would be a very attractive candidate on-cycle. The only exception is that you won’t be able to recruit for any firm that uses the same headhunter as your firm.
Do headhunters reach out to PE analysts?
At MF yes
Would a HH for APO/BX reach out to someone at Vista/CVC/Permira for example?
I can’t speak to these specific firms. However, when a firm hires a head hunter to recruit for it (particularly the big-time shops), those contracts stipulate that that head hunter is not allowed to poach from said firm. So, if BX’s head hunter also works for Vista, that head hunter isn’t going to engage with BX employees on a Vista opportunity (and vice versa).
It’s also important to remember that some MFs use different head hunters for different teams/divisions, meaning there’s a partial street-sweep of head hunters. This will limit your ability to leave, at least around the margin.
I understand the HH dynamic. My questions was more so to ask whether you think Vista/CVC/Permira are prestigious enough (or a better word might be megafund enough) to get looks from the HHs that recruit laterals for BX/APO. Assume there are no overlapping HHs or anything like that
Yes - that would be viewed as high enough quality work experience for those funds to consider you as a lateral. If those didn’t get you a look, who would?
Gotcha. And this would also mean that those HHs for APO/BX would target an analyst at those funds for the on-cycle process that is typically meant for IB analysts, right? Or would you have to be more proactive and reach out to HHs yourself?
Yes, those firms want people who have received financial training in their first job, whether that training is at a bank or a competitor PE fund.
Thanks, super helpful. Do you think it would be an issue if there was a big difference in strategy, for example if I tried to go to APO as an associate after being an analyst at Silver Lake?
Who in their fucking mind would do that
You might do it if if you wanna go to a Tiger cub APO feeds into
No. No one would do this. I promise.
If you can’t get into X tiger cub from Silver Lake, you can’t do it from Apollo.
would a HH reach out to MM PE analysts? i.e. Charlesbank, Audax, GoldenGate, Crestview, BDT, etc.?
I would like to nominate "Incoming Analyst in IB - Gen" for most misinformed hardo of all time
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