No closed deal -> post-MBA recruiting?
Hi guys:
Currently a 2nd year associate at a largish fund (think UMM., but not the sharpest name in the space)... I have no closed deal experience on my resume, just some 1st round, some early looks, industry research etc. A lot of it is out of my hand, as you can understand.
My question is, I'm going to a top 3 MBA this year... how much would having no closed deal experience affect my post-MBA recruiting? What can I do to round out the fact that I have no closed deal? Ideal is to recruit for distressed/ cross-capital structure investing post MBA.
Thanks!
You could do a 2 year IDB stint after MBA to get some transaction experience
I would just highlight any deal where you got to the final bid, if you're at an UMM most of the diligence (read: associate) work is done prior to exclusivity these days.
Also highlight any add ons / refinancings /exits you've worked on. At the end of the day you're ability to articulate the deal dynamics and industrial logic will be more important than getting one across the finish line.
Do you have some from pre-PE or did you come from consulting or non-IB route?
Yes, I have one closed deal during my job prior to joining this PE. The investment thesis was not traditional buyout though (think corporate purchasing a high growth asset)
You'll have to rely on deal experience prior to PE and any work you've done on existing portfolio companies (add-ons, workouts, etc.). That's a tough spot to be in and rather unfortunate.
Thanks, appreciate the insights! Do you think transitioning to a public investing role (or public/private mixed) would be easier in this situation?
Just off the cuff, yes I think it could be. They won't care as much about your understanding of deal process, negotiation, etc. But I would encourage you to shoot for what you truly want, rather than something that sort of fits the bill.
know exactly why you didn't win the deal and get as much details as you can. some you may not have any insight on as the conversation took place at senior partner level but it will be better than well we didn't win any deals or it fell apart because of x.
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