An1 doing IB years outside of NYC. At a top MM and very interested in going into PE. HH outreach is just starting and I’m trying to figure out recruiting priorities.
How feasible is this / best advice to make it happen?
Edit: to anyone viewing this thread down the line, I ended up signing at a MM/UMM firm in New York.
What worked well for me was being extremely clear with headhunters that I wanted New York, being prepared for interviews, and having good references. My exit has a strong relationship with my current bank, and many superiors put in a good word for me.
While “Why New York?” was a common question, I don’t think it was an extremely important question for firms I interviewed with. Always felt like more of a getting to know me question rather than skepticism on my interest.
As always, be prepared, be able to speak to your deals, demonstrate your specific interest in the firm, and be personable. Goes a long way.
What city? SF vs Houston vs Jacksonville have very different pathways to NY.
One of Charlotte / Minneapolis / Dallas
Would probably have the best optionality if you lateral to NY in banking first. Even if you have great experience, you will always be the underdog for NY PE seats being from one of those cities.
The math below is right on, people in NY seats will happily go to smaller funds to stay in NY, there doesn't end up being a ton of room for other candidates.
If you're at a top group like Moelis LA / MS Menlo / GS SF TMT, then you'll have no trouble at all getting looks at top NY PE shops, though there could be logistical difficulties with regards to interviewing.
Outside of the 3 aforementioned groups, the odds are unfortunately very much against your favor. There is simply too much demand for NY PE seats, not nearly enough supply.
Think of it this way: 80%+ of all US IBD analyst seats are in NYC, but maybe only ~40% of all US PE seats are in NYC. This causes NY PE seats to be ultra-competitive relative to other cities, and you'll see many more NY IB analysts leaving for non-NYC PE roles (e.g. TPG, H&F, SLP, TB, Vista, Advent, Bain, Permira) than the other way around.
Thanks. I’m not gunning for a MF-hoping for MM fund in the $1.5-$5bn fund size, which I would think is more possible
Your chances of landing a NY MM is likely similar to the chances of landing a non-NY MF/UMM.
PE recruiting is very different than IB recruiting in that NY PE seats are, with almost no exceptions, much more competitive than equivalent non-NY PE seats. This is unlike IB recruiting, where top groups like Moelis LA and MS Menlo are even more competitive than Moelis NY / MS NY.
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