How does recruiting look like for LMM PE in NYC, especially for candidates with non-target backgrounds and average banks with limited deal experience. Spots are limited at MF / UMM so looking for information on how competitive LMM PE interview processes are and what are expectations for modeling abilities and speed starting on the job compared to MF / UMM.
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for assoc1? its going to be the same channels as other recruiting. even LMM firms still go through the headhunter route. Now, you will have more luck with direct outreach to current assoc/VPs at LMM funds bc they might have a little bit more influence to get someone into first rounds (and beyond)
so, if im you im treating it like IB recruiting. reach out to as many people at firms that fit your criterion (please please please do some reearch on their strategy, investment process, target investments first... no one wants broad outreach and showing that you are interested in their focus areas will help you immensly)
then offer time on the phone to learn more. they will do one of 3 things: 1. ignore you (is what it is) 2. tell you to reach out to their HH (great! now you have a soft intro to the gatekeeper) 3. get on the phone with you.
for folks with your background, its a numbers game just like IB recruiting. increase your odds.
edit: after you are into first rounds, its going to be the same general process as other PE recruiting. a couple rounds of behavioral/technical questions (mostly check the box questions) and understanding of why you want to work in PE and why you want to work at THIS firm (this is the piece kids fuck up the most, without a doubt. please do your research on their strategy and craft a story for why that fits your background). then a model test. maybe a case study attached to it (those seem to be more common at LMM firms) and then a final round where you go back to behavioral/technical/why HERE questions
Very helpful commentary for Associate recruiting - agreed.
Not sure what level you are but anything to add that's different at the mid-level/VP level? Should I still be trying to network directly even if I found out about the role from a headhunter email blast? And which level should I target for my outreach email - someone at VP, Principal or MD level?
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