PE Associate Staffing
A 2nd year IB analyst about to start at a UMM firm (~$10B latest fund) in the summer. I obviously want to get the best experience possible and work on the largest transactions. Are there any tangible things I can do to get staffed on these deals when I’m in an incoming class of ~7-8 associates? Not sure how it would be viewed if I went directly to the staffer (assuming it works similarly to banking?) and just said I want to work on the biggest deals. Has anyone had success asking to work on certain deal sizes, structures, or industries? Or is it just random and who has capacity?
Your mentality should be that you want to contribute as much as possible to the firm, not “get the best staffings.” Telling your staffer that you’re more interested in certain types of transactions early on would suggest that you’re prioritizing your own interests over those of the firm. Based on my experience, I’ve noticed that associates who do “get the best staffings” tend to be those with the most promising long-term potential (good work product and analysis, coachable, good attitude, good fit with the firm, team player, etc.) and they’re not usually asking for those staffings - they just get put onto them.
Tons of variability. Have worked at two different UMM firms, one where there was a centralized staffer who allocated new deals and one where the deal lead would reach out to directly staff whatever team they wanted.
Anyway, you’re not going to get staffed on big important deals right away. Key is to crush it for your first 6-12 months and be viewed as hardworking, bright, and easy to get along with even if you’re staffed on shit deals or admin stuff to start out. Guarantee you’ll be drowning in work by then if you’re well regarded.
just had a question since your title says "Principal in PE". it seems that IB analyst classes are less prepared/not as hardworking attitude going into PE based on recent threads considering the 2 and out, less incentive to really "grind".
if making the transition from IB to PE, but your IB experience has been heavy PPT (formatting), process oriented deal work, minimal excel/modelling, would the best way to prepare for PE is to get comfortable with LBO modelling (making toggles, assumptions, formatting in excel) moreso than the PPT side since someone else said PE PPT is mostly internal so there is much heavier focus on analysis and getting information correct? someone else mentioned that it would be a few more late nights getting up to speed on excel but was curious about your transition and any tips for current IB analysts to best prepare.
Everyone wants to work on the large deals... going to the staffer about it implies a lack of maturity, IMO. Show, don't tell - do good work and more important items will come.
The people who get the largest deals are the hardest workers, and as you mentioned there's also a capacity element at play. Wouldn't say it's random but if you stand out as a good performer you will slowly start to get more important work. You will get bottom of the barrel, shitty work at first, so be prepared.
I think you can mention in your year-end review if it is very positive - I'd like to take on more deals in XYZ industry, or more exposure to ABC structure. But for the first year you should take all of your staffings with a smile even if they are intern level work
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