PE Recruiting From BB FIG
I know there are some posts already about this, but some are outdated and few do not have many responses. How is PE recruiting from mid-tier BB's these days (think Citi, Barcap, BAML)? I understand that historically FIG pigeonholes you thus making your opportunities somewhat limited, but has that changed?
FIG has many sub-verticals, so I know this can vary depending on your deal experience, but for the most part how are your chances of getting MM/UMM generalist looks? Again, not talking about coming from GS/JPM.
Thanks in advance.
if you have good pedigree you can make anything happen. if average pedigree, can still hustle to make it happen but would try to get into a vertical that does more work with "ebitda businesses" which will result in you getting more conventional experience vs more capital intensive lending/insurance verticals. so think fintech, insurance brokerage, asset management, etc. in any event you won't be totally pigeonholed if you don't want to be, but you can better position yourself on the margins by trying to avoid covering banks and insurance carriers
that being said, it's also worth mentioning the value of pigeonholing especially considering the increasing presence of megafunds and UMMs in FIG. so killing it at one of those banks and going to, e.g., Apollo FIG or hybrid value is sort of a "side door" to some of these top tier platforms that are typically suuuper selective for the traditional PE roles but value FIG experience highly for the financial services focused investing roles (which are increasing).
Appreciate the response. I understand that being in verticals like insurance brokerage and fintech give you more opportunities as those businesses are EBITDA driven. In terms of approaching HH's, will I get less opportunities if I say that I am interested in a generalist role rather than saying I want to specialize in FIG? Just curious about how to open as many doors as possible through HH's.
Can't say for sure I want to do FIG PE or not as of now - I'm sure I'll develop some conviction as I start my FT gig.
if i were you id decide if you were at all interested in fig pe or not first (like try to figure this out now basically by reading about the top firms). and then id position yourself accordingly. i think you have to be honest with them about your interests but not so honest that you seem open to anything. i think positioning yourself (Assuming you dont want to lock out generalist opportunities or fig opportunities but aren't dead set on fig) is to just say, look, i know my background aligns with fig and while im not certain i want to be a lifelong fig guy, im more than happy to look at those opps on a firm by firm basis, but im most interested in [middle market buyout] strategies with a more generalist industry focus. the worst thing you can convey is you have no clue what you want, but i think this approach leaves doors open and shows you know what you're talking about a bit. and at the end of the day, every fig analyst is going to get a look for the fig pe roles because it's just such a small pool to choose from so wouldnt worry about missing out on those
Would you say lower tier BB and balance sheet bank FIG analysts (RBC/WF/DB) also get better looks for FIG positions than their ‘Standard’ coverage/product counterparts do for more conventional PE gigs?
yes absolutely. fig experience is valued above all else in fig investing. i've seen people go from pretty bad LMM/MM banks covering fig to top tier MFs because they were total rockstars, got great deal experience, and had great academic pedigree. i think all else equal doing the same from industrials is going to be a lot harder generally
How do case studies and modeling differ for FIG groups at MF/UMM
usually the cases have actually been fairly generalist in my experience. like an ebitda financial services business lbo. fig verticals are each quite unique so it would be tough to come up with a standardized case that would be accessible for all fig people for example. the indsutry stuff is nuanced but can be learned. case studies are testing for basic analytic ability and time management more than anything else
Would you say most of the standard PE prep materials/cases are useful or are there any more FIG specific cases For prep that you’ve seen available?
Can anyone comment on GS/MS/JPM FIG?
Look at the IB forum and search best FIG groups
All very good. but probably gs/jpm then ms. (jpm is a FIG powerhouse)
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