PE recruiting from coverage group at mid tier BB
PE recruiting has always been a bit of a black box and this forum has helped me a lot in understanding the process. I am currently going into my second year at a coverage group (/consumer/TMT/industrials) at a solid BB (Barclays/CS/Citi) . Went to a top 10 school with a ~3.8 GPA and have a solid resume.
Historically, people in my group have not really placed into MF/UMM PE. However, I have been prepping for the past couple of months (LBO models, case studies and knowing how to talking throw my deals, books) for this on-cycle process. I was wondering if the group I work at will restrict me from getting interviews at these type of funds? I have talked to people in the year above and it seems the reason a lot of them didn't place was cause they focused on MM or wanted A2A. Can someone who worked at a similar caliber of group please provide some advice? Should I shift focus/ try to lateral to a more "sought after" group? Thanks!
I can speak to this in some detail, taking the experience of some friends at the banks you mentioned who had recruited for PE.
The simple answer is yes, you will be restricted to some extent from recruiting to MF and UMM funds from a mid level BB. With the extreme rise of boutiques in the last 3-4 years, I would imagine this is even more the case now then it was when I was recruiting. Being from a top 10 school doesn’t really help (really depends on which school).
If there are people from your school at competitive funds, reach out and try to network with them. This at the least can get you into the process, but it’s impossible to circumvent the headhunters entirely who truly are the gatekeepers for any process.
With all this said there are funds that are extremely pedigree focused and won’t give you a shot. Hell, there are funds that won’t even hire the guy from a top bank and top group because he went to UNC or Indiana — this was the case with the best analyst in my group (a top 3 group at MS/GS) who ended up placing the worst of anyone
On the last part of your post - if your heart is set on a certain tier of funds then you can look at lateraling, but it is a pain in the ass as a process and often leads to people doing an extra year of banking because of how early recruiting happens. You will get a sense early on after meeting the HHs on what types of funds they are evaluating you for, as they will even suggest certain funds to gage interest.
Within the EBs, how would you rank their perception? Understand EVR M&A and PJT RSSG are tops, but how about other groups like PJT M&A, CVP, Lazard, and Moelis?