PE recruitment after SA position
I am interning at a BB this summer and am wondering what the recruiting timeline is for people wanting to secure a PE full time offer as their first year position rather than take the FT in banking after the SA. Also wondering how many people do this/ if it’s a good idea to try to recruit PE instead of gunning for the FT banking offer- I figured that if I can skip-on cycle it might be worth it to re-recruit now
Generally the advice is actually not to do this, unless you have a top MF offer, and even then I would think carefully. The training programs at these PE shops are much smaller than banking. After 2 years you end up with way fewer reps and less "institutional-quality" training, since you probably only worked on 3-4 different projects versus the kid at the BB who worked on 30-50 different projects. The ASOs from banking come in with a much more well-rounded skillset, even if you have 2 years of firm-specific knowledge.
You can see MFs shrinking their analyst program or losing it all together (Silver Lake). Training analysts is a huge economies of scale thing, your BB with 150 IB analysts a year just has way more resources/training infrastructure than a PE firm where they have 1 or 2 a year and mostly rely on ASOs to do the work.
That said, if you can magically land your top group in FT, worth skipping oncyle. Realistically these firms have close to 0 FT spots available - they fill their classes through sophomore and junior internships. It's a lot of effort and I don't think the payoff is even really worth it.
The sharpest ppl i know recruit for MF PE for ft from top eb/bb. If its not MF PE prob not worth. Ik a guy who rerecruited for BB after MM PE SA
Based on the most helpful WSO content, the Private Equity (PE) recruiting timeline can vary from year to year. For the last few cycles, the main process has either run during March / April of your 1st year or January / February of your 2nd year. Most funds have completed recruiting 2-3 weeks after the process starts.
As for whether it's a good idea to recruit for PE instead of going for the full-time banking offer, it really depends on your personal goals and circumstances. Some people have declined megafund analyst offers to accept a return offer at the top banking group they had summered at. This gave them more time to learn and figure out their long-term goals. Being at a top banking group also meant that they would still get looks from all the top PE firms when they were ready to recruit.
However, if you're certain that PE is where you want to be, and you have a solid offer on the table, it could be worth considering. Just keep in mind that the PE recruitment process can be highly competitive and intense.
As for the number of people who go this route, it's hard to give a precise figure. But it's not uncommon for people to move into PE after a summer analyst position.
Remember, it's a big decision and it's important to weigh all your options carefully. Consider seeking advice from mentors or professionals in the field to help guide your decision.
Sources: How hard is full time recruiting with a solid SA beforehand?, Does prestige of full time position really matter, now that PE recruiting is so early?, How many target kids go straight to MF PE?, Basic Questions About PE Recruiting Answered, No full time offers, seeking life advice?
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