I’m starting to think about PE recruiting and it’s come to my attention that PE firms ask for references from ppl at your bank? How tf does this work? my group is very much not supportive of recruiting. Everyone has told me to BS deal experience and don’t bother going for top bucket and just coast thru my analyst years, but what happens when they call my VP and he says “yeah this kid is a slacker and he did NOT in fact build the model for that deal on his resume”? I feel like I’m getting a lot of conflicting information here, can someone help out? I’ve been operating under this mindset since I’ve started and need to seriously start kissing some ass if this is true - or is it more of just a background check thing to make sure u actually work where u say u do? I’m aware I could have avoided this situation by “just trying harder” so save the lecture but pls any clarification would be appreciated. Thanks
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I think references are helpful and doing your job well to learn it well is also helpful. I realize easier said than done when balancing with recruiting and prep but, doing a good job just is always going to be better for you. No way around it.
My firm asked for 3 references and spoke with each of them. My references all texted me after their convo to let me know they spoke with a MD from the fund and good luck, etc. I would say it’s more likely than not that someone from the group you interview with will call references, although not like I can speak to every fund out there. Just my experience. Why go the PE route if you want to coast? PE will not magically get better (more than likely will be worse WLB)
Even if not a formal request for references, some people will do some back channeling of candidates. For example, someone from the group knows people from your team (i.e. worked on deals together previously, former colleagues, met at a conference, friends from college, etc.) and will offline try to get some color on you informally
Were all three people from your banking group or could you have given them maybe 1 and then 2 from previous internships? my group is lean and does not look favorably on recruiting so I don’t even think there are 3 associates+ that would be willing to do that
They asked for references from IB (if you’re coming in as an Associate). If they don’t formally ask for references, they will definitely backchannel around you, as PE firms have a wide network to tap into.
If you slacked off, try to improve your reputation. You should be fine though unless you were a real slacker or below average rating.
Even the largest PE firms are significantly smaller than IB groups, so they tend to be more thorough with reference checks since they don’t add large volumes of people in any given year like IB does.
Btw, a background check is different than a reference check. Background check is completed by HR and a reference check is usually handled by the hiring the manager or staffer on the team.
Yes, they do checks and did both upfront and back channel in my case. In advance of my process, the HH asked for a few references, and I gave them juniors I'd worked with, but I also found out after getting the offer that they called a couple of the mid-levels that I had been working closely with sometime during the process. I have no insight on the selection mechanism but would guess they went through my staffer.
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