Hey guys,
Was curious to know how the process works for PE SA recruiting for 1st year MBAs:
1. When does the PE SA recruiting cycle start?
2. How do candidates apply / reach out (recruitment consultants, alum connections, cold call/email, combination)?
3. Does the process vary for say mega funds v/s MM PE funds?
4. Any other insights / tips?
Thanks!
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PE SA process basically starts your first day on campus. A significant portion of PE SA positions are driven by off-campus networking. By having conversations with funds starting in the fall, you'll be in better position to be on their short list when they actually run an interview process in the Jan-March time frame.
Off-campus networking is the most important part of the search. Phone calls, emails, treks, etc. Recruiters are not helpful for summer internships, but they are helpful to stay in touch with.
A few megafunds will run a traditional on-campus process where they'll interview at 3-5 schools, then have a superday, etc. Honestly, most megafunds probably won't hire more than a handful of SA (if any).
Start early and be open to talking to anyone (bankers, lenders, consultants) that might be able to make an intro to a fund you're interested in. Also, be realistic and try to align the funds you pursue with your prior experience and industry expertise. Importantly, if you didn't work in PE prior to MBA, there's a VERY high chance that you'll be limited to smalller shops who are open to non-traditional backgrounds.
Also, keep in mind that alot of PE funds would actually prefer to see you do something different/interesting during your summer (assuming you worked in PE before b-school).
Thanks so much BananaStand! This is very useful information.
On your comment on aligning funds with prior experience, I've worked for 2 years in a REPE fund (~$1B+) and before that I was in management consulting for about 3 years focused on TMT & Financial Services. So, what's your sense on whether I'd be able to target sector agnostic funds outside of RE. Also, I haven't worked in the States before - don't know if that makes a major difference.
Lack of U.S. experience won't be a limiting factor unless you require some form of visa sponsorship.
I'd say you have a decent shot at finding a MM PE internship, but, honestly, you might be at a slight disadvantage to those with traditional corporate PE experience. This will also depend on what MBA program you're attending.
You will need to network hard from day 1 and try to develop a view on some investment ideas (at a high level) because any fund will test your ability to think about traditional PE investing (instead of RE).
Would you say someone is at an disadvantage if they do have US experience but require visa sponsorship?
I'm no expert, but I'd say a visa requirement could be a bit of an issue for many MM firms who are really just small partnerships (less than 50-60 people) and may not have the expertise (or want to deal with) the visa issues. This is likely less of an issue for large cap funds.
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