Point 72 vs Blackstone

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If you are a true hardo that lives and breathes the market, P72. Otherwise, BX

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This might be a troll post, but if not, congrats on landing arguably the best HF and PE offers an undergraduate can get. I think choosing between these two comes down to your personality because honestly, these jobs are actually extremely different. "Private equity guys are preppy, hedge fund guys are scrappy" is a common saying here. Are you confident in your personality to navigate office politics/bureaucracy at Blackstone? Or are you more comfortable in your raw analytical/creative ability that is awarded much more in the hedge fund world? 

It's true that Blackstone sets you up with more optionality and great exits to single manager hedge funds. But it's also worth noting the strategy that Point72 operates in (market neutral, multi manager) is set to be a winner at least in the near-term. If you're interested in hedge funds from the outset, why not join a top brand with rapidly growing AUM and the most respected training program in the industry? I've heard great things about the academy on here such as high return offer rate and relatively high career longevity. 

So it comes down to you, not the firms. Do some introspection instead is my advice. Both Blackstone and Point72 can make you a millionaire if you're the right person for the job. But the preppy kid who banks on soft skills and smooth-talking ability would get absolutely slaughtered in a multi-manager pod, and the same could be said about a scrappy, introverted person in mega fund private equity. 

If you want to work for a multi manager, Point 72 likely offers the best training/program out of college (Citadel seems to be building a program as well)

If you want to do PE, or move to a single manager, then BX PE will give you more optionality than any other job out of college. You're capable of going through the team pages at Tiger, D1, Pershing, Soroban, Elliot, etc... and I've never seen a multi manager analyst go to a fund like that. Most analysts at these large single managers have a large cap PE background.

But keep in mind multi managers are some of the best performing hedge funds right now and didn't lever up on tech like most tiger cubs did in 2021 - but other threads point out the fact that while the multi manager platforms are a good firm/product for LPs, that doesn't necessarily equal a good job for you since turnover is high and your seat is never safe.

del.

del

how do you already have BX? Aren’t first rounds last/this week?

It comes down to whether PE or HF is more interesting to you. I’ve worked in both, and PE is definitely more my speed, but that could be different for you. I wouldn’t think about marginal prestige, because you can definitely land a good HF job from BX and apparently from the comments above, it seems a good PE job from a HF (although I haven’t seen that personally). I found these to be very different roles that appeal to very different people, so just dig deep and think about what fits you, your strengths and your interests best

fucking diversity man… if a WSO thread is between two top offers its usually a diversity candidate or an actual genius

Strawberry guy above hit the nail on the head. The top HF jobs out of college are just in a league of their own. P72's academy program seems phenomenal and is not even comparable to BX's program if you want to be in public markets. If you want to do PE long term BX would obviously be better, but not sure why you would even want that (outlook in next 10 years looks really poor, tons of process work as a junior, less intellectually stimulating). And I would argue MM's are growing while SM's are dying off, but even then if you want SM you could move to a SM easily from P72. Would take P72 in a heartbeat if I were you, I'd kill to have that option.

I did 2 MFPE internships and 1 internship at a top MMHF before deciding to go for MFPE full time. 

My advice would be to go for BX. It'll just open more doors in the future and if you really hate it, you can join MLP/P72/Citadel after 1/2 years. MMHF are always hiring, and its easy going from MFPE to a MMHF. If you ever have a change of heart and want to do anything apart from stock picking, you will not be able to get a job in PE/VC as the skillset you learn at a HF is niche (especially at a market neutral fund). It'll also be difficult to go to SS/Distressed funds or any other jobs outside of finance.

For SMHF, they are a dying breed, but there will always be a few in the future and if you ever want to go for one of them, BX is the better choice overall. Some SMHF are starting to welcome the idea of hiring pod analysts, but you will have to grind to even get an interview. I know a few of the guys who transitioned from MMHF to a top SM and they all said it was painful to do so and lots of funds didn’t even give them a chance.

One last thing to add, read up more about the P72 academy and your day to day at any MMHF. P72 academy is very theoretical (majority of time is spent in a classroom) and working at a MMHF is not what it seems from the outside. Very high stress, and the work you do isn’t really that interesting as many people claim it is. Those claiming that working at a MMHF is amazing because its “intellectually stimulating, involves deep fundamental research etc” have probably never worked a day at a MM. You just cover 30-50 names in a certain sector and you need to know them in and out. When you are new, ramping up on your names is fun, but after that the job is just calling quarters and factors.

Both are great options. If you're unsure where you want to end up in your career, just pursue what leaves you with more options down the road. If not, it's basically a decision between public markets vs. private markets.

go p72 all the way, stay away from the deal grind. trust me on this

BX easily.

For what it’s worth, the highest bonus I’ve ever seen posted in a comp thread on WSO was a hedge fund PM at a pod shop—$32 million for 2022

If you're solely set on HF, then Point72 might be better for you. However, if you're considering anything else or are not 100% set on HF, then Blackstone PE is definitely the way

@OP when is your deadline to decide?

What if you want top LO eventually? Is that option available from P72?

Why is this even a question? This is defo a troll. You already know the answer.

You're taking the biggest names of their respective industries and comparing them with each other. 

If you want HF in the long run, do P72. If you want PE/ entrepreneurship, do BX

Comes down to whether you want to be an investor vs a businessman; if you want to be swashbuckling vs hardo intense nerd; if you want to close deals vs bet on names

I work at a MF (not BX) and have gotten HH outreach explicitly for Elliott and Viking in the last two months. My friend who as P72 did not get either outreach. Make what you will of this anecdote.

I honestly don’t think you could go wrong with either, but I’d encourage you to stay in touch with the team even after turning down. 

BXPE would be less risk, but potentially less return. It will open up doors across different asset classes or even beyond investment. 

P72 is great for HF, higher risk, higher return. However, the skill set will likely not be applicable at all outside of the investment world, and it’s also a brand that’s much less recognizable outside of investment world.

Personally feel high survival rate of P72 class of 2016 is partially skewed, as the program was new and had a mixed rep due to scandals, and students who still pursued either 1) want to do HF investment really bad and know it well, 2) more risk tolerance. (For me, who didn’t know much about HF back then, just felt the risk is too high, which is probably a good filter. Not every smart person could be a good fit for public investment.)

I like how OP started a war and just dipped. 

Hey, congrats on both the offers. Which did you end up deciding? Also, what did SA pay look like at these places? Thanks!

Find it really strange that 1-2 ppl screaming P72 have come to dominate this thread. BX PE is the better choice no matter if you're leaning public or private. Will give you looks at all the top SM HFs that you would *never* get as a MM analyst. Unless the MM monkey style really appeals to you don't know why you would go with P72. With that said, there is incredible retention within P72's Academy program, and BX PE is known for stiffing SAs on return offers. There's no wrong choice here but I really struggle to see anyone who doesn't (1) already know they want to do public over private and (2) already know they prefer MM to SM style choosing P72

I don't know why OP chose to post this in the private equity forum... you're going to get biased answers

current PE associate in a top PE program (Bx, Apollo), seeing the exits from PE programs and into lots of other roles (e.g. top HF, growth equity, etc.), I can say confidently there are very few roles / seats that can rival the resume bump, street cred, exit options you get having done a top PE program at a place like Blackstone

would strongly echo what lots of other folks have said, I haven’t heard of anyone going from a Point72 analyst program to Tiger or Sequoia, I bring up these two specific examples because they represent fairly different roles that would be very possible coming from Blackstone

Point72 creates a lot of commotion at the undergraduate level, can definitely see the attraction, when I was in school there was a lot of chatter about Point72 and Bridgewater but honestly, having worked now for many years and being in a good PE role with what I think is decent visibility into other funds in the industry I can now say those places don’t have the best rep. at the top places on the buy side whether it’s a top SM hedge fund or anything else

Something to note: Point72's intern class size is around 30 students while Blackstone PE is more like 7. Both are probably the most selective programs in their respective industries (hedge fund and private equity), and are far more difficult to get than your typical bulge bracket investment banking offer. It is extremely unlikely that any person has both offers, unless you went through the diversity processes and got lucky with timing. So I think everybody here needs to chill--there's a big chance OP is a troll. 

I don’t understand this thread. Does p72 control the internet or something? Does it have bots on WSO? If OP is a real person choosing between these roles ( which I doubt, because they’re so disparate, and anyone smart enough to get into BX PE knows to go there)…do people not see how it is morally wrong to constrain him? 
 

you’ll get looks from MMs out of PE. Won’t get looks from PE out of MM. you’ll get looks from top SMs and LOs out of PE (which can be desirable places to be if you’re a public markets purist as everyone rooting for p72 seems to be - not everyone is a tech/beta-riding Tiger Global). But the biggest thing is that BX PE will teach you life and social skills. portco mgmt is not investing, it’s socializing. so is thriving at a MF PE (really a social club in guise of a C Corp). So you’ll get better at…well…general life. 
 

further, there is no FUCKING way you know what you want to do with your life as an undergrad. And a pod shop is a specific ass thing. 
 

go with Christ 

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