Q&A - Bulge Bracket IBD SA to MM PE Analyst

Question

GS/MS/JPM Investment Banking SA to MM PE Buyout Analyst (~$2Bn Fund)
Been a lurker on WSO for a while now so thought I'd give back to the community and answer any questions about starting in PE as an analyst, hours, nature of work etc

vinklewoss96 · Accepted Answer

Great question. I would say it was a mix of keeping an eye out for opportunities over the summer and being fortunate to know a few people at the firm already. In general, the number of PE shops that are opening their doors to analysts without requiring the 2 years of banking experience is on the rise.

Personally, I specifically looked at MM Funds with an analyst program that was heavier on diligence and execution as opposed to being built around sourcing.

And yes, happy to chat. Feel free to shoot me a note.

vinklewoss96 · Answer

Came down to a couple of things - 1) wanted to work on a smaller team and have greater decision making power on investments, 2) long-term goals aligned with the fund thesis and growth trajectory of fund size / IRR was attractive, 3) initial comp was at par / slightly higher than typical IB analyst salary with faster promotion track and early carry / equity co-invest.

Felt like the analyst role in IB is increasingly about content generation as opposed to idea generation which felt stifling to me over a 2 month internship so couldn't imagine doing it for 2 years.

vinklewoss96 · Answer

Interviewed in late August after my summer and whole process lasted around 3 weeks. Interview process was 3 rounds of technical/investing related interviews and then a superday (more behavioral and 1 modeling exercise on Excel. Prepped during the summer while working on my intern project and did some more LBO focused modeling prep before jumping into interviews.

Found it important to keep general thinking in mind while going through the modeling tests, why are the numbers like this vs here's a fancy formula.

vinklewoss96 · Answer

Strong internships during and before junior summer; networking with professionals at the firm; club involvement and leadership in college; high GPA from target school
As I mentioned in an earlier answer, there are more opportunities out there if you look for them. While the bigger MFs exclusively recruit from HPY / top banking SAs there are ways in if you have a strong alumni network or can reach out to someone who champions you through the process.

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Q&A - Bulge Bracket IBD SA to MM PE Analyst

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Q&A - Bulge Bracket IBD SA to MM PE Analyst

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