Recruiting for PE with a break between MBB and potential start date
I'm currently at an MBB in New York, top performer in my class. I've been prepping for PE recruiting (going for off-cycle, tech focused funds) but recently got an opportunity with an early stage startup that I'm pretty excited by.
Can I reasonably recruit for a PE role with a '24 start date and work at a tech startup for a year or two, rather than continue my consulting stint? Only interested in tech-focused funds, so I'm wondering if this would be seen well or poorly. Appreciate the help.
No, you’d need to get their permission for that since the offer is made under the assumption you’ll be in consulting building the skills they’d expect from your role. They likely will not grant that permission.
Gotcha, appreciate it
I'd rescind the offer if I was the fund and the incoming Associate pulled that. They're hiring you not only for your current skillset, but also for the skills you'll gain over the next year, and it wouldn't make sense for them to keep you on if you decided to deprive them of the skills they are hiring for.
Got it, thank you
They’re also holding a slot for you, and this adds uncertainty. I’d have concerns that you may reneg if the start-up takes off or aren’t genuinely interested in PE if you’re also entertaining this alternate path.
Gotcha, that makes sense, thank you. I've seen a few people pull this off with Growth Equity funds, but PE is just way more interesting to me than GE.
I would not recommend asking for this. Tech and PE are very different skillsets, even at a tech fund
Can you say more?
My perspective was that operating experience + being plugged into the mechanics of a startup would be helpful for the diligence process (feel like this was a big missing factor in DD processes in consulting) and allow me to be more useful as a board member. Is the skillset in PE that materially different?
You have to do more research before interviewing if you think this seriously.
Most tech-focused funds are investing in mature software businesses (i.e., profitable/closer to profitable, run by "adults," often not HQed in SF). The day-to-day experience at an early stage start-up will have little in common. Plus, the skills required of a PE associate have almost no overlap with those built at an early stage operator role.
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