I'm really interested in pursuing a long-term career in MM PE. I'm pretty passionate about the Services space (incl. Business Services and Tech-Enabled Services) and want to make a career about learning everything about that space and investing in companies. Fortunately for me, a lot of MM PE firms do in fact invest in this space.
I'll be joining an IB shop that places fairly well into MM PE shops, but has little placement into MF and UMM fund. While this doesn't matter to me in the short run, because I want to be in a pure MM shop anyways (more work life balance, less bureaucracy, more than a few deals every year, etc.), as I do more research it looks like a lot of people go to MF/UMM, then business school, then end up at those MM PE shops, essentially taking the spots of the people who were pre-mba associates at the MM PE firms (of whom many end up in corp dev, etc even if they go to HSW). Not a great situation...
So my questions is, should I target MF/UMM funds, even though it will be much harder now, so that I will have more security, or should I continue with my planned strategy of just targeting MM funds that invest in the Services space and hoping I will kill it so they keep me on?
bump
This may not be the answer you're looking for, but you should target and be open to everything. Unless you're at one of the top groups (i.e. GS TMT, MS M&A, etc.), PE recruiting is extremely difficult. If you're in a group that rarely places analysts into UMM/MF firms, it would be unwise to go into the search narrowly pursuing these firms. Any PE is good PE experience. I'd do research on as many firms as you can and focus on preparing yourself as much as you can. Obviously starting at a MF is ideal. Anyone on this thread would tell you to start at a MF if a career in PE is what you want to do. It's a prove, well-trodden path for said ambition. However, it's not likely in your position. Most legitimate MM firms are extremely coveted positions and will offer great experience at viability to a successful PE career.
Thanks, this is actually exactly what I was looking for. The way I see it, if I work extremely hard and network extensively, then use my connections, I'd be able to pull in a few MF interviews and then that at the expense of MM interviews both because I wouldn't have the time and headhunters don't like the "casting wide net" mentality. Even then it's still an uphill road towards getting the actual offer. On the other hand, if I make clear my interest in services and MM PE funds that focus on them, I'll be able to focus my efforts on more targeted funds and have more potential of receiving interviews/eventually an offer. Thanks.
The only "risk" I see is that my bank is one of the faster growing ones (think Rothschild/Guggenheim/Jefferies) and there's a possibility that MF/UMM decide to interview a larger number of candidates from my shop and if I don't cast my net I could miss out on an interview. Any advice there?
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