Tech PE vs GS TMT SF for FT

Interned at GS TMT SF for junior summer, but now I have offers from Vista Equity and Francisco Partners for FT. Do you think it's worth giving up the GS spot for either of the aforementioned tech buyout roles?

 

In a similar situation but for SA. Does the calculus change if optimizing for HF?

 

I heard that analysts at Vista don’t get much exposure to models and the more technical side of deals. Is this true?

 

I heard that analysts at Vista don’t get much exposure to models and the more technical side of deals. Is this true?

 

I heard that analysts at Vista don’t get much exposure to models and the more technical side of deals. Is this true?

 

I heard that analysts at Vista don't get much exposure to models and the more technical side of deals. Is this true?

That makes 0 sense because they do 0 sourcing (at least on the buyout side), they're almost exclusively execution focused. 

 

Yes but they do primarily diligence and revenue analyses. Have spoken to a few analysts - associates hold the pen on the model and use analysts to get insight since they’re in the weeds diligencing (but not sourcing) companies in a certain vertical.

 

IMO

Vista > GS TMT > Fransisco

These are all great options. Vista's analyst program has been around since 2008 and is tried and true. They spend a lot of time molding analysts into software investors, and that skillset is invaluable. Also Vista WLB is better than GS and Austin is one of the top 3 fastest growing cities in America.

Fransisco is a very great PE firm too, but you can get Silver Lake, Vista, TB, WP, BX, APO, KKR, H&F, TPG, Carlyle, Advent, and every other MF and UMM under the sun from GS TMT.

Congrats on the offers and best of luck. Honestly, you can flip a coin and youll be fine.

 

Nobody knows is really the only answer, which is why it's last. Vista's analyst program has been around since 2008 and is battle tested. GS TMT is GS TMT, no other words need to be said.

As others above mentioned, I've never heard of Fransisco having analysts. Unlike Vista, a PE firm is going to be unsure of the quality of training you received and work you did. They don't know if you built LBOs, sourced, did due diligence, received reps, grabbed coffee, or what. It is much less risks from those firms to take a GS TMT analyst or Vista analyst because these programs are not new.

Vista analysts have exited to many MFs, HFs, and been promoted through the ranks. Nobody also knows if there is an opportunity to be promoted to ASO from Fransisco. Imagine how difficult it is to recruit without a potential promotion to ASO

 

The difference between a top banking program like GS TMT / MS Menlo (not including Q due to exit history) and a PE analyst program is marginal. If you are set that you want to be in finance long-term then take Vista.

Brand recognition outside of finance for the other two is a notch higher than that of Vista and I would recommend going that route if you're interested in non-finance positions, which I assume would be easier to recruit out of from a banking program. 

What I will say is that the decision you make here is inconsequential, excluding the francisco option. Both GS TMT and Vista are excellent programs and two years down the line you will have the same set of options regardless of the decision you make.

With that said, I would recommend making a decision based on other factors such as comp, culture and WLB.

 

Saying to an An1 to be "take the offer based on the comp" is just crap. You should take the offer that gives you more chances to learn about what you like, and despite your can impress a bunch of retarded chicks at the bar saying you work at GS, there's no way on Earth that a PE gig at Vista (and same for other MF/UMM and certain MM PE) leaves you with less doors opened than GS TMT. Everyone, even the most retarded head hunter / hiring manager of the shittiest company in the world, knows that what you learn and do in PE is way WAY more complex, advanced and resealable than aligning Google and Apple's logos on a fancy GS slide. Vista and Francisco are both extremely reputableEdit: made a bunch of typos, ain't ideal typing while grinding on a trade mill lmfao

 

I agree with all of what you've said. 

PE is a far more analytical role than IB and the analytical rigor you develop will be far superior than if you went to a comparable banking program. However, would you disagree that the volume of deals and businesses you look at in PE will be far lower than in IB due to the nature of the two businesses?

You could argue fully understanding one business is better than superficially understanding 10, but there are some non-finance positions where the breadth, and not the depth, of your knowledge would give you a competitive edge. That is my primary point aside from the objective reality that the GS TMT brand name is more recognized (note: i did not say more respected) than Vista.

Also, there is no need to be aggressive / disrespectful when you are disagreeing with someone. 

 

Sorry if you felt attacked, wasn’t my intention, just wanted to emphasize a point. Anyway, I feel that the “in PE you don’t see many businesses” is not accurate. When you’re at a fund with a decent firepower, you received hundreds of ops a week. Also it’s not only the number of bid you place, but also the work you do on those on which do not place a bid one is extremely relevant

 

Depends at the fund and strategy. One of the benefits at Vista is that they have a roll-up strategy, so analysts get a bunch of reps looking at business vs. a Blackstone or KKR vs. LMM. Audax analysts go through a very similar experience, but Audax analysts get grinded to the bone, because they might put 20 add-ons to one platform investment. That type of experience is great (though rough) and A2As get to actually lead add-on deals, which is very unique.

At BX or KKR, an ASO might not ever work on a deal that closes, and the same goes for the analysts, but those are still great places to work.

 

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