Took MM PE over EB, did I mess up?
Wondering if I limited myself by taking an MM/UMM PE SA offer (think Audax-level) over an EB SA (Laz/PWP/Moe). The only places that I see myself long term as of now are working in PE (at a larger UMM/MF) or at a L/S SM HF.
The PE fund is somewhat well known, but I'm concerned about if I'll be able to exit upstream to a larger PE fund or to an established SM HF since I'm not coming from IB or another MF / large UMM.
Feedback is appreciated!
Established SM is definitely possible, upstream to MF PE will be tough as an analyst, although I’ve seen it happen later on ASO and above
Could be possible if you’re trying to switch strategy e.g to to MF Growth Equity, Infra PE, Secondaries
Take a deep breath, the world isn't over. MM PE intern programs don't come by easily, so good shit on landing it. Here's my 2 cents, coming from a guy who also went to a MM PE analyst program and left to a top UMM (had MF offers as well).
For starters, you have only accepted the internship at this point and can easily lateral recruit for FT roles in banking; a lot of kids do this, so don't rule it out. At the same time, I'll also say that you should really give the internship a shot because if you don't enjoy the work, it doesn't get any better at the UMM / MF level.
The next point I'll touch on is assuming you accept the role FT, you'll need to have a bulletproof answer about why you want to switch to another shop / go upstream. I was switching coverage areas, so built my answer on that but I'd really try to have something better than bigger fund, bigger companies, LinkedIn clout. It's also unlikely that HHs will actively reach out to you while in MM PE, so what I did was just email them myself a month-ish before on-cycle and have intro calls, this ensures you're on the list once the process kicks off.
All in all, I wouldn't lose any sleep over it. I'd run head-first at this internship, learn a ton, get to know the people you're around and get a sense of what the FT analysts are planning to do post analyst program since that'll be the best comp.
Just to chime in, if you’re interested in doing oncycle and willing to prepare, I’d imagine you could get some good looks from UMM/MF. Many kids this year were simply not prepared or interested in doing the first wave of recruiting. If you are interested and willing, you could take advantage of that next year and recruit on cycle. Just a thought.
I switched to PE so quickly that I’ve essentially started there. I don’t think you messed up, we all face trade offs at forks in the road. Benefits will be getting exposure to the PE specific workflows, developing the investor skillset, more independence early on (depends on headcount and culture), and IMO a more interesting and challenging program if you get properly staffed up on deals. Most of my time in banking was spent in PowerPoint. 99% of my time in the last two years has been modeling and writing memos.
At a similar position want to hear how you have thought of it
In a similar position. Seen people from my firm go upstream to MF. Interested to hear how to do that as a first year analyst.
DISCLAIMER: I am going to advocate for not taking MMPE analyst roles / internships in this comment. However, there are cases where it is the right fit for someone. I think those cases are rare. However, you sound like maybe you are the case where you will really crush it in this MMPE role and get a lot out of it and maybe a return offer. If so, great and make the decisions you need to make. If not, you can just recruit for banking and I think you will do well as these MMPE analyst roles are not easy to get so I'm sure you're brilliant and great. The below is more generic perspective and not about you specifically. Also I am not being tactful / nuanced in my language. Just don't take this the wrong way. I think you will be a success regardless of what you do.
Now:
It is my firm belief that you should always take the EB/BB IB job / internship over the MMPE counterpart out of college.
The former is institutionalized program with big junior class and 1/2 level up people that care genuinely and self interestedly about your development. Everyone on the street knows or thinks they knows what you did from the most clueless 22 y/o headhunter juniors to 50 year old GTCR partners who think excel is new school mumbo jumbo.
The latter varies greatly in what you are doing and what you get out of it. For ex I have heard the Audax program is somewhat dogshit from an experience perspective. But, it also depends on the person. If you show up and are a killer (not sure why tf you would be as a junior in college, but hey) then the audax ASO+ crew will probably crush you with a real experience. But most of the time I see these kids just get "thrown out" by the firms because it is simply very difficult and unlikely for a kid with no experience to be able to show well to a firm where the absolute bottom rung people they give time of day to (if that) have done 2.25Y banking + PE recruitment. Everyone at these firms is too busy to care about you on top of that. They work and go home. They don't want to get drinks, they don't care about you beyond what you can do for them in the moment. There is no culture of having and caring about interns. The firm's talent strategy does not at all depend on it, so you are nothing to these firms.
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