Undergrad summer PE analyst positions
Are there specific programs for these or are they just cold outreach or nepo? I've heard of some megafunds like Blackstone offering them to rising seniors but I've also been seeing some ppl getting analyst roles at really good MM PE funds like GI Partners for the summer after their freshman year. Saw one stanford dude working at Permira the summer after his freshman year too.
Are these through specific programs (I can't seem to find any online)? When do people start recruiting for these? Do you just reach out to a bunch of associates at a specific firm? I'm so lost
Thank you!
There are multiple established summer analyst programs that convert into full-time analyst positions assuming you are competent during the internship. Recruiting timeline is roughly the same as typical banking programs w/ interviews taking place during sophomore year (internship takes place during junior summer).
A few of the mega funds offer these (BX,KKR,Bain,Vista). Some MM funds do as well (GTCR, Audax, Charlesbank, Ares). I’m sure there are other programs but these are the ones that come to mind.
Know that a few of the larger funds like Warburg will recruit FT analysts during their Junior summer.
Yeah but how are these ppl in their freshman summer at places like GI Partners and Permira w/o nepo? Also if you do get a return offer at a place like KKR and join, would you be able to eventually join as an associate at a different PE firm? Like would exit opps be similar to banking?
Would assume anyone doing an internship at an established fund before junior year has a strong personal connection. There is really no benefit to the firm hiring freshman interns given there is not a direct talent pipeline for FT hires as there is with a junior summer internship. Would assume their dad plays golf with a partner or something of the sorts. Bonus points if their parents are LPs or Portco execs. Caveat to this is some firms will offer internships during sophomore summer to kids at strong target schools. Would probably check with your career office if you go to one as it helps buff your resume for junior year recruiting.
Exits will probably differ based on the program. Would assume folks at larger funds have a wider breadth of exit opportunities than those at a LMM fund. I’d use Linkedin to see what’s possible based on previous analyst classes.
Ignore title. Full time at a PE analyst program. State school grad. I grew up middle class, zero connections to finance, just resume dropped and networked for the job.
Hope I’m not veering too far off topic.
First, a lot of my friends didn’t do crazy internships to land MS/GS/EVR/PE — they just did one or two, rarely three, internships where they did at least something intellectually stimulating. And then they just recruited super well. Outside of maybe public equities, everyone knows non-junior interns aren’t doing real work, ESPECIALLY in investing. I mean, even as a junior you’d have to be a great intern to be considered a useful pair of hands.
Some of my friends re-recruited from IB junior summer to MF PE full-time. Honestly seemed like a smaller applicant pool than junior summer internships. When you include two other friends of mine at MF PE (across different schools) none of them did a big name brand PE firm internship.
I have a friend who did an MF PE internship sophomore summer. He actually networked into the gig given our school wasn’t a target for it. He’s going to IB full-time. Speaks really highly of the experience though.
I know the intent of your Q was how people are getting these — I would imagine you either have to have a personal relationship, or your school is a target for the program, sophomore, junior, and full-time programs.
But long term, I would assume these don’t really matter outside of prestige and, idk, maybe your on-cycle profile?
Oh I should add— as you scrape LinkedIn and see undergrads at PE firms (there are now literally dozens that take sophomores, juniors, and full-time hires), write the firms down. Freshman/sophomore spring, google the application (usually on greenhouse or smth). If you can’t find it, just email HR with your resume attached and ask whether they are accepting applications for the summer. You could do the same thing senior fall.
If you think you have an exhaustive list, you don’t. I was discovering new names every week lol. Lots of UMM/MM, some LMM, but really good firms regardless. If you’re stuck on names I can spitball, but there’s gotta be like 30 across sophomore-junior-ft programs. If you google it or check WSO, I’m sure there’s a list.
should you be coffee chatting people at these firms before you send in your resume to HR?
Yeah, but they won’t help that much because it is (mostly) HR-led, not like IB where analysts have a tracker on you. But my friend at a MF claims a coffee chat got him the interview. I got a few interviews via coffee chats, but the offer I ended up taking, I only did one call with someone that wasn’t even part of the recruiting process.
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