Vista vs Bain Capital Analyst Programs
Hi everyone, I'm about to be an SA in tech IB and looking into processes for Vista and Bain Capital’s analyst programs. Would love to hear thoughts on both, from what people know. I saw another post for Insight vs Warburg that had a pros-cons list, so figured I’d do the same here.
- Pros: You get to dive straight into tech investing, cutting SaaS data, no sourcing. Model slowly becomes yours as you hit the end of An2, and you run it at Aso1. Clear promotion, and hiring within the ranks, no business school requirement. For MF PE, great WLB, hybrid model and unlimited PTO. Comp just in-line with MFs, but lower COL cities and no state income tax.
- Cons: Perhaps not as reputable as other PE analyst programs like BX and KKR, fund’s shaky reputation recently (not sure if this would affect the junior experience?), culture certainly not lax, but not quite as toxic as Apollo/SLP. Only siloed into tech/software (maybe not a bad thing).
Bain:
- Pros: Very established program, also with clear promotion path and hiring within the ranks. No business school requirement, but seems to be a shoo-in to HBS for those who do. Great WLB and culture, also has hybrid model. Comp is in line with what EBs pay. Variety of sectors to be in, and can switch as an Associate if you don't like what you covered as an analyst.
- Cons: Analysts focus more operationally/consulting style, maybe limiting exits and skillset? Unsure if they’re considered MF, as their PE AUM is only a % of their actual total AUM. Boston…same weather and COL as NYC - but without the benefit of being in NYC. Recently poor returns/fund performance… many in the 3rd and 4th quartile for returns (also not sure if this would affect the junior experience at all).
A couple of things here:
1. At Bain you don't get a choice in industry initially. You have to rotate through Consumer/Retail, Industrials, Healthcare, and Technology before eventually deciding where you want to end up. Very attractive if you don't know what industry you wanna focus on, and also helps build a strong base in understanding the inner workings of a vast majority of all business models you'll come across in your investing career.
2. Saw an IB guy saying that Bain and Vista are both respected in tech which does an injustice to the gap between the two firms. Sure, Bain's tech team isn't bad, but Vista is on a whole different level. Just look at the deal size and frequency for tech. If that's not enough, look at how Bain can't even win a bid when they are offering much more money than other firms for a tech buyout (*cough cough* Software AG); this should tell you enough about their tech team. If you wanna do tech PE, the best seats you can get are TB/SL/Vista/H&F and anyone else isn't even close.
3. Both programs are significantly better than any tech banking gig (if you wanna be an investor) because you get to think like an investor and learn from some of the best in PE right now. The only tech group I would consider taking over these two is Q and that's only if you're considering career banking or VC.
Source: I got offers from both when I recruited SA but ended up taking an offer for a different MF PE shop.
Some thoughts (seriously recruited for both and struck out, ended up at another UMM/MF analyst role)
Vista:
- If you're dead set on tech/software, nothing beats Vista/SLP programs, full stop (not even BX/KKR). For Vista specifically, share loss and late(r) introduction to modelling are minor compared to the benefits of being at a Thoma/Vista given their clear market leadership in tech/software PE.
- Think this program is especially optimal for tech-focused exits - if you're considering a longer-term career, think the Vista-specific risks (some share loss over last years to Thoma/SLP, go-forward return risk given peak multiple tech deployments) are worth considering although certainly unlikely to be existential
Bain:
- If you're not set on tech, this program is worth serious consideration (and would have been my personal pick) - sector rotation model, intellectual style, basically pioneered modern PE investing, best-in-class culture; was personally super impressed with everyone I talked to. Lots of respect for them at my firm
- With respect to your cons, agreed on Boston (although I think you get to move to NYC after only 1-2 years, unlike Vista SF being VP+?). Certainly a MF - diversifying across asset classes is (as some would argue) the defining hallmark of a MF and highly synergistic, and North America PE fundraising/deployment definitely does not lag peers. Industry perspective on returns is that they overstretched in 2008 (like H&F now) but have since recovered with a 2x and funds in good shape (esp. without a lot of levered beta-type investments)
- Bain employee might have a better perspective on degree of operations/consulting work for analysts (and I asked about this when networking/interviewing) - sense is that the operations side is still mostly handled by operating partners in a separate portfolio group (i.e. KKR Capstone) and analysts are investment-focused. Consulting heritage really manifests more in investing style (broad market diligence, etc.) and culture.
TLDR: can't go wrong, both programs I'd take in a heartbeat. As someone who wasn't a tech nut Bain had the upper hand for a variety of reasons but Vista is killer too. Good luck in your processes!
What are Bschool placements like for each? Would like to say the MF brand makes it a very good shot to H/S/W, and Bain with an edge to H given their location?
Not too sure about Vista but Bain is known for having more or less the strongest b-school placement in the country given ties to HBS (though recent classes have been split evenly between HBS/GSB)