What does a PE Analyst do?
For funds with analysts, does it take some of the execution burden off associates or do they do some sort of unrelated work?
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Based on the most helpful WSO content, the role of a PE Analyst typically involves tasks such as underwriting deals, composing investment memos, sourcing deals (if lucky), presenting valuations to senior leadership, sifting through financials, and identifying areas where the firm can extract value from investments. Essentially, they focus on the groundwork and analysis required to support the acquisitions and investment process.
For funds that employ analysts, their presence can indeed take some of the execution burden off associates. Analysts often handle the more technical and detailed aspects of financial modeling, deck creation, and initial due diligence, which allows associates to focus on higher-level responsibilities like managing workflows, refining analyses, and interacting with senior team members. However, the exact division of labor can vary depending on the fund's structure and culture.
Sources: What are the Roles within Real Estate Private Equity?, Do your associates just not care?, Analyst Class: 10 Years Out, Why The Grass Isn't Greener: The Private Equity Associate Crisis (PEAC), PE analyst at a megafund vs. banking/consulting
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I was an analyst at Bain Cap. In my experience, they do the exact same things as an associate, but just usually slower and sometimes a little less externally facing (meaning if there’s both an associate and analyst on a deal team, it’s more likely the associate will manage the consulting firm you hire for commercial DD than the analyst will, but it happens the other way too). There is also the understanding that the first 6 months to a year of your analyst stint you don’t really know anything and are learning as quickly as you can. After that, you are functionally seen the exact same as an associate. I was staffed many times where the deal team was me (analyst), VP, and partner
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