What is GS Private Equity like?

I'm looking into Goldman Sachs Private Equity Investing Associate roles, these are part of GS Asset Management Division. I found a vague review on WSO talking about long hours, but nothing besides that. Can anyone please provide any details on that role? 

I'm trying to understand the hours (London) and overall WLB and what that role is actually about. Is this more or less a similar role to a PE Investing role at a PE firm, or is it strictly Asset Management? 

What pay does that role offer? Can you please provide some insights?

 
[Comment removed by mod team]
 

Endless internal IC meetings to get a deal approved. By the time a deal is approved you’ve already been outbid. This means GS PE invests in a bilateral basis with companies it has a relationship with. Cost of capital is lower than traditional PE firms so comp is lower.

 
Most Helpful

This statement makes no sense at all. If cost of capital is lower, it is implied you can outbid other parties who have a higher cost of capital.

Comp is likely lower because it is part of GS, and not a PE firm, so the unit economics are not tailored accordingly

Array
 

Have a couple of boarding school buddies who worked at GS PE. Split between corporate equity and growth. It’s basically GS IBD 2.0 - very long hours and a ton of time to get a deal past IC. Long hours shouldn’t be a surprise given it’s GS.
 

Hope this helps

 
Funniest

Thanks for letting us know that they were your boarding school buddies, really adds a lot of context!

 

Starting pay is 20k less than IBD in the US. Hours are variable depending on your office/team. Be prepared to work very long hours at a moment's notice if you are a new hire. 

 

The GS PE team consist largely of former GS bankers (really top performers) that made the internal transition, as the seat is essentially a buyside role situated within the firm (to my knowledge, this group was formerly part of MBD prior to being absorbed into GSAM Private). As such, the role is very coveted. If there is a seat open (typically at the FT experienced analyst / associate level), the hiring team will interview everyone in the market but will likely draft an internal candidate unless the other party in question is exceptionally qualified. In terms of deal process, IC takes forever to issue an approval. Good place to be if you can score the role to build a foundation / get reps. In terms of WLB, hours could be long and would view as banking 2.0 (echoing comment on top - prob best to try the typical 2 years of IB then lateral into PE elsewhere as comp is okay but nothing exceptional due to cost of capital / selectivity of deals).

 

Thanks, really helpful. What location (the UK or the US) are you mostly referring to?

 
Bingo Pongo

The GS PE team consist largely of former GS bankers (really top performers) that made the internal transition, as the seat is essentially a buyside role situated within the firm (to my knowledge, this group was formerly part of MBD prior to being absorbed into GSAM Private). As such, the role is very coveted. If there is a seat open (typically at the FT experienced analyst / associate level), the hiring team will interview everyone in the market but will likely draft an internal candidate unless the other party in question is exceptionally qualified. In terms of deal process, IC takes forever to issue an approval. Good place to be if you can score the role to build a foundation / get reps. In terms of WLB, hours could be long and would view as banking 2.0 (echoing comment on top - prob best to try the typical 2 years of IB then lateral into PE elsewhere as comp is okay but nothing exceptional due to cost of capital / selectivity of deals).

The top guys go to MF, they don't stay at GS. Why settle for lower pay and constantly in conflict with sell-side? Likewise, very non-operational role, GS don't have any operating partners which give other MF an edge when bidding for assets. Very nepo heavy team as well, especially in LDN 

 

I do agree with that, MFs seem to be a better choice. Though what caught my and my friends attention is the fact at the associate level they are open to candidates with other backgrounds than typical ones (IB/consulting). I don't recall it precisely, but I guess they also accepted backgrounds like finance at corporates and corp finance that was not IB. And that was actually only mentioned in their associate role description in London, the rest of markets (France, the US, Italy) was recruiting people with IB/Consulting backgrounds. Speaking of nepo hires in London, is that rather at the analyst level, or asso as well?

 

CD&R Aso1 comp is 300k all in. Some MFs lagging slightly behind that. Do you think any asset management role within GS will pay their ASO1's anywhere near that when their bankers don't even make that? 

 

Which salty GS PE kid just hit me with ms? Show me an associate 1 at GSPE (Any BB PE in fact) making 300k TC and I will show you a bloody liar!

 

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