What tier of bank/group is generally required for at least UMM PE exits?
Not sure if this is a stupid question but title says it all. By tier of firm I mean like MM firms, lower tier BB, EB, etc
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There are associates from MM banks at UMM PE firms. It's just the % landing a UMM offer is comparatively smaller than at the top BB/EB's, though it's not the average outcome from anywhere. Some UMM PE firms, particularly the newer ones, are more open to and have a history of hiring from non BB/EB background.
You can just do a search of each UMM firm on Linkedin you are interested in to get an idea of where they recruit from. There are ~40-50 ~5bn + fund size funds in the US when excluding zombie funds. If a fund has associates or senior associates from non BB/EB backgrounds, it is likely they give interviews to those from MM banks. Couple of examples on the top of my head are PSG, HIG and Nautic. The bigger issue is that even if you get an interview, there is some bias likely held against those from lower-tier firms by the interivewer. Anecdotally have found some of the firms more open to non BB/EB backgrounds like HIG have harder interviews.
Gotcha, makes a lot of sense. Do you have any insight on what really differentiates MM PE from UMM/MF? Is it just comp or prestige? Obv will do my own research too but you seem to have strong knowledge.
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