When is it ok to start applying for associate positions as a PE Analyst?
Started as a FT analyst at a LMM private equity fund earlier this summer. A2A within my shop is possible but not guaranteed, so I want to keep my options open.
When can I start applying to associate positions? I know on-cycle recruiting will hit IBD analysts early, but for someone who may not see the on-cycle process (small shop), is it too soon to apply around the same time? Do I need to wait until I’ve closed a few deals? Should I wait until I’ve been here two years and then look for immediate hires?
Focus on your current role and close deals. If you perform well, you won't need to recruit (assuming you like it). Alternatively, you will need to talk thoroughly about performance and deals during associate recruiting.
Timing is likely similar to IB so have 2-3 years experience by the time you start as an associate. Given LMM nature of shop, you'll need to be proactive by networking with people at funds you'd like to work at and contacting recruiters.
Appreciate the color. Sounds like the best course of action is NOT to reach for roles starting 2 years from now, since I probably won’t have any closed deals by September/October when recruiting hits? I’m targeting LMM-MM size funds FWIW
I should have mentioned that sometimes IB analysts don't close deals by the time they are recruiting (it's especially true now since it gets moved up every year). HH / PE firms understand this so they will ask you about current deals. You'll just talk about it confidentially but still have a similar "investor mindset" spin to it (i.e. would you invest, why does the buyer want it, what did YOU do on the team, etc.).
I would recommend reaching out to HH's / PE firms now so you can get on their radar. LMM recruiting is on an as-needed basis so the longer you're in contact with them, the better chance you have to get pinged when one of the 3 associates goes to b school / leaves.
Can you go over how you ended up in LMM PE after undergrad? I think we hear a lot about megafund recruiting after undergrad but not a lot about LMM recruiting. I am guessing it's not common, but I would appreciate any info.
Pretty similar to the guides on ending up in banking (networking, OCR for an internship, return offer after that) except that technicals were more focused on articulating an investment thesis than demonstrating knowledge valuation theory (plus there was a modeling test).
This isn’t a very helpful answer, but I think essentially zero LMM shops have regular analyst classes, so it’s all very much on an as-needed basis. I was lucky I found a firm that had a need at the same time I did
There's some OCR for MM PE at my school , but they are all for summer analysts. Do you know of any that go for FT? I know it's on a need basis but if you could provide any insight I'd appreciate it.
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