Where are BX PE analysts now?
What are Blackstone corporate PE analysts from 5-10 years ago doing now? I have heard that HF is a common exit, but I'm interested to see what others did/if those who went to HF's stayed there.
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Off the top of my head... PM at Viking, Partner at Tiger Global, Partner at Greenoaks, Partner at ValueAct, MD at Lone Pine, and several have launched their own, successful hedge fund. More recent BX PE analyst alum at Baupost, Darsana, Addition.
Source: worked there myself and know many of these people via first and second degree connections.
Do other groups (eg. RE, tac ops) have similar outcomes? Where do those people end up?
BTO has a smaller sample size, but in principle placement opportunity *shouldn't* differ much from BCP. Exits anecdotally seem slightly more slanted towards other private-side exits (everything from Sequoia to Warburg) and credit/special sits at HFs (DK, York etc). But I'll note that although Tac Ops sounds cool on paper, honestly I think you'd get better generalist investing training at BCP.
BREP varies a lot - the analyst class there is bigger. There are some who land HFs (Coatue, Citadel) or private-side (Fortress, Apollo), but there are just as many who go to 2nd tier shops (e.g. HIG or something, not bad by any means, just a big step down from BX). In general, the asset management guys don't seem to place well. I also know a few who just straight up left finance
Source: Used to be in Tac Ops.
Is this just the HF exits you know of or is it really the case that virtually everyone ended up at a HF instead of pursuing PE further?
Most people during that time period were pursuing HF. Bit of a self selection bias where people who got investing jobs out of school were more likely to pursue more “pure” investing. Certainly a few people went to business school and came back to BX. A couple pursued more entrepreneurial ventures, for example, I know a guy running a family office.
The silver lake analyst exits are largely the same. They have people at D1, Soroban, and Steadfast as well. Those guys all know each other and are friends through Penn or Ivey (+ silver lake).
Can’t speak to BX tac opps or real estate.
not bad but Mizuho & Wells Fargo is better
Hey man, I had a few questions about BX and HF recruiting, would you be able to PM me (in order to stay anonymous on your end)? Would be highly appreciated
Thank you so much for the insight here. It seems like a lot of these funds are Single Manager / Activist Type.
Is there a reason why there aren't more BX PE analyst alums at MM funds like Citadel?
Thank you!
Jobs at Citadel are worse on effectively every dimension, compared to the funds I listed.
Same reason you don’t see a lot of BX PE guys at doing natgas banking at Jefferies. It’s a fine job, but it’s not one you take if you got better options.
MMs are more into trading and less into investing. PE/IBD people generally do not get along well with traders/MM PMs.
Do you know if most of the guys at the tiger Cubs are more on the private side of things or public side? Seems to be a common theme where a lot more people are starting to drift to the private side
UPDATE: Aforementioned Viking PM, Grant Wonders, has launched his own fund, Voyager Global, at $1bn
Heaven
To try to add to the discussion I believe I know one former BX PE analyst who was at King Street about a year ago. I would think he may still be there but haven’t been able to confirm
How about BX Credit?
Or GSO, as formerly named
They don’t have analysts.
yeah they do
Bump
Out of curiosity, how do Strategic Partners analysts place? Is it only secondaries or do they get some traditional buyout placement?
They place fine but nowhere close to BCP/BIP/BTO, much more similar exits to a good banking group
Their private island in the caribbean
RE has some surprisingly diverse exits. A former RE EMEA hire lateraled to WP Corporate PE, another went to General Atlantic doing GE.
Someone who has since left the firm also said his class moved to some quite diverse places including hedge funds and corporate PE.
This is for EMEA and he said that deal volume, fund performance and junior experience for BREP was better than BCP which gave the juniors unusually good exits.
The WP one is SG? If so, 90% of their deals are RE so it's the same thing. GA should be the German?
Indeed, he/she did RE in London though. Not sure the GA person's background.
Someone else who is now doing corporate PE at another MF who worked there in some capacity (deliberately vague to keep them anonymous) said his cohort have had varied exits and that overall BX REPE gives someone a very good chance of moving to corporate PE/Hedge funds etc.
Do most people end up coming back full time? I assume some of them stay for their careers too
What are the exits like from Blackstone Credit (formerly GSO)? Particulalry the liquid credit strategies (HY / Senior Secured)
Bump
After recent pay raises in banking, is it still worth it to take BX Analyst out of college vs. say a top EB (PJT, EVR, CVP)? Goal is ultimately PE long term, so starting at BX makes sense, but it doesn't seem like a lot of analysts stay on long term.
Lol this is a stupid question. If you know you want to be in finance long-term there is nothing better than the MF analyst programs out of school. Especially BX...
I’m at a top EB for reference
..
I could make a strong argument for taking BX REPE Analyst over an EB. The underwriting experience is amazing because of the deal flow and they work with BCP/Tac Opps for some deals meaning you get very diverse deal experience. What do you think?
Abso-Fucking-Lutely. Going to one of those EB's doesn't guarantee exiting to a MF and if you know you want to do finance and investing long term I would say it is the best training programme available to someone graduating.
What is your thought process in thinking it may not be better to start in PE if your long term goal is PE?
So it’s all about pay now?
How does the Blackstone Program compare to KKR? Recently got a KKR offer and thinking of levering if Blackstone is all-around better.
Not sure how receptive firms are for this tbh. Some can take it the wrong way.
Not sure there is going to be much difference between programs at BX/KKR honestly. IMO you'd be better off sticking with KKR
What are exits like for real estate capital markets?
How about 1) credit and 2) PE infrastructure.
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