Hi All -
I'd be interested in hearing where the associates at your buy-side shops are going these days after their two years? I've had the opportunity to work at three firms that have spread venture, middle market PE and lower middle market growth/buyout with AUMs of 0.5-1B, 3-5B and 5-10B. I'm noticing an interesting dispersion of associate moves and namely, business school is not too popular. Here is the path I've seen of the individuals I've worked with directly:
31: Associates I've worked with who have completed their program
29% / 9 lateraled to positions at other firms
29% / 9 were directly promoted to sr. associate
23% / 7 moved to operating roles at companies (majority not portfolio companies)
16% / 5 went to business school
3% / 1 other/unknown (they dropped off the face of the map)
I'd be interested to hear if this dispersion is similar to your experience.
Thanks.
Agreed and will try to write a more fulsome answer when I get some time. I think some MM funds fall in a weird space where it'd be tough to get into HSW but you are already pedigreed enough that the rest of the MBA business schools">M7 isn't really worth it. The upper MM often goes to HSW while the very lower MM is often happy to get into the MBA business schools">M7, but b-school isn't as much of a value prop for the "middle" MM.
I see MF / upper MM often go to top HFs.
There is also some who go into entrepreneurship (especially popular from Catterton and other consumer/retail/tech funds). There's a few from my fund who have gone into corp. dev. either directly or post b-school. And finally, growth equity funds often parlay nicely into VC.
Nice observations monkey_brah
On the HSW point, I got this data from a friend a couple of years ago which I thought was very interesting. For the Harvard class of 2016, 120 students came from private equity. Here is the breakout:
11 - Carlyle 9 - TPG 8 - Bain Capital 6 - Berkshire 5 - Blackstone 5 - Warburg 5 - Advent 4 - Silver Lake 3 - KKR 3 - Apax 3 - Providence 58 - Other Firms 120 - Total
So at least at Harvard, you are competing for 1/58 spots if you are not from one of the above 11 major firms. Given the growth of PE firms in recent years, I'm not surprised to see the broad change in places associates are ending up today.
Where can I find detailed info about the backgrounds of accepted students to HBS?
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