Which MFs Have Sourcing Strategy for Juniors?
Hi, I was reading about how WP may have some sourcing for the analysts (especially in Tech investing) and was curious if we could come to a consensus on which MF PEs have sourcing requirements for analyst or associate programs. Thanks!
Maybe I’m missing something but I don’t understand how a junior could provide any value in terms of sourcing …? Given that sourcing is largely predicated around having a wide and strong network, which very few, if any, juniors could have. Curious to hear others’ thoughts
It's not really sourcing in that sense. It's more of doing a really boring, really tedious first look over a shitton of different companies. Like stuff a monkey could do, or a computer program. Of course, sourcing teaches you to interview people, talk with owners, learn about stuff from them, but most the time-spent is basic and boring. Your associate/VP tells you, "here are the parameters we want", "here is the list of companies we are looking it", "go through and sort out the ones that match from the ones that don't". It's a lot different from modeling, to say the least, which is what a lot of people seem to value.
I moved from a sourcing-focused analyst role to an execution-focused associate position. Execution (modeling, diligence, process, etc) is definitely the sexier side of it, but honestly I gained a ton from the sourcing work. The data validation is real and mind numbing, but getting CEOs on the phone, pitching your story (rehearsed but not mechanical), and thinking on your feet when they question you is pretty fun and much more in line with what senior PE professionals need to do
I totally agree with you. Obviously don't have the same experience as you, but I've been lucky enough to intern in long-only AM, UMM PE sourcing and MF PE buyouts. Most fun thing for me through these internships wasn't the modeling, but getting to talk to execs on the phone, asking them about their business, answering questions, interviewing people to learn more about the industry we're looking at, being able to think through and explain an investment thesis qualitatively, etc. In this regard I actually noticed more similarities in long only AM and the sourcing role, and I'm sure all of this is what becomes important either way at the senior level. At the end of the day, I'm sure IC meetings are focused on qualitative aspects of the business rather than just modeling, because it feels like modeling is the easy/straightforward part. Of course, the smartest and best people can always do both, are good at modeling and good at the qualitative aspects. It's just important to recognize that both exist.
You have it at MFs/UMMs that have a growthy tech angle - TA, GA, KKR growth, BX growth, WP (for GE deals), Bain, Insight, L Catterton amongst others
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