Which MF/UMM PE funds have the shortest partner track?
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KKR and H&F?
H&F does a pretty stringent cutting at the associate level
Yeah but that's at any MF right. The recently promoted Partner had a pretty decent fast track.
Doesn’t KKR require analysts/associates to go back to get an MBA if they want to make VP?
Not necessarily, a lot of them made it to Principal by directly joining after IB or from 2 years at other MFs
They prefer associates stay on directly actually, though some push for the MBA and return
It used to be Apollo, but I think in recent years the jr partner level has filled out.
In buyout, in my opinion none of them really have a path anymore, unless you are joining a new strategy they are growing or in a new geography. The past 15 years prior to 2022 isn’t really a good indication anymore of what future path is at these places, so can’t really give a good answer. Shortest path to partner at UMM/MF is at a MM that is growing (with hopes to grow into UMM).
Been stalking your comments shamelessly as you give good insight.
So if you were a first year banking analyst looking to go into PE today would you still optimize for the best brand you can get (i.e., UMM - MF), knowing partner track is unlikely. Or bet the house on a strong and growing MM w/ hopes this platform continues to grow? Seems hard to justify giving up on top brand for hopes a MM firm continues to kill it.
Cant you always move down market?
Interested
Take with a grain of salt because I'm an incoming. But I've been stalking the partner bios of various firms from MM up to MF in various strategies. I noticed that for a lot of MM/UMM a lot of upper-levels (VP+) are either home grown or came from some higher firm (in either fund size or prestige). So if you're looking for a risk-adverse path, you get the highest brand-name you can get. And then after a few years (in which case you learn more about industry dynamics, firm cultures/growth, and your own personal values) you can lateral to a smaller firm with good prospects and where you have a realistic shot at partner.
Not a recommendation, and again take with grain of salt, since I'm not in the industry. Would love to hear more insight from people with an inside perspective
Thanks - appreciate the feedback that my comments are helpful. First year banking me would definitely go for brand name because I’m risk adverse and didn’t know if I would stay in the industry for a while or not and would rather have the recognizable name outside of finance. Having been in PE for a few years now, frankly my honest opinion is go somewhere you know you’ll like and has what you want. For example if you want to do tech, don’t just take an interview at KKR industrials because you’ll hate your time there. You’d be much more happy at a MM doing tech than looking at some pallet supplier or 10th HVAC roll-up, with a brand name on your resume and looking (and probably having to) leave in 2 years. Yes it’s easy to move down market than up, but I’d argue it’s harder to find a position you would like the more senior you become given the pyramid-like structure of firms (I.e 8 associates vs 5 VP vs 3 Partners etc).
I also would say WLB is better the lower you move down based on my friends. Not always the case, but generally.
Just my 2c, but hope it’s helpful.
CD&R kinda. Very long path to Partner but no midlevel/senior title other than Principal.
They have 8 yrs principal and then 2-4 yrs MD I believe. So pretty long path to partner… 4 yrs associate program as well.
At least they pay throughout
None. If your goal is to join a fund and stay for a long time with continuity: the best bet is MM/UMM funds that are growing. You ideally want to be at a spot where you grow as the fund grows. If a $2B fund becomes a $4B fund for the next fund they suddenly need more people at all levels and are much more likely to give you a promotion/share economics. Fundamentally, no MF is seeing that level of fund size growth, and given that the pie for carry is limited/not growing massively there isn't as much incentive to promote vs at a growing MM. Good shouts for places I would look at are Arcline and STG(around $4B fund size for both), who raised large oversubscribed funds that were much larger than their last.
What about MFs/UMMs with the best “partner” track? Bain and WP come to mind - pie has been divided many times, very old firms, and not exactly growing AUM at the same clip, yet they still seem to promote well. Thoughts on those such firms? Wouldn’t say Bain and WP are the only ones like that either
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