How Risky is Securing a PE VP/Principal Role After Wharton?
Hey everyone, I have a fast approaching decision to make and am looking for some advice on my current situation. Would appreciate some candid views to help me build some conviction.
Background: Top ~25 undergrad with high GPA (not Ivy) > top bucket at Elite Boutique (not EVR) > large/megafund PE (3 years) > admitted to Wharton MBA
EDIT: maybe more UMM, vintages in the $7-$8b range
At the PE fund I had a very solid experience. Two start-to-finish deals as lead/only associate and a very deep turnaround situation (spent multiple months at the portco working with management).
I was hoping for a promotion or return offer from my current fund, but unfortunately that did not pan out. They are being very supportive (offering me a lot of time to stay on if needed), so I unfortunately think the spot wasn't there or had a very high bar because the VP class above me is pretty big. At the very least, I haven't yet been able to ring out any meaningful constructive feedback to watch out for while making the next jump.
With this background, how safe should I feel about accepting Wharton and the ~$200k of debt? This feels relatively reliable to get that mid-level PE role with my background and seems like a cleaner story than lateraling, but I know it's still very competitive and it's not HBS/GSB so feels less safe than I would like.
I could look to lateral instead, but I am worried that hitting another dead end associate program is very risky. If I'm not promoted for some reason (especially ones out of my control with COVID), how do you recover from 5 years as an associate at two funds with neither promoting you? Am I overthink this risk relative to just attending Wharton?
I talked with a couple Wharton alum / current students recently and this was my biggest question. It seemed that everyone who had good pre-Mba experience, and were serious about returning to PE, were able to secure offers at good shops. Wharton will give you plenty of opportunities
yeah if you have your shit together at B school. coming from 3 years at a megafund and Wharton, you’re not gonna fall that far in AUM weight classes for a partner track role
Thanks for the reply. One follow-up: I've also seen my fund classified as "UMM" but it has ~$8b funds. It seems that the UMM/MF line is a bit nebulous. Just making sure this distinction doesn't change your answer.
For the avoidance of doubt, I'm not at any of the publicly traded MF shops.
is it an ~$8bn single fund vintage or total AUM? I would say that’s more UMM but regardless it shouldn’t change the fact that you should be able to get into a smaller fund if you try hard, and with a bit of luck you can stay at an UMM. slim chance but not impossible that you could go to a big MF
Single fund vintage, AUM over $20b. If it helps, the EV on my last deal was over $2b but we definitely do smaller ones too.
Frankly if I can still land in the $5b+ fund land with good cultural and career prospects, I'd be very happy.
yeah you’re fine. that’s a solid UMM size along the likes of advent, platinum etc. there’s plenty of room to maneuver I feel like from that size. look I haven’t gone through the process as I’m not in PE but I have a ton of former analyst classmates finishing up b school this year both from your BX, KKRs and your UMMs and all of them landed with post-MBA roles at various places (none rejoined with a MF) if they wanted to go back into PE
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