Blackrock Private Equity Partners

Anybody know anything about the group? Have a super day with their New Jersey office in a couple days. Mostly FoF? How much direct? What do exit ops look like?

Comments (27)

Feb 18, 2013

I don't know anything about the job bud I had lunch with a guy who did two years there and now he's an associate for a pretty strong VC. Guy is very smart and well respected amongst the VC's I've interacted with. Only one data point but I bet he's a decent example for exit ops out of Blackrock PEP.

Feb 17, 2013

FoF.

Feb 17, 2013

well thanks both of you, but those are two rather conflicting responses.
anybody else have color on the matter?

"Success means having the courage, the determination, and the will to become the person you believe you were meant to be"

Feb 17, 2013

OP, a search would reveal it is mostly a FOF.

http://www2.blackrock.com/us/individual-investors/...

That being said, I'd expect more portfolio management questions and those related to how you would go about differentiating GPs and individual managers from GPs. I wouldn't worry much about direct investing, especially if you are in IB already.

Feb 17, 2013

@peinvestor2012, I'm still undergrad actually - no IBD experience, although I have some PE/HF internships.
I've been to that link of course, and know its a lot of FoF, but I'm trying to get into pure PE, and was trying to figure out how this would position me for that... hard to tell if its 5% direct or 40% direct for example.

also - do you have any good sources for differentiating GP's and individual managers, as you mentioned?

thanks.

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Feb 17, 2013

I don't recommend Blackrock or any FoF for direct PE.

And when FoF's say they do "directs", they mean coinvests, which is a lot different from a traditional PE shop. You'll have 2 weeks or so to say yes/no on a minority position on a deal alongside a GP which usually involves putting a sensitivity into a model.

Even so, there are far better FoF options than Blackrock for the aforementioned. Go with an IBD offer if you have a choice.

I have a few friends in the FoF industry and for differentiating between GPs, talk about general portfolio management and diversification. Performance is important but so is transparency. Doesn't help when your GP doesn't give you any updates on the underlying companies. Geographic/strategy type is important too.

Good luck.

Feb 17, 2013

Sanity Check,

appreciate all of the advice. I know pure FoF isn't good for exit ops, but I wasn't sure if they did direct or co-invests - sounds like the later. Sitting on a MM IBD offer right now. I'll probably take that if nothing else pops up, but I guess I'll go to the Super Day and feel it out.

thanks again

"Success means having the courage, the determination, and the will to become the person you believe you were meant to be"

Learn More

9 LBO Modeling Tests, 10+ hours of PE Cases and 2,447+ interview insights across 203 private equity funds. The WSO Private Equity Interview Prep Course has everything you'll ever need to break into the competitive PE industry. Learn more.

Feb 18, 2013

Direct = co-invest. Blackrock role is only fund investing.

I'm at a top BB so take this for what it's worth:

You want to get into direct PE? Well, Blackrock isn't going to provide any incremental help. You will be working on FoF investments, where your primary responsibility will be related to investing with GP's; this role will entail a bunch of non-valuation work. Modeling is very basic - no LBO, DCF, etc. is required. Although, you will atleast be privy to how LP's allocate capital, which is cool, I guess, but will be really tough to go into a buyout fund without a IBD background.

Your sitting on IBD offer, which will give you all the tools that are required to get into PE.

Based on your long-term goals, I'd say this is an easy decision.

Feb 18, 2013

OP, exactly what Sanity posted. FoF is much different than direct.

Definitely do MM IBD over Blackrock FoF if PE is what you want. If you perform well, you can move to a solid MM PE shop. Or, if you go back to B-school and are able to obtain a SA position in BB or at a larger fund, you can probably move up some.

Feb 18, 2013

I guess the guy I know was a unique case based on the responses...

Feb 19, 2013

^ Yeah but your story isn't that rare either. Going to a VC is quite different from going into a direct buyout shop, which is what I think the OP is driving towards.

I know plenty of VC friends who have 0 finance experience and came from all kinds of backgrounds including one who was a sales manager at a corporate job. The skill-set is more around networking, sourcing and believing in the idea rather than modeling and transaction-oriented.

Feb 21, 2013

Wouldn't agree on some of the previous posts here. Interviewed with them in London and they said they are setting up a new fund. True that co-investments and fof are still their main business. But at least guys there told me in the interview that they will participate more in traditional direct investments, like buyout, especially in middle market.

I got asked about lbo and dcf simple case study in the interview and no question about fof. Everything was more about a direction investment process. But still, if you wanna do classic PE, bx/kkr will still be better in terms of compensation. BTW BLK PEP has a nice office and a relatively better life balance.

Feb 21, 2013
Xaipe:

Wouldn't agree on some of the previous posts here. Interviewed with them in London and they said they are setting up a new fund. True that co-investments and fof are still their main business. But at least guys there told me in the interview that they will participate more in traditional direct investments, like buyout, especially in middle market.

I got asked about lbo and dcf simple case study in the interview and no question about fof. Everything was more about a direction investment process. But still, if you wanna do classic PE, bx/kkr will still be better in terms of compensation. BTW BLK PEP has a nice office and a relatively better life balance.

Wasn't Swiss Re's business a FoF also?

http://www.reuters.com/article/2012/07/03/us-swiss...

"Swiss Re's deal to sell its $7.5 billion private equity and infrastructure fund of funds business follows hot on the heels of HarbourVest Partners' agreement to buy Amsterdam-listed private equity fund of funds business Conversus Capital (CONCA.AS).

And a further deal on Tuesday, by AXA Private Equity for an $850 million portfolio of assets from Canadian pension fund OMERS, points to an industry in flux, with some private equity investors cutting back and others consolidating their positions.

Both Swiss Re's private equity business and Conversus invest in private equity funds from firms such as Blackstone (BX.N), CVC CVC.UL and KKR (KKR.N), which in turn plough that capital into companies via leveraged buyouts and minority investments."

Feb 21, 2013

Yea that's true but what i meant is that they have more capability to do more stuff. Also there is another article talking abt their direct investment business. Title is like "BlackRock competing with Blackstone in PE" sth like that.

Also firsthanded info from the interviewers that they will have more direct funds. But apparently now as good as BX now lol

Jul 19, 2013

Anyone have more info about the structure of the Blackrock PE Partners group and details on interview process/questions?

Jul 19, 2013

Mostly FoF, but does some co-investments...

Jul 19, 2013

I am also wondering about BlackRock PEP. I have a superday with them coming up in two weeks and don't know what to expect for the interviews. I have only interviewed for Investment Management positions so far. Do you think the interview questions will be different? If so, would they be more technical do you think? Thanks in advance for your help.

Jul 19, 2013

Is this for their NYC office or princeton NJ?

Jul 19, 2013

Princeton, NJ. I think we are talking to each other through two different threads. http://www.wallstreetoasis.com/forums/blackrock-pe...

Jul 19, 2013

Wish we had our technical PE interview guide out ...but at least another month until it's ready. I'd look through our Company Database to see if you find anything:

//www.wallstreetoasis.com/wso-company-database

Jul 19, 2013

x

Jul 19, 2013

PM for details. Previously given an offer.

Jul 19, 2013
Jan 12, 2019