Blackstone RX/M&A
Hey guys, just wondering if anyone knows which group (restructuring or M&A) at Blackstone is better for placing into PE. Anyone know where ppl have gone on to in the past?
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they both place ridiculously well into PE/HF
see this post. Someone leaked the placement list for M&A: //www.wallstreetoasis.com/forums/what-do-pe-exits-look-like-at-a-top-group
M&A (2005-):
Blackstone FFL Sycamore Partners TA Associates Centerbridge York Capital Managment Maverick Capital Carlyle TH Lee Farallon Capital Jet Capital Bain Capital Hellman & Friedman Altamont NYC Investment Fund Highline Capital KKR Och-Ziff Capital Berkshire Partners SRS TPG Apollo Capital Partners Bain Capital Hellman & Friedman Centerbridge Taconic New Mountain Capital Oak Hill Anchorage Bain Capital Glenview Capital Carlyle Group Blackstone Eton Park Capital Management CCMP Blackstone DLJ Merchant Banking Yale Law Blackstone Eton Park Capital Management Cerberus TPG Silver Lake Partners Silver Lake Partners Mill Road TPG KKR Westbrook Partners Bridger Capital Glenview Capital Crestview Capital Pershing Square Capital KKR Highbridge Capital KKR Blackstone Canyon Capital Bain Capital Blackstone
R&R (2005-):
Eton Park Capital Centerbridge Partners Oakhill Capital Anchorage Capital Apax Partners Taconic Blackstone Blackstone Baupost Group Anchorage Capital Elliott Management Centerbridge Partners Centerbridge Partners AEA Partners Blackstone Taconic Apollo Capital Partners Baupost Group Blackstone Fortress Investment Group TPG-Axon Capital Tiger Global Blackstone Angelo Gordon Eton Park Capital Blackstone Och-Ziff Capital Silver Lake Partners Carlyle Group Cerberus Capital Blackstone Madison Dearborn Partners JP Morgan Capital Partners Madison Dearborn Partners Crestview
Damn, this is just ridiculous.
Is this that good though? Sure they have some to KKR and Blackstone PE but it seems like a lot of people go to funds i've never heard of like Eton Park, baupost, glenview which might be disappointing coming out of a name like Blackstone
LOL
You have no idea what you're talking about you ignorant prestige loving tool.
Exit opps from a group don't get much better than that. Working at a top group means getting first round interviews with the most desirable buy side funds, which BX clearly does. It doesn't mean you are automatically guaranteed an offer from BX/KKR/Carlyle, or that everyone in the group even wants to work at those firms.
Baupost "might be disappointing"? hahahaha. It's ok that you've never heard of them, they're way too smart for you anyways.
456 posts and you post this...? There are people on this site who would sacrifice their firstborn to work at Eton Park or Baupost.
Above is correct. I'd murder to work at Baupost or the like.
That's what someone told Bateman - he really wanted to work at Baupost.
holy shiet that's some placement...
wow BX keeps track of where all their analysts went?
Of course, and not just on a personal level.
Think about it, BX go "we should do some more business with KKR. Anyone know people there?" "Sure Bob, Jimmy from 2008 analyst class went there, he's probably going to look on us kindly, give us a mandate, shower us with fees so that we can go get some bishes!"
Since it's recruiting season, here's an update for where the current second years in BX M&A are going. None of them recruited for megafunds.
Och Ziff Baupost SAC Capital Centerbridge Sycamore Partners Berkshire Partners General Atlantic Gates Capital
How's Sycamore's rep?
Unreal placement. When you said none recruited for megafunds is it because they all accepted offers before their processes started, they didn't want to go to megafunds, or they weren't approached by megafunds?
They had already accepted HF offers last spring, as did lots of top candidates, and simply didn't want to go through the process again. The megafunds use the same headhunters as hedge funds so it's not a problem of having the opportunity.
I heard TPG basically filled their entire class with GS this year.
I did diligence on this when I heard the placement. I was looking at BX M&A and GS TMT. Megafunds pushed back their recruiting this year, so all the BX people chose to lock up their offers before the megafunds even kicked off (they just ran their processes in January for summer 2013 starts).
And it was clear to me they weren't blowing air up my ass because when you look at the HF placement, that's absolutely top notch. Doesn't get better than that.
If you want megafunds, you can shoot for them, but you run the risk of ending up with nothing. No matter which group you're in, megafunds will remain competitive, so have a big set of balls or lock up top MM offers. The BX analysts chose the latter path.
All that said, what the hell is Gates Capital? Centerbridge, Sycamore, Berkshire, and General Atlantic are all kickass PE funds though.
TPG filled their entire class with GS and 1 person from MS healthcare (who only got her offer b/c a GS kid turned TPG down)
Word is GS TMT, GS FIG, and MS M&A kids are getting fucked hard in HF recruiting that's just kicking off for first years. BX kids are already starting, and these other guys can't even interview yet. Sucks.
Highly HIGHLY doubt that many of these analysts are actually going to wait until January (or October for MS), especially for HF candidates since HFs have a much looser relationship with investment banks and thus the chances of being caught are slim to none. PE candidates may wait for megafunds, etc, but would not think twice if some are opportunistic and go for funds recruiting this Spring. heard for the class of 2011 at GS that more than a few people accepted offers early and just waited until now to come out with it (without saying that they accepted last Spring).
^HF interviews haven't kicked off yet for summer 2014
Not true. Most funds (especially the bigger ones) haven't started but there are definitely some funds that are currently recruiting.
Any idea on where the RX class is going?
sycamore, berkshire, farrallon, monarch....i'm forgetting some. As a whole not as strong as m&a this year
-delete-
I heard one of the second years is going to McKinsey
list is incomplete. one of the second years left to join a start up candy company...
SB for correct identification of reference.
He's that british reality star that launched Candy Kittens, right? Blonde dude?
Any data on where SAs go full time? Are most retained?
For the past 3-4 years, I think all the SAs who got return offers accepted. There's always 1-2 crappy ones who don't get the offer though. Those who didn't get an offer have ended up at GS, Lazard, and the likes though. I think BX lets you say you got a return offer unless you were really terrible
No SAs try to recruit FT for 3-year analyst programs at megafunds?
Just looking at those placement lists... wow
This thread almost made me regret not going into banking...lol
BX RR / M&A kill it. You're fine either way
Surprising to see Sycamore Partners on the list since they're very new. Anyone know the deal with them?
I don't know much about them, but if they can afford an office in the 9 West building with KKR/Apollo/Silverlake, they must be doing alright
yeah... and to the dickhead who said they have never heard of Baupost, Eton Park and Glenview: You realize this is on par with saying that you like breasts but have never heard of Kate Upton, Kim Kardashian, and Christina Hendricks
this thread just depressed the shit out of me
nice exit opps lol, out of curiosity is there any group that does better? Id guess maybe GSIP, although technically that is an exit opp lol
Idk, I'd imagine as a sheer % of the class who get top offers in the PE and HF space, it's got to be even better than GS TMT and FIG and MS M&A and probably the best in regards to exit opps on the street. Hard to do better.
I was told that RX takes around 4-5 SAs a year. Any idea what the retention rate is?
Holy jesus. That PE placement is ridiculous. Don't think even GS TMT or MS M&A can top that..
Damn... Absolutely ridiculous if this is legit.
For those who are interested:
Restructuring 2013:
Berkshire Partners Centerbridge Eton Park Blackstone PE SPO Advisory
M&A 2013:
Apollo NEA Associates Warburg Pincus Carlyle PointState Capital
What's the story with Centerbridge? Are they basically like an Oaktree? How have they done?
I heard they're crushing it. Know someone from BX M&A there
Wtf how do they keep doing this year after year?
I didnt do my analyst stint at BX but i have two friends who did and from what ive gathered even though their M&A practice sucks and does nothing, the BX brand attracts top tier candidates. also the interview process is extremely technical and rigorous (again I dont know firsthand but this is what ive heard) so those who get offers are likely top notch candidates to begin with. recruiters probably know this which is why they get interviews, and theyre all solid candidates which is why they get top buyside offers.
^ Deal volume can't be that bad on a per analyst basis, since BX M&A analysts get paid significantly above street, unless the senior guys are taking a pay cut to recruit the best junior talent (which wouldn't make sense at all because most of the MDs seem to have been heavy hitters from bulge brackets, and most of the junior guys leave for the buy-side anyways) or BX charges higher fees per deal.
just curious if you had more specifics on comp for these analysts
Street base. Street sign-on. Above-street bonus (all analysts usually get equivalent to top-bucket at any BB, if not higher)
Yeah Centerbridge's funds are consistently top performers. None of this megafund single-digit IRR bullshit.
I can confirm this is accurate. One of the R&R analysts actually had an offer from Baupost but turned it down because they couldn't move to Boston or something like that.
Centerbridge runs a hybrid HF/PE fund though. They invested pretty heavily in distressed debt post-2008; hence, their returns are better than traditional PE funds that straddled the crisis. Associates are staffed across both sides of the firm.
hi guys, just wondering if blackstone's RX/M&A only hire ppl who worked in ibanking before or would they consider fresh graduates? I'm looking to apply for their london office for SA and I'm going to a master program at top 2 skl in uk thanks guys!
they hire grads in london. for PE and banking but you better have some very solid internships under your belt already
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