Boutique PE vs. Private Capital advisory at an Elite Boutique

Private Capital Advisory

n/a

AUM of the PE firm is between 500mm and 2bn.

PE - no questions

If the AUM of the PE fund is above $1b then it's usually a decent fund with at least a few ex-BB/EB analysts. Some people would have heard of it. I think that would be a better play than going to do something unrelated to IB/M&A.

n/a

$1B+ AUM isn't really a boutique especially if it's a newer fund with strong momentum. I would also consider what Non-NYC city it is and caliber of team

PE. More interesting work and more opportunities afterwards.

That said, if you found the private funds work interesting, it does pay pretty well and, from the one guy I know in it (Evercore/Lazard), the work/life balance is great.

PCA pays well, gives interesting work and has solid work/life. However it's rather specialized - there's no real financial modeling (basic DCFs once in a while, and portfolio modeling which isn't the same) and you'll likely be stuck in secondary PE forever. Moving to primary PE or hedge funds will be very difficult.

In your shoes I would pick the PE shop. But it all depends on where you actually want to end up.

N/A

Correct me if I'm wrong but it sounds like the PE shop was Audax Group, one of the few PE shops to hire undergrads.

That's a very strong fund with an excellent reputation as investors. Even with a full-time offer that would've been great to have on your resume.

Im sure you will have a good summer and will be able to make a push for IBD. fund raising is not comparable to banking in terms of the work you do but it can be a great career, especially if you were to switch to a hedge fund or pe firm down the line.