Co-investments -> M7 MBA -> Direct PE?
I'm starting at an M7 MBA program after 3 years of secondaries/co-investment experience this fall. Although I know how much of an uphill it will be, I'd like to move into direct PE post-MBA. Given the exposure I have currently, I do have some contacts at some of my target firms and will try to leverage them along with the MBA network to secure a summer associate role. However, I'd like to have a contingency plan going to into summer internship recruiting. If I'm unable to secure a PE internship, should I move towards BB investment banking or MBB consulting? More specifically, if I were to win a full-time offer in either of those fields, which one makes the jump to PE more plausible given my previous experience.
I understand that as a career progresses exit opportunities aren't as structured and almost all will take a good amount of legwork so I'm not asking for a blueprint, just opinions/advice. Thanks!
The problem is, PE recruiting will likely happen much later than IB or MC recruiting. The latter wraps up in January at MBA business schools">M7 schools, whereas unless you're at H, S, and maybe W, there probably will be 1-2 max PE opportunities during on campus recruiting - most will happen later in the spring through less formal processes.
Even at an MBA business schools">M7, it will be tough to put in the work necessary to form relationships with PE firms while simultaneously going through IB or MC recruiting during your first semester, which are relatively intense processes.
Thanks for the perspective, that is a valid point. I don't want to pass up these formalized recruiting processes for something that seems like more of a gamble. I did an IB internship in undergrad so I'm confident in going through that process while trying to drum up some interest on the PE side. I'm more concerned with the thought that if I end up having to go into banking for a year or two post-MBA, the switch to PE may be more difficult compared to making the switch from MC. Both will be tough but do you think either makes more sense?
I guess if I had to lean one way, it would be towards banking, given that that's more of a "sure thing" of getting an internship.
I don't have a great read on if MC or IB will be more beneficial though. With MC, I do think there are fewer funds that hire consultants as readily as they do bankers, so that's a consideration. I think your chances probably go down pretty readily if you're not at a MBB firm.
On the flipside, if you bring the finance experience pre-MBA and combine it with MC experience afterwards, you'll probably be a pretty attractive candidate for funds that DO go with hiring consultants on a regular basis.
It's not the easiest thing in the world to make the switch from banking post-MBA to PE, but it does happen all the time if you're willing to work hard enough. With your experience, you should be able to get placed into a good bank and good group, which will make the jump easier.
In your case, reneging might be something to at least consider if you go through a PE recruiting process in the spring after locking up a banking offer in January.
There's also the option of doing a summer in banking, then switching to PE for full-time. You'll have at least until November to accept your banking offer, so while PE offers for full-time recruiting again probably happen more in the spring of second year, you'll hopefully have at least some kind of sense where you stand before deciding whether to accept your return offer second year.
I appreciate the advice tds2006!
It's definitely doable, I know a guy at an MBA business schools">M7 (not HBS or Stanford) who worked at a large LP who does co-invest deals pre-MBA and is joining a first time fund upon graduation
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