Financial Institutions (FIG) Private Equity Recruiting Overview?

Hi All -

I was wondering how the recruiting process for Financial Institutions-Specific Private Equity (Think Pine Brook Partners, Stone Point Capital, etc. not just larger PE funds that also do FIG such as Warburg, Apollo, etc.) differs from the standard recruiting process. Can you recruit for both FIG PE and Non-FIG Pe at the same time? How does the modeling differ, given that the businesses are typically not EBITDA based? How does the competition compare to standard PE recruiting, and also the compensation? In addition, if anybody could point to any prep materials that would be great.

For a little bit of background, I am an incoming IB analyst at a bulge bracket FIG group in NYC

Comments (5)

Jul 2, 2018

Interested in this as well

Jul 3, 2018

Didn't really seem to be that many previous posts on this either.

Jul 3, 2018

As someone that is currently in a FIG group at a BB, I've gotten interviews for both FIG opportunities as well as generalist / other industry opportunities. It's really about how you come across to headhunters and what you preference. Generally, you will have the opportunity to interview across a number of firms. Even within FIG, there are a number of sub verticals that you can be placed in. Obviously Banks and Insurance have different valuation methods, but fintech and to some extent, specialty finance uses the standard LBO model as the baseline.

I ultimately ended up accepting an offer from a generalist private equity platform but also had a couple hedge fund offers for industrials / services. If you are a competent individual that can speak to your deal experience, you can get interviews at all the upper mm / megafunds regardless of if you are in FIG or not. At the end of the day, what people say really is true. Once you learn how to model in FIG, the basic LBO you need to build is super simple and easy to earn. That had been my experience.

Jul 3, 2018

Are there any materials that people use to prep for FIG PE opportunities given that the modeling is different? Obviously there are multiple source for standard LBO practice, but was wondering if there is anything FIG specific out there.

Jul 8, 2018