Firms Unsupportive of PE Recruiting
What firms are generally unsupportive of analyst private equity recruiting nowadays? Thanks in advance
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Goldman - I've heard it's gotten better, especially over the past year (and would appreciate anyone adding color on what's changed - I've heard it has), but having to hide it is annoying.
It’s always been an open secret. When half the analysts suddenly aren’t on the floor one day, it doesn’t take much to figure out what’s going on. No one is supportive in terms of having seniors make calls on behalf of analysts (maybe there have been one-off cases, but likely not applicable for first year analysts that have been on the desk 2 weeks), but no one is actively trying to prove to HR that you were recruiting to get you fired.
The new policy was that if you had an offer, you’re required to disclose it and you are fine to stay for the remainder of your analyst stint. This was mostly driven by GS realizing the shit show that is caused for headcount planning when you don’t know what # of analysts are actually staying for the A2A promote and to a lesser extent avoiding conflicts of interest (you won’t get staffed on a team that involves the sponsor you’re joining).
I thought centerview doesn’t mind as long as you stay for 3 yrs
those assholes at goldman and traitors at PWP are anti PE recruiting
Traitors at PWP?
I don't think this is true, PWP is pretty supportive of recruiting.
Have spoken to a few analysts at PWP who have said seniors were very supportive of recruiting
RBC - pretends to be open but isn't actually
RBC's location makes it hard to meet w HH and interview w PE firms
^
In quite a few offer calls / sell days, I've had senior bankers tell me that they will go to bat and make calls on my end if I want to exit to PE. How true is this really? Can anyone speak to if this has actually happened for them and how they went about the ask?
Can confirm this does happen, although certainly not as frequently as Partners/MDs like to make it seem. I was at an EB and fortunate to be working in a group with a Partner who was very supportive - all we basically had to do as 1y analysts was get deep-enough with a fund that we had a realistic shot (i.e. get past the first few rounds to the super day), let him know our top 1-2 funds, and he made some calls. We all exited to the exact type of funds we were targeting, largely because of his influence. I am forever grateful he did that, not just for me, but for a couple other folks in my class.
That said, this is not the norm. He was unequivocally the most supportive person at the firm, and there were others who would help, but the most likely scenario was it wouldn't be during first year on-cycle recruiting - i.e., if you had been a good analyst in the group for a year+, had gone through a couple interviews but hadn't yet been successful for whatever reason, they might call the next couple places you were interviewing and put in a good word (which did definitely help some candidates convert). There were also a couple partners who had really good relationships with a handful of firms and would recommend the analysts in their groups, regardless of analyst preference/interest, but wouldn't necessarily call whoever you wanted them to around the street. All in all, it's definitely not unheard of, but it's rarely as straightforward as the first example above.
Goldman. They won’t fire you anymore, but you can bet your ass you’ll be getting a ~$10k (max) bonus in your final year.
does this actually have an effect on buyside recruiting though? Are firm policies encouraging a2a making any difference?
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