From IB to operationally focused upper MM funds (BainCap, H&F, Golden Gate)

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Rank: Monkey | 49

Hi guys,

Does anyone have experience recruiting for the consultant friendly operationally focused upper middle market funds coming from IB in Europe (e.g. Bain Capital, Helman & Friedman, Advent, EQT)? Did you perceive to be at an disadvantage compared to consultants (as is the case for consultants for most of the other funds in comparison to bankers), or was the playing ground more or less even?

Overall would also like to hear perspectives on whether to go to a strong BB (think GS/MS) or to a MBB (McK/Bain) if the goal is to end up in PE after 2-3 years, preferably at one of the above mentioned funds, but also considering the traditional more financial engineering focused mega funds as secondary options? I recon MBB would limit the scope of potentially available funds, but if consultants do have an edge for these funds I prefer, the trade-off might be worth it?

In case it matters, I have interned at both the BB and MBB, finding MBB work to be more interesting but being willing to go through the analyst years at BB if it gives better exit opportunities.

Thanks for any insights!

Comments (4)

Nov 18, 2018

Your understanding is correct; MBB alum network is very strong (lots of resources spent on culture at the firms as you know, which helps). The large majority of funds will rarely take an MBB applicant, but the ones you mentioned are very receptive (also Thomas H Lee, AEA, etc.).

Nobody will be able to give you a strong answer on which is better because there is no clear comparison between the two, but if you are qualified and are prepared, you'll have opportunities in front of you. IB is the more tried path, but there is selection bias. If you choose to go the consulting route, you will be limited in the scope of firms that will naturally recruit you (unless if you network perhaps).

As a note, all of the firms you mentioned except for Golden Gate are megafunds (Bain, H&F, Advent, EQT). Pretty sure they have all raised, or are in the process of raising, $10bn+ funds lol

Dec 8, 2018

Bump!

Jan 9, 2019

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Jan 9, 2019
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