Full Time Megafund Recruiting

Was wondering if anyone had any information on the full time recruiting process at MF's (BX, KKR, Apollo, TPG, Warburg, etc.) for undergrad students. I'll be at a top EB for my SA stint and, though I will most likely stay for FT, I figured I might as well at least try for a few MF's now since it might give me a leg up come associate recruiting. Any advice on how the recruiting process is structured and on how to do well in any coffee chats/interviews is appreciated. Thanks.

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Comments (48)

May 10, 2017

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Jun 20, 2017

@tmike425 did you get to anything on this for full time recruiting (2018) ? I am interested to get to know more on the recruiting timeline/schedule for MF's too, if you do know, please share. Thanks!

    • 1
Jul 19, 2017

bump - would be very interested to know too

Jul 21, 2017

Basically impossible and not worth your time. BX hires some, Warburg hires a couple, not sure about KKR and Apollo.

Basically all the seats are taken by Harvard kids and Wharton undergrad kids. Focus on your full-time analyst role and you'll get at-bats on the normal recruiting schedule.

Jul 21, 2017

BX has 3 spots for FT but has 2 summers right now...so those are your odds. KKR stopped their PE analyst program this year, Apollo only has one for Credit and not sure about rest.

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Jul 25, 2017
T.Sid:

KKR stopped their PE analyst program this year

Wow... any idea why? Too much training/resources for not enough actual work out of the analysts?

Jul 21, 2017

Basically came down to the seniors expecting analysts straight out of undergrad to be performing as well as their ex-IB counterparts. At least this is what I heard from an analyst there right now.

Jul 26, 2017

It's not all that different from any other job interview - it just boils down to who they like the most. Sometimes there are factors in play that make employers "like" someone more. For example, all else equal, employers like people who went to the same school or came out of the same group, or whom they personally know (or maybe your dad is a bigshot somewhere), or people who are just naturally very personable or come off as very intelligent. You're definitely right in that candidates are more polished, but there are still big differences in the quality of candidates and how the same candidate will perform in interviews with different people.

Jul 26, 2017

I suppose you're right, and Occam's Razor may apply here more than anything. Still, curious for someone who's been on the other side of the desk to chime in--how did you make the calls and cuts, and can you give us a play-by-play of what the discussion was like?

Jul 26, 2017

Got cut at a mf superday for summer analyst role because of my college. 3 targets, myself and 1 other student from umich for 1 spot. The highest seniority interviewer's alma mater was mich.. Guess who got the job.

Jul 26, 2017

appreciate the advice boutique.

quick question: if I'm from a non-target (worked at Kohl's instead of target), can I still network my way into the megafunds like k-mart and sear's? how do you like k-mart anyway?

Jul 26, 2017

boutiquebank would call the sales "associates" at k-mart before an interview and ask for tips

Jul 26, 2017

would you recommend cold-emailing first to arrange a time and avoid catching the person at a bad time?? I'd imagine you wouldn't do yourself any favors if they're swamped with work and you are expecting to learn everything about the interview process.

Jul 26, 2017
CiroCorp:

would you recommend cold-emailing first to arrange a time and avoid catching the person at a bad time?? I'd imagine you wouldn't do yourself any favors if they're swamped with work and you are expecting to learn everything about the interview process.

No, this is redundant. Call them and just ask if you caught them at a good time. If you didn't, they will let you know. Otherwise, you can email and attempt to schedule a call, but it will be hit or miss anyway, and I would prefer to try to get through directly and actually speak to the person.

Jul 26, 2017

How are you unbanned...

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

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Jul 26, 2017

Are you okay?

    • 1
Jul 26, 2017

Safe to say those of us like me (spending time on here), didn't get any

Jul 26, 2017

Personally, I won't be/ decided not to waste my time on mega funds. Not that they aren't great, I would take an opp. at one in a heartbeat; however, I know where I stand and my time is better spent on networking and interviewing with middle market funds.

Also, if you go around posting saying you got an interview and then don't get an offer, you look like in idiot. If you did get an offer from a MF, (1) why would you post bragging about it, (2) how much more use can you find from this board?

No surprise there hasn't been much said, but congrats to those who interviewed/received offers.

Jul 26, 2017

Well it's not just mega funds that are finished. I just used that as a benchmark because they tend to kick off the process and the entire timeline is wrapped up in a couple of days

I'm at a bank in NY and pretty much 80% of our class is done recruiting for PE, with a handful already done for HFs. I think I'm just surprised that there was no real commotion on the forum... WSO used to be so much more active (before the website just became a vehicle to market its crappy products)

Jul 26, 2017

Yea, I knew recruiting was going on. Was surprised as well. Usually a very big deal on WSO.

Jul 26, 2017

Much of the middle-market funds have finished as well. We wrapped up yesterday.

Jul 26, 2017

..ur in a good spot. if a return FT offer is what you're really concerned with, take the investment bank.

you'll definitely get interviews with the PE experience come FT recruiting.

i would personally take the bb ib since it opens up doors for networking within banking, trading, pe and hf. the pe shop may give you some solid connections (albeit much less than bbib).

I'm making it up as I go along.

Jul 26, 2017

thanks for your answer cornelius.
so u mean that the PE experience will provide me with shots at FToffers not only in IB but also in PE?

Jul 26, 2017

i wonder if there is really so few europe based folks around...
please guys share ur thoughts on this!!
i really want to assess the prob of receiving a FT in PE straight outta grad school!
can some smaller shops create such a position?
or is simply impossible? i mean interning at the fund is nice and all but if there is no chance at all of getting in after grad school then this is a no brainer...

Jul 26, 2017

I believe that many of the FT recruiting processes for MF PE have finished by now. I know at least BX PE has given offers and finished.

Jul 26, 2017

bump

Jul 26, 2017

BX, TPG, Silver Lake, KKR, all have processes that are by now finished. I would expect they hire primarily from the NY offices (Silver Lake might take from MS Menlo / Qatalyst / PJT SF) and primarily from Wharton / Harvard. I know that there are sometimes other postings at Columbia, Dartmouth, but they have since been taken down.

You are right in that most spots will be fulled by summers, but there is some limited availability. I think it would be very difficult to recruit not having summered in NY / SF however

Best Response
Jul 26, 2017

It's a process that moves quickly. Seats are so limited (PE analyst classes are so small and there are so few firms doing them) that everything is entirely done and dusted within a couple weeks of the summer internship program ending.

I'm a few years removed, and the entire phenomenon is young to begin with (with the exception of Silver Lake who has been taking the top couple kids at Wharton forever [actually, the very best sometimes went to Silver Point or Apollo]), but top candidates often had their interviews lined up before they left their banking internship.

Anecdotally, my group lost a fantastic intern (who spent interned both as a sophomore and junior) to a MF, and that kid had their MF offer the Thursday after the internship ended.

Know that the circles are so tightly-knit at that rarefied level (if you can't detect the dripping sarcasm, God help you) that the MF PE analyst one or two years in (who was a standout during OCR) is often roping their business fraternity or social fraternity little or grandlittle or best friend in.

Anecdotally, that intern I referred to before was the same gender and ethnicity and program within the same school as the last analyst that fund hired. It's a machine; the funds know what type of candidate they want, and in the end it winds up being a self-perpetuating phenomenon.

    • 2
Jul 26, 2017

Many thanks to the helpful responses by all - wasn't really expecting much anyways, but this really reinforces my suspicion and clears everything up.

Jul 26, 2017

No. Early next year is the current rumor. There was no standardized 1st year megafund PE recruiting in 2012.

Jul 26, 2017
DontMakeMeShortYou:

No. Early next year is the current rumor. There was no standardized 1st year megafund PE recruiting in 2012.

Do you know why they're pushing it back so late this time?

Jul 26, 2017
AstonMartin:
DontMakeMeShortYou:

No. Early next year is the current rumor. There was no standardized 1st year megafund PE recruiting in 2012.

Do you know why they're pushing it back so late this time?

  1. Pushback from GS. GS has taken a stand this year on recruiting, saying that any analyst caught interviewing before 2nd year (might even be January of their 2nd year, so 1.5yrs into their stint) will be fired. They've actually fired people this year for violating those rules.

Analysts are more motivated to work hard for the firm if they don't yet have a job offer lined up. If they slack off, they risk not succeeding during recruiting season bc of poor reviews/lack of recs.

  1. PE recruiting was getting ridiculous... analysts were meeting with HHs by Dec/Jan and many had offers by March, just a little over 6 months into their stints. This meant that PE firms were taking increasingly more risk on analysts - they had very little IB track record to work with and they naturally ended up hiring more busts.

Now that they're all collaborating to start late in the process, they get to put analysts through a more rigorous process and get more substantiated feedback/reviews from senior contacts at the various banks. Win/win for both the banks and PE funds.

Jul 26, 2017
DontMakeMeShortYou:
AstonMartin:
DontMakeMeShortYou:

No. Early next year is the current rumor. There was no standardized 1st year megafund PE recruiting in 2012.

Do you know why they're pushing it back so late this time?

  1. Pushback from GS. GS has taken a stand this year on recruiting, saying that any analyst caught interviewing before 2nd year (might even be January of their 2nd year, so 1.5yrs into their stint) will be fired. They've actually fired people this year for violating those rules.

Analysts are more motivated to work hard for the firm if they don't yet have a job offer lined up. If they slack off, they risk not succeeding during recruiting season bc of poor reviews/lack of recs.

  1. PE recruiting was getting ridiculous... analysts were meeting with HHs by Dec/Jan and many had offers by March, just a little over 6 months into their stints. This meant that PE firms were taking increasingly more risk on analysts - they had very little IB track record to work with and they naturally ended up hiring more busts.

Now that they're all collaborating to start late in the process, they get to put analysts through a more rigorous process and get more substantiated feedback/reviews from senior contacts at the various banks. Win/win for both the banks and PE funds.

^Yes. There are a bunch of threads in the PE subforum if OP cares to read further.

Jul 26, 2017

I think people have posted that the mechanics are currently changing at the moment. Nobody really knows how megafunds are recruiting going forward.

Jul 26, 2017

I talked to an analyst at JP Morgan who said that recruiting for PE/HF started 5 months after his start date

Jul 26, 2017

I'm curious don't PE/HF firms want to recruit top bucket analysts? How do PE/HF firms know who the top bucket analysts after 5 months?

Robert Clayton Dean: What is happening?
Brill: I blew up the building.
Robert Clayton Dean: Why?
Brill: Because you made a phone call.

Jul 26, 2017

I think kkr had their super days for analysts. Can anyone confirm this?

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