Getting a job at Blackstone/KKR/TPG/other megafunds out of undergrad

I'd like the input of people who have worked at these firms. I'm doing an elite boutique internship this summer (think Lazard, Evercore, Greenhill, etc.) and I did a Goldman IBD internship after my sophomore year. I've also have quite an impressive academic record from a target (not some BS one like Dartmouth either). What's the best way to position myself for interviews with PE firms after my summer internship?

Oh, and unless you actually have some useful input, I'd prefer you to stay out of this thread because moron blabber, while amusing, is a waste of my time.

Comments (77)

Mar 25, 2011

Do not feed the trolls.

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.

Mar 25, 2011
blackfinancier:

Do not feed the trolls.

You jelly?

Mar 25, 2011

honestly with these two internships and strong academic record you might have a shot at getting an interview at for example slp and BX (maybe not for slp if you are not at wharton).

but you need to get into contact with the headhunters that handle their recruitment or get lucky to see a posting somewhere, otherwise it will be tough.

this is from my past experience, but its much more random than IBD recruitment. and shops like KKR or tpg well dream on pal..

Mar 25, 2011

Troll is successful.

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.

Mar 25, 2011
blackfinancier:

Do not feed the trolls.

blackfinancier:

Troll is successful.

hahaha

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Mar 25, 2011
UFOinsider:
blackfinancier:

Do not feed the trolls.

blackfinancier:

Troll is successful.

hahaha

I tried to warn him and then look what happened.

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.

Mar 25, 2011
blackfinancier:

Troll is successful.

hahahahaha

Mar 25, 2011

do people seriously not have anything better to do than take time and troll on WSO?

who actually sits there and types the above just to be a troll?

Mar 25, 2011

ok i give inn. troll wins.

GBB:Troll - 0:1

Mar 25, 2011
GBB_19NHS:

ok i give inn. troll wins.

GBB:Troll - 0:1

.....next time you will be prepared, yes? :)

Mar 25, 2011

I love what blackfinancier did, and how the OP responded with a rather gay "you jelly?". Like lol OP, you are obviously one of those brilliant retards that are so common in finance.

Mar 25, 2011
alexpasch:

I love what blackfinancier did, and how the OP responded with a rather gay "you jelly?". Like lol OP, you are obviously one of those brilliant retards that are so common in finance.

i should have used pictures

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.

Mar 25, 2011

Coincidence that both dukeofduke and chubbybunny like to say 'you jelly'? Just a thought.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Mar 25, 2011
happypantsmcgee:

Coincidence that both dukeofduke and chubbybunny like to say 'you jelly'? Just a thought.

i said that they were the same person before...

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.

Mar 25, 2011

they are both the same fuckers

Born in hell, forged from suffering, hardened by pain.

Best Response
Mar 25, 2011

I have no intention of continuing to feed the troll however things must be said.

While your summer experience is adequate to entertain the idea of entering PE directly out of undergrad the chances of landing KKR or TPG are somewhere between 0 and 0. Your academic record may be impressive but the likes of KKR and TPG will see straight through that to the pretentious individual underneath whom they would never work with. Your need to insult a fine institution (Dartmouth) in order to prove your own superiority along with your other demeaning WSO comments ("GPA that important?") clearly prove that while you may be intelligent you have a lot to learn.

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    • 1
Mar 25, 2011

I would go for option 1. Whenever I have looked at the backgrounds of associates at those types of places they tend to have graduated with some sort of distinction from a top university and worked at MS or GS in a top group

Mar 25, 2011

option 1 is the more "traditional" route.

Mar 25, 2011

i would have to think that working in private equity straight out of undergrad would be far more attractive than spending 2 years doing pitchbooks, company profiles and simple models. You get a much more hands on, in depth experience working in pe even during the down times since you are working on existing portfolio companies rather than acquisitions. Nonetheless i am sure working in a well respected firm in a top group is a great stepping stone. The developments in the markets over the past several years have opened the opportunity for undergrads to go straight into private equity. For those who want to go into the industry, i would think that many would rather bypass two years of ib and go straight in.

Mar 25, 2011

I think the typical path is top banking analyst to pre mba associate in MM PE to MBA to Megafund.

Mar 25, 2011

Thanks guys, I know what the "typical" and "traditional" path is. Obviously, going from undergrad straight to a top MM PE shop is very rare and difficult to do. That's why when you look at associates at megafunds most of them came from GS TMT or MS M&A. Very few go from undergrad to MM PE to megafund simply because it's so hard to do in the first place.

With that said, if you were a recruiter from BX PE, would you take the Ivy grad who did the "traditional" thing at an investment bank or would you take the Ivy grad who jumped straight into a relevant PE shop? I'm with Barbara and I'm inclined to say the latter.

Mar 25, 2011
notyourtypicalbanker:

Obviously, going from undergrad straight to a top MM PE shop is very rare and difficult to do.

LOL... keep telling yourself that if it makes you feel better. Why the f did you even bother posting this question if all that you were looking for was affirmation that your sh*tty job will someday get you into KKR/BX/Carlyle/TPG. Instead of feigning a question, you should've just posted a command, "Tell me that I will eventually get a job at a mega-fund". Then the responses might be more to your liking.

To answer your inane question however, many idiots unqualified for BB banking (I'm sure you know some not-so-typical bankers who might fall into this category) end up settling for also-ran jobs at MM PEs... yes, I know many 3.2's from my school who are now working at "top MM PE shops" making a whopping 35k a year!

    • 1
Mar 25, 2011

what is "top MM PE"? any examples?

looking at the entire incoming classes at 3 megafunds, all were at top-tier banks/MBB/or in the private equity groups at these banks...

if it's a "top" MM PE shop, what's the point in shifting over to a megafund... difference in comp and experience will be negligible

Mar 25, 2011

FCF -top as in Audax, New Mountain, Golden Gate Capital, etc.

No b2 I am still in school. Have internships at a top BB and top MM fund under my belt. Thanks for your concern though.

Mar 25, 2011

Seems that all those "idiots unqualified for BB banking" who settled for jobs at MM PEs fared better than those "qualifed BB stars" that I saw on the cover of the NY Times carrying boxes out of Lehman/Bear/Merrill (I even saw a couple of Wharton shirts, and yes, I feel bad for them).

My point is that everyone who does have a job right now should be happy. Also, I know that everyone on this board will have their own opinion and I can respect that; it's when you start putting down other people that the whole purpose of this board goes out the door.

Granted, the OP's question was inane, but here's my answer: Transactional experience + a built-in network will make the biggest difference in an interview vs. whether or not you worked for a BB or MM PE.

Mar 25, 2011

WestCoastChimp - Obviously it's a rough time for the industry, and I thank my lucky stars everyday that I'm employed. Last year, I went through the sh*t that the current college seniors are going through right now, and I know what a bloody awful situation it is to be in.

Regardless, my complaint wasn't about the merits of MM PE versus BB IB; my complaint was that this thread was created SOLELY to satiate the insecurity of the OP. He wants someone to pat him on the back, tell him how awesome his job is, maybe provide a little heavy petting... what a waste of peoples' time to read this sh*t. His insecurity completely seeps through in his post and he gets immediately defensive when the answers don't cater to his liking. As I stated before, he's not seeking advice; he's seeking affirmation.

Notyourtypicalbanker - it's great that your still in school... so it's not your shtty job that you're insecure about, it's your shtty prospective job, (which you don't even have yet). You got no-offered at JPM -- and not even in NY -- you had to settle for HK where the bar is set lower, and now you're wondering whether your lack of offers/opportunities in IB will be detrimental long-term. I read you like an open book.

"Is it me or does it feel really good over here in the buy side, specifically in the mid market sphere?"

rolls eyes

Mar 25, 2011

B2, dont make comments you are not qualified to make. I have freinds who went straight into PE in small funds >400 million, and who earn almost what bankers earn (55k base and 50k bonus this year) and who work around 50 hours a week (Sure its not the 60-65k base and the bigger bonus, but not bad). Clearing 6-figures and leaving the office by 7 is pretty good for a 22 year old. 35K a year?? Yea maybe one of the associates assistants earns 35k a year.

Mar 25, 2011

westcoastchimp, thanks for your answer.

Mar 25, 2011

LOL giocatoredoro - judging from your past posts, and this most recent one, I am easily 1000x smarter than you are and I definitely know infinitely more about the subjects on which I speak than you do.

Mar 25, 2011

to giocatoredoro's point, if OP is going to any of the firms he mentioned (Audax, GGC, NMC), he will not be working 50 hours a week... analyst position at audax is only slightly better than banking in terms of lifestyle.

lot of other factors to consider in this decision (including comp., the economy, location, etc), but historically, i would have said GS TMT/MS M&A > Audax. probably not the case with GGC/NMC, but i haven't heard of them recruiting from undergrad. if you have an offer at the "top MM PE firm", just ask the first years/second years where they've placed for their next job... if it sounds like they haven't interviewed or haven't considered leaving, it's probably a sign that they haven't secured interviews or the firm isn't supportive of analysts interviewing with other funds.

fyi: top MM pe firms are firms like Golden Gate, H&F (if you consider them MM), Berkshire Partners, MDP, GTCR, Providence Equity Partners... Audax should not be considered in the same tier.

Mar 25, 2011

Why do u say that about audax? Hours aside, they have a great rep, strong returns, and are really active in the market. I know undergrads at my school who chose them over McK and GS.

the idea that everyone at MM shops is waiting to jump to a megafund is silly. A lot of people have no interest in being at a big firm doing huge deals...

Mar 25, 2011

FreeCashFool,

What is MDP? Is it Madison Dearborn Partners?

Thanks.

Mar 25, 2011
curiousG:

FreeCashFool,

What is MDP? Is it Madison Dearborn Partners?

Thanks.

Yes

Mar 25, 2011

FCF, no disrespect intended, but I don't consider PEP, GTCR, and H&F true mid-market players. Providence is sector specific meaning they invest in media and telecomm with equity investments of $250M to $2.5B - a bit too large to be considered mid-market. GTCR, while they are based in the midwest, I also wouldn't consider them a mid-market fund among the likes of Audax, GGC, Berkshire, and New Mountain. And H&F is nowhere near a mid-market private equity firm.

What is it about Audax that makes you feel like the opportunity to jump to a megafund is not as readily available as it is coming from GS/MS? Maybe it's like ad12 said and junior guys at MM PE firms simply don't feel the need to make the transition, so there is a huge unknown factor there. GS/MS has a track record and proven history of sending analysts to top buyout shops, but firms like New Mountain don't simply because they don't have "analysts" in the traditional sense of the word.

Mar 25, 2011

curiousG: yes - Madison Dearborn

ad12: i'm not badmouthing audax, i'm just saying if OP is going to quote "top-tier MM PE", he shouldn't be comparing it to Golden Gate. audax is a great place to work in private equity, but most people would take any of those shops i listed over audax purely based on prestige (which is sadly based on the fact that those other firms are tougher to get into). people glorify audax on this board because they're undergrads and they recruit on-campus... at the end of the day, it's a reputable mid-market firm with solid returns where you'll get a good experience.

as far as me being "silly" -- you're reiterating what i initially posted -- i asked why he would want to switch to a megafund if he's already in top MM PE when difference in comp/experience are negligible.

notyourtypical: fair -- you might not consider those MM's, i'm not interested in discussing whether audax is top-tier or not -- you can form your own opinion on that, seems like you already have. i also didn't say that it's difficult to move from audax to a megafund... i'm telling you that if you want a real perspective on this and if you indeed have an offer from them, you should talk to 1st and 2nd years and see where they've placed. GS/MS/MBB are just the more traditional routes to megafund PE... unless you have proof from Audax that there have been analysts who have made the move, why gamble

Mar 25, 2011

Thanks model21 & FreeCashFool for clarifying.

I am curious as to how do you define "MM" PE firms? I know some firms specifically call themselves "MM" firms, but what if it's not clear?

Is it based on their AUM? If so, what is the borderline btwn mega-funds and MM shops?

Thanks in advance.

Mar 25, 2011

another option is consulting.

megafunds also like to choose associate/analysts from top consulting firms because they have more experience of general strategy.

===
http://bankertimes.com investment banking news

Mar 25, 2011

hi boutiquebank4life

Mar 25, 2011

hi boutiquebank4life, stop calling K-mart a megafund!

Mar 25, 2011

I stopped reading at JPM LevFin as "First tier"

Mar 25, 2011

haha yeah. and it seems like you hate Moelis so much with no reason. i bet you didn't get an interview there. they are sending 4 kids to TPG next year. according to your logic, if they get more attention, the entire TPG class will be filled up with Moelis kids.

and your post is just worthless. period. I personally know about 10 analysts from BAML and DB joining megafunds either this year or next year. I also know a whole bunch of guys from GS/CS going to smaller mm funds. so you obviously don't know what you are talking about. recruiting is a number game. and as long as you get contacted by headhunters, it's fair game for everyone.

this type of thread is just starting another meaningless fight.

Mar 25, 2011

^^^^and you fueled the fire.

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.

Mar 25, 2011

Don't feed the troll.

Mar 25, 2011

It's amazing how much entertainment this guy gets from trolling.

Mar 25, 2011

Not trolling, my comments are almost 100% identical to ones left by someone at KKR, who I think I know.

//www.wallstreetoasis.com/forums/former-ms-ma-kkr-he...

Moelis is very overrated, I think the above link is more insightful than mine but the results are the same.

Mar 25, 2011
megafundguy:

Not trolling, my comments are almost 100% identical to ones left by someone at KKR, who I think I know.

haha, no you are a troll.

Mar 25, 2011

-

Mar 25, 2011

I have a question.

What the fuck discernable skill set would you gain from Goldman M&A over BAML M&A? As analysts you people fucking edit power point presentations and plug numbers into pre-made excel models all day. The sheer number of threads about which group is better than others is beyond rediculous when you factor in the raw talent and skillset needed to do the job, which is minimal in both cases.

Mar 25, 2011
awm55:

I have a question.

What the fuck discernable skill set would you gain from Goldman M&A over BAML M&A? As analysts you people fucking edit power point presentations and plug numbers into pre-made excel models all day. The sheer number of threads about which group is better than others is beyond rediculous when you factor in the raw talent and skillset needed to do the job, which is minimal in both cases.

Well, for one, BAML M&A is a group that actually exists, whereas Goldman M&A is a figment of your imagination. I would venture to say that BAML M&A would be a far better experience.

Mar 25, 2011

the older i get the more i regret working in finance

Mar 25, 2011

wtf that never worked for me

If your dreams don't scare you, then they are not big enough.

"There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.

Mar 25, 2011

Did you use the fucking search function to find answer before you posted this retarded topic? It's been asked before. Use the Search Function and ask if you seriously can't find the answer.

...Jackanape...

Mar 25, 2011
Frieds:

Did you use the fucking search function to find answer before you posted this retarded topic? It's been asked before. Use the Search Function and ask if you seriously can't find the answer.

...Jackanape...

I've never seen Frieds post like this ever...

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.

Mar 25, 2011
Frieds:

Did you use the fucking search function to find answer before you posted this retarded topic? It's been asked before. Use the Search Function and ask if you seriously can't find the answer.

...Jackanape...

Mar 25, 2011

Bfin,

It that's sarcasm, then I clearly haven't come out of the post-haze state I've been in since 3PM on Friday. IF it's not, you should know that I've gone off many many times on the subject of searching. It's been a while, but I think in the last 3 months, I've done it 3-4 times that I can remember off the top of my head. I swear, you would think that anyone who wants to get into banking would know how to do their own due diligence.

Mar 25, 2011

Excuse me, Frieds, but it IS rational to post a new question on the forum, rather than expend the effort and time required to find an esoteric piece of information. It took me literally 1 minute to post my question. After posting, I waited approximately 30 minutes, checked the replies, and found an answer to my specific question! Posting a new topic is the RATIONAL choice!

Your response was unnecessarily harsh.

    • 7
Mar 25, 2011
ProfessionalModeler:

Excuse me, Frieds, but it IS rational to post a new question on the forum, rather than expend the effort and time required to find an esoteric piece of information. It took me literally 1 minute to post my question. After posting, I waited approximately 30 minutes, checked the replies, and found an answer to my specific question! Posting a new topic is the RATIONAL choice!

Your response was unnecessarily harsh.

Wasting as little of other peoples time as possible is a good skill to learn.

Mar 25, 2011

Uh... no. It's not. And trust me, I've been far more vitriolic to people who have asked far stupider questions. The point is if your in Private Equity you should know that doing your own due diligence is essential. That includes exhausting other resources before you start asking questions. This question has been asked before. In two minutes of searching on the first page alone I found ~8-10 topics relevant to your question. How does the fact that I can make a simple query on the subject and you can't? It's called do the work yourself and then ask questions if you can't find something related to the topic.

Mar 25, 2011
Frieds:

Uh... no. It's not. And trust me, I've been far more vitriolic to people who have asked far stupider questions. The point is if your in Private Equity you should know that doing your own due diligence is essential. That includes exhausting other resources before you start asking questions. This question has been asked before. In two minutes of searching on the first page alone I found ~8-10 topics relevant to your question. How does the fact that I can make a simple query on the subject and you can't? It's called do the work yourself and then ask questions if you can't find something related to the topic.

This.

Besides not wasting posters' prior efforts and good posts, it's also good to build on an existing thread to provide new info as well, so all the answers are in one (or at least fewer) places.

Mar 25, 2011

To answer the OP's question, no.

Mar 25, 2011

So its rational to do incrementally less work (though I would argue that posting this was more work than searching for any of the other 100 threads on this) on your end because it saves you time and effort and fuck everyone else. You're gonna go far kid.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Mar 25, 2011

Top school is not a prereq. Take a look at the bios on firm websites.

Mar 25, 2011
Comment
Mar 25, 2011
Mar 25, 2011