Goldman HK PE group VS UBS HK IBD (summer analyst)

ShuoNiu's picture
Rank: Chimp | 4

Hey guys I got offers from both places. I know at first look it appears as an easy choice, and I like GS people a lot. But what I want to know is how is GS PEG doing in HK, in terms of learning opportunities, pay, and potential exit if i don't get return? Is there anyone working in HK that has an idea?

My situation is kind of complicated and if you wish to help, you can PM me also. Greatly appreciated!!

Comments (7)

Feb 24, 2012

i have no direct knowledge with regards to GS HK PEG. however, prestige wise, it should be an easy decision. for UBS HK banking, you are also exposing yourself to the risk of not receiving a return offer as well (and UBS last year's retention rate was not that great). Everything else equal, GS hands down

Feb 24, 2012
leonardneversleeps:

for UBS HK banking, you are also exposing yourself to the risk of not receiving a return offer as well (and UBS last year's retention rate was not that great)

can't speak knowledgeably about GS PEG either. But UBS HK didn't give some of their interns an answer to whether they have a return offer until late November this year, so take that into consideration as well.

Feb 25, 2012
GongFuBanker:
leonardneversleeps:

for UBS HK banking, you are also exposing yourself to the risk of not receiving a return offer as well (and UBS last year's retention rate was not that great)

can't speak knowledgeably about GS PEG either. But UBS HK didn't give some of their interns an answer to whether they have a return offer until late November this year, so take that into consideration as well.

Thanks for your post! I heard from people that HK UBS has a decent return offer rate like 75% or greater.. Do you personally know anyone didn't get notified until November? That sounds terrible and if true I will defly take that into consideration!

Feb 24, 2012

I do not know too much about HK GS PEG nor HK UBS IBD but I am familiar with both groups in the U.S. GS PEG is a very interesting group. Note, it is not Goldman Sachs Private Equity division. GS PEG is involved with developing fund of funds, co-investing with other PE shops and secondary investing (buying stakes in PE investments others no longer want or need to sell). That being said, it is a very unique role, where you will learn a lot. From my understanding, the members of that team generally place extremely well in the PE world. I can't say much about UBS other than it's your traditional IBD experience.

GS PEG is an interesting opportunity that could really open some doors in PE. If you are genuinely interested in banking and maximizing your options from there, UBS is a great option as well. Congrats on both offers.

Feb 24, 2012

If GS PEG does not do too many primary deals, or at least not a leading investor (unlike PIA), then you should be a little bit extra careful. Note that secondary PE sales is not very common in Asia, especially in China. Most PE deals in the region are growth equity (pre-IPO financing/investment) and the exit through IPO. It is uncommon to exit through sale to another party. This said, the secondary investing most likely will comes across when another fund is reaching its redemption period (thus need to sell immediately) or if the fund is changing its strategy (say shifting to a FIG focused fund and need to divest all other portfolio investments). Your deal opportunity could be limited. Additionally, FoF investment exp does not set you up too well for future PE opps IMO.

I am not saying that you should pick the UBS opp over this. It is always tempting when you have a SA offer for a buyside team. But is it possible for you to have a call with some junior ppl on the team so that you can at least understand the group better in terms of their fund strategy and deal flow? I am sure that they know their team better than the ppl here on this board.

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Feb 25, 2012

Thank you so much guys you are amazing! Prestige is def something I need to consider but I focus more on how either of them would make me a better person in general. And as Ukon suggested, I will talk with junior people on the team, and see whether it's a good fit for me at this point.

Feb 25, 2012
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