I am interested in going into PE out of undergrad and am currently a junior. I have offers standing from GS IBD and Private Equity Group which operates as a Fund of Funds. I also interviewed with REPIA and am awaiting their reply. I have to make a decision between PEG and IBD in the next couple of days and really need advice. Which is the best SA position to take for interviewing at PE firms in senior year? Thanks!
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if ur goal is PE, then obviously take PEG
Wow, you should really keep your opinion to yourself considering this kid is likely making his decision (in part) based on people's views on here, and your views are worth absolutely zero.
GS PEG is a horrible place to go if you're hoping for placement into PE. Between GS PEG and GS IBD, you should absolutely take GS IBD, its a no brainer.
GS IBD vs. REPIA is a bit of a toss up. I'd only take REPIA if you're really really only looking for RE PE (I don't know why you would, personally). You could always try to go from REPIA to traditional non-GS PE or traditional GSPIA/GSCP, but I don't know much about that.
Don't listen to the above douche at all, PEG is FoF which is essentially completely useless if you're trying to get into private equity.
If you pick GS IBD, you won't have any trouble transitioning into PE. Especially if you can get into one of the top group (i.e. TMT, FIG).
People please do not listen to him no offense but false opinions have filled WSO and it's not ok to spread wrong information. I go to a top Ivy and just hopped a phone call with one kind&super genuine alum within GS PEG, and according to this individual, 4 of the co-workers they personal know have received top PE offers (think KKR/Blackstone/Carlyle) within 1-2 years. I hope this helps to clear things up and please less toxic/untrue vibe up here:)
No man. why would the entire rest of this thread support GS IBD over PEG. Starting from the top: what is the role? are we in agreement that PEG is FoF? if yes, then can we agree that FoF spend all day analyzing investments in different PE Funds? if yes, then can we agree that they don’t do deals and look at actual companies? if yes, then can we agree that they have no corporate deal experience to speak of and on the job LBO/M&A modeling exposure? if yes, then can we agree it is damn tough (not impossible) but damn tough to land an MF job? especially compared to a GS IBD kid who did actual deals and worked with actual companies?
idk who you were talking to, and I’m sure he’s not flat out lying to your face, but something is up. I used to work at GS, not in PEG but I knew people there and what they did and so I don’t have firsthand knowledge but I’d say it’s just a smidge closer than your second hand info.
I have a few friends who went to MFs from PEG...even if it is a FoF, so i wouldn't call it a "useless" group
to sryforbanking: thanks. but would you say that it is less optimal than doing IBD at GS?
Really, which megafunds? You sure its not in some kind of portfolio reporting group? I mean there's a guy with a community college degree at Paulson & Co. who works in IR. Very doubtful as to what kind of LBO or deal experience (direct co-invest doesn't really count) anyone in PEG gets such that they are even within spitting distance of a MG interview.
I'd love to see some associate bio's from a MF that lists a background from GS PEG. Probably as common as a background in Citi ABS (i.e. maybe once every 3 years it happens).
My exposure to GS PEG could just be a statistical anomaly. In which case I probably owe the first posted an apology but I'd be very shocked. Especially to go as far to say that GS PEG is a better feeder into PE than either GS IBD or an actual PE role in GSPIA.
Disagree on this. I know GS PEG alumni who went to Bain Capital and Cinven investment teams. The head of Blackstone in Europe is a GS PEG alumnus. Great alternative to GS IBD. Not everyone from IBD gets a great offer in PE.
I thought PEG is same thing as PIA, but if it's not (i.e. it is just a FoF) then it's a no brainer - IBD
No, Marcus is right, big difference between PEG and PIA. Don't know many people who went into PEG, but it IS FoF, for which placements into MFs tend to be...shall we say..."uncommon."
PIA would be a no brainer.
PIA is no brainer yes but not PIA real estate if your goal is to be a PE generalist.
IBD
Agreed that IBD is the obvious choice for PE. However, I know of a second year associate at Bain Cap from GS PEG, so it's not impossible to go MF from that group, just much more unlikely.
what if it is not coming from a 'top group' like TMT or FIG and instead is Healthcare?
Dude, definitely not PEG. Only choose PIA if you want to do real estate. Otherwise, IBD will keep your options open. Congrats on the offer by the way.
I know guys from PEG, it's not the ideal place to be if your true end goal is MF PE.
Still a phenomenal group though.
ive heard healthcare is second only to TMT an FIG @ GS
GS IBD is the best place to start if you're looking to get into vanilla PE over the long run.... REPIA is cool too, but you'll be in real estate forever if you start there - so that's something you should consider.
If you have GS healthcare, taking that would be better for you long-run in regards to PE than PEG. PIA, maybe, but GS IBD --> PE is far more natural a transition.
IBD (marginally)> REPIA >>>>>> PEG....PEG does not place nearly as well as IBD...in anything
yea i would agree with what has been said - i think you should still take IBD > PEG, but I know a few kids from PEG at MFs, including the second year associate at Bain Cap that mass monster mentioned. My point is that it's definitely not a bad group to be in at GS. But HC IBD at GS is top-notch
I have a friend who worked in PEG. PEG analysts mainly do secondaries as well as co-investments which are both valuation/LBO intensive and uses similar investment skills required in regular PE. Apparently analysts have gone on to front office positions at both megafunds (Baincap, TPG, etc) and many MM PE firms. Just did a google search and I actually found a profile of a guy who worked at PEG->Lindsay Goldberg->HBS->CCMP (http://www.ccmpcapital.com/team_detail/id/394). I know PEG also has middle office positions within the group (reporting/analytics) that people on this site might be confusing your offer with, but I assume you got offered a position on their investment team.
However, if you want to be set up well for PE for full time recruiting, I'd go with IBD or REPIA. If you have no interest in RE, then definitely go with IBD.
So, is the consensus for megafund placement? PIA > IBD > REPIA > PEG
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