MF PE recruiting for junior summer

Does anyone have advice or some guide for MF PE summer analyst recruiting? Just finished up freshman year at a target, I'm non-diversity, will be working at a $4bn PE fund this summer, and have my technicals down. I know that BX, Silver Lake, KKR, TPG (unstructured), Warburg, Oaktree, Vista, Ares all recruit out of undergrad/have (have had) internship programs. What should I be doing throughout this & next year + next summer to maximize my odds? Also I'm interested in corporate PE, not REPE or credit. 

I could do BB next summer probably, but I could also work at a few large credit HFs. Which would be better? Would you take Goldman over large credit HF is goal is MF PE junior year/FT? Thanks in advance. 

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Comments (15)

Most Helpful
  • Intern in PE - LBOs
Jun 8, 2021 - 8:00pm

Hey, as a summer analyst this year at one of the megafunds you mentioned, I would highly highly recommend dedicating time to pure reading. Not just stuff like Liar's Poker, but books that are less fictional/storytelling oriented and more informational - margin of safety, Buffet's investor letters, Marks' books, and maybe even some Taleb. Personally, I could tell that what made a real difference in my interviews was that I had a more developed investor perspective relative to my peers in banking. Besides just spending time understanding how to view investments, internships are crucial. An internship at a large credit HF is good, but if you want to do PE it isn't as useful preparation imo. The principle of downside protection is very different from the opportunity-oriented focus in equity investing. You could, however, spin it in your interviews - since you've done PE your freshman year, and would have done credit at a respectable HF, your story for 'why PE' will be more developed. If the credit HF is actually large and well respected, I'd definitely take it over Goldman. 

Hope this helps a little. Best of luck! 

  • Intern in IB-M&A
Jun 11, 2021 - 4:02am

Does networking play a huge part in getting the interview like IB? I'm aware that recruiting at PE has headhunters more involved.

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  • Intern in PE - Other
Jul 8, 2021 - 1:24am

I'm also at one of those funds for the summer. Definitely echo this comment. Would add two things.

Finding a mentor early on is crucial (usually an upperclassman who placed at a good bank/buyside). They can lay out the landscape for you and give you a broad sense of how recruiting actually works. If you can convert all of the time that you'd normally invest spinning your wheels trying to understand how to properly format a cold email into actually learning about business analysis, you'll be much better off.

On that front, read as many 10-Ks, public investment memos, and industry primers as possible. If you commit to this early enough, you'll get a much more intuitive sense of how companies work and what goes into a good investment.

  • Intern in PE - LBOs
Jul 8, 2021 - 4:08am

Thanks -- really helpful advice!

Is there any particular area on the 10-K that you like to focus on (MD&A, or financials for example), or do you read through the whole 10-K? Also, where can you find public investment memos and industry primers?

  • Associate 1 in HF - EquityHedge
Aug 31, 2021 - 4:38pm

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