Can we make a list of PE firms that have an analyst program? I understand that most PE firms take IBD analysts after 2 years or so. However, as more PE firms start recruiting undergrads as analysts it could be useful to make a list of MF and MM's. I couldn't find a thread dedicated to this.
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Silver Lake, Blackstone, terra firma. They are the firsts coming to my mind.
Europe: Blackstone, Silver Lake, CD&R, Advent, PAI, Terra Firma, 3i
These take analysts out of undergraduate, but some of them only selectively hire former interns (CD&R, Advent, PAI) while others have "established" analyst programmes with a more structured process (Blackstone, Silver Lake, Terra Firma, 3i)
I would add Ardian, which hires on a regular basis across the different teams (private equity, debt, infra, fund of fund...)
@ILikeDistressedStuff: are you sure for Advent? I cannot find any analyst on their website or linkedin...
For sure, they have an analyst in Frankfurt that converted an internship
PAI only if you are french and in the Paris office, Advent took 3 Analyst (1 per year) in Frankfurt only, no opportunities in London.
EQT has a semi kind of graduate program for the mid market fund. Waterland (BeNeLux and DACH focus) takes graduates as well.
Bain Capital, Warburg Pincus, LG&P, Crestview
Thanks for this .. May I ask how to apply to these positions, there seems to be no "careers" website/link for these .. would you recommend trying to network through it?
Unfortunately, there's really no way to apply to these jobs unless you're a current student at one of the schools these firms recruit at (typically Harvard and Wharton).
Europe again: Headhunters (KEA Consultants does Blackstone, Silverlake; Dartmouth Partners does CD&R); Websites (Terra Firma, 3i), Dropping Emails to PAs or people who work there (all others)
Guess the picture is similar in the US...
very helpful .. thanks!
Audax, Leonard Green, Vista, Altamont, Bain Capital all have analyst programs.
Are these analyst programs only in the US, like what has been said above? Thanks!
Would also add Ares to that list
Onex also
Just to elaborate on this, Onex takes summer analysts but does not hire back full-time (similar to Apollo's SA program from what I understand). However, ONCAP (Onex's middle-market platform) does hire full-time analysts out of undergrad.
Atlas
KKR in Asia
And I imagine a good candidate is supposed to speak at least one local language, would that be fair to say?
Yes
Carlyle recruits at my semi-target for an Analyst position, but I believe it's back office stuff.
Canada - CPPIB, CDPQ, PSP and Ontario`s Pension Fund
TPG also has an analyst program now. I believe it's 3 years old now, so still pretty new.
Do you have any idea how to apply to those positions as there's no careers website? Also, is this US specific? Many thanks
There isn't an application. The firm generally reaches out to students at top BBs/EBs directly. It's not really a structured recruiting process.
Edit: To answer your second question, I believe it's only in the US (SF office).
Any opinions on the Terra Firma Analyst stint regarding exits? I've seen couple analysts move on to solid large-cap funds after the three year period. What are your thoughts on the rotational scheme - do you believe it sets you apart in recruiting for other funds?
Terra firm is good. Rotational aspect might be an advantage, you need to play it out well though
Always wondered how a PE Analyst, say at KKR or Carlyle or TPG, or at any firm real, recruits for associate roles. Obviously these kids are usually the best of the best that turned down groups like MS M&A where they would have been top bucket, but I doubt they'll just take the firms word that there will be a spot for them after their analyst stint. Can they recruit to hedge their bets, and will their firm given them an Associate offer in jan/feb?
Some people join other MF as Associate while other get bumped to associate in their own firm.
At least from what I've seen myself and from friends: PE experience at a successful/reputable/active fund beats IBD experience by far (if you want to stay within the PE/HF world)
You already were responsible for several work streams like supervising the FDD, CDD, financing, etc (depends on the fund). PE is not be place to jump around, but you will have no problem in joining a different firm, since the work will be more or less the same at all large cap- and probably upper mid cap funds.
But why would an analyst from KKR/Carlyle/TPg want to change firms and recruit for associate roles? Is it because it's simply an analyst position and you're supposed to go elsewhere after your analyst stint?
Several circumstances to keep on mind if a fund wants you to stay for an associate position:
Current involvement in a potential investment - no one will kick you out if you are currently in a 2nd round bid and you are responsible or heavily involved in a work stream
Performance - this one is obvious
Investment pipeline - obvious as well
One possible reason why some Analyst and also Associates from Mega Funds actually want to change is because they don't care about prestige as much as students and first year analyst do, once they recognize that it is almost impossible to be on partner track and/or don't want to work that much in comparison to the upper mid cap funds. Which pay almost the same till Principle (except Apollo, these guys pay just crazy in London).
But there are a lot of reasons why you don't want/or can't get the Associate promotion.
This has been very helpful, thanks for the detailed answer .. had no idea it was this hard to climb the ladder in PE, which is probably due to the fact I'm still young in the field, I've only done one long internship in PE and didn't really notice/hear people talk about this, and in Investment Banking people aren't very open and talkative about PE.
I was more curious about imagine one kid lands an analyst gig at KKR while his equal peer goes to Goldman TMT... The Goldman kid will get head hunter emails in October after starting, networking dinners in December, and interviews/offers in late January.. with a guaranteed Associate contract 1.5 years before even starting... so would the KKR analyst receive the invitation to stay as an associate around the same time that his Goldman peer gets an offer? Since all the associate classes would fill up around this time, does the pe analyst know what his plans after the two year stint are around the same time as his IB buddies?
Roark Capital recruits out of the Southern target schools.
CCMP Capital
Does anyone have some insight into the interview process for FT analysts and what to expect in terms of technical and "investor-mindset" knowledge at these firms?
.
many tech growth equity firms that have a strong focus on sourcing will hire analysts (Insight, Great Hill, Spectrum, NorthBridge, JMI, Ignition, etc.). The only way to break in outside of OCR is to network your way into these firms
KKR credit takes analysts I know
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