PE recruiting discouragement
I'm feeling pretty down about the my private equity recruiting process. I got far in the on-cycle process with a UMM fund, but didn't get an offer. Overall, I didn't receive many looks during the process - just had 4 interviews lined up. Since the off cycle process began, I've had one superday interview; but didn't get the offer. Beyond that I've had phone calls that haven't progressed further. Currently, I'm in the process with a MF (that's been dragging on forever) and a growth equity fund that I'm not too interested in.
Anyone have any advice on how to keep grinding/hitting the pavement? Should I drop my standards? I'm aiming for a 1bil+ buyout fund in a tier 1 city, but should I expand that scope?
I'd suggest you reconsider your reasons for going through the process.
The idea of looking for "a 1bil+ buyout fund in a tier 1 city" suggests you don't really know what you want. SF vs. NYC vs. LA vs. Chicago is a major decision. The same goes for the investment style and culture of the fund you go to. The fact that you've seemingly put very little thought into those decisions is concerning (and will be concerning for HH's and funds when you interview).
What are you really looking for from your next job? What is it about MF / UMM that attracts you specifically? Why do you want to be in a Tier 1 city? The answers to those questions will help you determine whether you can / should change your search criteria / scope.
Even more fundamentally, why do you want to do PE? If you're this easily discouraged, you may not want it that badly. Are there other career paths you should be exploring? Are you just looking for PE jobs because it's what everyone else in your analyst class is doing?
If you can answer those questions honestly and arrive back at MF / MM PE in a Tier 1 city, then keep your head up and keep pushing! There are plenty more opportunities out there, even if you have to wait another year.
Thanks for the feedback. I know the answers to the questions you've posed, but I think I've been too focused on landing anything at all instead of focusing on what I really want. I'll be patient and keep pushing on!
You should also keep in mind where firms are in the off-cycle process. This time of year interview activity typically goes on hold as firms are more focused on year-end activity - in my own experience, processes ramped up end of January/February.
Beyond SpreadsheetMonkey's comments, I'd also say that while patience helps in the off-cycle process so does proactivity. You should be checking in regularly with headhunters meaningfully (i.e. "I'm interested in x, y, z firms for x, y, x, reasons - do you have any color on process and needs") rather than sitting tight and hoping that someone remembers you.
Also, if most of your off-cycle processes have resulted in phone calls that haven't led to anything further, there's definitely something you're not up to scratch on - reflect and continue prepping in the holiday lull.
Keep your head up and good luck - firms are by no means done with processes! Feel free to pm me offline with any specific questions.
Do you know why you aren’t getting the job? If you don’t know why, you should spend some time reflecting on it and really reading your interviewer’s body language. Have tight answers to the 10 most common questions, and mock with friends.
I’d push the headhunters for some specific feedback. Figure out why you aren’t getting traction and course correct. My guess is that you come off as “generic” and “unfocused” to good firms, but that is a guess at best.
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