PE recruiting from coverage group at mid tier BB
PE recruiting has always been a bit of a black box and this forum has helped me a lot in understanding the process. I am currently going into my second year at a coverage group (/consumer/TMT/industrials) at a solid BB (Barclays/CS/Citi) . Went to a top 10 school with a ~3.8 GPA and have a solid resume.
Historically, people in my group have not really placed into MF/UMM PE. However, I have been prepping for the past couple of months (LBO models, case studies and knowing how to talking throw my deals, books) for this on-cycle process. I was wondering if the group I work at will restrict me from getting interviews at these type of funds? I have talked to people in the year above and it seems the reason a lot of them didn't place was cause they focused on MM or wanted A2A. Can someone who worked at a similar caliber of group please provide some advice? Should I shift focus/ try to lateral to a more "sought after" group? Thanks!
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I see there's a lotta value being created in this thread....
Anyway, a lot of this comes down to headhunters. Unfortunately the on-cycle process is such a shitshow headhunters will revert to putting kids from GS/MS and top boutiques on their interview lists because they haven't properly done their homework (same concept as "no one ever got fired for buying IBM"). You can mitigate this by coming across really positively in your initial meetings with the headhunters. If you can impress them, you should be able to get some solid looks. It's better if you can name a couple of specific funds and groups you're interested in with solid reasons why (e.g. "I really want to work for General Atlantic because...")
Networking helps too as funds can get folks they really want to talk to on their schedules. I'd look up alumni from your undergrad and your bank (ideally the same group, but anyone from your bank) and reach out over the summer or early fall.
Do you mean that you can circumvent the headhunters (even on cycle) through networking/connections?
No, the headhunters are the ones that will put together the interview lists. However, TPG for example can tell the headhunter "we want to interview this kid" and they'll make sure he/she is on the list.
thanks! helpful insights
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I can speak to this in some detail, taking the experience of some friends at the banks you mentioned who had recruited for PE.
The simple answer is yes, you will be restricted to some extent from recruiting to MF and UMM funds from a mid level BB. With the extreme rise of boutiques in the last 3-4 years, I would imagine this is even more the case now then it was when I was recruiting. Being from a top 10 school doesn’t really help (really depends on which school).
If there are people from your school at competitive funds, reach out and try to network with them. This at the least can get you into the process, but it’s impossible to circumvent the headhunters entirely who truly are the gatekeepers for any process.
With all this said there are funds that are extremely pedigree focused and won’t give you a shot. Hell, there are funds that won’t even hire the guy from a top bank and top group because he went to UNC or Indiana — this was the case with the best analyst in my group (a top 3 group at MS/GS) who ended up placing the worst of anyone
On the last part of your post - if your heart is set on a certain tier of funds then you can look at lateraling, but it is a pain in the ass as a process and often leads to people doing an extra year of banking because of how early recruiting happens. You will get a sense early on after meeting the HHs on what types of funds they are evaluating you for, as they will even suggest certain funds to gage interest.
Within the EBs, how would you rank their perception? Understand EVR M&A and PJT RSSG are tops, but how about other groups like PJT M&A, CVP, Lazard, and Moelis?
Interesting- thank you for your perspective.
Currently going into a group like CS/Barclays industrials., Is it going to be tough to get looks from any MFs or UMM? Or will it still be possible? Graduated from a UChicago/Columbia/Duke type school which has a few alum in banking but not a huge amount in PE like H/W.
Barclays industrials has strong presence across MF/UMM, CS doesn't
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