PIMCO vs Blackstone

Currently a junior at a top target with offers from both for summer 2022. Finished an IB internship this summer from top BB and looking to join the buy-side straight out of undergrad. Both are investing roles working under research analysts and PMs.

PIMCO: Alternative Credit and Private Strategies Group - Private Distressed Debt and Special Situations Analyst

Blackstone: Alternative Asset Management Hedge Fund Group

Most interested in maximizing comp, b-school prospects, and prestige. Also personally like fixed-income more than equities. Would like to hear some thoughts before making a final decision.

Edit: Thank you to everyone who reached out and spoke with me. It was super helpful. I will be signing with PIMCO (they bumped base to match IB) and target bonus is ~50%. It seems they are pouring a lot of energy and resources to grow the alts team given the current low-yield environment. Excited!

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Comments (22)

Sep 22, 2021 - 5:16pm

Hey- shoot me a pm. I can help, but don't want to reveal anything publicly

Array
Sep 22, 2021 - 6:19pm

If you're focused on FI and prestige, can't think of a better place than PIMCO. Also, Alts are becoming a big focus within the firm (I'm an independent FA and follow them closely). They recently acquired a 3.9B REIT and took over the management of Allianz Corp RE. Are a major RE player (north of 100B). Go to their site and watch the videos on Alts. Lot of excitement there.

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Sep 24, 2021 - 1:48pm

IMO, Blackstone weighs in better here. PIMCO is not big in private debt but has been deploying more resources/capital at it of late. You do not want to begin your job at 4am as a 20-something year old.

  • Incoming Analyst in AM - FI
Sep 25, 2021 - 12:08am

I mean, it isn't markets based - it's deals based. Not sure why this would be a 4am role... It is not as though these deals open on the market at 4am if they are private debt deals.

Most Helpful
Sep 25, 2021 - 12:38am

I disagree with your thinking here, i think the pimco role is definitely the better one between the two because this isnt a GSO gig, seems like a FoF role. If this was a GSO role i would absolutely say it would blow pimco out the water, alternatives are not pimcos strong suit. with that being said though, would much rather do DL than any FoF role (from a career growth perspective)

  • Analyst 2 in IB - Cov
Sep 25, 2021 - 9:22am

I would go with PIMCO personally. However, I have heard that FI teams start work at 4am on the West Coast, which makes sense because we start at 7am on East Coast. Not sure if this would be the case for privates though. 
 

One things I always wonder though is what the pay and culture is like for private side at the LO AMs. I went with LO AM because the great culture, stimulating work and amazing WLB.  Private equity and private credit funds have materially worse hours and culture. However, the starting comp is $100K+ more for juniors, so I am curious how the LO AMs compete. 

  • Analyst 1 in HF - Other
Sep 25, 2021 - 1:58pm

Thank you to everyone who reached out and spoke with me. It was super helpful. I will be signing with PIMCO (they bumped base to match IB) and target bonus is ~50%. It seems they are pouring a lot of energy and resources to grow the alts team given the current low-yield environment. Excited!

Sep 25, 2021 - 3:07pm

Congratulations man! I have a super with PIMCO in the product team coming up, I would appreciate any advice if you could PM me. But, congratulations again! 

  • Analyst 2 in IB - Cov
Sep 25, 2021 - 6:09pm

Congratulations! Seems like the right choice. I work on FI at a competitor and it's genuinely a dream job. Hope you have an equally positive experience!

  • Associate 1 in PE - LBOs
Sep 25, 2021 - 5:14pm

Good choice. PIMCO has a very good culture (unlike BX) and you should have no problem lateralling pretty much anywhere after spending a few years there (as others say PIIMCO prestige is pretty close to unparalleled in FI/ finance in general -- and you'll be doing direct investing, not some secondaries stuff, direct out of UG). The BX role would limit you only to secondaries type stuff because it's not "real investing" and the skills aren't exactly transferable.

  • Analyst 1 in IB - Gen
Sep 27, 2021 - 6:37am

Distressed & Special Sits DIRECT INVESTING vs Hedge Fund FUND OF FUNDS.. come on OP stop creaming over logos and use your head. 

  • Intern in AM - Equities
Sep 28, 2021 - 1:02pm

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