How does PE recruiting work for the lower middle market funds? Is the timeline relatively similar to true MM (or bigger) PE funds? I am a first year analyst at a LMM sell side shop. I know my chances are slimmer than if I was at a true MM but we have solid deal flow and I expect to close at least 3 deals by the end of my first 12 months.
Should I be getting in touch with recruiters now if PE is my end goal? (it is) If you have any insight into this, I would love the advice. My next option on the horizon would be a lateral after 2 years to a larger MM bank - I want to finish my 2 year stint here.
Thanks,
Bump
Bump. I think a lot of people would find this topic interesting...
Bump - I'd like to know
In my experience, a lot of MM PE firms hire when there is a need rather than at particular periods of the year. Keep an eye on LinkedIn posts and headhunter website opportunities pages for new roles hitting the market. I’d also suggest getting cosy with leading headhunters in the area you’re interested in working and demonstrating interest early on.
Building your story over the next year or so will be crucial. Standing out will be important, so make sure you can “walk through your resume” like a champ.
Lower middle market PE firms don’t operate on the same timeline as the bigger firms. Their recruiting is a lot more firm dependent. Some things to note:
1) The LMM PE firms don’t always use headhunters. Sometimes they go direct to their targeted investment banks. These are usually the regional guys (assuming the LMM is not in a major city), or the national middle market banks that represent lower middle market companies. 2) Timing can vary dramatically. Some, such as my shop, still hire 12-15 months in advance. Others wait until the Fall, which is about 9 months in advance. And then there are some that hire in the Spring. It really depends, there is far less structure. 3) The LMM funds don’t need a ton of candidates, usually 0-3 will do in any given year. If you are interested in joining particular ones, I highly suggest you reach out directly and register your interest. If you’re recruiting for Summer 2020, I’d say now is very likely way too early for these funds, but perhaps send an initial message or two at the start of the Spring.
thx. sb'd
Will reiterate what others have said - HF, VC, and LMM PE shops tend to hire as needed and have veeerry idiosyncratic processes.
This is a good thing for guys with atypical backgrounds!
Assuming you leverage head hunters/recruiting platforms. create appropriate daily LinkedIn alerts, and do some proactive networking, there should be a slow (but steady) stream of opportunities where you can be competitive throughout the entire year. The main benefits of this are that 1) candidates with name brand banks on their resume are too busy/not interested enough to apply to these roles and 2) you have a chance to build your interviewing/soft skills without too much existential risk.
The second point is maybe even more important than #1. To put a fine point on it, most kids at a MM/boutique (I was one) are there because of their soft skills, or lack thereof. You’ll be better in week 3 of a cycle than you are at week 1, and this experience is invaluable for people at the lower end of the market.
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