Power and Utilities Team - Possible exits
Hi all,
Currently going to do a summer internship in a very well-known Power and Utilities Team (think of Citi / Barclays). What do you think about its exits to generalists PEs and other possible paths (Corporate Development / M&A at random different-sectors big corporates, generalists VCs, strategy consulting firms...)?
Although doing P&U at a top well-regarded team, do I have chances in interviews with the above mentioned funds or I am restricted to specified exits such as Energy / Infra funds and corporates related to energy?
Many thanks in advance for your help!
Haven't seen too many generalist exits out of PUI but it's not impossible. You learn a very specific skillset, which is super useful and can be applicable across many verticals but exits tend to be Infra funds, Pension funds, P&U corporates.
Many thanks for your answer, very helpful indeed. Any book / pdf material I must / it is recommended to read before beginning my internship?
Analyst at a top P&U group here. Most of the exits I've seen out of the group during my time here has been primarily to Infra funds. From my own experience, I have headhunters reaching out on mostly Power and Infra funds and similar Corp Dev opportunities. I'm sure it's possible to exit into generalist PE and I think it's been done before by others in the group but you're going to have a much easier time recruiting for related exits.
My advice to you is if you want generalist exits, re-recruit for a different group when you get your return offer for full-time.
But are you conscious that in the event that you want to exit you will only have those specific exits? I mean, that you want to stay working in P&U related work forever then. I could imagine that you could do 1-2 years at a top P&U franchise (e.g.: like renewables) and if you do not like it, you can change of career. Or is it even quite niche that you cannot even do that?
As an analyst, I don't think there really is any group that would pigeonhole you for the rest of your career. Case in point, recently had a friend in Oil & Gas coverage switch to a top Tech group in SF. And O&G is about as niche as it gets in coverage. If you're going to a top P&U group, I wouldn't be worried at all - your deal experience and brand should still land you generalist exit interviews, at which point then on, is up to you to win offers. Like I said, you'll have an easier time winning offers at Infra funds but by no means does it exclude you from other sectors.
Can confirm that the P&U equivalent group at my EB has strong exits as well to unrelated fields. Seen multiple tech focused exits specifically
Hey I was wondering if you're able to provide some pointers for an upcoming model test I have in a PU&I group.
Don't have the test, but roughly know the "topic" and need to prep for it, so was wondering if you had any pointers (feel free to DM me). Thanks.
Did group placement come out for you? Or you got a verbal offer to P & U?
Do megafunds like Blackstone, KKR, Carlyle, etc have specific power & utilities teams that P&U IB analysts can specifically recruit for if we want to move to PE but stay in the industry?
I was in a power and utility group for almost ten years at a top BB, and, legitimately, 90% of the analysts went to generalist PE as their exit. I can think of maybe one or two that went to infrastructure. I don’t know why this forum thinks you get pigeonholed into infra from a power and utility group. Maybe the one I was in was just an aberration, but I find that hard to believe. When you are recruiting for PE, you have been working for like 1-6 months, depending on when recruiting kicks off - you’ve barely even DONE any work in your group at that point. Your recruiting success is almost entirely based on preparation outside of working hours, and being able to model and figure out diligence questions for more “standard” industries is not any harder than for power, utility or other infra companies. It is just slightly different so you have to learn how to do it from the thousand guides you use to prep.
Great answer! I think this forum too often wants a guaranteed lock step process for reaching certain career goals. The young kids don't understand the concept of taking your valuable skills and hustling to land a position where you might not be the obvious fit. Most of us in our careers make that jump at some point. No matter what industry you start with in IB, you have valuable skills. Figure out how to pitch those skills outside the narrow box of your expertise.
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