Private Equity MegaFund Recruiting Process - Summer 2013
Hey,
As we approach the beginning of the 2013 process, wanted to get the updates on Funds that people are in contact with. We can make this an official thread if people would like.
I have been to a few cocktail events and coffee chats with Apollo, KKR, BX. However, I am more interested in their Credit/Special Sits businesses but I know they begin at the same time.
I was told by KKR (know a senior person in HR) that their process will start Jan 7th regardless of when everyone else goes.
Few ques.
Assuming the mega funds go Mon Jan 7th, is it fair to say that most people will have offers by the that weekend?
Also, anyone familiar with credit/distressed sides like KKR Asset Management and Apollo Distressed do they have Case Studies/model tests?
Any additional info anyone else can provide would be helpful.
Megafunds are not going that early. Will more likely be towards the last week of Jan, possibly even into Feb.
Mid-Jan was initially the intent but its been pushed (across the board) for a variety of reasons.
PM me about SSG/credit.
I remember the 2011 or 2010 recruiting round when you were also very adamant that recruiting "definitely hadn't started yet" when it was already in full swing.
Apparently, I cant PM you until i get to 10 bananas haha. I was actually told that by a pretty reputable source, but hey you never know.
May start as soon as the week of Jan. 7th. If you're already going to coffee chats / networking sessions I imagine you're on the target list for interviews so would be ready anytime for an interview invite.
Side note even though these firms haven't started formal interviews they've been recruiting for a while now through coffee chats, networking sessions, dinners, etc, so if you haven't already been going to those you're essentially SOL for getting an interview
How does one go about getting these networking sessions, dinners, etc? Are theses invites through headhunters? Thanks!
At this point most (if not all) of the coffee chats/sessions/dinners are over and firms have solidified their interview list and will be proceeding with interviews in jan/feb. if you're not already loop i'd reach out the headhunters ASAP to express your interest and provide the most updated resume
to answer your question, headhunters typically give the names to the firms. the firms will either reach out to candidates directly with details about the event or the headhunter will plan it, can happen either way
Which headhunters are Apollo and Blackstone using?
theworks9, what is your background? I'm curious why you're interested in credit/distressed investing.
Yup, coffee chats and the likes are mostly done.
Just to follow up, if anyone can answer this question itd be helpful. Assuming the mega funds go Mon Jan 7th, is it fair to say that most people will have offers by the that weekend? How quickly does the process move, surely not as slow as some of the HF processes ive been in/heard about right?
Know from both folks who previously interviewed at Apollo as well as folks who currently work there that their process is one day. Offer delivered at night and lasts like 12 hours. Would assume the others have similar timetables.
^Yup few days at most. The rush for the top candidates can be felt pretty early on during the interview process. Im sure KAM, BX GSO and Apollo Distressed are pretty similar and wont run like traditional HF processes which can take much much longer.
Has anyone used HSP? Does anyone happen to know which firms they cover recruiting?
Believe HSP handles Carlyle and Warburg...maybe others. They're all ex-SG Partners and think they have a good network.
Which headhunter is Apollo using this year?
Yup HSP handles Carlye, KKR and Warburg. Dont know if I read this here or somewhere else but was just told by a buddy that the MFs plan on going next week. Just a heads up for all your IBDers out there
^So are megafunds recruiting current 2nd year analysts? Just curious
Yes, for summer 2013 start.
How many MF interviews does the typical MF candidate have lined up?
No one has any "interviews" yet. Although many have attended coffee chats, networking sessions.. etc. I think if you are part of that group, you should probably be in the loop with the rest of them. The process moves pretty quickly after it starts so I think the MFs will act quickly to court the remaining candidates.
Analysts in my group last year, (im at what WSO considers an elite boutique) if my memory serves me right, got interviews at pretty much all of MFs.
I just want to get this over with already haha
Mostly depends on group. Topmost groups (GS TMT / MS M&A / BX R&R / GS FIG, maybe a few others) will be invited to everything and will essentially get their pick when it comes to where they want to interview. Groups in the tier below will often be invited to most funds and get interviews at a good number but not all. Groups in the tier below that will maybe be invited to 1-2.
Not sure thats the case across the board. I've been engaged in 3 of the processes and after attending each of the 3 events I was contacted after to tell me "stay tuned for interview schedules coming in Jan.". Second difference is I'm in some but not all MF processes. Guess it depends on MF, candidate bank and background.
That's what I was trying to figure out. Thx.
i might get shit for this, but does GPA play a big factor in the MF process. assuming one is in a top group (GS/MS), does having a 3.7-3.8 put one at a huge disadvantage? or do most ppl that go to MFs have 3.9+?
honest question. thanks in advance
won't matter much. definitely not a huge disadvantage. now if you're talking about group comparisons then one might put you at a huge disadvantage relative to a better one (or, more accurately, some may put you at a much better advantage relative to others)
a 3.7-3.8 is a really solid GPA, but I can see Silver Lake, Bain). Can anyone confirm?
thanks ricottacheese! SB for you.
thanks for the response wso_user. do you know if SAT scores matter at all for buy-side recruiting? i've heard some MF firms have SAT cutoffs. would a high GMAT score (700+) offset a low SAT score (~2000)?
i appreciate all the help
Has anybody interned/been through Apollo's process for credit SA?
People definitely pay attention to SAT scores. Just another data point. If you have a high GMAT, i would put that on your resume instead of your SAT. I think people will generally accept that as well.
For those who asked above: Amity represents Apollo Global
Are we talking summer analyst positions?
if i do not have a respectable SAT score, would you guys recommend i take time my last semester in school to just prep a lot for the GMAT? i have no intention of going to grad school (personal reasons/financial costs) so if i spend time studying for GMAT it would just be to help me for PE recruiting to have it on my resume to help offset my gpa that will be a 3.5
any thoughts much appreciated, SB to best answer!
Swagerer: Nope we are talking FT PE recruiting, Post banking...dont know how we got so far off topic
AnalystMonkey2769: There are many factors that will determine whether or not your resume will be selected and the GMAT is probably on the low end. I wouldn't study for the GMAT just to improve my chances for PE recruiting. Just my 2 cents..But this is a thread to discuss the current PE recruiting process, you may get better answers if you start another thread with your ques
point taken. thank you!
my upper MM PE firm (some consider it MF) went last spring but will be bringing in 1-2 additional associates, focused on GS candidates. starting interviews this week and expect to be done relatively quickly.
have several friends from MFs who are holding interviews this week, at least 2 of whom will be likely finished by the end of next week.
Are all of these firms only interviewing 2nd year analysts then? No 1st years?
only 2nd/3rd years. recruiting for 1st years will begin around this march, although headhunter meetings for them started probably around last september.
Yes, can confirm whats been said above my Ricottacheese and theworks9. My good buddy just started the process today with what many would consider a upper MM PE firm/MF. Just another data point
Didn't even know that you could still interview for MFs in your second year. Are the positions offered to 2nd years the ones that remain unfilled from the previous year's 1st yr recruitment round?
Interesting. Thanks for the explanation.
From what I've heard, MFs are only recruiting second years for a summer 2013 start and the recruiting that happens later in the spring will only be MM shops.
Rumor has it that things are kicking off tomorrow (word of mouth).
Good luck to everyone.
Are all your groups supportive of your recruiting? Or are people actually coming up for valid excuses for dozens of interviews over a week?
I think at this point if you are a second year your groups have to be somewhat supportive. You only have ~5months left. Regardless, I think there are always some people on your team that are going to be more supportive than others. Theyll have to bear with you, its only 1-2weeks atleast for the MF process.
You have to believe that interviews will be much more rigorous than years past given the timing. Something to keep in mind.
I think most groups are supportive. You put in your time and you should by now have built enough good will with your co-workers.
Woke up to several missed calls this morning from recruiters. The process has officially kicked off for this weekend...when I called back to schedule my interviews the recruiters sounded like they were in pure panic mode haha.
The most annoying part is that they are all going this Sunday and they all told me 3hrs each. So i have 12hrs of interviews on a Sunday. Ridiculous if you ask me, what at this point nothing anyone can do.
Anyways, good luck to all
TopBracketGS/MSAnalystProblems
I actually work at what many on WSO consider an elite boutique. So neither MS or GS. .. Anyways, just trying to share information bro. Try reaching out to headhunters now, I would say at this point there is still a ton of opportunity to get in front of these funds
Yep, the process has begun.
good luck guys!
On another note, I am curious why the firms need 3 hours. The interview confirmations said I was only meeting with 3 people for 2 of the firms. Does anyone know if the excess time will be spent doing a model test? (seems like a short amount of time for one). Also does anyone know if the MFs have model tests in the first round? I heard only Warburg and Apax does that.
Im not sure about KKR and TPG, but I know Apollo did not administer a modeling test last year. Anyone that can confirm, it would be very helpful. Thanks
For the first years (even the ones at GS and MS), dont let MM recruiting pass you by in hopes of dreams of KKR. In reality, the odds are against you for any buyside position. Many of the MM positions pay just as much as the megafunds positions, with the possibility of a better fit/hours.
And there always is the possibility of getting the MM offer and recruiting with the megafunds - as someone posted earlier, yeah itll fuck you over with the recruiter - but in all honesty, who cares? There are tons of recruiters and theres a good chance the one that placed you in the MM doesnt cover the megafunds anyway. I decided to forego recruiting because I was happy with where I landed and the thought of going through more interviews was too shitty.
Heard that... process is a nightmare... would hate to go through that stress again...
Right, but how many of the people on this board fit the bill? At most 5 people will get that KKR NY offer - I would argue the odds are against even the "superstars"
(Guy who has never met preftigious superstars)
You'd be surprised by the guys who lurk this board. I'm sure there are a lot of preftigious dudes on the WSO member list with less than 50 posts. These are the guys who only post to ask preftigious questions about preftigious options with preftigious funds.
almost every banker knows of wallstreet oasis. are you kidding me?
Any updates on the process? Anyone know of any analysts that have received offers yet?
KKR gave out some offers this morning.
Yes KKR PE gave out some offers this morning. KAM, not sure? TPG Cap also gave out some offers last night. It is still early in the process tho. Still alot of seats to fill
Do you know what firms/groups those people came from?
Noone is going to know the exact answer to this, probably even the people at the actual firms other than the staff running the process. In general, you can suspect these top megafunds have targeted GS analysts with a tilt towards TMT and FIG, MS M&A (those who held out), and any remaining analysts from product groups and elite boutiques did not sign in the process during spring 2012
Does anybody know whether the KKR PE offers were for the NY, Houston, or Menlo Park office? Thanks.
I believe most of these are for NY.
Don't think KAM has really done follow up rounds since Sunday, can anyone confirm?
Yes most of these are NY.
Can confirm KAM, they had 2 rounds sunday and some had a case study on Monday.
What about KCM? Here anything from their end?
Anybody has an update on the Menlo office for KKR?
Lots of opportunity for more offers over the course of the week but can confirm that TPG and Bain Cap have given a limited number of offers already.
When you guys say 'limited' offers, why would any MF give out less than the class size they're looking to fill given that most final rounds have already happened? Is it a bad sign that you don't get callbacks right after / night of your final round if your interviewers have been saying good job and replying to your emails?
Anybody inside the MF recruiting process can shed some light?
I think people say limited because the process is still ongoing and all offers have not been given out. Also I think the first group of candidates were considered "high priority" and after that they go on to the next group within a limited scope of course. I think if you are not getting call backs pretty quickly aka within 24hrs that's not a great sign. Someone else may be able to chime in here but it's unlikely that you will get a call a few days from now for another round (but I'm not completely sure)
Also what do you mean by your interviewers have been getting back to you? Are you sending them thank you notes and they are replying? I don't see how them replying can be viewed as "very telling" for you
Any folks making the leap from 2nd tier institutions? (weak BB/2nd tier boutique/top MM?)
I am assuming aggressive networking would need to be done, but anybody have experience doing it?
Where do analysts from BX R&R or M&A fit into this? There are a couple threads from 1-3 years ago detailing how those guys placed lights-out, but all I'm seeing here is the usual WSO masturbation to GS TMT/FIG, MS M&A, Lazard/Greenhill etc.
I am a current college student, admittedly, but I'm sitting on summer offers from each of the top BBs and gunning for a slot at BX. Just curious how they place.
BX M&A will typically have top placement mixed between top megafunds, upper MMs and top hedge funds - have heard that this is certainly the case for the class of 2011 BX R&R will typically have 80+% placement into top HFs which makes sense given the type of work in R&R and the kind of person attracted to work like that
In almost the exact situation. Are you interviewing for M&A or RR or both?
Not to hijack the thread, but does anyone know when the mid to upper middle market guys are going (i.e., Madison Dearborn, Hellman & Friedman, Leonard Green, GTCR, Berkshire)? Have heard conflicting stories as to whether some of the bigger guys will fall in line with the MF timeline or whether they'll continue to recruit ~1.5 years out and hope none of their signees screw them over and gun for MF recruiting when that rolls around.
Understand the season's over, but anybody have helpful comments on BX RR/M&A? (On a side note, because I imagine BX's classes are smaller, how is the social element different at a BX group than an elite BB?)
BX M&A:
Apollo Carlyle NEA Associates Luxor Capital PointState Capital Warburg Pincus
Based on the placement data above, does BB M&A have worse placement than MS M&A/GS TMT/BX RR for KKR/Bain/TPG/other top megafunds? Or is that placement out of date/atypical?
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