Recruiting for PE Analysts?
I’m an incoming analyst at a MF (BX/KKR/SLP/Vista/Bain/WP), and am very grateful to have the opportunity, and likely leaning towards staying at my current firm A2A, but in the case where I’m looking to switch, I was wondering how that process works? Do PE analysts participate in on-cycle recruiting? Do HH reach out to us? Are most opportunities for PE analysts given during off-cycle? Given how early recruiting is, do you recruit as a first year or second year? How does the HF process work?
Any guidance would be appreciated!
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Since there’s some bumps and no answers I can try to hopefully chime in with something that may be helpful. I don’t have much info for you as I wasn’t a MF analyst but generally what I have seen is the kids who go into those MF analyst programs generally were not part of the on-cycle PE associate recruiting process I saw. That is mainly for IB analysts and maybe others here and there from my personal, very limited experience. I think each MF is different when it comes to its analysts. I think from what I have seen/heard from friends that BX is mainly like 3 years and out. KKR I have seen maybe a direct promote to associate and believe the firm told me when I was in college the point was to have the analyst program be a feeder for their associate program. Silver lake I have seen a good amount stay on seemingly to associate and maybe higher. Warburg maybe up to associate. I figure there might be some direct HH outreach to the kids but the headhunters might be more careful in timing / delay it as these funds are also their clients on the hiring to them end so idk. Granted any of the roles I think I have seen MF analysts exit to (mainly HF or the like I believe from the top of my head, and again all of this is just my personal, limited experience) seem to all have been HH type roles. Granted though, the kids that I know who went into the MF programs were generally seemingly more entrepreneurial / go-getters and mentioned to me that they did plenty of networking on their own putting the HH stuff aside I believe. My understanding of HF interviews is either the candidate has their own well-thought ready for investment committee type investment with a write up and full model (seemingly what the HFs want) or it’s like more of a do some interviews and they give you like a case study, but again just my limited exp. Good luck and best wishes :)
I was an analyst at one of the funds you named. You won't be able to recruit until you prove yourself in your current role and get promoted to associate. Then can look for lateral opportunities. Why would they want you to participate in on-cycle for other PE gigs? It gives the impression you jump around a lot. On-cycle works for bankers because it is a step into a new field.
There are many reasons as to why a person might want to lateral from Analyst to Associate. Many analysts may understand that they want to move down stream to UMM/MM/LMM. Some may being looking for career track roles that aren’t given at a MF. Some might want to switch from generalist to industry specific like from BX/KKR to SLP/Vista/Thoma Bravo and vice-versa. Some might want a change in location. Also, the most common exit from MFPE analyst is HF besides A2A.
I’d understand not being able to participate in a traditional on-cycle process, but I can imagine a 2nd year analyst not being able to sit down with HHs and looking for lateral opportunities.
Yes, those are valid reasons, but that does not mean they will make for a good story that recruiters and prospective funds will buy into. As you mentioned, on-cycle is off the table for first-year MF analysts. So realistically you won't be able to recruit until year two. At that point, prospective funds and recruiters will be hyper focused around your performance and whether you have the skillset to do the job / get promoted. That's why the lateral recruiting becomes much easier after you get that promo. I was having conversations with recruiters around that 1 year / 1.5 year mark, and this was my experience. I also did not get any traction or a single interview. Once I was promoted and from the time I kicked off my search, I had three offers within a month.
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Does this apply to UMM PE analysts too? I'm an incoming analyst and wonder if the story is different from MF
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