College junior from a less prestigious school (G town/Stern/Ross/Duke) needs some advice on offer decision. The first offer is from a top 3 RX shop(PJT/LZD/HL)'s London office. The second offer is from BX NY real estate group but not REPE (Acquisition/BREDS). My goal is to join BX PE/TacOp, Silver Lake, Warburg Pincus, TPG (Growth or SSG), Ares, Bain Cap as a FT analyst. If not, maybe switch from RX/BXRE to (1) M&A at EVR, MoCo or CTW (2) RX at PJT/LZD/HL in NYC for FT. Which offer should I choose?
A follow-up question about off-cycle internships:
Since I only need 6 more credits to graduate, I plan to do an off-cycle internship this fall and then back to school for the spring semester. If I join BX RE for the summer, I have the option to switch my RX summer internship to an off-cycle RX internship at the same firm's Asia office. Meanwhile, I also have the offer for an off-cycle internship for a Top MF(KKR/WP/TPG)'s Asia PE team.
Strategy Sets:
1. London RX summer + MF Asia off-cycle
2. BX RE(Non-PE) summer + RX Asia off-cycle
3. BX RE(Non-PE) summer + MF Asia off-cycle
Which of the listed strategy set will bring me the best shot for FT recruiting?
And how is the internal mobility at BX? Is that possible to transfer group (from RE to GSO/TacOp/PE) after the summer?
Take the RX internship and do the MF in Asia.
Do any of SLP, WP, Ares, Bain recruit at your school typically? I would just intern in London this summer then try to switch to their NYC office for FT. Or similarly do the MF Asia off-cycle then try to switch to a US office.
I think historically my school only had Ares and Bain placements (1st yr analysts). SLP/WP/Ares and Bain are all kind of Harvard/Wharton exclusive for direct undergrad hire.
Btw, do you think is possible for me to transfer group (from NonPE RE to GSO/TacOp/PE) inside BX, after my MF Asia off-cycle?
I think it’s possible, but I’d imagine it’s very difficult.
Caveat, I'm an incoming summer analyst here.
I realize this is pretty common advice, but you should really pick which group you'd prefer returning to FT after this summer internship and which you think you'd have a better shot getting the return offer at. Clearly you didn't get summer offers from any of your preferred firms the first time around, so I'm not sure why re-recruiting for them is your goal at this point -- if you didn't get it the first time around, trying to switch from a summer in RE or in London is going to make things significantly harder. As a side note, your interests seem really unclear -- RE, RX, tac ops & ssg, credit, vanilla PE, growth equity, you're really running the gamut here and it honestly seems like you're just trying to snap up whatever option you perceive as most prestigious, so trying to focus in your search might help you yield more results.
I agree with juicebox77. You should refine your "interests" and make this easier on yourself.
If you're passionate about RE, the answer's clear. If you're not, then I'm not sure why you're considering BX Real Estate. Since you are asking this question, let's assume you are not passionate about real estate, but about exit opps: do London RX summer + MF Asia off-cycle.
This is right. London RX + Asia MF
BUMP
Just curious how did you get MF Asia off-cycle?
Some MF's HK/BJ/SH office always hire off-cycle kids from top local universities. I reached out some MDs from my school and got interviews.
I heard some Stern kid getting into HL RX in London SA class this year, might be you (makes sense too, as Lazard does not do group-specific SA recruitment and group placement is not out yet; PJT is generalist in M&A and RX).
HL RX is very strong with excellent exits. Interns work very hard too (hardest of all 3 places you mentioned) so your experience should be very good. Relocation to Asia, i.e. Singapore, is a relatively new office but the team is small in the single digit range and your experience should be equally good as well.
Switching office for FT is almost impossible. All of your choices, your best chance would be to recruit at Evercore and Moelis FT.
Cant go wrong w BX
Yes you can, if your alternatives are as good as these
BUMP~~~
I would absolutely sign the London RX immediately. Reneg on BX Real Estate. It will silo you, particularly if you are in BREDS, which is such a niche group. BREDS mainly deals with loan origination, syndicating out the senior piece and generating return from the mez. As well as investing in CMBS and BXMT, the mortgage REIT. Unless you want to be in Real Estate longterm, it does not make sense to make that kind of commitment. If you want a shot at generalist PE, definitely take the restructuring gig in London at a top shop, as well as the Asian Mega Fund. If I were you, I would do it as possible before the opportunities explode since it is almost the summer. For reference, I'm an MD at a MF in the buy out group.
Sorry to revive an old thread but does anyone have insight into BX RE acquisitions in terms of day to day activities?
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