What do the PE exit opps look like from the Chicago offices of Baird, HLHZ, Blair etc (top MM bank tier)? Does an analyst realistically have a good shot at a moderately sized (5bn+) buyout fund in Chicago, Boston or the west coast (UMMs like Golden Gate would help too).
What about if one wanted to exit in NYC? And are megafunds even in the question lol? Would appreciate any insights.
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Bump, interested as well
Maybe it's easier to lateral into a Bulge Bracket IBD division first from a top MM firm and then move to a large PE fund?
I don't know if this is true? If you're at a solid MM with experience the jump to BB shouldn't be hard... but is it worth it at all? Feel like some groups at HW/Jeff/Blair/etc. actually have better placement into MM PE than some BB groups (esp Cap Markets)? You'd also get more hands-on experience with sell-side M&A and have more facetime with MM PE shops. But a counter-point might be that more people from BB want to do other things (corp strat/startups/etc.) so that dilutes the stats
Agree with this - MM banks that give you a holistic experience (coverage + execution) do better than a lot of BB coverage groups.
I've seen some pretty good growth equity funds with analysts coming from those shops
more interested in learning about the situation when it comes to typical buyout PE shops.
Look at the target funds' websites. They will have associate backgrounds with bank, group and undergrad. This should give you an idea where people from GTCR, Madison Dearborn, etc. came from.
PS: this has been asked many many times.
I don't really have too many target funds in mind atm, just trying to understand whether placement as a whole is decent for a solid MM/UMM PE play. But yeah from what I have seen rn it doesn't look too encouraging :/
Then you have evidence that it's hard, but not impossible.
PS: Stop bumping this thread. This topic has been beaten to death..
The UMM firms in Chicago (GTCR, MDP) recruit a decent amount from Chicago offices. Even though the majority of these people are from top tier firms, they always take a few from Blair and Baird and Chicago offices of other firms. So you have an advantage in that sense. Look up their websites and see the firms they come from. Even if 5-10% of the associates are from MM Chicago firms, that's 5-10% that most UMMs don't even consider.
so most UMM funds wouldn't even consider someone from a top MM bank?
I'm not sure if you'd be expressly not considered but there are very few people who come from a MM, even a top one, and end up in an UMM PE fund. It could be that they give out very few interviews to MM bankers, and those that get it don't perform as well as bankers from EBs and top BBs. Or it could be that they don't consider you at all. Or it could be that they consider very few, and you have to be exceptional, which is why there are very few on the street. I'm leaning towards that one. But I don't know, I'm just speculating based off of me scouring UMM firm's team pages and checking where all of their associates came from. Jefferies is probably the most well represented at UMM firms though.
I worked at a MM IBD firm not listed in your OP and now work at a $8bn+ fund. It's possible, but very hard. My advice would be to figure out which funds you want to work at and develop a story as to why you would be a good fit. Then network with as many people as you can from these funds. Reach out on linkedin, cold email them and just ask for a phone call. Then follow up every 3 - 6 months. Then pray they remember you when they need to make a hire as it will probably be off-cycle. This was my experience and how I did it.
My second piece of advice would be to not waste your time with the recruiters. IMO they do not have your best interest in heart and are only interested in showing their clients the most prestigious resumes. The reason being is because these PE funds like to market to their LPs that x% of their associate class came from GS/MS/Elite Boutique and x% came form Harvard/Stanford/Wharton etc. It has nothing to do with you as a candidate, but all marketing. If you do develop a personal connection through your networking then you can overcome this as fundraising and investing are usually separate functions at these UMM/MF and investing team will always hire a kid or two from a less prestigous background if he's nice, humble, intelligent and someone they want to work with for 12+ hours a day.
I also know people who advised UMM/MF on the buyside and worked with them on diligence as a sell-side banking analyst and reached out after the process and were able to get jobs. Obviously you need to really impress them and do good work to get in this route. Also need to be in a strong group who will have opportunities to advise these larger sponsors on mandates which isn't true for a lot of MM IBD groups.
Again just my opinion and experience.
bump once again, would like to hear more thoughts on this :)))
Blair places very well in MM PE.
Pritzker Capital and Vista are also worth mentioning. For Baird and Blair, Chicago offices run point on deal execution traditionally led elsewhere, including healthcare and technology. This results in junior bankers enjoying placement at UMM PE shops with specific investment focus.
I'm working at one of those Chicago firms next summer so I've done some research and here's what I've heard-
MM (not UMM) is pretty easy. That's where most analysts go and there's a great network from any of these banks at a lot of those places. Also, because you are working on sell-side M&A, you will have a lot of exposure to them.
UMM is doable but tougher. You likely won't be headhunted and will need to do way more leg work with networking to get there, but it's not like (most of) these shops won't interview you just because you're at a MM. That being said, it will require some push from your MDs to make it happen. The advantage is these are smaller firms and you'll work closely with your MDs, so if they like you and you do a good job, they can help a ton. However, if you're a mediocre analyst, it's pretty touch.
MF are very difficult, but it's also because most people from MM shops don't even attempt it. I heard it is possible, and if you're MDs are really willing to go to bat for you it's possible to get interviews from some (but definitely not all) MFs, and if you impress them then it's doable. This is also tough because you'll need to do a lot of self-studying on technicals that you won't learn just from working at a MM that BB kids will likely know better, but again it's not impossible.
However, if you are committed to going to a MF, lateraling makes more sense. It is definitely doable to lateral from a place like HL to a mid-tier BB, and then go from there to a MF, so if you are sure you want to go to a huge PE firm that is probably easier.
Hey thanks for the detailed response! What sort of technicals do you think MM candidates lack that a BB would pick up? Im assuming it's mostly public company merger models stuff and more complicated DTL/DTA model questions etc? lmk!
I will re-emphasize the importance of finding sponsorship with your managing directors. Even if your platform does not work with mega funds (although most of the top middle-market firms do), your managing directors will surely have contacts.
Produce quality work as a cultural fit, and senior bankers will 'go to bat' for you.
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