What would the exit opps from a typical class at an elite boutique/top BB group that is known for good PE placement look like? They can't all be going to Carlyle/KKR/BX right? How many or what % go to a top 10 PE megafund, MM, and HFs?
I'm asking because I'm trying to evaluate how good a group I have an offer from is, and I have a list of where the previous analysts have gone. Thanks
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Exit ops from top groups are pretty diverse. Obviously you have the healthy choice of megafunds, but the best analysts in the best groups DO NOT want to go into PE.
In my experience, these are the overall preferences:
In reality, no one wants to do PE at the top groups. A few of the 1st years in my group even skipped PE recruitment because they would much rather work at a hedge fund than play out the formulaic "repeat banking for 2 more years except at a PE shop and then go to b-school" route
You also get people who go to law school, TFA, Peace Corps, go into corporate development, switch to S&T, lateral banks as an associate (if not fast tracked), nonprofit, startup, etc but to a much lesser extent than the 3 paths above
Even some of the suckass guys in my group would go on to places like Golden Gate, Kelso, or w/e. Basically, the PE industry is so developed at this point that headhunters are calling 1st years in November aka 3 months on the job. I think you'd really have to TRY to not get a good PE gig.
From what I can tell, many if not most analysts still consider megafund PE to be the top exit opportunity. It seems a bit of an overstatement to say that "the best analysts in the best groups DO NOT want to go into PE" or that "no one wants to do PE at the top groups."
I agree with Solidarity re the range of potential exit opportunities, but most of the people I know in top groups did megafund recruiting as their plan A -- not just at my firm but at other BBs and top boutiques as well.
To the OP's original question, I would say that in Wall Street's top 5 groups (the usual suspects that everyone mentions), analyst placement into top 10 megafunds and top 10 HFs is ~50% among the analysts who pursue those opportunities. Trying to be objective here -- by top megafunds and HFs, I mean by size (AUM), which generally correlates to "prestige."
Solidarity by "top" do you mean a Blackstone Restructuring or GS TMT, or any of the good groups on wall street (JPM M&A, MS Industry, etc.)
I'm not going to do a ranking but this holds true for essentially all the top groups at the bulge brackets. Most groups at GS / MS place the lights out, and same with the top industry / M&A groups at the other banks.
To the OP--ask the analysts / associates in the group about past placement. If you're at a top group in your bank, then I wouldn't worry about it. People on WSO are overly obsessed with KKR, Carlyle, etc but there are plenty of PE shops out there. It's perfectly okay to work for a TH Lee or a Madison Dearborn...
Interesting thanks. Also interesting that you mentioned that it was HBS then a steep drop to GSB. I thought Stanford was at least on the same level, if not "better" since it's so much more selective, than HBS
How much does deal experience play into account for recruiting? I assume first years won't be working on the multibillion deals in their first six months...
would you consider this a top group?
Hellman & Friedman Highline Capital KKR Och-Ziff Capital Berkshire Partners SRS Apollo Capital Partners Bain Capital Centerbridge Taconic New Mountain Capital Oak Hill Bain Capital Start-up Hedge Fund Glenview Capital Carlyle TPG-Axon Capital Silver Lake Partners Silver Lake Partners Blackstone Advisory Texas Pacific Group KKR
Looks pretty weak
yeah wtf is KKR, never heard of them
terrible placement in that group...........get real
seriously though, if that list is where an entire analyst class placed, it would be amazing. GS TMT / MS M&A level, if not better. More realistically, it's a list of where analysts went over the last couple of years, in which case it would still be stellar.
that list looks like Blackstone M&A/restructuring
would be interesting to see what GS TMT's placement looks like
BX M&A and restructuring don't have 22 analysts....
i meant over the last couple of years
50% analyst placement? But assuming these top 10 funds hire 5 analysts or so every year (no idea if this is right), that's only like 50 spots at megafunds available each year. There must be at least 10-20x that many analysts competing for these PE exits no?
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