What kind of work do MBB consulting firms do for PE firms?
I'll be interning at an MBB firm this summer and I'm thinking about working in their PE practice. I'm wondering what things MBB firms will actually do for PE firms. I'm especially curious because I know that PE professionals are usually very smart and often have MBAs and significant business experience, I'm therefore a bit confused why they'd routinely use consultants who aren't necessarily smarter then them. Do PE firms hire consultants because the work that they are selling them is "too low value" for the PE firms to want to do it themselves, or do MBB firms actually offer stronger problem solving abilities within certain domains?
If you can cite any projects that you know of between PE firms and MBB associates that'd be great too. Also, if I were to focus within my firms PE practice, what kind of skillset do you think I'll have developed after about two years on the job?