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PJ Solomon is much much smaller. As in, I think their entire team would be smaller than Blair’s tech or Healthcare groups standalone. As a result, you are going to see way more exits from Blair to anywhere because it is just a bigger firm. 


I’d really evaluate on the following in no particular order:

  • Deal size— honestly have no clue for PJ Solomon. Blair, it is probably around $400m with a right skew meaning there are frequently multi billion dollar deals in each group, but most deals are prob hovering around ~300m-500m. You can look at transactions both firms list on their website and determine if you notice one lists higher transaction values. Something to note—larger deals isn’t necessarily better, but if you get good experience, it’s easier to recruit for investing in large private companies if you have done banking for a large companies all else being equal. That said, if they do larger deals, you might get fewer transactions completed.
  • Culture—Blair is kinda Midwestern, unclear what PJ Solomon is
  • Location—Are the offers in the same city or different cities?
  • Size of analyst class/ network—can be neat to begin your career around many other individuals versus in a smaller environment
  • strength of groups and your interest in groups. Blair is very dominant in tech and healthcare and recently has been killing it in industrials/services unsure what PJ Solomon is successful at or what they are known for.
 

Thanks for the info. Definitely agree that Blair will have more exits given the size, but any comments on the quality of exits between PJS and Blair? Mostly middle-market shops obviously so tough for me to tell as a college kid but if anyone could provide insight on that, it would be huge

 

Quality of exits is substantially subjective and there’s a self selection component. Do you view bigger shops as “better”? MM PE isn’t worse than megafund PE it’s like saying investing in public equities is better than venture capital.

Both places you likely will be making a decision based on your deal experience which from these posts and the websites looks like Blair does more deals and larger deals for most categories with consumer and a few others someone else listed being the exception. I’m sorry man, I can’t make this decision for you since an exit better for you won’t be better for someone else. Heck, you might even like banking tbh.

 

Definitely don't see bigger size as "better". Regardless of size within MM/UMM, I'm sure there are some places that analysts really want to go to (for culture/lifestyle, cool seniors, check size, b-school opportunities, interesting deals, etc.) and some that are viewed as a last resort for getting into PE. I guess that's what I was kind of getting at, definitely hard to tell which funds are which from my vantage point as a student.

With that being said, appreciate your help and perspective.

 

Honestly less so in terms of places people want to go. It’s hard to tell and the path thins out and becomes very confusing the older you get. Just as an example, often pay and bad work life balance go together. So some people will trade work life balance for pay. Also, b-school ops—some will trade a brand name for better learning or a long term path to partner at a firm. Size of deals also is a big one. Some people don’t even consider LMM funds due to the name lower middle market. Ultimately, it’s a decision that you can only really answer by asking people who work at specific funds.

 

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