Disclaimer: I am aware that the KKRs, the Apollos and the Blackstones of this world are not turning to MM boutiques to poach bankers, given their current general preference for BBs (especially in Europe). What I'm more interested in is your general view on PE exits coming from a MM boutique (e.g. William Blair, Houlihan Lokey, Rothschild, etc.). For instance, I'm aware that shops like Summit Partners have occasionally poached from WB, HL.
What are your thoughts on this?
Thank you!
Anything is possible depending on how hard you hustle. I was at a consulting shop the equivalent of a MM boutique and I ended up getting a role with a prestigious UMM. I even interviewed with a MF and could have had that if I was remotely prepared. It’s not a helpful answer because it isn’t actionable beyond telling you to hustle your butt off but it’s true.
If you want something actionable, go buy LinkedIn sales navigator and make an excel tracking where everyone from relevant MM banks ended up placing. You’ll see what has happened before which is a path of least resistance. But my hiring situation is a testament to the fact you can accomplish anything because my firm hired me having never hired someone of my type before. Believe in yourself and work hard etc. etc. but it really is true.
Awesome insight, thank you!
Same as well. Would you mind PMing if you feel comfortable?
Your opps will mostly be mid-market PE funds (and generally not upper MM). Lots of shops with funds in the hundreds of millions. As you mentioned, Summit and TA do hire boutique kids, and some from less well known shops than WB or HL.
What are the best MM PE funds in your opinion? Still in a exit op perspective (You mentioned Summit, TA)
There are too many to list. There must be hundred(s) of MM PE firms that would provide a decent experience. Summit and TA may be the most well known names on that list - not sure if that's related to their slightly different approach where associates are helping source deals.
Thank you for your insight!
All of the banks you mentioned routinely place into PE (ie headhunters will reach out to you and if you prepare well there's a very high chance you'll land a PE associate role). Less well-known banks also send analysts to MM and LMM PE firms, particularly if there's a vertical focus. Tech and healthcare come to mind. Keeping the Summit example, there's an associate who joined from a 15-person tech-focused investment bank.
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