Stereotypes for PE associates at each of the megafunds
Any general insight is appreciated, including impressions on background, education, bank and other general observations
Any general insight is appreciated, including impressions on background, education, bank and other general observations
Career Resources
I'm not sure there is going to be much difference among them...
Blackstone: Tired and scared (Because they accidentally spoke during a management meeting and they got an e-mail from their MD "to come by my office ASAP")
Apollo: Tired and angry (Because they are pursuing 14 deals that will never happen and their Principal wants a "quick workup on this PubCo I met")
KKR: Tired and depressed (Because they are in it for the long-haul and are still 14 months away from the Principal promote)
Carlyle: Moderately rested and winning bad deals they thought were crazy competitive auctions that it turns out they were the only real bidder on
TPG: Moderately rested and losing good deals to UMMs that don't need to do diligence to pass their IC
Warburg? Vista?
If we're honest about it, even the senior guys at most PE funds think rather lowly of the associates. While there is a standard path to promotion these days, that's not generally the path they took. All of the most successful PE investors have quite different backgrounds than the associates their more junior partners hire. Even the junior partners tend to have different backgrounds than they're currently searching for.
I think, then, the truth is simple: most people inside the business view PE associates across all firms as hard-working cucks. There is a good reason there is a much lower conversion rate from, say, 'senior associate' to principal these days than there once was. If you want to make money in PE, you can either accept a long-term servitude as a cuck or take some risk like your predecessors did and start a fund of your own. In the event you never make the latter choice, you're a cuck. By the way, for the money a MF might pay you, that's not a bad thing. But if you're consistently too scared to take any entrepreneurial risk yourself, you need to accept that people like me will always look at you as a cuck.
So...
My stereotype of all PE associates across all funds: 90% cucks with maybe 10% something else.
Have never seen the word "cuck" used so much in 2 paragraphs. If anyone was wondering, it was used 4x
In this case, it's le mot juste.
In reality most don't even think about associates, which is arguably worse.
Yes, most people simply do not possess the risk appetite for it. Finance in general is full of risk-adverse people.
M_1 has been here long enough to know--the rest of you are just guessing. No one with any seniority gives a fuck about you guys. We really, really don't. When you leave, there will always be a stream of other little dicks hoping to be big dicks that don't fundamentally understand deal-making or any aspect of the process for closing a deal.
Even the idea that there is a stereotype for associates from various firms is insane. That idea is predicated on the notion that partners at PE funds have a preconceived notion of the personalities of associates based on the funds where they worked. That's not only not true. It's fucking dumb.
If I knew the kid who asked this question, I'd slap him in the face with my cock.
Yes, 100% this.
Some people make it by never taking any risks, but they are in decreasing numbers as the years go on. Got to learn how to bet on yourself.
There may be an element of truth here regarding the way in which senior people view associates, and yes to make the big bucks you need to be in the founding circle of your fund.
It's worth noting however, that most funds (PE and VC) do not make any money, and even most "good" funds generate mediocre returns. The number of quality, high returning PE / VC funds is very, very small.
This.
I'm surprised this is getting such of a positive reception. Most PE associates are kids, just a few years out of college, that are trying to learn the business. Anything transaction based at its core is an apprenticeship business. If you're trying to learn the business, doesn't it stand to reason that the best way to do it is working for the leaders in the industry? From a learning standpoint, what's a better alternative in your mind? You could be the most talented investor, but if you've never negotiated an SPA or financing before, it just doesn't seem realistic to go out on your own.
Imagine being 30+ and using the word ‘cuck’
savage
is this a troll thread or like a serious thread? can't tell
what's with all the negativity? A lot of these associates take on these jobs because of the money they can make, and i believe some do in fact believe the job is interesting. Yea, prestige comes into play for many but it's more than that. Also, these jobs provide a lot of exit opportunity in the form of lateraling or joining new fund, b-school, or other gigs
And I'd like to believe a decent number of associates at these funds, maybe even most, understand the odds are stacked against them. I'd hope most are not that naive to think they have a real clear path at Partner. Note, i said clear path
A 100x this. Yes, it makes sense to start your own "fund" but how do you do that without becoming an associate first at an already established PE firm and getting some experience? I guess you could come in as an associate in a new firm but I'd say your risk/reward is much worse versus coming in a little later.
To all the senior guys on this thread hating on us - things are much more packed in the middle now and we absolutely DO know how difficult it is to make partner.
Exactly. Also, "senior guys" - more like resentful boomers at shitty LMM shops or fundless sponsors lmao. Can't say I've run across many MF partners on WSO come to think of it...
Tl;dr you don’t get rich working for other people.
But don’t you have to become a Partner at a leading MM or larger before anyone LP will hand you a (smaller) check and let you set up shop?
Serious question.
If you find structure and close an LOI on a deal at the right price, the money will come. Do a few of those and you can raise a fund.
Reprehenderit inventore quasi ut alias. Tempora omnis reiciendis dolore dicta corporis aut. Soluta alias et molestias molestiae aperiam et porro.
In ut temporibus quis debitis. Qui dolores consequatur et.
Alias et provident ut iure dolores sunt est. Excepturi nulla voluptates aspernatur incidunt omnis enim sed. Saepe reprehenderit possimus id eaque aut.
Animi vel doloremque quae et. Et enim consequatur molestiae nihil quidem. Ut rem nemo voluptatibus et reprehenderit voluptatem deserunt.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Enim numquam eius officiis quis ut et. Optio et voluptatem et et. Dolores laudantium placeat quis necessitatibus sed non. Esse adipisci eos cum et error omnis ducimus.
Eum ea sunt ut sit hic aut qui reiciendis. Doloribus magnam sit id corrupti aut aperiam. Magnam dignissimos et aut ea nam commodi omnis. Iusto non amet quibusdam. In ut nesciunt sit.
Eaque iure sed accusamus distinctio eius eos et. Dolorem et hic architecto necessitatibus. Tempore ut aliquam necessitatibus quia occaecati. Tenetur et et molestias est. Est officiis excepturi non tempora dolor alias. Voluptas molestiae modi ut voluptas.