WSO - Breaking Into Private Equity

Buyer: Aladar Tepelea (aladar.tepelea@hotmail.
com)
Transaction ID: j-m47ugl692f3dc10
Breaking Into Private Equity

and Venture Capital
How to Land Your Dream Job
2009 Edition
Copyright 2009 by WallStreetOasis.com. All rights reserved.
All information in this guide is subject to change without notice. WallStreetOasis.com makes no claims as to the
accuracy and reliability of this guide and the information contained within. No part of this guide may be
reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without the
express written permission of WallStreetOasis.com
Page 1
Buyer: Aladar Tepelea (aladar.tepelea@hotmail.com)
Testimonials
“This Wall Street Oasis guide offers its readers an accurate and comprehensive road map to a career in
private equity, and I would highly recommend it to all of my candidates.”
- Jill Pierce, Founder, CarterPierce
"Daniel Sheyner has written an extremely comprehensive, accurate, and informative synopsis of the
private equity industry and getting in its iron doors. It's the best report of its kind that I have seen.”
- Jason Kanner, Managing Partner, BSD Associates
“This Wall Street Oasis guide is the most informative I’ve seen for breaking into private equity. There is
an abundance of information in here and, if utilized correctly, should make the task more manageable”
- Michael Geglia, Recruiting Manager, Permanent Solutions Group
“Daniel Sheyner provides a unique and valuable insight into what undergrads need to do to get a job in
these hard to get into fields. This Wall Street Oasis guide is the premiere guide for any undergraduate
looking to break into private equity or venture capital.”
- Wesley Thorne, Ast. Director, Northwestern University Career Counseling
"As a general canvassing of the PE recruiting practices, this Wall Street Oasis guide does an excellent
job of providing high level insight into how principal investment firms time, evaluate, and make offers."
- Nick Medica, Alternative Investments, Forrer & Assc.
"Wall Street Oasis has created a must-read guide for anyone looking to gain an understanding of what it
takes to break into private equity. This is a valuable resource that will undoubtedly help candidates
prepare and execute strategies to secure their dream jobs within the private equity industry."
- Kevin Dailey, Partner, Juno Search
"The Wall Street Oasis private equity & venture capital guide is an excellent overview of how to land
you dream job in private equity. In short, it summarizes what it takes to get your foot in the door."
- Natalie Matushevsky, Managing Consultant, Michael Page Int.
"This Wall Street Oasis guide is a well thought out and comprehensive guide for any professional
considering a career in private equity."
- Robert Zebrowski, Principal, Hammer Haley
Page 2
About the Author
Daniel Sheyner is an investment professional at a technology focused LBO firm,

and is a Wall Street Oasis GMAT instructor for the Boston area. He previously
worked as a consultant with Oliver Wyman, where he focused on the financial,
retail, and aviation practices. He holds BAs in Math Methods in Social Sciences
(MMSS) and Economics from Northwestern University. If you have suggestions or
questions regarding this guide, please write to Daniel at dan@wallstreetoasis.com.
Editors
Ian Blasco, a Partner at Fidelity Equity Partners since 2008, spent ten years with
Bain Capital, where he focused on investments in business services, consumer
retail, media, and information technology. While with Bain Capital, he oversaw
pre-MBA recruiting for three years. Ian holds an MBA from Harvard Business
School and an AB from the Woodrow Wilson School of Public and International
Affairs at Princeton University.
Carlyn Henry, a Managing Director with The Oxbridge Group, has been with the
firm since 2000. She started with the firm's New York office and opened the Los
Angeles office in 2002.
o The Oxbridge Group, founded in 1988, is an executive search firm, which
focuses on placing professionals into principal investing positions with private
equity, hedge fund, and venture capital firms.
Tamara Totah, the Founder of the Flatiron Group, was previously an investment
professional with the Goldman Sachs Private Equity group. Tamara holds an BS
from the Wharton School of Business at the University of Pennsylvania
o The Flatiron Group is an executive search firm, which specializes in placing
investment professionals with private equity, hedge fund, and venture capital firms.
Page 3
Table of Contents
Introduction................................................................................................................... 5
Private Equity Overview

What is Private Equity? ................................................................................................. 6
Firm Types .................................................................................................................... 7
Titles and Roles ............................................................................................................12
Compensation ..............................................................................................................15
Building a Private Equity Background

High School Student ....................................................................................................16
Undergraduate Student .................................................................................................18
Breaking Into Private Equity :

Pre-MBA .....................................................................................................................24
Post-MBA ....................................................................................................................29
Working with Recruiters ..........................................................................................33
Choosing an Offer .....................................................................................................38
Appendix :
300 Largest Private Equity Firms .................................................................................43
Private Equity Recruiter Database ................................................................................48
Additional Resources ...................................................................................................50
Page 4
Introduction
If you were to gather all of the world’s private equity and venture capital professionals in one place, you
would barely have enough people to fill up Madison Square Garden. However, this small group oversees
about $1 trillion dollars of the world’s investable assets and includes about 5% of the world’s
billionaires. Their funds account for about 12% of the world’s total mergers & acquisitions activity, and
the annual revenues of the companies under their influence rival those of the entire Fortune 5001. It is no
wonder that the number of people who try to break into this exclusive fraternity every year dwarfs the
number of available positions many times over.
This guide can help you beat the odds by demystifying the notoriously opaque private equity and
venture capital recruiting process. The key to breaking into private equity is to plan ahead because
private equity recruiting is both highly competitive and formulaic. It can be virtually impossible to break
into this industry without having first accessed the right recruiting channels. Private equity firms are
often very lean, which means that new hires must be able to hit the ground running with minimal
training. The good news is that there are many different paths into private equity from all sorts of
disparate backgrounds if you are willing to be tenacious and plan ahead. This guide can help you make
the right decisions in order to chart your personal course toward you dream job.
This guide answers the following questions:

What do private equity firms do?
How do private equity firms differ, and how do these differences affect their recruiting practices?
What roles are associated with various titles, and what prior experience do they require?
What compensation is typical for various firm types, titles, and years of experience?
What steps should I take to help me break into private equity if I am a:
o High school student?
o Undergraduate student?
o Pre-MBA?
o MBA student?
How do I make effective use of private equity recruiters?
How do I evaluate and compare offers?
What other resources are available to aid my search?
1
Private Equity International; Fortune; Buyouts Magazine
Page 5
Private Equity Overview
WHAT IS PRIVATE EQUITY?

Private equity and venture capital (henceforth referred to collectively as PE) is an industry, which
primarily buys pieces (equity) of companies with the goal of selling this equity some years later at a
profit. The money for these investments comes from a group of investors known as limited partners
(LPs). Typical LPs include endowments, pension funds, sovereign wealth funds, wealthy individuals,
and large corporations. Money from these LPs is pooled into various PE funds, managed by groups of
general partners (GPs) who are co-owners of a PE firm. These PE firms use the money in their
respective funds to make minority or majority investments (deals) in a broad range of public or private
companies in hopes of selling them some years later for large returns. When these investments make a
return, the PE firms return about 80% of it to their LPs and keep the remainder. This remainder, referred
to as carried interest, or carry, is split among the GPs. In addition to this carried interest, LPs also pay an
annual management fee to PE firms, amounting to about 2% of total assets under management (AUM).2
Once a PE firm fully invests one of its funds, it attempts to raise a new fund for further investments.
PE Industry Overview
2% management fee paid to PE firm annually
LPs PE Firm
General Partners
X
& Employees
$ From LPs pooled into funds

Y
Fund Fund Fund

Z
I II III
PE firm uses funds to do deals

Deals
A B C
80% of returns and all principal to 20% of returns to PE firm

LPs
2
20% carry and 2% management fees are industry standards, but can vary from firm to firm and fund to fund
Page 6
FIRM TYPES
There are about 1,450 PE firms in existence3, many of which have different hiring patterns. However,
most of them can be profiled according to where they fall within the following categories:
Deal Stage / Type

The most defining aspects of a PE firm are the stage of a target company’s lifecycle at which it prefers
to make its investments, and the type of investments it prefers to make. The most common investment
stages and types are illustrated below. Keep in mind that many PE firms routinely make investments
across multiple deal stages and types.
PE Deal Types by Stage and Complexity

Higher
A purchase of a
struggling
Distressed company or
division, often
Buyout involving intense
negotiations with
A buyout of a creditors and the
private company, prospect of
involving the use Take bankruptcy
of leverage
Private
A full buyout of a public
A buyout of a private
company, often involving
company, often
the use of leverage, and
involving changes to
Divestiture negotiations with various
company management
equity holders
Leveraged
Deal Complexity
Buyout
A purchase of a division
A minority A minority of a public company,
investment in a investment in often involving the use
high growth Private of leverage, and a lot of
a high growth
potential company potential Investment pro-forma accounting
Growth
before it is company with in Public
generating less than $5
Buyout
Equity
significant revenue million in
(typically done by (PIPE)
revenue
individual Angel
investors rather
than PE firms) Growth
Equity A minority A minority investment in a
investment in a publicly traded company,
Venture high-growth usually via the purchase of
private common or preferred equity
Seed company
Angel A minority investment in

a high growth potential
Lower
company with at least $5

million in revenue
Startup (Early Stage) Growth (Mid Stage) Public (Late Stage)

Target Company Stage
3
Buyouts Magazine
Page 7
Impact on recruiting: In general, later-stage deals tend to be more complicated than earlier-stage deals
and require more technical knowledge of financial modeling, accounting, and legal issues. Buyout deals
are more complicated than minority investments because they trigger change-of-control clauses and are
more likely to result in a change in management. Leveraged deals are yet more complicated because
they require the involvement of lenders. Deals involving public companies are further complicated by
the involvement of regulators and the need to win shareholder approval. Distressed deals often involve
bankruptcy and negotiations with the company’s creditors. Most PE firms are too lean to train new
employees, so they hire people with experience in their preferred deal types. For example Leveraged
Buyout (LBO) firms usually hire associates with LBO modeling expertise, whereas early stage / venture
firms usually hire associates with industry experience and engineering or tech-related degrees.
Size
Perhaps the second most defining aspect of a PE firm is its total AUM. The more money that a PE firm
has to invest, the more total carried interest and management fees it receives. Larger PE firms tend to
have more investment professionals (IPs) in order to make more and larger investments then smaller PE
firms. There is no universal way to segment PE firms by size, but one common way is as follows4:
Funds Raised Estimated Funds Raised Estimated

Late Early
2004 - 2009 # in 2004 - 2009 # in
Stage Stage
($mm) Existence ($mm) Existence
Mega >20,000 11 Mega >2,000 5
Large 5,000 - 20,000 52 Large 500 - 2,000 ~ 45
Middle 500 - 5,000 ~ 240 Middle 100 - 500 ~ 300
Small <500 ~ 350 Small <100 ~ 450
Impact on recruiting: Larger PE firms tend to be more selective and to pay their employees more, so
their hiring tends to be more selective. Larger firms also tend to make offers earlier in the recruiting
cycle. In addition, larger firms tend to focus on larger and later-stage deals. Large & late-stage deals
are typically more complicated and require more financial modeling, accounting, and legal expertise.
Therefore, larger PE firms tend to hire candidates with experience in executing large deals. This
tendency biases them toward analysts from large investment banks and elite consulting firms. One
exception to this rule is that some large and mega PE firms have sufficient scale to justify hiring
analysts directly out of elite undergraduate programs because they can afford to invest in training them
from the ground up.
4
Private Equity International
Page 8
Driver of Returns
PE firms have various methods for generating returns from their investments. Most firms have one or
two preferred methods, but they may use others from time to time as well. The following are some of the
most common methods that PE firms employ to drive returns:
Pick a home run: This method involves making a lot of small investments in various start-ups with
high growth potential, and hoping that one of them is the next breakout sensation like Google or
Facebook. PE firms which favor this method are often referred to as “early stage” or “venture
capital” firms.
Pick steady growers: This method involves making several minority or majority investments in
profitable, growing companies, and hoping that most of them grow steadily over the next few years.
PE firms which favor this method are often referred to as “mid stage” or “growth equity” firms.
Pay down leverage: This method involves buying a leveraged controlling stake in a profitable
company and using its free cash flow to pay down the debt. PE firms which favor this method are
often referred to as “late stage” or “buyout” firms.
Turn-around: This method involves the purchase of a struggling entity, which may be on the verge
of bankruptcy, for a very low price. The goal is to avoid bankruptcy, usually by cutting costs or
winning concessions from creditors, and to manage the company back to profitability. PE firms that
favor this method are often referred to as “distressed” or “special situations” buyout firms.
Roll-up: This method involves acquiring a “platform” company and then making add-on
acquisitions to make the platform larger and more valuable. This method is frequently employed by
buyout firms, some of which specialize in it.
Improve management: This method involves replacing under-performing management or
augmenting existing management. Late stage and buyout firms often employ this method.
Improve operations: This method involves helping the company increase revenue or cut costs by
actively aiding management. This aid can take the form of board-level guidance, facilitation of
strategic connections, and operations-level analytical assistance. This method is used to varying
degrees by all types of PE firms. Firms that emphasize this method are referred to as “operations
focused”, whereas firms that prefer not to get involved in operations are known as pure “financial
investors”.
Page 9
Impact on recruiting: PE firms recruit professionals with backgrounds which are consistent with the
methods they favor for driving returns. For example, turn-around specialists need professionals with
experience in restructuring, bankruptcy, and creditor negotiations, so they favor candidates from
restructuring groups and candidates with corporate lending experience. Leveraged buyout firms prefer
candidates from leveraged finance and M&A groups. Growth equity and early stage firms sometimes
prefer candidates who have a wide range of industry experience and know a lot about emerging
companies and trends. Firms which do a lot of roll-ups prefer candidates with post-merger integration
experience. Firms which like to be heavily involved in operations and management improvement may be
more open to candidates with management consulting experience.
Sector Focus
PE firms often focus on particular industry sectors. Some common sectors are:
Business products & services
Consumer products & services
Financial services
Energy
Healthcare
Information technology
Manufacturing
Media & telecommunications
Software
Infrastructure
Aerospace & defense
Impact on recruiting: PE firms prefer candidates that have experience in the sectors they focus on. This
is especially true with early stage firms and firms which focus on a particular niche industry. PE job
postings often explicitly require prior experience in the firm’s preferred sectors. For investment
bankers, this means that you are more likely to get a job at a PE fund which focuses on a sector in which
you have done deals. Consultants and other professionals should also understand that it is much easier
for them to get a job with a PE firm which specializes in a sector in which they have significant
experience, especially if that experience is transactional in nature, such as M&A advisory or due
diligence.
Page 10
Geographic Focus
PE firms usually invest in specific geographies, which usually correspond to where these PE firms are
headquartered or have offices. The most common geographies in order of decreasing deal activity are:
USA & Canada
Europe
Asia & Pacific
Latin America
Middle East & Africa
Impact on recruiting: PE firms may prefer candidates who are familiar with their preferred
geographies. They may also prefer certain citizenships and language skills. PE job postings often
require that a candidate can demonstrate ties to a particular region. There may be two reasons for this
requirement. The first reason is that a candidate might need to have a certain citizenship or to speak a
certain language in order to work in a particular geography. The second reason is that PE firms in less
desirable locations want to make sure their new hire is in it for the long run. The most desirable, and
therefore the most competitive, locations tend to be financial centers such as New York, San Francisco,
Chicago, Boston, Dallas, London, Paris, Dubai, Hong Kong, and Tokyo. These cities represent about
half of all PE activity in the world. If you have trouble breaking into PE in one of these cities, you might
consider focusing on less competitive locations, especially ones to which you can demonstrate ties.
Deal Sourcing
PE firms have many different ways of finding deals. However, for the purposes of recruiting, the most
important distinction is whether a PE firm has a proactive or reactive model. Proactive firms rely on
junior staff to generate deal flow via cold-calling and networking, while reactive firms rely more on
financial intermediaries such as investment banks to pitch deals. Proactive sourcing associates are still
considered investment professionals because they usually help execute the deals which they source.
Impact on recruiting: Junior investment professionals such as analysts and associates at PE firms with
reactive sourcing models spend most of their time on deal support and due diligence. Therefore, it is
important that they have a lot of transactional experience, including modeling, research, and due
diligence. These skills are most often developed by investment bankers, and M&A consultants. There is
typically more room for entry by non-traditional candidates into proactive sourcing roles because there
is less emphasis on financial modeling and transactional experience.
Page 11
TITLES AND ROLES

Titles and the roles associated with them vary considerably between different PE firms. The following
are the most common titles, and the roles and qualifications typically associated with them:
Analyst
Role: Most PE firms don’t use the analyst title. Analysts at PE firms typically fall into one of two
categories: deal sourcing and deal support. Some large PE firms with proactive sourcing models hire
analysts to generate deal flow through cold-calling company CEOs. Other large firms with reactive
sourcing models hire analysts to work exclusively on deal support such as financial modeling, due
diligence, and industry research. Most analysts are hired for a 2 – 3 year program, after which they
are expected to attend a top tier business school in order to advance further. However, some PE
firms do promote analysts to associates without an MBA. Due to the lack of standardization of titles
between PE firms, some firms label associate-level positions as analysts, or vice versa.
Prior experience: Most analysts are hired directly out of top tier undergraduate schools, while some
may have 1 – 2 years of experience in various analyst programs such as banking or consulting.
Technical skills: Since most analysts, as defined here, are hired directly out of undergraduate
programs, there is less focus on technical skills upon initial hire. Analyst recruiters typically look for
candidates with a strong quantitative academic background (mathematics, finance, economics,
engineering, accounting, physics, etc.) and a demonstrated interest in finance (prior internships,
finance clubs, etc.). Specific financial and technical skills are learned during a formal training
program or on-the-job.
Associate
Role: Associates are the most junior investment professionals at most PE firms. At firms with a
proactive sourcing model, their role is often heavily focused on finding deals by researching
attractive industry sectors, cold-calling CEOs of potential target firms, and attending industry
conferences. At firms with a reactive sourcing model, associates typically focus on helping to model
potential deals, conducting due diligence, and assisting with portfolio company management. Many
PE firms hire associates for 2 – 3 year programs, after which they are expected to attend a top tier
business schools in order to advance further. However, some PE firms do promote associates without
an MBA.
Page 12
Prior experience: Most associates are hired after completing a traditional 2 – 3 year analyst
program at an investment bank or top tier management consulting company. A small percentage of
associates are hired after 2 or more years with a less traditional program or employer.
Technical skills: Associates often do the majority of the technical tasks at a PE firm. Required skills
for associates vary somewhat from firm to firm, but some of the most common are:
o LBO & cash flow modeling
o Acquisition due diligence
o Acquisition accounting
o Analysis of financial statements
o Industry & market research
o Expertise with Excel, PowerPoint, and other common tools such as CapitalIQ
Senior Associate
Role: Senior associates typically oversee the work of associates and play a larger role in the
selection and negotiation of deals.
Prior experience: Senior associates are typically hired directly out of top tier business schools,
often after having completed a summer internship with a PE firm between their first and second
year. Most senior associates have investment banking or consulting backgrounds prior to business
school and most also have some pre-MBA PE experience. Some PE funds, however, promote senior
associates directly from their associate ranks without an MBA.
Technical skills: Senior associates are typically required to have all of the skills of an associate,
along with a deeper understanding of the PE investment process that comes with more experience.
Vice President / Principal

Role: Vice presidents and / or principals typically manage all of the day-to-day activities of deal
teams and work closely with partners on deal strategy and negotiation. They are also often asked to
generate investment ideas and lead the more junior staff in pursuing these ideas. Due to the lack of
standardization of titles between PE firms, there is some confusion between the vice president and
principal titles. In many cases a PE firm use only one of these titles, but in cases where both are
used, the principal is almost always more senior.
Prior experience: Vice presidents and principals typically have at least 3 – 4 years of post-MBA PE
experience. Some Vice presidents and principals have 5 – 8 years of total PE experience without an
MBA.
Page 13
Technical skills: VPs and Principals are typically required to be at least very familiar with the
associate / sr. associate skill set, but this is no longer their focus. They must understand all of the
relevant financial, legal, and accounting principles, but they are typically directing and supervising
the technical work of associates rather than doing it personally.
Partner / Managing Director

Role: Partners are typically the most senior members of a PE firm, except in cases where the general
or managing partner titles are also used, which are typically even more senior.
Prior experience: Those who have been promoted to partner from vice president or principal
typically have at least 8 years of post-MBA PE experience. However, some partners may have less
PE experience if they were hired by a PE firm at the partner level due to some special industry
expertise or connections.
Technical skills: Partners typically do little technical work and focus more on deal origination,
negotiations, and strategic decision making.
Non Investment Professionals

Most common non IP positions are listed below. It can be difficult to move from a non IP role to an IP
role because IP roles are typically more competitive and require specialized skills. Keep this in mind if
you try to get your foot in the door through via a role in finance, operations, or business development.
Administrative support: Schedules, copies, coffee, etc.
Business development: Focus on generating deal flow
Executive in residence (EIR): Typically an ex entrepreneur or executive who provides industry
expertise and sometimes takes over as CEO of a new acquisition (also known as operating partner)
Executive recruiting: Focus on recruiting C-level executives to manage portfolio companies
Finance: Focus on fund accounting and financial reporting
Human resources: Hiring, firing, payroll, benefits, etc.
Legal: Focus on legal advice and negotiations of contracts
Marketing: Focus on brand-building and fundraising
Operations: Focus on improving operational performance of portfolio companies
Page 14
COMPENSATION
PE compensation for investment professionals is typically composed of a base salary, an annual bonus,
and a percentage of realized investment profits called carried interest. The sum of the base salary and the
annual bonus are referred to as cash compensation. Larger PE firms tend to pay higher cash
compensation because they tend to generate more management fee revenue per investment professional.
Trends in PE compensation depend heavily on the industry’s ability to raise capital and on compensation
levels at investment banks and hedge funds, which compete with PE for labor. Prior to the ongoing
credit crunch, PE compensation had been steadily climbing due to record-setting fundraising levels and
rising compensation at investment banks and hedge funds. The ongoing credit crunch and economic
downturn have dampened PE fundraising. Investment banking compensation has taken a well publicized
fall. Therefore, it is likely that PE compensation will also be somewhat depressed for the duration of this
recession, and perhaps thereafter. The following compensation data provides a guideline for how much
compensation you can expect at the average PE fund, excluding carried interest, which can comprise the
bulk of overall compensation at more senior levels, but is less common at the analyst & associate level.
Average PE Cash Compensation (2008)5
$800K Average Base Salary

713
$700K
Average Bonus
$600K
$500K
400
$400K 360
313
$300K 258
$200K 183 181179

140 140118
102 81
$100K 77 63
$0K
Analyst Associate Sr. Associate VP / Principal Partner
5
WallStreetOasis.com Private Equity Compensation Data
Note: This data averages across years of tenure and firm stages and sizes; Cash compensation tends to increase with firm size
and years of tenure; Cash compensation also tends to be higher at later stage firms than earlier stage firms
Page 15
Building a Private Equity Background
The single best thing that you can do to increase your odds of breaking into PE is plan ahead. If you get
yourself on the “right track” as early as possible your odds increase dramatically. This section is broken
down by the stage of your education or career to help you figure out your most direct path into PE.
HIGH SCHOOL STUDENT

Is it crazy to worry about what steps you need to take in order to break into PE while you are still at least
5 – 8 years way from a likely entry point? Perhaps it is. However, since breaking into PE takes long-
term planning, you might as well have the right information as early as possible. Think about it: there
are far more professional athletes in the world than there are PE professionals, and many of them begin
to plan for their future career before they’re in high school. The following accomplishments can
dramatically increase your odds of eventually breaking into PE, as well a host of other attractive careers,
such as investment banking and management consulting:
1. Get into a target school: The most direct path into PE out of undergrad is via an analyst program
with a top investment bank or consulting firm. These programs are often as selective as PE itself.
They typically select most of their hires from a few select target institutions where they do on
campus recruiting (OCR). It can be difficult to get into one of these programs if you attend a non
target college. Before making a final decision on where you go to school, you may wish to ask each
school’s career center to provide you with a list of which analyst programs typically do OCR and
how many graduates usually make it into these programs. You can get into a top tier analyst program
coming out of a non target school, but you will face longer odds and have to do more legwork.
o Caveat: Some people believe that doing an undergraduate business program such as the ones
at U. Penn and U. Michigan is the surest way to get into a top analyst program. Such
programs do matriculate many graduates into top analyst programs, but they are no better in
this regard than many other quantitative programs at other target schools.
o Caveat: Most top analyst programs recruit candidates for multiple national and international
offices. Many regional offices focus on target schools in their vicinity. You may find it easier
to get an offer for your preferred location if you attend a target school in its vicinity. For
example, the same consulting firm may recruit most of its NYC analysts from Columbia and
Princeton, most of its San Francisco analysts from Stanford, and most of its Chicago analysts
from Northwestern and U. Chicago.
Page 16
2. Ace the SATs: Believe it or not, your SAT score remains relevant after you’re accepted to college.
Many analyst programs encourage, and some even require, that you list your SAT scores (or
equivalents) on your resume. As a rough guide, a combined math and verbal score above 1400 can
help you, while a combined math and verbal score below 1300 may hurt you.
Top Target Schools6

The following undergraduate programs are known for attracting top tier investment banking and
consulting analyst programs to recruit students on campus, and for consistently placing at least a few
alumni into these programs each year. These rankings should be seen as approximate and may not
include all undergraduate programs which consistently place alumni into top tier programs.
Target Strength Schools

Super Target U. Penn, Harvard, Princeton, Yale, Stanford
Strong Target Columbia, U. Chicago, Duke, Northwestern, MIT,
Dartmouth, Brown, Cornell
Semi Target U. Michigan, Berkeley, NYU, Notre Dame, UVA,
Georgetown, UCLA, Amherst, Williams, Johns
Hopkins, Washington U., U. Texas, Emory,
Wellesley
Notable Internationals LSE, Oxford, Cambridge, McGill
6
Blend of rankings from PEdatabase, Bankersball.com, WallStreetOasis.com, and US News & World Report
Note: These rankings may not list all target schools
Page 17
UNDERGRADUATE STUDENT
The most common path into PE out of undergrad is via an analyst program at a top tier investment bank
or consulting firm. In a typical year, such programs hire only a few thousand undergrads in the United
States. Hundreds of candidates often submit a resume for each available spot, and many qualified
candidates have trouble getting so much as an interview. Consequently, the most crucial step in landing
on of these spots is building a resume that is appealing to analyst program recruiters. The following
guidelines can help you become a more attractive candidate to these recruiters:
Academics: Candidates with proven quantitative skills are preferred because analyst programs often
involve a lot of quantitative and financial analysis. Examples of preferred majors include finance,
economics, engineering (especially industrial), physics, math, computer science, etc.
o Caveat: Whatever your choice of major, it is essential that you maintain a high GPA,
because top analyst programs often have GPA minimums for granting interviews. One
common minimum is a GPA of 3.5 out of 4.0. As a general rule, choose the most highly
quantitative major in which you can easily keep you GPA above this minimum.
o Caveat: Many candidates do get analyst program interviews without quantitative majors and
/ or lower GPAs, but they usually have to find other ways to signal their quantitative aptitude,
or make up for it with stellar work experience and extra curricular activities.
Extra curricular activities: Recruiters prize leadership qualities because leaders are often high
achievers who are driven to excel, and these qualities are seen as essential by recruiters. You can
increase your odds of getting interviews if you can list several high-profile leadership positions in
such organizations as student government, athletic teams, community service groups, fraternities &
sororities, financial clubs, etc. Attaining leadership positions in one or two high profile organizations
helps you more than simply being a member of a dozen groups. In addition, recruiters prefer
candidates who have a demonstrated interest in business & finance. You can demonstrate this
interest by founding, or being active in applicable organizations. Examples of such organizations
include investment clubs, consulting clubs, and business fraternities.
o Caveat: Recent graduates of your school, now working for you intended employer, are
frequently the first to screen resumes. They likely still have friends on campus, so be careful
not to earn a reputation as a shameless resume builder. Also be careful not to make a position
sound much more significant than it really was.
Page 18
Work experience: Analyst programs prefer candidates with applicable job experience. Summer
internships and part-time jobs are a great way to showcase your abilities, and display your interest in
business. Seek out jobs where you can learn the basics of finance, research, business, accounting,
and economics. It is especially helpful if your jobs permit you to demonstrate quantitative abilities,
independent thinking, and teamwork. It may also be helpful if you work experience allows you to
learn to use PowerPoint and Excel, both of which are ubiquitous throughout investment banking and
consulting. Many consulting companies and investment banks offer summer internships for
undergrads between their junior and senior years. Landing one of these internships can be extremely
helpful because analyst programs often extend full-time offers to top performing summer interns. In
addition, a summer internship in investment banking or consulting greatly enhances your odds of
getting interviews, during your senior year, for full time post graduation positions in these industries.
Sample Resume Scoring Template

Top analyst programs often get hundreds of resume applications for each position. Interviews are often
conducted by each firm’s professionals, who are busy, so there is no way to interview every candidate.
Recruiters often select which candidates to interview via a set of screening guidelines. One such set of
guidelines, from a top tier consulting company, is shown below. In order to have a chance for an
interview, resumes have to score a weighted minimum of 3.5 according to this template:
Sample top tier consulting firm resume screening template

Academics (35% weighting) Experience (30% weighting) Other (35% weighting)
5 out of 5 5 out of 5 5 out of 5
• “A” level GPA • Prior internship in consulting, • Elected role in important group,
• Challenging quantitative major investment banking, or another with evidence of large contribution
• Many academic honors demanding organization • Or, founder of significant group,
• Exceptional quantitative record • Evidence of team working ability with evidence of large contribution
• 1500+ combined math/verbal SAT and excellent performance • Involved in 2+ other groups

• “B” level GPA • Significant work experience in a • Significant contribution to one or
• Challenging major reputable business or academic more major campus organization
• Some academic honors environment • Involved an off campus group
• Good quantitative record • Some evidence of commendable • Some language and or applicable
• 1350+ combined math/verbal SAT performance software skills

• “C” level GPA • Little applicable work experience • Little outside involvement or
• Easy major interests
• No academic honors • No significant software or
• Poor quantitative record language skills
• <1200 combined math/verbal SAT
Page 19
Recruiting Cycle
The analyst program recruiting cycle is driven by the firms’ competition for talent, as well as the school
calendars of the elite undergraduate universities, from which these programs select most of their
candidates. Since the school year typically ends in the spring, the start date for most internships is in
June, and most full time programs start in mid summer or early fall. Top tier firms want to have their
pick of the elite candidates, so they kick off recruiting for full time positions around October and
November of the candidates’ senior year. Mid tier firms’ recruiting often overlaps the top tier firms, or
follows soon thereafter. Some firms also recruit undergraduate juniors (and occasionally sophomores)
for summer internships around January and February. Such internships tend to be offered by the larger
and more prestigious firms because they have the scale to consistently find work for interns and use the
internship programs to audition and recruit the best talent for full time positions. A small number of full
time positions are also occasionally filled off-cycle on and ad-hoc, “as needed” basis throughout the
course of the year.
Typical Analyst Program Recruiting Cycle

On-cycle Summer Internship
Recruiting Begins
Most On-cycle
Full Time
Most On-cycle
Offers Made
Dec Jan Summer Internship
Offers Made
Nov
Feb
Off-cycle full time
recruiting occurs
Oct year-round
Mar
On-Cycle Full Sept

Time Recruiting
Begins Apr
Aug
May
Jul Jun
On-Cycle
On-cycle Summer
Full Time
Internship Start Date
Start Date
Page 20
On Campus Recruiting
Students at target schools have a tremendous advantage because some PE firms and many analyst
programs, that are feeders into PE, recruit candidates every year through on campus recruiting. If you
are a student at a target school, you should talk to a counselor at your career counseling office as soon as
possible and find out which firms typically recruit at your school. You should also find out the timing of
their recruiting process, whether any of them recruit for summer internships, and what criteria
candidates typically have to meet in order to get interviews. Your career counseling office also probably
has a schedule of events such as career fairs and information sessions, which are sponsored and attended
by top firms and analyst programs. It is highly recommended that you attend these events in order to
find out more information about your target firms and meet some of their recruiters. When you attend
these events follow these guidelines:
Wear a suit, unless expressly told not to by an event coordinator.
Peruse the websites of attending firms so that when you talk to the recruiters you can ask insightful
questions which demonstrate your interest in their firm.
Have copies of your resume on hand, but never force a recruiter to read it or take it unless they
proactively ask to do so.
Many firms actively collect the resumes and names of all students who visit their information
sessions and career fair booths. Some firms interpret consistent attendance of their events as interest
in their firm. Demonstrated interest may occasionally influence which candidates are selected for
interviews.
Politely ask every recruiter you meet for a business card and email them a very brief thank you note
the following day. If they respond, it is also ok to ask a few simple follow-up questions about their
firm to further demonstrate your interest.
Treat everyone you meet as if they have sole discretion over the recruiting process.
The recruiters you meet may or may not have some discretion over which candidates ultimately get
interviews and job offers. Some recruiters who attend campus events are later charged with
screening resumes and conducting interviews. In some cases, recruiters may make a note of
candidates who make either an exceptionally favorable or unfavorable impression in person. These
notes can sometimes influence whether the candidate is selected for an interview. Keep this
possibility in mind at all times when you are in the presence of recruiters and other employees.
Page 21
Non OCR Recruiting

It is difficult to get interviews for top tier analyst programs which do not recruit on your campus. Most
firms allow non target school candidates to submit applications via their website, but such applications
face long odds because there are usually many times more qualified applicants than available interview
spots. A referral from a current employee greatly increases your odds at an interview. Non OCR
opportunities also arise occasionally when analyst programs recruit off-cycle. These opportunities arise
when fewer analysts from target schools accept offers than expected, when analysts leave the program
unexpectedly, and when a firm has an unexpected surge of work to do. This off-cycle recruiting is often
open to non target candidates and horizontal transfers from other firms. Persistence, vigilance, personal
connections, and networking skills often determine the outcome of non OCR recruiting attempts.
Choosing an Offer
The following general guidelines and rankings can help you determine which jobs are most likely to
give you the most exit opportunities into PE:
Investment banking, all else being equal, offers the best exit opportunities into PE because it teaches
the most common PE skills and provides exposure to the most PE firms.
Within investment banking, the groups with the most exit opportunities into PE are transaction-
oriented groups such as M&A, leveraged finance, and financial sponsors. The same principal is also
true within other professional services firms such as consulting and accounting. Due diligence,
financial services, private equity, M&A advisory, valuation, and corporate finance are all examples
of groups & practices which offer the best exit opportunities into PE.
PE firms are increasingly hiring management consultants, but they still make up only 10 – 20% of
PE professionals, and a large percentage of them come from McKinsey, BCG, and Bain.
Size and prestige matter. Larger firms tend to have more exit opportunities into PE than smaller
firms. However, a firm’s prestige often trumps size. For example, many people feel that BCG offers
better exit opportunities into PE than Accenture, and Lazard offers better exit opportunities into PE
than Banc of America.
The size, industry, type, and geography of the deals you work on strongly affect your exit options
into PE. A PE firm is much more likely to take interest in your resume if you can cite transactions
that you worked on that are similar to the PE firm’s investment mandate.
The following table shows the types of firms that often provide exit opportunities into PE, and some
guidelines about the kinds of exit opportunities they provide:
Page 22
Firm Type Sample Firms7 Typical PE Exit Opportunities

Large Goldman, Morgan Candidates who work in M&A, financial sponsors, and leveraged
Investment Stanley, UBS, JP finance groups at these firms are actively recruited by all kinds of
Bank Morgan, Citi, PE firms early in the recruiting cycle. There is, however, significant
HSBC, Credit difference in the relative prestige and geographical footprint of the
Suisse, Deutsche firms in this group. These differences affect the caliber and
Bank, Barcap, geographic distribution of the PE firms which most heavily recruit
RBS, BofA, etc. at these banks.
Elite Lazard, Moelis, Candidates who work in restructuring practices of these firms are
Boutique Evercore, PWP, heavily recruited by distressed buyout firms. They are also
Bank Centerview, competitive with bulge bracket bankers for most other PE
Greenhill, etc. opportunities, except perhaps with mega buyout funds.
Tier I McKinsey, BCG, Candidates from these firms are actively recruited by most types of
Consulting Bain PE firms, especially if these candidates work in a financial or
Firm private equity practice. Most mega funds still prefer investment
bankers, but some operationally minded firms prefer consultants.
Middle Houlihan Lokey, Candidates from these firms are heavily recruited by many PE
Market William Blair, firms, especially middle market firms. However, mega funds
Bank Harris Williams, typically don’t recruit here and large funds do so less frequently.
Baird, Rothschild, Candidates from these firms may need to rely more on the PE firms
Sandler O’Neill, which do a lot of business with their bank. Recruiting at these firms
Piper Jaffray, etc. usually happens later in the cycle than at bulge bracket banks.
Tier II Monitor Group, Active PE recruiting at these firms is present, but inconsistent.
Consulting Oliver Wyman, Consultants from this group are eligible for many of the same
Firm Booz & Co. opportunities as their peers at Tier I consulting firms, but they
usually have to work a little harder. These candidates may have to
reach out to recruiters more proactively and sell their interest in and
qualifications for PE more aggressively.
Elite LEK, Parthenon, Candidates from these firms have skills that are similar to their
Boutique OC&C, NERA, peers at Tier I & II consulting firms, but their firms’ brands are less
Consulting Katzenbach, widely recognized. Candidates from these firms typically have to
Firm Roland Berger, reach out to recruiters aggressively and work hard to sell them on
Cambridge their qualifications. It may be necessary for these candidates to have
Associates, etc. worked on PE or finance-related cases in order to have a chance.
Tier I PWC, E&Y, Candidates from this pool are much more likely to be recruited for
Accounting Deloitte, KPMG, finance roles rather than investment roles. Their best chance is to
Firm Grant Thornton, work in an M&A-related group and to proactively target PE firms
BDO, etc. which have hired accountants for investment roles in the past.
Large IT / Deloitte, AT These firms’ large size belies their weakness in PE recruiting. Very
Ops Kearney, IBM, few PE funds recruit them actively. Candidates from this pool must
Consulting Accenture, etc. aggressively network and reach out to recruiters. Their options may
Firm be limited to early stage and tech focused PE funds.
Other Corporate M&A, These candidates are almost never actively recruited. It’s possible
Finance insurance, equity for them to break directly into PE, but it usually takes a ton of
and M&A- research, ratings networking, persistence, and luck. The best bet for these candidates
Related agency, retail is usually to access a more traditional pre-MBA recruiting channel
banking, etc. such as investment banking or consulting before breaking into PE.
7
Samples are based on the number each firm’s alumni in PE and on prestige rankings; Samples may not be exhaustive
Page 23
Breaking into Private Equity
PRE-MBA
The most common entry point into PE is the pre-MBA associate position. This position is generally
offered as 2 – 3 year program, after which, the associate typically moves on to business school or a
different firm. Some PE firms, however, allow exceptional pre-MBA associates to advance further up
the ladder without an MBA. Most new pre-MBA associates are graduates of elite undergraduate
programs and have 1 – 3 years of work experience at a top tier investment bank or consulting company.
Roughly 75% of new pre-MBA associates have an investment banking background and roughly 15%
have a consulting background, leaving only about 10% for all other backgrounds combined.
Recruiting Cycle
The pre-MBA recruiting cycle is driven by PE firms’ competition for top tier talent, as well as the
recruiting cycle of the analyst programs from which PE firms select most of their candidates. Most
analyst programs conclude in late spring or summer, so most on-cycle pre-MBA PE associate programs
have start dates in the summer or early fall. The timing of when on-cycle offers are made partially
depends on how active and healthy the PE industry is in a given year. When PE deal making activity is
high, and fundraising is strong, PE firms are usually anxious to grow, so they compete for the best
candidates earlier in the cycle. On the other hand, when deal making activity is low, or fundraising is
weak, PE firms are cautious about making new hires and make on-cycle offers later in the year. For
example, during the peak year of 2007 some firms made on-cycle offers in April (16 months prior to
start), whereas during the ongoing credit crunch few on-cycle offers are being made prior to July.
On-cycle PE recruiting typically occurs in three stages. During the first stage, the mega and large buyout
firms compete over top ranked analysts at the most prestigious investment banks. Such firms often
proactively reach out to managing directors at top tier banks and inquire about recruiting their top
ranked analysts. The banks are often receptive to these requests because having alumni at top buyout
firms increases their prestige and helps ensure that they maintain a close relationship with the buyout
firms, which often pay them large fees for arranging deals. In addition to contacting managing directors,
some PE firms also reach out to targeted candidates directly via recruiters and headhunters. Candidates
who are eligible for this stage are usually aware of it because they are being proactively recruited as
early as half way through the first year of their analyst program.
Page 24
The second stage is when the majority of middle market firms make their on-cycle offers. The duration
of this stage varies considerably because there are more middle market PE firms than large ones. During
this stage, offers may be made anywhere from late summer all the way through the winter. As with the
first stage, PE firms and their recruiters actively reach out to their top candidates. However, this stage
allows for a greater range of candidates to break into the process because smaller firms are more open to
candidates of various backgrounds. During this stage, many candidates from lower profile programs and
non traditional backgrounds are able to break into PE alongside the more traditional candidates.
The third stage occurs in the spring, when many early stage firms do their recruiting. Such firms are
often most open to candidates with non traditional backgrounds, so their candidate pool is much larger
and they don’t need to lock them up a year in advance.
Typical Pre-MBA Recruiting Cycle8
Dec Jan Most Early

Most Middle Stage Firms
Market Firms Nov Have Begun
Have Made On- On-cycle
cycle Offers
Feb
Recruiting
Off-cycle full time
recruiting occurs
Oct year-round
Mar
Sept
Apr
Most Early Stage

Most Middle Market Firms Aug Firms Have Made
Have Begun On-cycle On-cycle Offers
Recruiting May
Jul Jun
Most Large and Mega Firms
Have Made On-cycle Offers
Most Large and Mega Firms Have On-cycle Start Dates

Begun On-cycle Recruiting
8
The pre-MBA recruiting cycle typically begins a few month earlier when the PE industry is doing particularly well, and a
few months later when the PE industry is struggling
Page 25
Investment Bankers
Investment banking analysts, especially in M&A-related groups at well known banks are the most
heavily recruited pool of PE candidates. However, unless you are a star analyst at a premier bank, a job
in PE is by no means guaranteed for you. Whether you are star candidate or not, there are still several
things you can do to increase your odds of getting the position you want most:
Impress your MD: It should go without saying that impressing your supervisor has a great deal of
influence over your marketability, not only for PE, but also for most other opportunities. Most PE
recruiters will at least ask to speak with your MD as a reference. Some recruiters may even contact
your MD before they decide who to interview, in order to identify the firm’s star analysts with
interest in PE.
Position yourself: The industries you work on and the types of deals you work on affect your
marketability to various PE firms. If you have a list of target firms in mind, then you should try to
find out what kind of deals they typically do, and try to work on as many similar deals as possible.
Get your name out early: Even if you expect to be contacted by recruiters at some point, you may
want to consider reaching out to them early to put yourself on their radar screen. If you have a close
relationship with your supervisors, it may be a good idea to make them aware of your interest in PE
early on. It’s possible that they can help you work on roles which bolster your PE credentials. Many
MDs fully expect most of their analysts to pursue opportunities outside of banking after the
completion of their program. Many banks are actually anxious to place their analysts into top tier PE
firms because it increases their prestige and builds closer ties to the PE firms, which can be a big
source of investment banking fees. You should, however, be extremely careful never to give the
impression that you’re not fully committed to you job, or see it primarily as a stepping stone.
Develop your investment judgment: Many banking analysts are so focused on meeting their insane
deadlines that they never take the time to consider the merits of a deal they’re working on. While PE
associates are still expected to build models and crank out presentations, they are also often asked to
exercise their investment judgment. When you are working on a model or a pitch book, ask yourself
why the deal makes sense and what the major risks are, because you are likely to be asked these
questions during PE interviews. You can distinguish yourself if you can give thoughtful answers.
Don’t be afraid to further develop your investment judgment by discussing the reasons behind
various deals and decisions with your supervisors.
Page 26
Management Consultants
Although PE is still heavily dominated by former investment bankers, the percentage of consultants in
the industry has been rising steadily for many years. As more PE firms are choosing to take an active
role in the management of their portfolio companies, more PE associate positions are opening for
candidates with a management consulting background. An increasing number of PE firms are hiring one
or two consultants for every few investment bankers to help round out their team’s overall skill set. A
small number of PE firms actually make most of their associate hires from consulting programs. Most
such firms are relatively small or mid-sized. With the exception of Bain Capital, large and mega sized
PE firms focus almost exclusively on ex bankers (at least for investment professional positions) because
their deals usually involve a lot of financial engineering. A consultant’s best chance for breaking into PE
is to target firms which routinely hire consultants. Consultants should, of course, pay particular attention
to PE firms which have hired alumni of their firm in the past. The following are some factors that may
make a PE firm more likely to hire a consultant for a pre-MBA associate position:
Early stage focus: Earlier stage deals typically don’t involve as much complex financial modeling,
for which investment bankers are generally preferred.
Consulting firm affiliation: Some PE firms, such as Bain Capital, Monitor Clipper, and Parthenon
Capital, were founded by consultants, and still maintain some connections to their founders’ firms.
Proactive sourcing model: The proactive sourcing role is heavy on research, cold-calling, and
networking, where consultants are usually at no disadvantage to bankers. Prominent PE firms that
employ a proactive sourcing model include Summit Partners, TA Associates, Spectrum Equity
Investors, and Battery Ventures.
Operational focus: PE firms which focus on assisting portfolio company management with
operations are more likely to hire consultants for their strategic planning, market research,
operational improvement, and management advisory skills.
o Caveat: Some large PE firms have captive operations groups that help to manage and
improve performance of portfolio companies. For example, KKR’s captive consulting
group is called Capstone. These groups are often filled with former management
consultants. While such positions are highly desirable to many consultants, aspiring
investment professionals should know that captive operations consultants do not make
investment decisions, and are compensated on a different scale. There may not be a clear
path from an operations group into an investment professional position.
Special industry focus: A PE firm is more likely to be interested in a consultant who has significant
experience in an industry on which the PE firm focuses, especially if that experience is transactional.
Page 27
Other Backgrounds
Candidates from non traditional backgrounds face an up hill battle. PE recruiters likely won’t call you
proactively with interview offers, and most job descriptions probably won’t include your background
under the requirements section. However, several hundred non traditional candidates do break into PE
every year from such varied backgrounds as accounting, corporate M&A, IT consulting, equity research,
credit rating, and tech startup management. If you are trying to break into PE from a non traditional
background, it is wise to be realistic about you options and target the ones where you have the best odds
of success. Most successful non traditional candidates site patience, tenacity, and creative networking as
the keys to their success. The following strategies have been employed by non traditional candidates to
successfully break into PE:
Network aggressively with PE recruiters, alumni of your current employer who work in PE, and
other personal or family connections who are connected to PE
Target smaller firms in less competitive geographies, where candidates with a similar background
have been hired in the past, and where associates don’t focus heavily on financial modeling
Leverage rare language skills or citizenships, special knowledge of or experience in a particular
industry, and special knowledge of or experience with one of a PE firms’ portfolio companies
Consider alternate stepping-stones into a PE investment professional role such as:
o MBA at target program
Pro: Chance to do OCR with PE firms
Con: Most post-MBA PE hires have pre-MBA PE experience
o PE Fund-of-funds
Pro: More open to non traditional backgrounds; Chance to learn more about PE
Con: Easier to move from traditional PE into Fund of Funds than vice versa
o Non investment professional PE role such as finance or operations
Pro: More open to non traditional background; Chance to get foot in the door
Con: No guarantee of opportunity of transfer into investment professional role
o Horizontal transfer to analyst program in investment banking or consulting
Pro: Learn necessary PE skills and enter the traditional recruiting channel
Con: May be hard to enter from current position; May require a step down in title
or compensation
Page 28
POST-MBA
The post-MBA, commonly the senior associate position, is another major entry point into PE. Unlike
most pre-MBA positions, most post-MBA positions are considered career track, with a route to eventual
partnership. In addition, post-MBA PE professionals are expected to take a more independent ownership
role within the deal process. Each year, fewer post-MBA spots are available than pre-MBA spots
because there is less turnover at the post-MBA level, so the competition for post-MBA positions can be
even more intense. For these reasons, PE funds are highly risk averse when handing out post-MBA
offers, and are far more likely to consider candidates with prior PE experience than without. The vast
majority of candidates who get post-MBA offers have at least a couple of years of pre-MBA PE
experience. Of the remainder, the majority have top tier pre-MBA investment banking or management
consulting experience.
Recruiting Cycle
The post-MBA recruiting cycle is driven by PE firms’ competition for scarce talent, as well as the
school calendar of the MBA programs from which PE firms select many of their candidates. Most MBA
programs last for two regular academic years, with one summer in the middle. Therefore, most post-
MBA full time positions have start dates in the summer. In addition, some PE firms recruit first year
MBA students for summer internships in order to audition them for full time positions after graduation.
The timing of when on-cycle offers are made partially depends on how active and healthy the PE
industry is in a given year. When PE deal making activity is high, and fundraising is strong, PE firms are
usually anxious to grow, so they compete for the best candidates earlier in the cycle. On the other hand,
when deal making activity is low, or fundraising is weak, PE firms are cautious about making new hires
and make on-cycle offers later in the year. For example, during the peak years of 2006 & 2007, many PE
firms began their on-cycle recruiting near the beginning of the school year, but in the current
environment, many processes are being pushed back closer to winter.
As with pre-MBA recruiting, the larger and more established firms are usually out of the gate first.
These funds aggressively purse the most pedigreed candidates at the most prestigious MBA programs.
In a robust hiring environment, top tier candidates are likely to be actively contacted by recruiters from
premier PE and hedge fund firms for on-cycle interviews as early as September. Since this pool of
employers and candidates is relatively small, this phase of on-cycle recruiting can be over in just one or
two months.
Page 29
Middle market buyout firms and early stage firms typically conduct their recruiting a little later in the
cycle and over a longer period of time. These firms, especially early stage firms, are typically a little
more open to candidates without top tier pre-MBA experience, and even without pre-MBA PE
experience all together. Due to the large number of small and mid sized firms, this phase can easily
stretch through the winter. Some early stage firms even hand out offers as late as the middle of spring.
PE firms also do off-cycle recruiting year-round for post-MBA positions when they have an unexpected
vacancy. For example, off-cycle opportunities arise when firms experience unexpected turnover, fail to
sign up enough candidates via on-cycle channels, or raise more capital than they anticipated. PE firms
typically fill these opportunities by reaching out to their network, or by employing recruiters. These
opportunities may be open to MBA students as well as lateral hires. The best way to access off-cycle
opportunities is to always stay on recruiters’ radar screen and keep in touch with as many professional in
the industry as possible.
Typical Post-MBA Recruiting Cycle9

Most Other Firms
Have Begun On-
cycle Recruiting Most Middle
Market Buyout
Dec Jan Firms Have
Most Large
and Mega Made On-cycle
Firms Have
Nov Offers
Made On- Feb
cycle Offers Off-cycle full time
recruiting occurs
Oct year-round
Mar
Early
Sept Stage Firms
Make Final
Apr On-cycle
Offers
Most Large
and Mega Aug
Firms Have
May
Begun On-
cycle Jul
Recruiting Jun
On-cycle Full Time

and Summer Internship
Start Dates
9
The post-MBA recruiting cycle typically begins a few month earlier when the PE industry is doing particularly well, and a
few months later when the PE industry is struggling
Page 30
Top MBA Programs for PE10

The following MBA programs are known for attracting PE firms to recruit students on campus and for
consistently placing at least a few alumni into PE each year. These rankings should be seen as
approximate and may not include all MBA programs which consistently place alumni into PE.
Target Strength Schools

Super Target Harvard, Stanford, U. Penn
Strong Target Northwestern, Columbia, Dartmouth, U. Chicago
Semi Target Duke, Berkeley, U. Michigan, UVA, NYU, U.
Texas, UCLA, MIT, UNC
Notable Internationals INSEAD, LBS, LSE, Ivey, Queen’s, McGill
Candidates with Previous PE Experience

The majority of MBA students with pre-MBA experience in PE have historically found post-MBA
positions. However, competition for these positions is still fierce, and students who don’t plan ahead risk
losing out, especially in the current hiring environment. The following guidelines can help you remain
on track to land your most desired post-MBA offer:
Major: Since it’s likely that you already have the common PE skills, you can use your major to
broaden your horizons and become a more rounded candidate. If you were primarily a deal execution
associate, consider taking some marketing or strategic planning classes. Above all, major in
something you are passionate about. When recruiters ask you about your choice of major, you can
impress them if you demonstrate your passion. Don’t forget, however, that whatever you major, you
need to maintain an above average GPA. You don’t want any red flags to ruin your candidacy.
Summer: Once again, your prior experience in PE allows you some flexibility in your summer
internship choice. Feel free to explore options like hedge funds, consulting firms, and operational
positions with portfolio companies. However, if you wish to pursue a full time position with a PE
firm which is substantially different from your previous firm, you should probably go for an
internship with a PE firm closer to the kind you ultimately want to target.
Recruiting strategy: If you are a rock star associate from a brand name PE firm and are at a top tier
MBA program, then smile and quietly ponder how lucky you are. Just don’t do anything stupid and
you’ll be fine. If, however, you’re nearer the middle of the pack, you shouldn’t take anything for
granted. Proactive networking with classmates, professors, and recruiters is recommended.
10
Blend of rankings from PEdatabase, Bankersball, Wallstreetoasis, and US News & World Report
Note: These rankings may not list all target schools
Page 31
Candidates without Previous PE Experience

Candidates without previous PE experience face a daunting, but not necessarily impossible challenge.
Most PE firms are hesitant to hire a post-MBA candidate without prior experience because these firms
typically have their pick of many qualified candidates who have already proven their aptitude for PE.
Candidates with no prior experience likely need to be aggressive, persistent, and creative in their
approach to breaking into PE. The following guidelines can help you overcome the odds:
Major: You should consider using your major and other classes to fill any gaps in your financial
skill set and signal your strong desire to work in principal investing. If you lack experience with PE
staples such as accounting, financial modeling, strategic planning, etc., you can use your major to fill
the gaps and signal your aptitude by earning top grades.
Summer: Your summer internship is your best chance to get on the right track because PE firms are
more likely to take a chance on a “risky” internship candidate than they are on a full time candidate.
You likely have little chance of interning with large, established PE firms because they have too
many other more proven applicants to consider. However, you can greatly increase your odds of
eventually getting a full time offer if you spend your internship with a middle market or early stage
firm. If you are unable to intern in PE, the next best option is to intern with a brand name investment
bank, hedge fund, or consulting firm. At the very least, doing so will add an attractive name to your
resume and signal you aptitude for PE-type work.
Recruiting strategy: In order to get a PE internship, or full time offer, you likely need to beat out
someone with PE experience, so you face a tough challenge. Your best strategies for success are
aggressive networking and geographic flexibility. Other candidates in your positions have succeeded
by getting leads and referrals from their classmates and well connected professors. Flexibility on
offer location and firm type can also make the difference. You may want to target middle market and
early stage firms in less competitive geographies. The most promising targets are firms with a
history of hiring candidates with your background, especially if they have alumni of your MBA
program, but aren’t interviewing on campus because they are too small or too far away.
Page 32
Working with Recruiters
For most PE candidates, working with recruiters is an essential part of their job search. Most PE firms
have limited internal recruiting personnel and don’t have time to sift through hundreds of resumes.
Therefore, most PE firms rely on outside recruiters, also known as executive search firms and
headhunters, to help source and filter qualified candidates. The following frequently asked questions
section summarizes what you need to know in order to get the most traction with PE recruiters:
What do recruiters do?

Find candidates who meet their client’s requirements
Screen qualified candidates and make sure they are genuinely interested in the available position
Present the resumes of qualified & interested candidates to the client for interviewee selection
Act as a liaison between the candidate and the client during the interview process, if necessary
Most recruiters DO NOT decide which candidates are selected for interviews or get offers. These
decisions are in the hands their clients. However, if recruiters have a particularly close relationship
with their client, they may have some influence on these decisions.
How do recruiting firms differ?
Size: Some boutique firms have only a single or a handful of recruiters. Larger recruiting firms often
have several dozen, or even several hundred recruiters.
Geographic focus: Some recruiters focus on individual cities or regions. Other, typically larger,
recruiters focus on entire countries or multiple countries.
Industry focus: Some recruiters focus on a niche market such as PE firms and hedge funds. Other
recruiters focus on entire industries such as finance. Some large recruiters service many diverse
industries.
Role focus: Different recruiters sometimes focus on filling different corporate roles such as
investment professionals, finance, and marketing. Some recruiters also specialize in filling positions
of different seniority levels such as junior level, mid level, and senior level.
Page 33
Search type: Some recruiters work primarily on a retained basis, while others work primarily on a
contingency basis. Some recruiters work on both a retained and a contingency basis depending on
their client. Retained recruiters are given an exclusive mandate to fill a certain position for a client
and are paid a retainer fee in addition to a success fee once the position is filled. Contingency
recruiters typically don’t have a mandate to fill a position. Instead, they opportunistically introduce
qualified candidates to the client and are paid a success fee if the candidate is hired.
Whose side are recruiters on?

Recruiters are often very good at sounding like they are your friend and have your best interests in mind.
This may very well be true, but it is always wise to keep in mind that recruiters don’t work for you, and
that they are paid by their clients. When recruiters work on retainer, they get paid regardless of who gets
the job, so their loyalties lie to their client. They want to make the client happy by helping them find and
sign the most qualified candidate as quickly as possible. It is in their best interest to steer you toward
taking their clients’ offer even if it may not be your best possible opportunity. When recruiters work on
contingency, their incentive is to place as many candidates as possible, into as many positions as
possible, as quickly as possible. In this scenario, it is not necessarily in the recruiter’s interest to
patiently guide you to your most attractive opportunity. They are constantly playing a matching game
where they try to line up the most promising candidates in their stable with their most imminent
opportunities. They are incentivized to push you toward whichever opportunities they feel are most
likely to generate a quick offer. Recruiters can be very useful for introducing you to a lot of
opportunities, but you should always keep their motivations in mind when they offer you advice.
Should I work with recruiters?

The only potential downside to working with recruiters is that it makes you a more expensive hire.
Recruiters are paid a success fee, 25 – 33% of your cash compensation on average, for every new hire
they introduce to a PE firm. It’s possible that, given a choice between two equally attractive candidates,
a PE firm might pick the one for which they don’t have to pay the additional commission. For this
reason, if you have a great personal connection to your target employer, you may wish to contact them
directly. However, most PE funds, especially the more established ones, fully expect to pay hiring
commissions as a normal part of doing business. In addition, most candidates cannot possibly establish a
relationship with as many potential employers as recruiters can on their behalf. For these reasons it is
highly advisable for most candidates to make recruiters an important part of their job search.
Page 34
How do I contact recruiters?

If you work for a top tier investment banking or consulting program, it is likely that PE recruiters will
reach out to you or your supervisor via emails and phone calls. If recruiters aren’t reaching out to you
proactively, or if you want to work with a larger number of them, then you should follow these steps:
Update your resume: It’s crucial that your resume clearly and concisely summarizes your
qualifications for PE. Recruiters are much more likely to respond to you if they can quickly
determine that you are a qualified candidate. If you already have contacts with experience in
financial recruiting you would be wise to ask their assistance.
Build an initial target list: Refer to the appendix for a list of PE recruiting firms. These firms’
websites typically contain the firm’s main contact information, individual recruiter contact
information, and resume submission information. If possible, augment this list with recruiters you
find on your own or hear about from your contacts. Depending on how strong your qualifications are
and how robust the hiring environment is, determine how wide to cast your net. If you have a strong
background and the hiring environment is good, you may wish to limit your recruiter contacts to a
smaller set, which are most likely to have the best opportunities. If you have a non traditional
background, or if the hiring environment is slow, you may wish to initially reach out to as many
recruiters as possible because opportunities for you may be scarce.
Ask for referrals: Many recruiters are overwhelmed with candidates, and it can be difficult to get
their attention. Your response rate will increase if you can get one of your contacts to send a referral
email to their recruiter contacts. Another good approach is to ask your contacts if you can refer to
their names when you reach out to recruiters they have a relationship with. If you get permission,
make the subject line of your introductory email something descriptive like “M&A sponsors group
referral from <name of your contact>”. Recruiters are more likely to read your email if the subject
line includes attractive buzz words, the word referral, and the name of someone they recognize.
Send introductory email: Some recruiting firms have a specific resume submission email addresses
or resume submission form on their website. Feel free to use these submission channels because they
can help you make sure your resume is sent to the right recruiter, especially within larger firms.
However, it is usually a good idea to contact recruiters directly if possible. Your initial email to any
recruiter should include your resume, a summary of the types of opportunities you are interested in,
Page 35
and a summary of what makes you qualified for such opportunities. Your message should also
request a 10 minute introductory phone call at the recruiter’s convenience. Many recruiting firms
have information about their firm and biographies of their recruiters on their website. Your odds of a
response increase if you find a way to use this information to make your email sound more personal
and thoughtful. Keep this message to fewer than 250 words.
Follow up: If you don’t get a response within a week, it’s acceptable to follow up with another
email or phone call. When you follow up, acknowledge that the recruiter must be very busy and
avoid sounding whiny or entitled. If you include some sort of update about your job search in your
follow up, you can lend it an element of news and reduce the odds that it could be seen as a demand
or complaint. Reiterate your desire to schedule a 10 minute introductory phone call at the recruiter’s
convenience. If your follow up fails to generate a response, you may wish to move on and focus your
time on other recruiters.
How do I get the most from recruiters?

The following guidelines can help you ensure that recruiters work hard to match you with the right
opportunity and strongly advocate your candidacy.
Impress them: Recruiters look for candidates that have a desirable background and a presentable
demeanor because such candidates are the easiest to place. If you have a desirable background then
you are already a step ahead but can still damage your chances if you do not impress on the phone or
in person. If you have a non traditional background, then you may have to convince recruiters to take
you seriously. The following guidelines can help you come across as an impressive candidate:
o Be 100% thoughtful and professional in all interactions, including email.
o Have a clear 3 minute response to the “please walk me through your resume” question.
o Be able to summarize exactly what types of positions interest you and what makes you
qualified to attain them.
o When speaking on the phone, pretend that it’s an interview. Convey your confidence and
excitement about PE through both your words and your voice. Speak at a calm pace.
o Ask for an in-person meeting whenever possible. This is especially critical for candidates
who need to overcome a weaker background by making a great impression. Treat
meetings with recruiters as interviews. They are asking themselves whether they can
picture you impressing a PE interviewer. Wear a sharp conservative suit (grey or blue).
Page 36
Communicate what you want: Be clear and specific about the opportunities that interest you. If
possible, provide recruiters with preferences about the size, location, industry focus, and investment
type of your desired employer. Doing so creates the impression that you have thought carefully
about what you want to do and ensures that you hear about all opportunities that fit your interests.
Stay in touch: Periodic check-ins help keep your name near the top of recruiters’ minds. Recruiters
also appreciate it when you keep them updated about the status of your search so that they don’t
waste their time and their clients’ time.
Drop the attitude: Are you God’s gift to finance? Great. Keep it to yourself. Most recruiters have
seen it all before. Avoid acting entitled, arrogant, or impatient. Diva-like behavior won’t impress
anyone and may cost you a recruiter’s fulsome support.
Be discreet: Recruiters often consider the names of their clients and the status of their searches as
confidential. Don’t be loose with this information, especially when working with more than one
recruiter at a time. If you spill confidential information to them, they may fear that you will spill
their confidential information to others.
Be honest: Recruiters appreciate candidates who are always honest about their background, the
status of their search, and their interests. Be careful not to give them the impression that you would
take an interview for practice rather than out of genuine interest. During the interview process, be as
honest as possible about how you think the process is going and whether you would strongly
consider an offer if it were given. Recruiters may lose faith in a candidate who professes to be
excited about an opportunity but turns down the offer if it comes.
Control your resume: Make sure that recruiters never send your resume to a firm without your
permission. Also, keep a list of all firms your resume is sent to. You don’t want your resume to end
up in the hands of an unexpected person or to be sent to a firm from multiple recruiters.
Do them favors: If you decline a potential opportunity or are eliminated from a process, consider
referring another qualified candidate to the recruiter. If you hear about a new, non confidential
search within their area of focus, let them know about it. The more you are able to help your
recruiters, the more they will like you and want to help you.
Page 37
Choosing an Offer
When PE professional evaluate an offer, they most commonly consider the upward mobility, job
security, and exit opportunities of their new position. Of course, they also consider how much they
would personally enjoy their new role, but in this guide we focus only on the first three categories.
Upward mobility
PE is a destination industry. Many people use consulting and investment banking as stepping stones into
PE, and then try to make PE their long term career. In fact, most PE professionals who go to business
school return to PE, which is a retention rate few industries can match. The goal for most professionals
in PE is to work their way up to a partnership position where the bulk of the decision making power and
financial rewards reside. Therefore, one of the most important elements of an offer is how quickly it can
lead to a partnership position. The following factors can help you evaluate this criterion:
MBA requirement: If you are considering a pre-MBA role, then you may wish to know whether an
MBA is required to advance past the associate level. If an MBA is required, you may wish to know
whether the firm sponsors its associates for business school (pays their tuition) with the intent of
bringing them back for a career track position. If so, you should find out what criteria associates
must meet in order to be considered for sponsorship or to be brought back for a career track position
without formal sponsorship. If an MBA is not required, which is increasingly common, then you
may wish to find out what percentage of associates typically make it further up the ladder and what
criteria are used to make those decisions.
Partnership opportunity: The following guidelines can help you determine how much opportunity
an offer gives you to attain partnership:
o Past precedent: How long it took current and former members to advance up the ladder
may be a useful proxy for how long you could expect it to take you, especially if your
firm is a larger, mature organization with well defined roles and career progressions.
o Growth opportunity: The fastest way to make partner is usually joining a growing firm,
where new partnership opportunities are created, rather than waiting until a partner leaves
or retires. Partnership opportunities are typically created when a PE firm raises new
funds, increases the size of its AUM, and expands into new geographies or new
investment foci.
Page 38
o Current partners’ plans: Another source of partnership opportunities is when current

partners retire or move on. If you can glean any information on current partners’ career
plans, it can help you assess your own partnership opportunity. You should, of course, be
extremely careful and discreet when gathering this information.
Job security
As with any new job, most applicants care very much about the stability of their employer and their own
job security. This concern is especially relevant in PE because it can be very difficult to find a similar
job if you are laid off and because your personal reputation is partially tied to the performance and
reputation of your firm. The following factors can help you evaluate the stability of your prospective
employer:
Turnover: Partnership positions in PE are extremely lucrative and scarce. If any partners have left
recently it raises a host of possible questions. Did they retire, leave PE, defect to a competitor, or
were they fired? Is there discord, or any other drama amongst the partnership? Is the firm’s target
market slowing down? Is fundraising going badly? Are there any major negative surprises in the
company’s portfolio? Likewise, if any junior staff have left recently during an odd time (i.e. before
their program naturally concluded), it’s wise to discover why. Did they under-perform? Did they
jump ship for a better opportunity? Did they hate the culture?
Funding: A PE firm’s funding is its lifeblood. If funding dries up, then the firm stops making
investments, partners leave, bonuses shrink, and junior staff gets laid off. There are a number of
ways to assess a firm’s financial health:
o Fundraising cycle: How much dry powder does the firm have remaining and when will
it need to raise its next fund? Have the firm’s most recent funds exceeded or fallen short
of target funding levels? If the firm needs to raise capital soon, is the fundraising
environment weak or strong?
o Recent track record: Is there any recent positive or negative news about the firm’s
portfolio companies or the sectors in which its portfolio companies operate? Has the firm
made any recent successful exits? Have any of its portfolio companies declared
bankruptcy, been written down, or been downgraded by a ratings agency?
Page 39
o Deal activity: Has the firm been making deals at a healthy pace? Is it actively pursuing
new deals? Does it have a healthy pipeline of new deals? Are there any deals currently
under letter of intent (LOI)? Have any recently announced deals failed to close?
o Limited partner base: How diversified is the firm’s LP base. How longstanding is the
firm’s relationship with its biggest LPs? Has there been any recent troubling news about
the firm’s LPs or the sectors in which they operate? Have any of the LPs recently
attempted to reduce or sell their stakes?
Exit opportunities
Although PE is a destination industry, many candidates still care very much about how marketable their
new position makes them should they ever choose to go to graduate school, leave PE, or pursue a
position with a different PE firm. The following guidelines can help you evaluate how a particular
position is likely to affect your future options:
Experience: The nature of your role and experience strongly affects the exit opportunities for which
you are seen as qualified. Consider how the following factors will affect you if you ever move on
from your firm:
o Deal activity: One of the first questions you are asked during interviews is, “Tell me
about the deals you worked on?” If you can point to a number of completed deals on
which you played a significant role, future recruiters will see it as proof that you have
what it takes to bring a deal across the finish line. Having a lot of completed deals on
your resume also allows you to showcase your investment judgment when you discuss
the merits and challenges of each deal.
o Deal size: Working on a $10 billion dollar deal is a very different from a $1 billion deal,
which is very different from a $100 million deal or a $10 million deal. Larger deals often
mean larger deal teams, more legal & accounting issues, a more complex capital
structure, and more operating units, in addition to other differences. As a general rule,
individuals who work on smaller deals are responsible for a greater portion of the overall
deal, but may not get the opportunity to tackle additional complexity. For this reason,
professionals who have successfully overseen large deals find it easier to transition to
doing smaller deals than vice versa
Page 40
o Deal stage: Another experience differentiator is whether you work on primarily early
stage, mid stage, late stage, or distressed deals. The more that you specialize in one
particular stage, the more attractive you become to other firms that focus on that stage.
On the other hand, it may be difficult to transition between stages. For example, someone
who has worked primarily on early stage deals may have to work hard to convince a late
stage firm that he or she can handle the additional complexity of late stage deals.
Someone who has worked primarily on late stage deals might have to work hard to
convince an early stage firm that he or she has the requisite breadth of industry
knowledge and passion for startups.
o Industry focus: If you work for a generalist fund it may be difficult for you to transition
to a more sector or industry-focused fund in the future. On the other hand, if you work for
a highly specialized fund, you may find it difficult to break out of that niche. As a general
rule, you should look to specialize in an industry only if you are passionate about it and
want to work in it for a long time.
o Role: The final major experience differentiator is which parts of the deal process you are
responsible for. If you focus on sourcing, investment theme development, execution, due
diligence, or portfolio management, then you are more marketable for positions which
focus on your area of expertise. The general rule is, the more roles you play, especially in
an oversight capacity, the greater your range of exit opportunities.
Brand: A strong brand can be helpful if you ever leave the firm to go to graduate school, transition
to another PE fund, or look for job outside of PE. A firm’s brand is a combination of some of the
following factors:
o Size: Larger firms tend to be more prestigious for two reasons: First, they tend to work
on a larger number of deals and on higher profile deals, so more people are likely to have
heard of them. Second, LPs tend to give PE firms larger capital commitments when the
PE firms perform well and hire reputable partners. It is common to see partners from
larger firms moving to smaller firms, but it is less common to see professionals from
smaller firms moving to larger firms.
o Performance: Strong historical performance often goes hand-in-hand with larger firm
size and is a big component of a firm’s brand. Being associated with a strong performer
enhances the cachét of your resume. Strong performance is especially important for more
senior positions, because they are the ones with the ultimate decision making power.
Page 41
o History: PE is a relatively young industry, and is one in which it is difficult to succeed

consistently. Funds that have a long track record are more likely to be well known and
respected.
o Team pedigree: It’s a mistake to read too much into the biographical details of a PE
firm’s partners and team members. However, it’s also true that people with prestigious
backgrounds tend to seek prestigious positions and attract other people with similar
backgrounds. If most of a firm’s team members hail from prestigious firms and
universities, and if most of its alumni transition to other prestigious institutions, then it’s
a signal that the firm’s brand is well regarded.
How do I find answers to these questions?

As a PE professional, your job is to do your due diligence before you make an important decision. Since
choosing your employer is one of the most important decisions you will ever make, it’s wise to get as
many of your questions answered as possible. You should be able to get answers to many of these
questions by asking your interviewers and by researching information available on the firm’s website.
You will find that a firm’s junior staff is often more candid than its partners and HR staff. A firm’s
recent alumni are another great source of information. Any associates who have recently entered
business school or transitioned to a different firm are often more candid than current employees. You
should always ask to speak with as many current employees as possible and ask for the names of any
recent alumni before accepting an offer. Finally, finance message boards, blogs, and news wires can be a
goldmine of information. Refer to the appendix for a list of websites you should visit.
Page 42
Appendix
300 Largest PE Firms11

Funds Raised
2004 - 2009
Rank Name of Firm Headquarters ($mm)
1 TPG Fort Worth (Texas) 52,350
2 Goldman Sachs Principal Investment Area New York 48,990
3 The Carlyle Group Washington DC 47,730
4 Kohlberg Kravis Roberts New York 40,460
5 Apollo Global Management New York 35,180
6 Bain Capital Boston 34,950
7 CVC Capital Partners London 33,730
8 The Blackstone Group New York 30,800
9 Warburg Pincus New York 23,000
10 Apax Partners London 21,330
11 First Reserve Corporation Greenwich (Connecticut) 20,890
12 3i Group London 18,390
13 American Capital Bethesda (Maryland) 17,990
14 Hellman & Friedman San Francisco 17,900
15 Providence Equity Partners Providence (Rhode Island) 16,360
16 Advent International Boston 16,130
17 Terra Firma Capital Partners London 14,210
18 General Atlantic Greenwich (Connecticut) 14,100
19 Fortress Investment Group New York 14,080
20 Silver Lake Menlo Park 14,000
21 Cerberus Capital Management New York 13,900
22 Permira London 12,670
23 Clayton Dubilier & Rice New York 11,720
24 Lehman Brothers Private Equity New York 11,710
25 PAI Partners Paris 11,500
26 Bridgepoint London 10,870
27 EQT Partners Stockholm 10,820
28 Madison Dearborn Partners Chicago 10,600
29 Charterhouse Capital Partners London 10,560
30 Teachers’ Private Capital Toronto 10,240
31 Thomas H. Lee Partners Boston 10,210
32 Cinven London 10,170
33 Onex Toronto 9,590
34 Riverstone Holdings New York 9,400
35 AXA Private Equity Paris 9,370
36 JC Flowers & Co. New York 8,900
37 Oaktree Capital Management Los Angeles 8,850
38 BC Partners London 8,750
39 Candover London 8,450
40 Welsh Carson Anderson & Stowe New York 8,420
41 Nordic Capital Stockholm 8,180
42 WL Ross & Co. New York 7,770
43 Lindsay Goldberg New York 7,690
44 Sun Capital Partners Boca Raton (Florida) 7,500
45 NGP Energy Capital Management Dallas 7,470
46 AlpInvest Partners Amsterdam 7,260
47 Kelso & Co. New York 7,200
48 Citi Alternative Investments New York 7,080
49 Marfin Investment Group Athens 6,860
50 MatlinPatterson New York 6,830
11
Private Equity International, Fundraising timeframe is January 1st 2004 through April 15th 2009
Page 43
51 TA Associates Boston 6,827

52 New Mountain Capital New York 6,687
53 EnCap Investments Houston 6,575
54 Abraaj Capital Dubai 6,493
55 Doughty Hanson London 6,396
56 Oak Hill Capital Partners Stamford (Connecticut) 6,300
57 Stone Point Capital Greenwich (Connecticut) 6,226
58 Summit Partners Boston 6,101
59 Investcorp Manama (Bahrain) 5,958
60 ArcLight Capital Partners Boston 5,800
61 Barclays Private Equity London 5,405
62 HIG Capital Management Miami 5,342
63 Leonard Green & Partners Los Angeles 5,300
64 Technology Crossover Ventures Palo Alto 5,300
65 Eurazeo Paris 4,847
66 Arcapita Manama (Bahrain) 4,839
67 Sequoia Capital Menlo Park 4,821
68 Actis London 4,442
69 CCMP Capital New York 4,318
70 LS Power Group New York 4,285
71 Altor Equity Partners Stockholm 4,158
72 Crestview Partners New York 4,150
73 TowerBrook Capital Partners New York 4,130
74 Oak Investment Partners Westport (Connecticut) 4,110
75 Citadel Capital Cairo 4,100
76 MBK Partners Seoul 4,060
77 One Equity Partners New York 4,000
78 Pacific Equity Partners Sydney 3,835
79 Lion Capital London 3,756
80 Platinum Equity Partners Los Angeles 3,700
81 Quantum Energy Partners Houston 3,665
82 Vestar Capital Partners Boston 3,650
83 Babson Capital Boston 3,636
84 The Jordan Company New York 3,600
85 New Enterprise Associates Chevy Chase (Maryland) 3,600
86 Mid Europa Partners London 3,500
87 Affinity Equity Partners Hong Kong 3,500
88 Advantage Partners Tokyo 3,433
89 Accel Partners Menlo Park 3,385
90 American Securities Capital Partners New York 3,300
91 IK Investment Partners Stockholm 3,300
92 Softbank Group Tokyo 3,263
93 GI Partners Menlo Park 3,250
94 Tenaska Capital Management Omaha (Nebraska) 3,238
95 Draper Fisher Jurvetson Menlo Park 3,237
96 Hopu Investment Management Beijing 3,232
97 Yucaipa Companies Los Angeles 3,225
98 Centerbridge Capital Partners New York 3,200
99 KRG Capital Denver 3,184
100 Court Square Capital Partners New York 3,100
101 Berkshire Partners Boston 3,100
102 HSBC Principal Investments London 3,000
103 Montagu Private Equity London 2,970
104 ABRY Partners Boston 2,950
105 Bohai Industrial Investment Fund Management Tianjin (China) 2,931
106 Norwest Equity Partners Minneapolis 2,900
107 Capital International London 2,868
108 Kleiner Perkins Caufield & Byers Menlo Park 2,860
109 Hony Capital Beijing 2,836
110 Clessidra Milan 2,797
111 Unitas Capital (formerly CCMP Capital Asia) Hong Kong 2,790
112 GTCR Golder Rauner Chicago 2,750
113 Irving Place Capital New York 2,700
Page 44
114 CDH Investments Hong Kong 2,660

115 Lime Rock Partners Westport (Connecticut) 2,633
116 Unison Capital Partners Tokyo 2,620
117 The Riverside Company New York 2,581
118 MidOcean Partners New York 2,580
119 LBO France Paris 2,576
120 GP Investments Sao Paulo 2,550
121 Golden Gate Capital San Francisco 2,414
122 Credit Suisse Private Equity New York 2,400
123 Energy Investors Funds San Francisco 2,400
124 Audax Group New York 2,400
125 Gavea Investimentos Rio de Janeiro 2,390
126 Global Investment House Safat (Kuwait) 2,378
127 Dubai International Capital Private Equity Dubai 2,376
128 Francisco Partners San Francisco 2,332
129 TDR Capital London 2,310
130 Kohlberg & Co. Mount Kisco (New York) 2,300
131 IDG Ventures Boston 2,290
132 Energy Capital Partners Short Hills (New Jersey) 2,250
133 Odyssey Investment Partners New York 2,250
134 Friedman Fleischer & Lowe San Francisco 2,250
135 BLUM Capital Partners San Francisco 2,200
136 Kayne Anderson Capital Advisors Los Angeles 2,200
137 Veronis Suhler Stevenson New York 2,151
138 Pamplona Capital Management London 2,141
139 HgCapital London 2,139
140 ChrysCapital New Delhi 2,080
141 Genstar Capital San Francisco 2,025
142 Morgan Stanley Private Equity New York 2,015
143 Insight Venture Partners New York 2,010
144 Baring Private Equity Asia Hong Kong 2,005
145 Avista Capital Partners New York 2,000
146 Investindustrial Milan 1,980
147 SAIF Partners Hong Kong 1,977
148 Catterton Partners Greenwich (Connecticut) 1,950
149 Baring Vostok Capital Partners Moscow 1,913
150 Essex Woodlands Health Ventures Palo Alto 1,900
151 Herkules Capital Oslo 1,885
152 Great Hill Partners Boston 1,850
153 Index Ventures Geneva 1,848
154 Waterland Private Equity Investments Bussum (Netherlands) 1,836
155 Diamond Castle Holdings New York 1,825
156 EnerVest Houston 1,801
157 Moelis Capital Partners Los Angeles 1,800
158 Quadrangle Group New York 1,800
159 ARC Financial Corp. Calgary 1,771
160 Exponent Private Equity London 1,753
161 Blue Ridge China Beijing 1,750
162 AEA Investors New York 1,745
163 CapMan Private Equity Helsinki 1,720
164 Energy Spectrum Partners Dallas 1,716
165 Sterling Partners Baltimore 1,703
166 Centre Partners Management New York 1,660
167 KPS Capital Partners New York 1,654
168 Cognetas London 1,650
169 Duke Street London 1,634
170 JLL Partners New York 1,600
171 Astorg Partners Paris 1,598
172 VantagePoint Venture Partners San Bruno (California) 1,585
173 Yorktown Partners New York 1,580
174 Ignition Partners Bellevue (Washington) 1,575
175 Vector Capital San Francisco 1,550
176 Mayfield Fund Menlo Park 1,536
Page 45
177 Castle Harlan New York 1,531

178 Olympus Partners Stamford (Connecticut) 1,530
179 Flexpoint Ford Chicago 1,505
180 Elevation Partners Menlo Park 1,500
181 Golub Capital Chicago 1,500
182 Wind Point Partners Chicago 1,460
183 Englefield Capital London 1,450
184 Battery Ventures Waltham (Massachusetts) 1,450
185 Climate Change Capital London 1,448
186 Pine Brook Road Partners New York 1,430
187 Austin Ventures Austin (Texas) 1,425
188 Roark Capital Group Atlanta 1,416
189 General Catalyst Partners Boston 1,416
190 Navis Capital Partners Kuala Lumpur 1,415
191 Sofinnova Paris 1,403
192 Enterprise Investors Warsaw 1,396
193 Archer Capital Sydney 1,394
194 Balderton Capital London 1,365
195 Vision Capital London 1,359
196 Baird Private Equity Chicago 1,358
197 Bessemer Venture Partners Larchmont (New York) 1,350
198 Swicorp Riyadh 1,350
199 Emerging Capital Partners Washington DC 1,344
200 New Silk Route Partners New York 1,340
201 Gimv Antwerp (Belgium) 1,323
202 Venrock Palo Alto 1,317
203 Vista Equity Partners San Francisco 1,300
204 Gores Group Los Angeles 1,300
205 Pamodzi Investment Holdings Athol (South Africa) 1,300
206 Code Hennessy & Simmons Chicago 1,300
207 Monitor Clipper Partners Boston 1,300
208 KERN Partners Calgary 1,296
209 Lightspeed Venture Partners Menlo Park 1,288
210 Foundation Capital Menlo Park 1,275
211 Levine Leichtman Capital Partners Beverly Hills 1,269
212 Lincolnshire Management New York 1,268
213 LD Invest Equity Copenhagen 1,256
214 InterWest Partners Menlo Park 1,256
215 AAC Capital Partners Amsterdam 1,254
216 Mercapital Madrid 1,254
217 Greenhill Capital Partners New York 1,253
218 Huntsman Gay Capital Partners Boston 1,250
219 Intel Capital Santa Clara (California) 1,250
220 CITIC Capital Hong Kong 1,246
221 US Venture Partners Menlo Park 1,225
222 Vitruvian Partners London 1,221
223 Menlo Ventures Menlo Park 1,200
224 Paine & Partners Foster City (California) 1,200
225 Spectrum Equity Investors San Francisco 1,200
226 Clearwater Capital Partners New York 1,200
227 Domain Associates Princeton (New Jersey) 1,200
228 Aisling Capital New York 1,200
229 Gilde Utrecht (Netherlands) 1,188
230 Perseus Washington DC 1,182
231 The Sentient Group Sydney 1,175
232 Benchmark Capital Menlo Park 1,175
233 Electra Partners London 1,160
234 LLR Equity Partners Philadelphia 1,160
235 Clarus Ventures Cambridge (Massachusetts) 1,160
236 Russia Partners Management (Siguler Guff) Moscow 1,135
237 Egeria Amsterdam 1,132
238 CLSA Capital Partners Hong Kong 1,130
239 Magnum Capital Industrial Partners Lisbon 1,122
Page 46
240 HitecVision Stavanger (Norway) 1,116

241 Highland Capital Partners Lexington (Massachusetts) 1,108
242 Corsair Capital Partners New York 1,100
243 Aquiline Capital Partners New York 1,100
244 KSL Capital Partners Denver 1,100
245 Brazos Private Equity Partners Dallas 1,100
246 Canaan Partners Menlo Park 1,100
247 Sentinel Capital Partners New York 1,084
248 Frazier Healthcare Ventures Seattle 1,075
249 Pegasus Capital Partners Cos Cob (Connecticut) 1,066
250 Cartesian Capital New York 1,050
251 Water Street Capital Management Chicago 1,020
252 Quad-C Management Charlottesville (Virginia) 1,008
253 Ironbridge Capital Sydney 1,005
254 Lee Equity Partners New York 1,000
255 Brysam Global Partners New York 1,000
256 Greenbriar Equity Group Rye (New York) 1,000
257 Polaris Venture Partners Boston 1,000
258 Wellspring Capital Management New York 1,000
259 Weston Presidio Capital San Francisco 1,000
260 Freeman Spogli & Co. Los Angeles 1,000
261 Angelo Gordon & Co. New York 1,000
262 Mohr Davidow Ventures Menlo Park 1,000
263 ECI Partners London 993
264 HealthPoint Capital Partners New York 992
265 Alta Partners San Francisco 975
266 H&Q Asia Pacific Palo Alto 956
267 FountainVest Partners Hong Kong 950
268 Caltius Capital Management Los Angeles 949
269 21 Partners Milan 937
270 Lereko Metier Parklands (South Africa) 934
271 Investitori Associati Milan 924
272 ACON Investments Washington DC 923
273 Brait Private Equity Johannesburg 922
274 Daiwa SMBC Capital Tokyo 915
275 Viola Group Herzeliya (Israel) 913
276 Quintana Capital Houston 910
277 Aurora Capital Group Los Angeles 900
278 TSG Consumer Partners San Francisco 900
279 JMI Equity Fund Baltimore 900
280 Institutional Venture Partners Menlo Park 900
281 Sigma Partners Boston 900
282 ICICI Venture Mumbai 892
283 Palamon Capital Partners London 884
284 DCM Menlo Park 880
285 Charles River Ventures Waltham (Massachusetts) 855
286 Eos Partners New York 853
287 Oakley Capital Investments London 851
288 Ventizz Capital Duesseldorf 851
289 Aureos London 850
290 Littlejohn & Co. Greenwich (Connecticut) 850
291 Lightyear Capital New York 850
292 Bay City Capital San Francisco 850
293 Morgenthaler Partners Menlo Park 850
294 Gresham Private Equity London 846
295 GGV Capital Menlo Park 840
296 Accent Equity Partners Stockholm 831
297 HM Capital Dallas 830
298 Quadriga Capital Frankfurt 829
299 Chequers Capital Paris 825
300 Thoma Bravo Chicago 822
Page 47
Private Equity Recruiting Firm Database12

Firm Focus Type Website
A.E. Feldman Mid- to upper-level staff for private equity and hedge fund firms Both www.aefeldman.com
Amity Search Partners PE/HF/AM Unknown www.amitysearchpartners.com
Armstrong International Financial Services Unknown www.armstrongint.com
Boyden Associates Multiple (Including FS) Unknown www.boyden.com
Broadreach Group Hedge Funds Unknown www.broadreachgrp.com
BSD Associates Principal Investing Unknown www.bsdassociates.com
Capital Markets Recruiting Financial Services Unknown www.capital-markets.net
CarterPierce preMBA staff for Westcoast buyout, venture capital and hedge fund firms Both www.carterpierce.com
Choi & Burns Senior staff for buyout firms, venture capital firms and investment banks Both www.choiburns.com
Coleman & Co. Senior and mid-level staff for PE/HF/IB Both www.colemancompany.net
Conley & Co. Senior investment staff for private equity and hedge fund firms Retainer www.conley.com
CPI Staff of all levels for private equity and hedge fund firms Both www.cpiny.com
Cressida Partners Principal- and partner-level staff for buyout and venture capital firms Retainer www.cressidapartners.com
Cromwell Partners Placement agents and in-house marketers for fund managers Retainer www.cromwell-partners.com
CT Partners Senior staff for buyout and venture capital firms Retainer www.ctnet.com
CW Partners Financial Services (FS) Unknown www.cwpartners.com
Delfino & Parker Principal- and senior-level staff for private equity firms Retainer www.delfinoparker.com
Denali Group Principal and partner-level staff for private equity and hedge fund firms Retainer www.denali-group.com
DHR International Senior investment staff for buyout and venture capital firms Retainer www.dhrinternational.com
Dynamics Associates FS & Alternative Investments Unknown www.dynamicsny.com
Egon Zehnder Upper-level staff for PE/HF/VC Retainer www.egonzehnder.com
EWK Partners Mid-level staff for buyout and hedge fund firms Retainer www.ewki.com
F.S. von Stade Junior and senior staff for buyout, growth-equity and hedge fund firms Both www.fsvs.com
Flatiron Group PE/HF/VC Unknown www.theflatirongroup.com
Forrer & Associates Alternative Investments Unknown www.forrerusa.com
Gerson Group Staff of all levels for private equity and hedge fund firms Retainer www.gersongroup.com
Glocap Search Pre-MBA PE NYC Both www.glocap.com
Gold Lion Recruiting Multiple (Including FS) Unknown www.glrecruiting.com
Green Key Resources Accounting & ops specialists for PE / HF /IB Contingency www.greenkeyllc.com
Hammer Haley Multiple (Including FS) Retainer www.hammerhaley.com
Harris/IIC Partners Senior staff for private equity firms, mainly buyout shops in the Eastern US Retainer www.harrisandassociates.com
Heidrick & Struggles Senior investment staff for buyout and venture capital firms Retainer www.heidrick.com
JSB Partners Accounting specialists for private equity and hedge fund firms Both www.jsbpartners.com
Juno Search Group PE/VC/IB Unknown www.junosearch.com
Korn/Ferry International Staff of all levels for buyout, infrastructure and hedge fund firms Retainer www.kornferry.com
Lapham Group Senior staff for buyout and venture capital firms Retainer www.thelaphamgroup.com
Lechner & Associates Multiple (Including FS) Unknown www.lechner.net
Leland Shaw West LLC Multiple (Including FS) Unknown www.lelandshaw.com
Long Ridge Partners Hedge Funds Unknown www.longridgepartners.com
Marks Sattin Financial Services Unknown www.markssattin.co.uk
Mercury Partners Associate-level staff for PE/HF/IB Both www.mercurypartner.com
Michael Page Multiple (Including FS) Unknown www.michaelpage.com
Nordeman Grimm Staff of all levels for private equity firms Retainer www.nordemangrimm.com
Options Group Financial Services (FS) Unknown www.optionsgroup.com
Oxbridge Group Staff of all levels for PE/HF/IB Retainer www.oxbridgegroup.com
Permanent Solutions Multiple (Including FS) Unknown www.permsol.com
Phoenix Group Staff of all levels for buyout and venture capital firms Contingency www.phxgrpintl.com
Pinnacle Group Staff of all levels for private equity and hedge fund firms Contingency www.pinnaclegroup.com
Polachi & Co. Senior and principal-level staff for venture capital firms Retainer www.polachi.com
Private Equity Recruitment PE/VC Unknown www.perecruit.com
Quest Organization Financial and investment staff for buyout and venture capital firms Both www.questorg.com
Ramax Search Mid-level staff, including back-office personnel, for PE and IB Both www.ramaxsearch.com
Response Cos. Staff of all levels for private equity and hedge fund firms Contingency www.responseco.com
Revolution Search PE/VC/IB Unknown www.revolutionsearchpartners.com
Robert Half Finance & Staff of all levels for buyout and venture capital firms Contingency www.roberthalffinance.com
RSR Partners Senior staff for buyout and growth-equity firms Retainer www.rsrpartners.com
12
WSO Research; Private Equity Insider
Page 48
Russell Reynolds Principal and partner-level staff for private equity and hedge fund firms Retainer www.russellreynolds.com
S&T Group Midle East Financial Services Unknown www.thesandtgroup.com
Schaller Consulting Senior staff for private equity firms, hedge fund firms and investment banks Both www.schallerconsulting.com
SearchOne Investment staff of all levels for private equity and hedge fund firms Both www.search1.com
Sextant Senior staff for private equity and hedge fund firms Retainer www.sextant.com
SG Partners Staff of all levels for large private equity and hedge fund firms Retainer www.sgpartners.com
Sinon Group Junior and mid-level staff for buyout, fund-of-funds and hedge fund firms Contingency www.sinongroup.com
Smith Hanley Associates Multiple (Including FS) Unknown www.smithhanley.com
Snelling Search Staff of all levels for private equity and hedge fund firms Both www.snelling.com
Spencer Stuart Senior staff for buyout firms Retainer www.spencerstuart.com
Taylor Grey Staff of all levels for private equity and hedge fund firms Contingency www.taylorgrey.com
Wall Street Options Mid- to senior-level staff for private equity and hedge fund firms Both www.wsollc.com
Weatherly Group Multiple (Including FS) Unknown www.twgco.com
Whitney Group Partner-level staff for private equity firms Retainer www.whitneygroup.com
Page 49
Additional Resources
Online PE Job Postings

www.doostang.com
www.wallstreetoasis.com/jobs
www.cwpartners.com/jobs/joboppsb.aspx
www.glocap.com/jobs.jsp
http://ats.staffxl.com/ATS/CompanyPortal.do?companyGK=15925
www.lelandshaw.com/employmentopps.htm
www.michaelpage.com/content.html?subsectionid=36
www.phxgrpintl.com/Careers.aspx
www.pinnaclegroup.com/jobs.aspx
http://smithhan.vcgasp.com/Worldlink45NYCIHP/main.aspx?action=SearchOpportunities
www.twgco.com/JobOpenings.html
http://www.jobsearchdigest.com/private_equity_jobs
Recommended Websites
www.pehub.com
www.bankersball.com
www.mergers&inquisitions.com
www.dealbreaker.com
www.managementconsulted.com
www.ibankingfaq.com
www.peinsider.com
www.chasingconsultantsbreakingbankers.blogspot.com
www.wallstreetjournal.com
www.financialtimes.com
Financial Modeling Training Programs

www.theanalystexchange.com
www.trainingthestreet.com
www.wallstreetprep.com
MBA Application Consultants

www.stacyblackman.com
www.veritasprep.com
www.clearadmit.com
www.admissionsconsultants.com
www.mbaapply.com
Page 50
Common Acronyms & Abbreviations

AM: Asset Management
AUM: Assets Under Management
ATK: AT Kearney
Barcap: Barclays Capital
BB: Bulge Bracket
BCG: Boston Consulting Group
BO: Back Office
BofA: Banc of America
BX: Blackstone Group
CS: Credit Suisse
E&Y: Ernst & Young
F500: Fortune 500
FO: Front Office
FOF: Fund of Funds
FS: Financial Services
GP: General Partner
GS: Goldman Sachs
HBS: Harvard Business School
HF: Hedge Fund
HSW: Harvard, Stanford, and Wharton (U. Penn) business schools
IB: Investment Banking
JPM: J.P. Morgan Chase
LBO: Leveraged Buyout
LP: Limited Partner
LSE: London School of Economics
M7: “Magnificent 7” MBA programs (Harvard, Stanford, U. Penn, Northwestern, MIT, Columbia, U. Chicago)
M&A: Mergers & Acquisitions
MBB: McKinsey, Boston Consulting Group, Bain & Co.
McK: McKinsey
MD: Managing Director
MS: Morgan Stanley
OCR: On Campus Recruiting
Ops: Operations
OW: Oliver Wyman
PE: Private Equity
PWC: Price Waterhouse Coopers
PWP: Parella Weinberg Partners
TMT: Technology, Media, and Telecom
VC: Venture Capital
Page 51

WSO - Breaking Into Private Equity

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

WSO - Breaking Into Private Equity

Uploaded by

Copyright:

Available Formats

Buyer: Aladar Tepelea (aladar.tepelea@hotmail.

Breaking Into Private Equity

Copyright 2009 by WallStreetOasis.com. All rights reserved.

About the Author

Daniel Sheyner is an investment professional at a technology focused LBO firm,

Private Equity Overview

Building a Private Equity Background

Breaking Into Private Equity :

Working with Recruiters ..........................................................................................33

Choosing an Offer .....................................................................................................38

This guide answers the following questions:

Private Equity Overview

WHAT IS PRIVATE EQUITY?

$ From LPs pooled into funds

Fund Fund Fund

PE firm uses funds to do deals

80% of returns and all principal to 20% of returns to PE firm

Deal Stage / Type

PE Deal Types by Stage and Complexity

Angel A minority investment in

company with at least $5

Startup (Early Stage) Growth (Mid Stage) Public (Late Stage)

Funds Raised Estimated Funds Raised Estimated

TITLES AND ROLES

Vice President / Principal

Partner / Managing Director

Non Investment Professionals

Average PE Cash Compensation (2008)5

$800K Average Base Salary

$200K 183 181179

Building a Private Equity Background

HIGH SCHOOL STUDENT

Top Target Schools6

Target Strength Schools

Sample Resume Scoring Template

Sample top tier consulting firm resume screening template

3 out of 5 3 out of 5 3 out of 5

1 out of 5 1 out of 5 1 out of 5

Typical Analyst Program Recruiting Cycle

On-Cycle Full Sept

Non OCR Recruiting

Firm Type Sample Firms7 Typical PE Exit Opportunities

Breaking into Private Equity

Typical Pre-MBA Recruiting Cycle8

Dec Jan Most Early

Most Early Stage

Most Large and Mega Firms Have On-cycle Start Dates

Typical Post-MBA Recruiting Cycle9

On-cycle Full Time

Top MBA Programs for PE10

Target Strength Schools

Candidates with Previous PE Experience

Candidates without Previous PE Experience

Working with Recruiters

What do recruiters do?

How do recruiting firms differ?

Whose side are recruiters on?

Should I work with recruiters?

How do I contact recruiters?

How do I get the most from recruiters?

o Current partners’ plans: Another source of partnership opportunities is when current

o History: PE is a relatively young industry, and is one in which it is difficult to succeed

How do I find answers to these questions?

300 Largest PE Firms11