Ninkorn, I expect a long writeup from you on dinner and everything you learn. Don't get tipsy on wine and forget stuff. We want every detail.Okay, here's some news from Bain Capital executive:
1) Yes, it's true. PE firms are still cutting jobs. Especially PE firms affected by over-paying for their recent acquisitions (before the whole credit market blew up) and their inability to refinance some of those debts related to those acquisitions.....PE firms are mostly cutting people in investment and operational people. PE firms are hiring associates and senior associates annually in numbers that depend on various factors such as market conditions and anticipated global needs. They typically begin recruiting for associates in early fall with a start date beginning the following summer. However, minimum requirement for senior associate positions - at least three to four years of prior private equity, investment banking and/or consulting work experience.
2) They are picking up hiring in distressed debt investing, though..... MBA grads/JDs with experience in this field are in demand. (However, many hirings are still experienced professionals currently working, not in bschool) Many PE firms are beginning to see distressed debts as opportunity. If one has turnaround/debt restructuring experience, those professionals will have easier time to get into PE firms right now.
3) Selective Hiring - If new funds are raised, then PE firms are still hiring for those funds to supplement those projects. Cuts are mainly from existing funds/projects. Future hirings will be mainly depended upon new funds/projects and expertise related to those funds/projects.
4) PE firms are still able to raise funds, although overall fundraising is significantly lower compared to previous years.
5) Due to distressed companies in need of counseling and strategic direction, he expects to lose many top bschool students to Consulting firms. Consulting firms are actually looking at current bschool job market as an opportunity and increasing hiring plans especially for corporate finance and general management positions.
6) Boutique firms are still hiring. However, each firm will be hiring for as little as 3 positions to as many as 7 positions. (approximately) Therefore, expect the competition to be fierce.Here's news from GS Senior VP I played racquetball with:
* According to original proforma hiring plan he looked at 4 months ago, GS alone reduced their overall MBA recruiting target numbers as high as 35% (approximately) for this recruiting season.
* Other major firms are either canceling on campus interview for certain schools, and invite fewer candidates to off-site recruiting events. However, he also commented that firms are either delaying recruiting until later (closer to summer), or rescinding offers already made to students. (usually Mutual Funds and other investment management positions..)Investment Banks are adding staff in India and other Asia based offices. (mainly in Hong Kong)