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If you want to stay in PE, you probably need to wait a year and get into a top 3 program.
I know that seems ridiculous, but if you're already in PE, you'll know what I'm talking about. All the major PE firms (let's call it $1 billion fund size and up) recruit almost exclusively from HSW. The funds hire so few people, and there are so many ex-PE guys at HSW, that there is sufficient supply just at those three schools to fill post-MBA needs at nearly all major firms.
Some of the NYC firms may take a few from Columbia and Tuck, some of the Chicago firms may take a few from Booth and Kellogg, and some of the SF firms may take a few from Haas and Anderson, but that's about it in terms of recruiting from other schools.
Think about it, most funds hire 0-2 post-MBA people per year. Let's say there are 200 US-based funds with >$1 billion fund size (source: PEI 300 shows 277 firms with >$1B fund size, of which many are in Europe and Asia. So I'm estimating 200). Let's say they each hire 1 person per year, on average. So there are 200 spots per year. If only 10% of H, S, and W recruit into PE (90 + 40 + 80 people = 210 total), that is already greater than the total market size of available positions. And greater than 10% of HSW's classes try to recruit into PE each year.
Another way to look at this is to check out the websites of all the top PE firms. I would estimate that >80% of VPs and above got their MBA from HSW. Maybe even >90%.
Anyway, my point is, if you are dead-set on getting back into PE post-MBA, I strongly recommend improving your GMAT and re-applying to HSW next year. It will be MUCH easier to recruit into PE if you do so.
Now, if you're interested in lower-middle-market, or interested in a fund in a regional city (Dallas, Houston, Nashville, Miami, etc.), other options could also work. But if you're interested in a larger fund in a major city, you need a top 3 MBA. Just my opinion.
Thanks for your thoughts. I certainly understand where you are coming from. My goal is middle market PE, so funds <$1bn under management. However, even when going through the websites of many of the firms I will reach out to, all I see is HSW backgrounds. In fact, my firm is full of HBS grads. I know it is not impossible to get a post-MBA PE position coming from Haas or Ross, but it will be difficult.
And thanks to all for your opinions, very helpful. Will keep you guys posted!!