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Switching into PE/VC?

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Re: Switching into PE/VC? [#permalink] New post 24 Jul 2008, 22:13
that helped alot +1 :)
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Re: Switching into PE/VC? [#permalink] New post 25 Jul 2008, 01:18
good stuff terp06, you are wise beyond your years. :)
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Re: Switching into PE/VC? [#permalink] New post 25 Jul 2008, 05:27
thanks for the succinct exlpanation - terp06
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Re: Switching into PE/VC? [#permalink] New post 25 Jul 2008, 05:43
Good explanation Terp.. thanks for the help!
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Re: Switching into PE/VC? [#permalink] New post 25 Jul 2008, 05:54
I found this article which adds a bit more depth to it:

http://www.businessweek.com/magazine/co ... 973001.htm
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Re: Switching into PE/VC? [#permalink] New post 27 Jul 2008, 13:50
terp06 wrote:
I found this article which adds a bit more depth to it:

http://www.businessweek.com/magazine/co ... 973001.htm


thanks terp!
PS just saw your avatar - who is it?
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Re: Switching into PE/VC? [#permalink] New post 27 Jul 2008, 14:57
ac8706 wrote:
terp06 wrote:
I found this article which adds a bit more depth to it:

http://www.businessweek.com/magazine/co ... 973001.htm


thanks terp!
PS just saw your avatar - who is it?


http://en.wikipedia.org/wiki/Carl_Icahn
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Re: Switching into PE/VC? [#permalink] New post 27 Jul 2008, 15:05
terp06 wrote:
ac8706 wrote:
terp06 wrote:
I found this article which adds a bit more depth to it:

http://www.businessweek.com/magazine/co ... 973001.htm


thanks terp!
PS just saw your avatar - who is it?


http://en.wikipedia.org/wiki/Carl_Icahn

wow totally did not recognize him with the glasses...am more used to seeing photos of him in profile :)
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Re: Switching into PE/VC? [#permalink] New post 27 Jul 2008, 15:55
terp, you're scaring me. :P
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Re: Switching into PE/VC? [#permalink] New post 27 Jul 2008, 15:59
kryzak wrote:
terp, you're scaring me. :P


That was the intention :)
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Re: Switching into PE/VC? [#permalink] New post 27 Jul 2008, 16:18
hahaha, not sure if I can stand looking at that avatar long enough to answer your questions in the future. :wink:
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Re: Switching into PE/VC? [#permalink] New post 28 Jul 2008, 12:54
Folks,

I don't know where you're taking this rather discouraging statistics from. I can't tell about other schools, but as a Wharton student, that was rather easy to get into VC/PE for all those who really wanted this.

Most of my Wharton friends ( internationals, no prev. PE experience whatsoever), all those of cause who worked to get it, got a nice PE internship. Truth must be told though, most of them are working in UK, not US, but does it really matter?

As to the VC industry, I know at least 4 people here, my personal acquaintances, who got a VC summer job again without any prev. experience in the field ( some are even without any blue chip experience, just your regular start-up techies ).

Yours truly, for example: just an IT guy, international, no blue chip, no prev. work experience in US. No networking whatsoever. Sent about 7-10 resumes , got 3 interviews and 1 offer in a VC shop close to home.

So keep your chins up. If you really want it , you will get it.
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Re: Switching into PE/VC? [#permalink] New post 28 Jul 2008, 13:35
deowl wrote:
Folks,

I don't know where you're taking this rather discouraging statistics from. I can't tell about other schools, but as a Wharton student, that was rather easy to get into VC/PE for all those who really wanted this.

Most of my Wharton friends ( internationals, no prev. PE experience whatsoever), all those of cause who worked to get it, got a nice PE internship. Truth must be told though, most of them are working in UK, not US, but does it really matter?

As to the VC industry, I know at least 4 people here, my personal acquaintances, who got a VC summer job again without any prev. experience in the field ( some are even without any blue chip experience, just your regular start-up techies ).

Yours truly, for example: just an IT guy, international, no blue chip, no prev. work experience in US. No networking whatsoever. Sent about 7-10 resumes , got 3 interviews and 1 offer in a VC shop close to home.

So keep your chins up. If you really want it , you will get it.


I'm impressed, but I still think your advice only applies to H/S/W.
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Re: Switching into PE/VC? [#permalink] New post 28 Jul 2008, 13:37
deowl, that was very encouraging to hear, thank you for sharing! :)
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Re: Switching into PE/VC? [#permalink] New post 28 Jul 2008, 13:57
terp06 wrote:
I'm impressed, but I still think your advice only applies to H/S/W.


PE possibly. Though I have heard people getting into PE easier with a Yale name too (spoke with many admits saying they chose Yale because of the "brand name" of the parent school and how it will help them get into PE).

But VC is a different beast altogether. I think location and parent school strength will factor in. For example, Haas does quite well for a school of its size and not being in the "M7" in getting people into VC internships and jobs. The key factor there is the Berkeley name, the close proximity to Sand Hill Road, and the high-tech/bio-tech industry sucking in a lot of VC money in the region (and Berkeley being a top engineering and top life-sciences school, with connections to a top medical school, UCSF).

I'm pretty sure MIT has similar ties into any tech VCs in the Boston area... but I'm not an expert in that school or region, so I'll let someone wiser to enlighten us. :)
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Re: Switching into PE/VC? [#permalink] New post 28 Jul 2008, 14:06
deowl wrote:
Folks,

I don't know where you're taking this rather discouraging statistics from. I can't tell about other schools, but as a Wharton student, that was rather easy to get into VC/PE for all those who really wanted this.

Most of my Wharton friends ( internationals, no prev. PE experience whatsoever), all those of cause who worked to get it, got a nice PE internship. Truth must be told though, most of them are working in UK, not US, but does it really matter?

As to the VC industry, I know at least 4 people here, my personal acquaintances, who got a VC summer job again without any prev. experience in the field ( some are even without any blue chip experience, just your regular start-up techies ).

Yours truly, for example: just an IT guy, international, no blue chip, no prev. work experience in US. No networking whatsoever. Sent about 7-10 resumes , got 3 interviews and 1 offer in a VC shop close to home.

So keep your chins up. If you really want it , you will get it.


Please define "nice PE internship." In terms of PE, I'm sure if you were persistent enough as an MBA out of Wharton with zero applicable experience you could convince some small shop to take you on for the summer. But in terms of the well-respected larger PE funds (in the US at least), I still believe that experience rules the day. I have no insight into either UK or VC hiring, so everything you say could very well be true. But, remember that H/S/W are placing at much higher rates, by a considerable margin, than the other top schools, so your experience definitely doesn't apply to the majority of MBA students.
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Re: Switching into PE/VC? [#permalink] New post 28 Jul 2008, 14:35
cougarblue wrote:

Please define "nice PE internship." In terms of PE, I'm sure if you were persistent enough as an MBA out of Wharton with zero applicable experience you could convince some small shop to take you on for the summer. But in terms of the well-respected larger PE funds (in the US at least), I still believe that experience rules the day. I have no insight into either UK or VC hiring, so everything you say could very well be true. But, remember that H/S/W are placing at much higher rates, by a considerable margin, than the other top schools, so your experience definitely doesn't apply to the majority of MBA students.


I define a nice PE internship as an offer my friends were extremity pleased with. I don't know what the actual sizes of the firms are or the amount of money they have under management in each and every case, though.

School brand does matter a lot for these industries indeed. My friends from PE told me that you seem to meet people from hsw only on these interviews. In VC you almost never see any other candidates so I can't tell from my own experiences.
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Re: Switching into PE/VC? [#permalink] New post 28 Jul 2008, 15:04
PE at a top notch firm like blackstone is incredible. A friend of mine from HS was the only undergrad hired at blackstone one year (from a decent but def not ivey school, although im guessing he was top in his entire class). At age 22 he had a personal driver to get him around NYC. He did work like crazy though.

I just started at UNC and attended the Carolina Venture Fellows presentation. This is very similar to the Kaufman fellows program. You apply to the program via an essay and your resume. Over half are selected as finalists. The finalists then get to interview with VC firms for a summer and second year gig. Over 50% of the finalists get selected for a VC internship. Im totally gung ho for a VC gig and the presentation was kind of odd, they were almost like, look if you get a VC internship you need to take it b/c its such a great deal. Apparently last year a couple of people who got offers refused as they were holding out for a google job I think it was. Anyway, if youre not quite lucky enough to get into HSW and are interested in VC, you should check out UNC, they have a great entrepreneurship program, founded the Venture Capital Investment Competition , and are right next to the Research Triangle Park...lots of VC's and tech start ups. I'll let you guys know if I secure a VC internship and how the process worked.
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Re: Switching into PE/VC? [#permalink] New post 28 Jul 2008, 15:25
deowl wrote:
cougarblue wrote:

Please define "nice PE internship." In terms of PE, I'm sure if you were persistent enough as an MBA out of Wharton with zero applicable experience you could convince some small shop to take you on for the summer. But in terms of the well-respected larger PE funds (in the US at least), I still believe that experience rules the day. I have no insight into either UK or VC hiring, so everything you say could very well be true. But, remember that H/S/W are placing at much higher rates, by a considerable margin, than the other top schools, so your experience definitely doesn't apply to the majority of MBA students.


I define a nice PE internship as an offer my friends were extremity pleased with. I don't know what the actual sizes of the firms are or the amount of money they have under management in each and every case, though.

School brand does matter a lot for these industries indeed. My friends from PE told me that you seem to meet people from hsw only on these interviews. In VC you almost never see any other candidates so I can't tell from my own experiences.


I agree that you definitely have to distinguish between some of the smaller shops and the bigger blue-chip type PE shops. Just as a comparison, most people at bulge bracket banks would jump at the opportunity to join a Blackstone, TPG or KKR, but might not be enticed by many of the smaller shops out (of course, this year, with banks in the crapper, who knows). As others have pointed out, PE/HF/VC profits are largely dependant on the the size of the pile of cash they have under management. As everyone knows, the top firms manage really big piles and dole out boatloads in compensation, but people seem not to realize that the smaller firms often pay substantially less than bulge bracket banks (again, this year may be an anomoly). Pay is only one factor, but it does reflect the relative difficulty of landing such jobs. work load can vary a lot as well. Jr. level folks at top PE shops often work as hard as their counterparts at big bank. Associates at smaller firms might work less, but that's also true of associates at many middle market banks (can vary a lot in both cases).
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Re: Switching into PE/VC? [#permalink] New post 28 Jul 2008, 15:53
pelihu wrote:

I agree that you definitely have to distinguish between some of the smaller shops and the bigger blue-chip type PE shops. Just as a comparison, most people at bulge bracket banks would jump at the opportunity to join a Blackstone, TPG or KKR, but might not be enticed by many of the smaller shops out (of course, this year, with banks in the crapper, who knows). As others have pointed out, PE/HF/VC profits are largely dependant on the the size of the pile of cash they have under management. As everyone knows, the top firms manage really big piles and dole out boatloads in compensation, but people seem not to realize that the smaller firms often pay substantially less than bulge bracket banks (again, this year may be an anomoly). Pay is only one factor, but it does reflect the relative difficulty of landing such jobs. work load can vary a lot as well. Jr. level folks at top PE shops often work as hard as their counterparts at big bank. Associates at smaller firms might work less, but that's also true of associates at many middle market banks (can vary a lot in both cases).



Absolutely. No doubt about it. But don't forget, we are talking here about getting one's foot in the door of the VC/PE industry rather then lending a job at KKR. What I am trying to say is that the first is perfectly doable. That's all.
Re: Switching into PE/VC?   [#permalink] 28 Jul 2008, 15:53
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