Blackstone Private Equity

BTW, I know a non-target who works FT PE at Blackstone.

I was blown away when I found out. I didnt even know they spit in our(non-targets) direction.

unct91:

never been through the process myself, but have heard that they won't even look at you if you don't have a 3.9 from harvard/wharton

HARVARD GPA IS ON THE WEB SHOWING AN AVERAGAE GPA OF 3.6, 80% GRADUATING WITH HONORS AND ONLY 15% OF THE STUDENT BODY BELOW A 3.00 GPA. WHARTON HAS A BRUTAL CURVE WHERE APPROXIMATELY 20% ARE WITHIN THE "A" RANGE. THE BELL CURVE AVERAGES 2.7. HOW DO YOU COMPARE THIS WITH OTHER SCHOOLS? IF YOU WANT TO GO INTO IBANKING, OR WORK ON WALL STREET THEN HARVARD, PRINCETON, YALE AND STANFORD WOULD BETTER BETS DUE TO THEIR INFLATED GPAS.

moneymogul:

I expect to have multiple summers of IBD experience at GS/MS/JPM by the time I am a senior ...but attend a non target .

yeah, might wanna focus on getting those multiple gs internships down first...

I'm not on here to blow myself up. I'll be starting my second one this summer; it's besides the point, I'm here asking for some information.

I only know a few people that are in analyst positions at the likes of Blackstone, carlyle, TPG, etc. and while one is from Penn, the others are not. I don't know if I have perfect information here but I would think breaking into an analyst role as an undergrad should be approached the same way you would for IB....network, network, network.

All them have schools that they recruit from, but you can always network your way into a getting an interview. It sounds like you will have 2 internships on ur CV so I think you will be a strong candidate

From what I gathered so far, it's very random. I have seen people go to work for BX PE for example with just one summer analyst in IBD or FICC under their belt or with one MBB internship. Silver Lake seems to be the same, but from the web site all their analysts graduated as you noted from Wharton and most of them had internship experience at a Top 5 BB (GS, BarCap etc).

I guess the only thing that is clear is that the guys who did get the offers all graduated from very good universities, ie Wharton, Harvard, LSE, LBS, Oxbridge, etc.

Blackstone PE is incredibly selective. Even at Penn they only take 1-3 maximum in a year–and that in a decent year. M&A takes quite a bit more (8-10).

Let's just say attending Harvard, Penn, LSE, etc. and interning at a top 5 BB is no guarantee at all. Hundreds will have done the same.

As above posters mentioned, recruiting is not exclusively from Wharton. However, if you're trying to get in from somewhere that they don't do campus visits/resume drops via career center, it will be incredibly difficult to get noticed without some solid networking. Those online resume drops through firm websites can be a bit of a black hole where a resume goes to die, especially in a tough year where there are plenty of competitive candidates through SA, referrals, and OCR. Like seedy underbelly said, PE takes only a small # each year.

Having strong internship experience should help you when networking, although I would try to find some better connection than a cold call if possible.

It's not exclusively from Wharton (Silver Lake and some other shops are, but not BX), but about 50% - 70% of the kids will be from there. They want people with heavy finance experience so if you do its an advantage.

Talking about heavy finance experience, what are some things that one absolutely needs to know to stand a change in a PE interview?

I appreciate all your answers. Now have a better idea of what I'm up against.

The above posters are all right. Blackston PE analyst is one of the toughest jobs to get coming out of college. The vast majority are top students from harvard and wharton, who had great internships, extracurriculars, and absolutely nailed the interviews. A few kids from other schools like princeton and yale have managed to get in there, but they're in the minority.

Blackstone M&A and restructuring cast a much wider net in terms of schools, and they hire more people. The former recruit at all the ivies+top state schools like berkeley/michigan/unc/uva/ut austin.

Exit opp? Most people look to join top IBD groups so that they can later apply to PE firms like Blackstone and/or business school.

I don't think you would be hurting yourself going to Blackstone.

Sorry to sound rude, but if you have to ask that question, there's no way in hell you're getting a Blackstone pe internship, let alone an interview.

redbull - you dont know what you're on about... Plenty of ppl get into the business just through being v. smart.

Blackstone. bar none.

What in the world would make you think that exit opps (not that SA positions really provide "exits") from BS would be limited?

I think its a foregone conclusion that you should take Blackstone over any of the other options, although Goldman Special Situations or PIA would be comparable too. But interms of full time recruitment I think people will understand why you went to Blackstone and not an investment bank.

how do these goldman groups compare to Goldman's Private Equity Group? Anyone...

GS PIA takes one every five years? I call BS, that makes absolutely no sense.

Of course, a friend of mine was an SA in PIA during summer '03, so either way it sounds like there might be an open spot for summer '08...

it cant be true. I know of someone who interned in the summer of 2006.

sorry, those numbers are for full time hires.

Specifically for PIA, I do believe they take a summer analyst every two years or so, but I think those jobs usually don't turn into a full time offer (just a summer internship for connections). it does happen sometimes, however.

also, btw, it is once every ~ five years because it is an ad hoc process and they usually only take a class of 4-5 analysts with IBD experience.

so is goldman PEG considered a good group?

I have a friend interviewing for GS PIA London on Friday. surely they take ppl more regularly than that. Also how are you chosen for PIA? She applied for IBD but they just 'selected' her after first round...

and if it was Moelis LA, I wouldn't blame him.

I'm making it up as I go along.

They only hired two summers in PE and both got offers.

I know someone who's friends with a BX PE analyst. All 3 summers got offers and signed with BX. It would be a pretty dumb move to take Moelis over BX.

Two FT summer intern at buy side were hired FT.

I know someone who's friends with a BX PE analyst. All 3 summers got offers and signed with BX. It would be a pretty dumb move to take Moelis over BX.

They only hired 2 summers. That's fact.

tothedeath:

I know someone who's friends with a BX PE analyst. All 3 summers got offers and signed with BX. It would be a pretty dumb move to take Moelis over BX.

They only hired 2 summers. That's fact.

You're wrong. 2 in NY, 1 transferred to London.

Someone who works there told me that Blackstone M&A side hired three or four summer intern for 2009.

Someone who works there told me that Blackstone M&A side hired three or four summer intern for 2009. I am not sure about this number.

Whoops, my bad - assumed we were talking NY here.

.

What were overall summer analyst numbers across BX's divisions? And how many got FT offers?

The numbers in this post are way off.

For NYC BX: 6 in M&A (5 got offers, I believe 3 - 4 took) 5 in RSTR (5 got offers, I think 4 or 5 took) 2 in PE (1 got offer, Accepted)

In Boston, 2 worked, neither going back. In London, 1 M&A, not going back.

BAAM / GSO / Real Estate do recruit full time.

all but one m&a interns got offers in ny. not all with offers are going back.

they are doing ft recruiting for m&a/restructuring/pe/baam/GS/re. i also saw a posting for their infrastructure fund.

I can confirm that there were 6 M&A analysts. I know for a fact that 5 got offers, but am not sure whether just 1 or 2 aren't going back. The kid who didn't get an offer is going to GS TMT and one of the other summers got GS SSG.

Still no clue on how many PE is looking to fill up their analyst class?

One.

I heard that NYC PE has finished full time recruiting. Any insiders know how many offers they gave?

BUMP!

I'm curious myself. I was in the running but have told that PE has filled their analyst class and would like to know how many they ended up taking.

does anyone have the SA numbers for 2010?

I did not hear this from the person directly but I am confident that the total comp over three years is about equivalent to what a BB analyst would make if given top bonus for three consecutive years in a good market, and it is guaranteed.

I posted this in another thread. I know a kid who joined BS PE Straight out of Wharton in '03. He made $200K his first year.

I also know someone who went to BS out of undergrad and is making > $200K a year.

I can confirm it. I am one of those three. Really.

Isn't Blackstone's base salary for first-year analysts $60K? That means the bonus was around $140K? It seems a bit too high. But assuming it's true, how much would an associate make?

Also, do Blackstone guys get props from people in NYC, especially attractive women?

They will, after the IPO. They might even get more than props, if they can ever get out of the office. Pray for a strong market.

The Epicurean Dealmaker

But that can't be right. I would make an educated guess b/t 115K-140K total compensation range for undergrad newbies. My basis,

..I know a guy who joined as an associate last year, he wouldn't tell me his base, but has a Stanford MBA and CFA charter. First year out of grad school, his bonus was 122K, pre-tax. He also has a small pillow under his desk equipped with a small overnight duffle bag, portable tv and dvd player. He also has a bathroom just outside his office, equipped with showers and hand towels. Get it?

He might be making alot of money, but he sure isn't spending it. REMEMBER THIS: There's a reason there is a shower in arms reach of your office if you are ever granted that much privilege. Because your ass will not be going home...