Friday, February 6, 2009

February Private Equity Job

All my friends want to go into PE, and if not, a few weeks hanging out with me, they will be. So this will be mildly interesting to many.

From LBO Wire. Summary:

At Harvard Business School's private equity and venture capital conference:

  • Need a healthy dose of patience. "Think about the funds that you want to join and then think out two to three or four years."
  • The 2009 crop of graduates with master of business administration degrees faces one of the most difficult hiring markets that the private equity industry has seen since the burst of the tech bubble at the early part of this decade.
  • Instead of seeking direct entry to a private equity firm, panelists suggested that students look first to alternative avenues to beef up their skills and professional networks, including start-up companies themselves or even government organizations. "If I were looking for a job, I'd work at [the Department of Energy] for a few years and then come out and [find] a clean tech firm that has to penetrate those [regulatory] networks," said Craig Driscoll, a partner at Lexington, Mass., venture capital firm Highland Capital Partners LLC.
  • Members of the panel urged young job seekers to think creatively to differentiate themselves in a market crowded with talent, even if things don't go as planned.
  • Look to other segments of a firm beyond the deal-making side in areas such as investor relations (I love this job!!!) or risk management (not so much).
  • "I would not go to a second- or third-tier firm right now," said Driscoll. "It's not a good place to be."
  • "In 2001 to 2003, we saw MBAs with anxiety, but that vintage of MBAs has turned out pretty well, he said. "
  • The people that have been through a crisis come out more battle hardened.

The Private Equity Club and How to Get In

No comments: