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Mentor
TBH, unless it’s a MF, it’s probably more “soft” and subjective compared to what you will have experienced in consulting.
IME it's more subjective than MBB. Instead of numeric grades across pre-defined dimensions and stacked ratings across cohorts, there's an ad-hoc list of strengths and development areas. The ultimate outcome is annual comp (bonus, equity, carry) which is distributed across team members on a discretionary basis by firm leaders.
Mentor
BTW, the same goes to recruiting and hiring too (like in MBB, it’s super structured, with evaluation template etc.). This sort of codified processes is relatively new in PE
You are evaluated by your ability to do work correctly and take abuse. ... you don’t realize how “sensitive” consulting firms are until you leave them. Closing deals always helps your $$$
Thank you for the comments - very helpful!
Follow-up question: are bonuses percentages (% of base) pretty much guaranteed, aside from a major screw-up?
Or if they say up to X%, you’ll pretty much fall far short of that (like it is in consulting)?