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Have any 🐠 here joined a PE fund as an LP?
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Light years if out of undergrad; hardly even comparable. You have a SHOT at PE out of MBB and select T2s with most common placements at UMM and LMM shops (some MBB get MF). Out of EB or BB, the natural path is PE and with good enough interview prep you WILL land somewhere with a decent shot at MFs if you’re in a good banking group.
I would say significantly better. Obviously if you’re already in MBB, there’s a lot you can still do to land a PE gig, but every fund recruits from IB whereas only a subset recruit from MBB and your experience is more directly relevant.
Fairly easy to go pre MBA MBB -> associate role in PE on the investing side. Nearly impossible post MBA if you don’t have pre MBA PE experience.
It’s more probable to go MBB -> top MBA -> recruit for IB associate than the same path to PE associate for sure
Think of it this way, it's the difference between going to a target school and a non-target school while recruiting for IB, even if it's a very high quality non-target. The PE firms actively recruit for junior staff out of the IB programs, and they simply don't do that from MBB programs. That in and of itself puts you at a huge disadvantage to your peers within IB. It's definitely not impossible, it's just going to be a lot harder and frankly may take you longer to do. You'll likely be further in your career and having to take a step backwards for a PE offer. You're also MUCH less likely to get a shot at a megafund offer, but those are overrated anyway. I tell you this from personal experience: Elite Non-Target graduating in the middle of the GFC > LMM FIG PE > RX IB > PE > Family Office.
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VP 1 probably got tired of PE and wanted to cruise afterwards in a family office role
I’m gonna dissent here. If you are at MBB versus a random no name boutique the MBB will place you better into PE 10/10. Have this experience myself and know many friends it’s not just about working in IB but the bank you work at and the deals you work on matter for recruiting. If you’re at a no name sector focused IB that does one deal a year MBB will place u into higher caliber Pe roles no questions asked
How about MM IB?
Makes sense.. so it is better off either moving to MBB or top tier IB