Shouldn't industry M&A folks be given a preference over IB M&A in PE recruiting, given they're actually buying companies and not just advising some random client to buy one?

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An IB associate with maybe 3 deals under his/her belt prob has done the analysis on dozens of companies. All about the reps you get in banking. Often times when working with corporate development their team has no idea how to model and conduct proper analysis

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Accretion/dilution analysis, lbo analysis, ROIC/MOIC, accuracy of models etc. all fairly straight forward but have seen so many corporates miss little things here and there

What do you mean by industry M&A folks? Those guys are usually ex-bankers. And yes, if you have that pedigree then getting into PE is possible, for sure.

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No not at all. IB skill set and experience is much more applicable. Many more deal reps, more rigorous analysis (advisors are held to a much higher standard than Corp dev - I’ve been on both sides), more exposure to different companies / business models / etc., and maybe most importantly the grit / tolerance to long hours / high pressure

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Majority of good Corp dev guys are ex IB, and some ex PE. It’s seen as the exit opp due to WLB and solid comp particularly at more senior levels. Most aren’t looking for exits to PE from Corp dev. I wouldn’t recommend doing Corp dev without prior IBD experience due to all of the reasons above - lower deal reps, less exit opps, lower comp usually too if you don’t have ex IBD experience. But joining after say 2 years IBD + 2 years PE/investing, can exit to sr manager+ level at a cushy tech Corp dev gig, make 250+ TC and work solid solid hours.

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It’s all about reps and skillset.

In IBD you look at far more companies and get more reps in on all the important skillsets, especially modelling. It’s also longer hours and higher pressure, so doing well in that environment is considered to be a good indicator of working well under pressure.

The other part is how difficult those jobs are to get in the first place. By proxy, it might seem like someone from IBD is a stronger candidate because they made it through IBD recruiting which is a more difficult process.

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+1 everybody and their mothers are trying to get an IB job and the number doesnt’t even compare for people going after industry M&A. Reps, competition, pressure, all indicators of success in PE.

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Ya but who gets exposure to these kinds of deals more often

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The only plus I see to IB getting the gig over M&A people in industry is that they put hands on more deals then you would in a company. For example, I have worked on four deals in a little over 18 months. But I am sure some jr banker has way more then that in the time frame.

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Yeah, it’s all about reps.

PE associates need a certain minimum level of technical competency (modelling, making slides etc). You for sure get enough hands-on reps to build those skills in IBD - harder to show you have the same level of experience from working in industry.

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Self-selection bias. Many PE folks started in IB and simply hire people like them. IB analysts are trained to be modeling machines and gain significant XP in just 1-2 years due to their long hours, and the driving notion behind their recruitment is that since they "learned" what it takes to survive in IB, they can "learn" what it takes to make it in buy-side. Certainly not true 100% of the time, but it is what it is. I agree that corp dev/M&A folks have more experience doing actual buy-side work, but, as other people have said here, those types of roles/positions tend to be exits for IB/PE/HF folks rather than feeders for PE/HF.

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