Q&A: MM PE (~$1.5B AUM) Associate in Asia
HiWSO社区,论坛一直对我有利。因此,我决定做这个问答来帮助他人。我目前是亚洲一家中间市场私募股权公司(约1.5B美元)的合伙人。我的背景是相对典型的:中国的前四名本科生,两年在Tier 2咨询公司,然后在另一个MMPE公司(〜$ 2.0B AUM)。我正在申请MBAlast year. Unfortunately, I got rejected by HSW (hard for Asian male, damn!) and only received otherM7schools (Kellogg/Sloan/CBS). So I decided not going to business but joining my currentPEfirm. Feel free to ask any questions and I will try my best to answer.
Comments (29)
How's the comp inHK/SG forMMpe?
我based in Shanghai. My package as an associate is $200K in total ($100K base + $100K bonus). My peers atMMPE在上海和北京大致相同:$ 80-120k的基础 + $ 50-120k奖金。
我认为香港的案件是可比的。我不知道新加坡情况如何。
您如何从T2咨询到PE?
我去了一家商店,我们的大部分工作都是CDD项目PE客户。这显然对我来说是一个优势,因为我实际上可以在采访中谈论这些经历。
Also, situation here in Shanghai is bit complicated. Like 30% ofPE中国的公司总部位于上海(北京另外30%,香港30%),但几乎没有BB/MM/EBbanks in here (most of them are in Hong Kong). Therefore, it is kind of a tradition forPEfirms in Shanghai to look at consulting candidates.
What were you thinking of doing post-MBA? I mean, getting into one of the M7's is pretty good, and I suppose you can try applying to HSW again, but just curious what you're trying to accomplish that you can't do with some of the M7's.
I was looking at Mega/Large Cap/MMPEin China for post-MBA.
没有强制性要求PE中国的同事有一个M7MBA。My peers go to business schools mainly for long-term networks.HBSis a bless and Wharton also helps. For other schools, I think I could have alternative solutions for the networking in the future.
Do VPs have sourcing responsibilities at your fund?
Yes. They usually spend ~30% of time in sourcing.
I thought China was a top 3 undergrad (Beijing, Tsinghua, Zhejiang) system with a C9 school acting like the Ivy League
除CDD外,基于中国的咨询办公室有哪些类型的项目/客户?
否。传统上,中国的“前四名”学校是四所目标学校IB和咨询。北京有两个,上海有两个。郑安格是一所体面的学校,但不是其中一所。
I was in the Shanghai office of a global tier 2 consulting firm (think L.E.K./Booz/Parthenon). Aside from CDD, we also did portfolio growth strategy forPE客户。
您做了哪种咨询行,PE中通常最理想的是什么行?
I did "private equity advisory", most of which was CDD works. I think CDD projects experience definitely helps when it comes toPEinterviews.
Still, I think the brand name of consulting firm is the most important thing. Bain, always the most desirable forPE, followed by McKinsey. I came from a tier 2 firm and that means it's much more difficult for me to get or pass anPEinterview.
Do you often see people inPEmove to senior portfolio company roles? If so, what role do they usually do and what tends to help them qualify?
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No, actually I saw the opposite.
I am mainly focused on consumer and retail. There are several cases that executives from corporate side come to consumer-focusedPEfirms as Principal or even Partner. Very instereting.
感谢您这样做。我想知道您对具有中国本地技能(书面/说话)的人有什么想法IBstint in the US with aBB/EB?How do you think the work you do right now compare with that of aMMPEshop in the US, in terms of responsibilities, life style, and future prospects?
That's totally feasible. I have many friends who were on Wall Street then came back to majorPE在上海和北京公司。如果一个PEfirm is hiring an associate fromIB,他们通常不在乎你是否来自JPM香港或JPM纽约。
I think in China, more deals are from emerging industries than in the states because SOEs dominate traditional ones. I guess more than ~60% ofPE交易是TMT/Consumer related and another ~30% are from Healcare. As USDPEfirms, basically you can do nothing with O&G, industrials or traditional manufacturings.
嗨 - 在这里的最后评论中 - 您是说要我们MMPE工业经验无法转移吗?另外,您多久看到一次中国受过教育的国外教育或中国的美国人闯入高级 / MD等级?谢谢!
If I go to UChicago, is there any chance I can break into a goodPE在中国坚定?
How good does your Chinese have to be?
首先,很少有人进入PE直接大学。大多数必须做IB/consulting first. UChicago is great and Booth has a very good brand name here in China.
Fluent Mandarin is a must.
毫不奇怪,但这太糟糕了。
What made you want to jump fromMMPE到另一个mmpe?
我当时在MM欧元基金。在中国,欧元基金通常是官僚主义的,相对低薪。现在,我来到了美元基金,情况变得更好。
What are your thoughts on homegrown chinese consumer brands versus importing Western brands into the Chinese market? Historically, Western brands have had an easy time marketing themselves as luxury goods in China (although not necessarily the case in the Western world), but is that trend likely to continue? If not, what are some fast-growing Chinese consumer brands that may be exportable to Western nations?
好问题!
如果您今天看中国市场,它与1980年左右的日本本地市场或多或少相似。人均GDP达到8,000-10,000美元,本地品牌开始醒来。许多本地消费者好品牌,例如Muji Uniqlo于1980年左右在日本成立。更重要的是,本地消费者愿意以相同的价格(即使不是当地品牌的价格更高)。
New founded local brands are seen in every category, from cell phone to clothing, from F&B to services. For those brands, they are all focusing on local markets and Chinese local market is huge enough. So there is less motivation for them to go abroad.
Hey, I actually just finished listening to the Acquired podcast special on XiaomiIPO, where the two VC-b/g hosts had two otherVCS来自GGV,专注于中国市场。他们提到了与您上面的帖子相似的观点 - 心态和认可,当地初创企业和技术具有能力,并且正在制定创新的产品,这些产品可以脚趾与其他西方玩家。
他们还提到小米的创始人之一将Uniqlo/Muji视为灵感(基于质量并已国际化的本地品牌)。但是他们提到的一点是,尽管人们正在为像80年代/90年代这样的日本和韩国等公司努力工作,但他们认为,在初创企业或大型科技公司中,许多人这样做的可能性越来越大(为了未来的潜力增长或职业发展)与大型SOE或企业集团(如他们在为下一个选择或增长与大型稳定的工作相比,他们正在努力)。
In case anyone is interested:
http://www.acquired.fm/episodes/2018/8/5/season-3-episode-2the-xiaomi-i…
您是否介意分享招聘过程PEin China (SH/BJ)? How many rounds of interviews and any modeling test? Thought technical is highly sought after forPEroles in the US - is it the same in China?
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