Matt Levine, Columnist

Private Equity Keeps Hiring Earlier

Also Netflix Theory, asteroid blockchains and silly life insurance.

November 1, 2018 at 11:11 AM EDT

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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When is the earliest private equity firms could hire new junior associates to start in private equity after completing two years in investment banking? In normal jobs the answer would be, like, “two weeks before the end of their two years in investment banking,” but these are not normal jobs; they are steps on a structured conveyor belt of prestige. The PE firms actually start much earlier:

That is, the Christmas after the applicants graduated from college, about 6 months after they started in investment banking and about 18 months before they will start in private equity. And this year it’s even worse:

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