FAQs
Please review the FAQs below. If you have questions after that, please contact us pefellows@toigofoundation.org.
Who is eligible to apply?
Second-year minority MBA students on track to graduate in 2011 are invited to apply. Applicants must be a U.S. citizen or permanent resident and enrolled in good academic standing at a full-time MBA program based in the United States. Students must graduate in order to receive the Fellowship benefits and stipends.
What if I graduated with my MBA two years ago—am I eligible?
The Fellowship is for 2nd year minority MBA students immediately following their graduation. This application criteria may change in the future to include MBA-graduates in the workforce.
What firms are involved in the Fellowship?
Currently, three firms are involved in “hosting” Fellows as part of the Fellowship rotation, which includes 6 months at a PE firm, 3 months at an LP and 3 months at a portfolio company. The PE firms include:
Apollo Global Management – Apollo Global Management, LLC and its subsidiaries (“Apollo”) is a leading global alternative asset manager. We are contrarian, value-oriented investors in private equity, credit-oriented capital markets and real estate, with significant distressed expertise. We focus our investments in areas where we can capitalize upon our integrated platform and library of industry knowledge. We have applied this investment philosophy over our 20-year history, deploying capital across the balance sheet of industry leading businesses, and seeking to create value for our investors throughout economic cycles. The Company has significantly grown our assets under management to $72 billion as of June 30, 2011. The Toigo Fellowship opportunity will be within our New York Based Private Equity business.
The Carlyle Group – A global alternative asset manager with more than $90.5 billion under management. With 67 funds across four investment disciplines (buyouts, credit alternatives, growth capital and real estate). Based in Washington DC with a network of offices around the world, The Carlyle Group served as the launch partner of the Toigo Private Equity Post-Graduate Fellowship with a pledge of $1 million.
Vista Equity Partners – Vista has over $2 billion in committed equity capital and seeks to partner with world-class management teams looking to reach their full potential. The firm follows a consistent and disciplined focus on the software business model and value-add operational improvements. The firm’s portfolio of software and technology-enabled companies includes 20+ leaders in a variety of vertical markets. The Fellowship opportunity will be in Vista’s Chicago office, and the firm seeks MBA talent offering a combined technology/software and finance background.
Toigo is in active discussions with additional private equity firms (of all sizes) to secure expanded industry participation.
Is the Fellowship only open to Toigo Fellows?
All second year minority MBA students who are U.S. citizens are eligible to apply.
Are Toigo Fellows given preferential treatment in the application or review process?
The focus of the fellowship is to make a career in private equity accessible to minority MBA graduates. We welcome MBA 2nd year minority students who might not have applied to be a Toigo MBA Fellow as they were starting business school, as well as current Toigo MBA Fellows. All candidates are viewed on their professional / personal merits.
Is the application for Toigo Fellows and non-Fellows different?
The application form and questions are identical.
Is there a fee to apply?
Yes. There is a nominal fee of $50; this fee is waved for Toigo Fellows. Please click hereto post the $50 Fellowship application fee (if you are currently a Toigo MBA Fellow, no application fee applies.) Your payment must be received by the September 21st, 2011 application deadline.
Who should provide my Fellowship recommendation? How is the recommendation submitted?
Select a person who knows you and your work—a supervisor from your summer internship or a former manager from a prior job. The application is an online form. You should provide the person who will submit your recommendation with the following URL (submit your recommendation). Recommendations must be received by the September 21st, 2011 (11:00 pm pacific) deadline.
May I start my application, then finish it at a later date?
Yes, you may start the application and finish at a later time. All materials—the application, your recommendation, a copy of your resume and the application fee—must be posted by the September 21st, 2011 deadline (11:00 PDT).
What is the selection criteria?
The Toigo Foundation and participating firms are seeking talented minority candidates with a clear passion for private equity and entrepreneurship. The Toigo Foundation will review all completed applications and narrow the “first round” field to a group of finalists for a “First Look” event in New York with participating firms. A final round of candidates will be selected and invited to interview directly with participating firms. Following those firm interviews, Fellow selection will be announced.
What is the Fellowship format?
It’s a year-long, three-part rotation designed to provide each Fellow with unmatched exposure to the trillion dollar private equity sector. The timeframe at each will vary by Fellow / firm, but will roughly be six months (beginning in August) with the PE firm, 3 months with a plan sponsor and 3 months with a portfolio company.
What is the compensation or Fellowship Award?
Selected Fellows will receive $180,000 over the year-long rotation, including a merit award of $50,000 (paid in two increments: $20,000 before the start of the rotation and $30,000 at the completion of the rotation) and stipend of $130,000 (paid monthly beginning in August of the rotation.). Travel to/from the rotation locations and housing is the responsibility of the Fellow. The Foundation will provide a list of possible housing options for each location. Work-related travel during each rotation cycle will be covered by each “host” organization. Fellows are responsible for personal income tax filings and healthcare coverage.
What happens at the end of the year-long rotation?
While there is no guarantee of an offer to the Fellow from any of the participating firms, the Toigo Foundation expects that, due to the thorough screening process and competitive application field, prospects for full-time employment within the industry will be strong.