It was a packed house when Ram Jagannath and Andrew Lim came to speak to members of Kellogg’s Private Equity Club. Courtesy photo

Pre-MBA, Alex Amato spent three years working at a PE fund. He knew he wanted to continue to build on that career after.

So, when it came time to look at MBA programs, Northwestern University’s Kellogg School of Management was a clear stand out. Its high-touch, mentorship driven Advanced Private Equity Experience (APEX) program checked all of Amato’s boxes.

“I believe APEX’s formal mentorship program is unique and highly differentiated versus other MBA programs. I was given the opportunity to specially request a mentor based on my interests and career goals, and Kellogg granted that request, which I think made the program even more valuable to me,” says Amato, a 2024 Kellogg MBA graduate and vice president at Gauge Capital.

Alex Amato, APEX MBA ’24

“This mentorship relationship is one that will transcend the two years at Kellogg and is a great foundation to continue building my own career in PE post-graduation.”

Amato was one of around 20 one- and two-year Kellogg MBAs selected to participate in APEX, a relatively new and highly selective program that combines rigorous academics with industry mentorship. Now in its second year, the program announced its new senior director this May: Erik Brown, Kellogg MBA ‘06, founder of Red Cedar Capital with more than 20 years of experience in PE/VC.

“We believe Kellogg is uniquely positioned in private equity. What sets us apart is a modern approach that combines finance and analytics with social intelligence,” Brown tells Poets&Quants.

“As we say in private equity, you need a high IQ, but also a high EQ. Personally, as a Kellogg graduate, I can vouch for the rigorous finance curriculum here; it’s second to none, with a world-class finance faculty and some of the most advanced coursework available.

“But as we know, private equity also requires softer skills – like leadership, negotiation, and collaboration – which Kellogg has focused on for over 30 years.”

KELLOGG’S DEEP PE ECOSYSTEM

To be sure, APEX feels like a natural progression for Kellogg’s PE offerings. Its finance MBA offers a Private Equity and Venture Capital Pathway, and its Private Equity Lab course provides hands-on experience similar to an internship. The school also has an active student-led Private Equity Club which organizes meetups with industry alumni and professionals in cities across the country. Also student-led, Kellogg’s Private Equity and Venture Capital Conference attracts nearly 300 students, alumni, faculty and industry professionals each year.

Kellogg’s dean Francesca Cornelli led the Private Equity Institute at London Business School as a finance professor there, and PE in one of her main research interests.

“In addition to Dean Cornelli, we have a very large and influential alumni base in private equity, and they were instrumental in building this program as well,” Brown says.

APEX’s key components include:

• High-selectivity: The cohort is capped at about 25 students per year to maintain its high-touch, one-on-one experience. Both 1-year and 2-year full-time MBAs are invited to join during the admission process, based on prior PE experience and proven interest as well as a commitment to the industry post graduation.
• Tailored curriculum: The program has an accelerated finance curriculum with advanced courses, including the Private Equity Deep Dive which is very popular among APEX students. The program also features real-world projects and case studies that look at why real deals are made – or not made.
  

  James Griffin, APEX MBA ’25

• One-one-one mentorship: APEX students get matched with industry mentors that align with their career interests. Mentors come from Kellogg’s Private Equity Advisory Council (PEAC) which is composed of senior industry leaders. Students also receive academic mentorship from Kellogg faculty.
• Deep PE Network: Students collaborate with peers from diverse professional backgrounds in their cohort as well as Kellogg’s deep, established network of PE alumni. About 40% of Amato’s cohort were international, providing a unique perspective and flavor for PE that he otherwise wouldn’t have gotten, he says.

“The APEX program embodies the pay-it-forward mentality of Kellogg’s supportive alumni network. The program guarantees each student at least one-on-one focus from a Kellogg mentor with professionally relevant experience,” says James Griffin, APEX MBA Class of 2025. He is looking to build a PE career after graduation – either through investing or working directly for a PE portfolio company.

“Kellogg’s PE network is uniquely positioned to help students pursue opportunities in the middle market, especially in Chicago. Many of the alumni serving on the PEAC Board either work for middle market private equity firms or have vast networks in the space. If you are interested in building a career in middle market private equity, the APEX program will connect you with people who can help make it happen.”

A joint happy hour for Kellogg’s and Chicago Booth’s Private Equity clubs attracts PE interested MBAs as well as alumni working in the industry. Courtesy photo

THE PRIVATE EQUITY DEEP DIVE

The advanced private equity deep dive course is one of APEX’s hallmark experiences. The 10-week course invites a different alum or PE practitioner to come to class each week, providing hands-on, real-world insights with case studies based on actual deals and investment opportunities. Students study the intricacies of private equity processes – from due diligence and fundraising to the nuanced decision-making behind why a deal was pursued or passed over.

For example, Dave Schnadig, vice chair of Kellogg’s Private Equity Advisory Council and co-president of Cortec Group, walked students through Cortec’s acquisition of Yeti as part of the course.

“The PE Deep Dive course was one of my favorites at Kellogg,” Amato tells P&Q. “It gave a flavor for other asset classes like special situations investing, credit, and even fund of funds (FOF). It was a great window into better understanding the frameworks, intellect, and investing skillsets these people utilized, and I’m grateful for the experience.”

Technical expertise, however, is just one side of the APEX equation. Private equity has a significant human element, Brown notes, and PE associates will be raising capital, dealing with limited partners, selling, and negotiating. These are skills beyond the advanced finance curriculum the program provides. Students can explore electives like “Selling Yourself and Your Ideas,” crisis management, and growth and scaling courses, all designed to round out their skillsets.

“We have excellent finance coursework, but those additional skills are what’s needed for career advancement,” he says.

“It’s one of the reasons our graduates are so well-prepared for the modern challenges of private equity. Kellogg has been focused on this balance for over 30 years, ensuring that our students excel not just in technical roles, but in the human-centric challenges of private equity as well.”

WHAT COMES NEXT

After earning his MBA at Kellogg in 2006, Brown has built his own impressive PE and VC career over the last two decades. He founded Red Cedar Capital and co-founded an investment fund with two Northwestern Law alumni backing tech and life sciences companies. It’s a testament to the power of the Northwestern network, he says.

Erik Brown, APEX senior director

His return to Kellogg as APEX’s senior director feels like a natural career progression. Both his parents are teachers and he has a long-standing passion for education. Plus, the creation of a full-time director role for private equity, he believes, reflects Kellogg’s deep commitment to provide unparalleled opportunities to students in the field.

Looking ahead, he sees APEX as a cornerstone of Kellogg’s private equity ecosystem. Each APEX cohort has a student leader, and Brown will work directly with these students to develop new programming and experiences. They’re talking about boot camps to enhance technical and operational expertise, and exploring growing PE fields like secondaries and continuation funds.

He also is excited to further work with an alumni network that is already highly engaged. Some of the most senior people in private equity are Kellogg alumni, and it’s exciting to see them come back to campus to speak, host lunches, and mentor students. The recent subcommittee meetings of its Private Equity Advisory Council had 100% attendance, which is saying something for a group of such accomplished people with very demanding schedules.

In fact, this passion for Kellogg generally and the APEX program specifically is a hallmark of the program, Amato says.

“I was fortunate to have been paired with an alumnus whose career path was closely aligned to my aspirations and he was able to provide me with great advice and mentorship as I contemplated what my next steps post-grad would be,” he says.

“His mentorship, combined with the opportunity to build a genuine relationship over two years, was an invaluable and very unique part of the program which differentiates it from others, in my opinion.”

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