How to prepare to break into PE

How to prepare to break into PE with an SA in EB London?
I have a target undergrad and a target master in finance related fields (think financial economics/ quantitative finance/ accounting and finance etc).
I landed an SA this year in one of the EBs ( think Lazard, Evercore etc) .
Definitely I would work my ass off for the return.
My plan is to work in PE after 1-2 years in Banking, but all of my previous experience were in Banking and have little knowledge in PE. Recently I studied and networked a lot myself and gain some knowledge about this industry.
So any constructive advice on how to achieve my goal to break into PE after 1-2 years of banking? What should I do right now?
PS. There will also be a gap between the SA and the full-time if I can get a return. I am thinking of applying for some PE internship which covers that period of time. I am looking into some job posts right now and it seems that there are few openings. Is now the right timing to apply for the PE internships starting in September or October? Or is it already too late? What do I need to do right now for PE recruiting (in terms of networking or other efforts) ? What is usually the recruiting process for PEs in London?

 

Based on the most helpful WSO content, here's a strategic approach to prepare for breaking into PE after your stint in investment banking:

  1. Maximize Your SA Experience: Focus on excelling in your summer analyst role at the elite boutique (EB). This involves not only performing your tasks diligently but also building strong relationships with your colleagues and superiors. These connections can be invaluable for recommendations and advice as you transition towards PE.

  2. Networking: Start building your network in the PE industry as early as possible. Attend industry conferences, seminars, and networking events. Connect with alumni from your university who are currently in PE. According to insights from WSO, networking is crucial and should be initiated early in your career.

  3. Educational Preparation: Since you have a strong educational background in finance-related fields, leverage this by deepening your understanding of PE-specific concepts. Engage with resources like the WSO PE prep guide, Vault guides, and practice paper LBOs. These materials are highly regarded and can provide a solid foundation in PE.

  4. Internship Opportunities: Regarding your query about applying for PE internships during the gap between your SA and potential full-time role, it's advisable to apply as soon as possible. PE internship opportunities can be competitive and scarce, especially in London where the recruitment process can be quite ad-hoc and unstructured. Early applications are generally favored.

  5. Understand the PE Recruiting Cycle: In London, PE recruiting can be less structured compared to other regions like the US. It often involves a lot of networking and timing can be unpredictable. Keep in touch with headhunters and be prepared for opportunities that may arise spontaneously.

  6. Practical Experience: If possible, try to get involved in deals at your EB that are related to PE or involve skills transferable to PE, such as financial modeling and valuation. This practical experience will be beneficial during PE interviews.

  7. Prepare for Interviews: Start preparing for interviews early. Focus on mastering LBO modeling and understanding the intricacies of how PE firms operate. Mock interviews with professionals who have PE experience can be incredibly beneficial.

By following these steps and maintaining a proactive approach, you'll enhance your chances of transitioning successfully from IB to PE. Remember, persistence and continuous learning are key in this competitive field.

Sources: When to start prep for PE recruitment? (London), Basic Questions About PE Recruiting Answered, Q&A - London IBD to megafund PE, From "how do I break in" to "how do I escape", https://www.wallstreetoasis.com/forum/private-equity/pe-recruiting-in-london?customgpt=1

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

I genuinely think the WSO PE guide is a pretty great value for what you pay for. Certainly helped me with a lot of prep while I was in undergrad. Any sense of what type of PE you're interested in? That can then help you be more targeted with what other stuff you practice/drill yourself on.

"The obedient always think of themselves as virtuous rather than cowardly" - Robert A. Wilson | "If you don't have any enemies in life you have never stood up for anything" - Winston Churchill | "It's a testament to the sheer belligerence of the profession that people would rather argue about the 'risk-adjusted returns' of using inferior tooth cleaning methods." - kellycriterion
 

Thank you so much. I am still exploring this industry to be honest. But would be keen if the it is a tech investor, and if there is more learning curve in direct value creation. Not necessarily to be a MF. Still wants to hear some advice on this.

 

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