Laid off banker looking to break into PE
Long story short, I'm a recently laid off IB analyst from a mid-tier BB in New York. Have about 17 months of experience under my belt and closed 3 transactions. I'm looking to go into PE now (was always the goal after banking). Would the best strategy here be to target LMM PE funds given my situation? I really, really don't want to go back to banking just to break into PE later, would rather go to the buyside now if possible.
Appreciate any advice/insights here! Especially if you're in a similar boat
London POV here. In similar situation, laid off together with many others and realised PE firms / headhunters are reluctant to put you fwd. MF/UMM is not an option so best bet is probably MM/LMM shops or back to banking and try to lateral as an associate if some of these funds feel more comfortable then.
Did you end up going back to IB?
Not yet but that's the plan. Closing in on couple of good offers so hopefully I'm back in the game early next year.
Also in similar situation, but I am pretty sure if you go back to IB in one their target bank, it should be fine; at least thats what I gathered speaking to recruiters.
Getting back to IB seems a bit hard now with a lot firms not hiring. Any advice how you went through it? How long did it take? Also how do you explain lay-off in interviews, are bankers receptives?
Yep, might be the case. Come from a target bank now but that hasn't helped in PE recruiting. Banks have been way more receptive so far, but yes hiring is slow. The way I see it, it's much easier for me to get back on my feet by landing back to banking instead of trying a new path, which is also not hiring much atm and opportunities are generally fewer than banking and less accessible. Everyone I've interviewed with was very chilled about redundancy, they all know were going through a cycle now. On the 6-month mark now, interviewing has been kinda slow and the market was closed during summer. Thankfully I don't have an immediate cash flow problem so I'm trying to balance the need to get back in the game soon and avoiding a very long unemployment period, with a good opportunity that doesn't screw my CV completely. I'm not sure when the market will come back and who will still be relevant by then to grab fees so further layoffs aren't out of the picture imo. Having said that, I'm scared shitless to not end up in the wrong team where I'm either stuck or worse out again in a year...fingers crossed I'll be in a position to make decisions in Jan...
Needs more information. Were you part of a mass layoff like credit suisse? Or the only analyst cut?
mass layoff. wasn't CS though
Private credit guy here - maybe consider credit if PE doesn’t work out. Can’t speak to PE recruiting as was never really on my radar.
Have to imagine a lot of hybrid debt/equity shops would like your profile (HIG etc).
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