how hard is it to move from dcm/ecm to pe?

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Unfortunately this is probably not the answer you were hoping for, but no there is limited appeal for this and here is why.

The perception would be that your differentiated background adds limited value. First, there is not as much need for this as I think you are assuming, with the exception of big mega funds, exits by going public are pretty rare in practice for PE funds (even if they are being used more, it's still a relatively rare event on a fund level). And those big PE funds that do this more frequently often have their own capital markets departments to help out (KKR Capital Markets, Blackstone Advisory etc., you could definitely move to this type of group). Then beyond how frequently a larger MM fund would need these services, the PE firm is going to hire a bank with a full ECM team to assist them through the process. Having someone who used to work in ECM markets at a junior level is not going to add much to this full team of ECM they have hired who are still involved in the market day to day.

Then there is the issue of what people will perceive you are missing from skill sets that are needed in PE (some of it perceived deficiencies and some actual ). You will be seen as missing the heavy modeling experience, which is not the ability to build a simple LBO model (that's a check the box thing to make sure they don't hire an idiot) but it's those detailed revenue builds, modeling in specific costs, doing fixed vs. variable analysis to help justify operating leverage, looking at different financing scenarios (debt vs. equity, convertible securities, MoE vs. straight buyouts etc.), which are things that just are not done in (most) ECM groups. Regardless of your actual experience, this is the perception you are fighting against. Then beyond that, you will be missing all the process experience that IBD analysts get. This includes experience with full scale diligence, credit agreements, negotiations of key points of stock purchase agreements or transition services agreements, understanding signs of when a process is weak and how to bid / negotiate accordingly, what information you can tell the other side vs. what is important to hold back etc. It's just a world of the M&A process that PE analysts have to deal with every day and often are given responsibility to handle on their own. So someone from ECM who has almost no experience in these areas would be concerning to lead parts of a process. Lev Fin analysts are a little deficient in this area as well, but they are around the whole process with sponsors so they have exposure to it at least.

The path to PE here if you're a top analyst in an ECM group is to request doing a third year in an IBD group and then recruit for PE with that on you resume. Again, not as easy as going from Lev Fin => IBD => PE, but still doable if you get in a good IBD group. All the bulge bracket banks look to keep top analysts inside their system as long as possible, so if you've performed well in ECM you should have no trouble moving to IBD if you raise your hand early and make your wishes known.

ECM does IPO structuring which is one possible exit option for PE portfolio companies. So there is some overlap, but given the high comp. for those jobs it will be really hard. It's the "law" that the best guys go to IBD and then the best IBDers go to PE (accompanied by some top notch cunsulting colleagues from McK and alike). It's not about transferability of skills but the notion of ECM and the traditions in the industry.

Yeah don't see how ECM directly applies to the private equity industry. However, someone in a private placements group might be good for fundraising. Feel free to correct me if I am wrong.

yeah, that so seems like the boring part of PE - operationally it looks like it's only M and A or consultancy. M and A douches work way long hours and consultants don't make enough. Fucking hell.

I agree, the only transferable ECM experience is private placements and even then your exit ops are to go to a shop that does a lot of growth equity financings (Summit/TA) which means 3 years of cold calling to tack on to your 2 years of banking. Fun.