From Private Equity to Investment Banking

I'd like to get some input from some of the more experienced guys out there - especially if anyone has made the move from PE "back" to IB.

I've been at a fully-invested PE firm for the last couple years out of an MFin and after 3 years in Asset Management, primarily working on fundraising and with minimal investment duties (sourcing, modeling, etc). I've been told that there will be cutbacks on the deal teams but I could stay on in a client-facing IR role. I'd like to move into a HF, but since I don't have that typical base "banking training program", I'm considering moving into M&A. I'm planning on targeting Associate roles, but since these typically recruit MBA's out of school a year in advance, I'm also considering a lateral hire as an Analyst.

Would be interested to hear from anyone in a similar situation or thoughts on the move the other way at this level.

 

Boilerbanker - great that you set up the thread on analystforum! Thanks!

I hope somebody will post their opinion... The move PE FoF -> PE shop has been widely discussed, but PE FoF -> IB not. Hence I'd really appreciate the input.

 

You need to try to get on the accelerated lists for FT interviews - those will give you the best shot at converting to IB BB analyst without interning there first.

With regard to $10bn+ funds, there aren't very many out there to begin with, and most recruit solely out of experienced analysts. Of course there are exceptions such as Silver Lake, but I am not sure how their analyst recruiting processes work.

 

A finance internship helps regardless of where its at, well as long as its not at some thing like edward jones, obviously the better the name the more it helps. But yes a PE internship will help you get a BB offer, no promise that it will land you the job but it will help.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

If you're getting relevant transaction experience at the PE firm, it definitely helps. At the junior levels, the skillset in PE is similar to that of IB, making transitions easier.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

I interned at a PE firm as well and it worked wonders for networking with IBs (which they encouraged), but they were very clear about not hiring undergrads. From what I have been told, it's a policy that is nearly ubiquitous in PE. They buy from bankers, so it makes sense they require their entry level analysts to be former bankers, typically with 2+ years experience -- gotta know, and be ready for, all the tricks they are going to try and pull so you can spot a pig when you see one.

 
HarvardOrBust:
I would say it's an uphill battle unless the firm you work at is well recognized. If it's a firm that not many people have heard of, then you'll have to convince IBD people why you want to go to IBD as opposed to stay at the current firm. For larger PE shops, you just won't have the pedigree necessary to secure an interview.

Do you think I would be better off at a boutique IB? (to position myself for FT IBD). ..not trolling, this is my situation.

 
Best Response

Given the current condition of the market and the fact you didn't mention that you hated being where you are at...I would stay put. I could be way off, but bringing someone in at the MD level seems a bit less likely than an internal promotion to MD. Certainly take the opportunity to look and see what is out there but I would bet that not having an MBA would make it difficult to become an MD at a BB in this day and age.

I don't know how close you are with your partners at the firm but maybe it would be worth your while to speak to them about the added benefit of going back to school. I know you don't particularly favor going back to school but if you could get into a good program if would offer you a tremendous amount as far as increasing your career potential. The network you could acquire while you are there would likely be extremely beneficial no matter what path you chose to pursue. You could potentially meet new contacts for future deal flow and possibly people who might participate in future funds. To me, bringing in money and deals would be a surefire way to get your invitation to the MD level. I just think you are fairly limited given the job market and given the lack of MBA. Unfortunately, in the upper ranks of PE, your aforementioned skills lose some of their value as creating deal flow tends to be the focus for MDs at many firms. Just my two cents. Good luck.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
 

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