Career transition to IB from project finance

Hi All,

Just to set the scene, I have been with a boutique infra & real estate fund in London for 3-4 years (doing project finance w/ equity & debt) and am now at the Associate level. I realised last year that I really didnt enjoy investing in real assets and wanted to transition into corporate PE. I realise this is a very difficult to transition however I networked like crazy and got to the third round of interviews for a very reputable mid-market tech PE fund (Associates predominantly have Goldman/ McKinsey experience) but has rejected on the basis of my background (they liked me a lot in person as I had taken the initiative to prepare and talked them through an investment idea I had). The feedback I have had from pretty much all the mid-market funds I have spoken to is that I should consider going back into IB to get some corporate finance transaction experience.

I have spoken with recruiters in Toronto and London (I have the right to work in both) about moving back into IB and the feedback has been the following: - London: difficult to transition into a BB/EB as 2nd year analysts usually require 1 year of M&A experience, 1st year analyst positions only to grads and off-cycle so very random when I will get an opportunity - Toronto: spoke to Vlaad (who does most of the recuiting there) and they said 3rd year analyst at RBC/ CIBC is possible even w/o M&A experience as I do have investment experience

Either way this would be a demotion (which I prepared to take if it means working in a sector I find interesting).

As its summer, not a lot of hiring seems to be hiring yet and I have been given indications this will start in Sep/ October for BBs.

I have a new opp coming down the track in a small IB Boutique however would likely have to take a demotion. I would obviously prefer a BB as they would have proper training & prefer Toronto as a city however I would have to wait until September to start applying & there is no guarantee I get anything (because of my lack of M&A experience) & face the risk of staying in my current role for longer.

Question to everyone is whether you recommend going for this Boutique role with view to transitioning within a few months (given that demotions are probably waiting at the BB) or waiting out for better roles to become available given my (lack of) experience?

Also can any Canadians confirm that IB recruiting is more lax over there?

Thanks in advance,