Exits in Europe - FIG, Healthcare, NatRes / P&U / Infra

Based on the most helpful WSO content, here’s what you need to know about exit opportunities from FIG, Healthcare, and NatRes/P&U/Infra groups at top BBs in Europe:

1. Financial Institutions Group (FIG):

   • Exit Opportunities: FIG tends to lead to specialized exits due to the technical nature of the work. Common exits include private equity firms focused on financial services, fintech, or insurance, as well as roles in corporate development within banks or financial institutions.
   • Pigeonholing Risk: FIG experience can pigeonhole you into financial services-focused roles. However, transitioning to generalist PE is possible, especially if you can demonstrate transferable skills and a strong understanding of broader corporate finance.

2. Healthcare:

   • Exit Opportunities: Healthcare groups are highly sought after for exits into healthcare-focused private equity, venture capital, and corporate development roles within pharmaceutical or biotech companies. Generalist PE is also an option, as healthcare experience is often viewed as valuable and transferable.
   • Pigeonholing Risk: While healthcare experience is specialized, it is less likely to pigeonhole you compared to FIG. Many generalist PE firms value healthcare expertise due to the sector's growth and complexity.

3. Natural Resources/Power & Utilities/Infrastructure (NatRes/P&U/Infra):

   • Exit Opportunities: These groups often lead to exits into infrastructure funds, energy-focused private equity, or corporate development roles within energy and utility companies. Infrastructure investing is a growing area, making this experience highly relevant.
   • Pigeonholing Risk: There is a moderate risk of being pigeonholed into energy or infrastructure-focused roles. However, transitioning to generalist PE is feasible, especially if you gain exposure to broader M&A transactions.

Generalist PE Transition:

• Moving into generalist PE from any of these groups is possible, but it may require extra effort to position yourself as a well-rounded candidate. Highlighting your deal experience, financial modeling skills, and ability to adapt across industries will be crucial.
• Networking and leveraging your BB brand will also play a significant role in breaking into generalist PE.

In summary, while there is some risk of specialization in these groups, the prestige of your BB experience and the skills you develop can still open doors to generalist PE roles if you position yourself strategically.

Sources: Breakdown of Post-IB Exit Opportunities, Working in FIG (Financial Institutions Group) - An Overview., Breakdown of Post-IB Exit Opportunities, Why Should I Work in FIG Investment Banking?