Looking for Up and Coming Asset Classes / Investment Products for Career Focus

I am an incoming IB summer analyst at (Blair/Harris Williams/etc) and am awaiting decisions for T-14 law schools (graduating early), and I am trying to figure out what I should keep my eyes on when it comes to the future of finance and my career. I have entrepreneurial tendencies and eventually want to stake it out on my own once I have sufficient knowhow in the industry, moolah, and network. A couple things that come to mind in current finserv mkt: - Too late or hard to scale a firm in PE, overcrowded, lots of mega-sized players Probably will miss the growth phase of the private credit boom by the time I have the contacts, moolah, and experience to do my own thing. - I have an inkling that expanding illiquid credit products to a larger investor base thru ETF or lower-req funds will become a big growth phase that I can tap into. E.g., The lowering of legal reqs like having to be an accredited investor, or lowering of min entrance fee into a fund, and the path-paving made by private credit etfs (proposal submitted by Apollo/State Street, still awaiting SEC approval). - There will be demand for currently hard-to-access specialty finance products like a consumer lending etf where the underlying value of the security is based on consumer loans rather than a basket of the equity of credit card companies. Same can be said for auto loans, other specialty finance products. Originate it, then ETF it. Admittedly, illiquidity of the underlying asset is risky, and could leave an ETF provider stuck with inventory during a selloff and being unable to match investor outflows. Let's see how far apollo/SS can get with the SEC. But if this can be overcome, such products can become a major trend. My current thinking: Try to end up practicing securities law (I currently research at my uni's law school where I work on securities law) for a couple years (~3-5) before the comfort of stable income starts to kick in and then try to create my own securitizable products to meet needs unmet in the current financial market. Before you advise not to overplan my career, know that I am fairly confident in my interest in this practice area and am open to working on a W-2 for longer wherever I can learn before doing my own thing. With that said, which products/asset classes/mkt needs do you all suggest I pay attention toward as I finish my education? I would additionally appreciate any you have for me on trying to start a new finserv shop that would tackle this market.

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I've been thinking along similar lines to you and while I haven't even landed a SA 26 internship my 2c is that you're better off finding something you're very excited about or something you're really good at and sticking to it rather than trying to min/max for what the next up and coming asset class is going to be.

If you think PC ETFs are a huge window of opportunity then pursue it so long as you're interested in it and willing to spend your career on it imo. If you made the wrong call then you don't want to be pigeonholed in some alternative asset class that you fundamentally hate working in.

My plan is to do 2+2+2 and reassess - worst comes to worst oh noo! I'm working in corp dev! How tragic that I work 9-5! I'm but a peon peon compared to the guy in my graduating class in college runs the largest alternative crypto IOT metaverse alternative private credit ETF whose LPs are pension funds!!!  

 

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