Are such existent in USA? Or is it too late to get into PE if you did not go through the pathway of doing a 2-year analyst program? For London, is it common for older associates (2–3 years post MBA, or 5–7 years in IB starting as an analyst & getting IB associate promotion) to get into PE?
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Based on the most helpful WSO content:
USA:
London:
Key Points:
For more detailed discussions, you might want to explore specific threads on Wall Street Oasis.
Sources: Q&A: London BB IBD to top 3 PE, IB VP or Associate to PE -- is this a thing?, European Private Equity Associates backgrounds, Analyst at 27 or head to B school?, How much do you learn as a 3rd year IB Analyst vs 3rd year PE Associate? (How common is a 3rd year in PE?)
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Tons of topics on this already, but can give my perspective. It is not a cut and dry formal process like it is for analysts. You have to make your own luck, and it is very much a gamble. You’ll have to network your ass off, be in constant contact with recruiters, lean on personal relationships, and be ready to nail an interview at any moments notice. This could all come together in a week, or take years to materialize.
I have seen people pull it off, even to decent middle market shops (never MF), but that is the exception and not the rule. Typically these are exits to small boutiques that are within a specific niche (secondaries, fund of funds, infra, etc). My advice would be to hope for the best, prepare for the worst.
Would say that recruiting in London is different though and less structured so you have more of a shot than in the US.
Heard the opposite. Not from the UK but heard that it’s more structured with less of an emphasis on networking.
There is no such thing as being "too old/late/etc" to make a move. The only thing your experience does is determine at what level and at what firm you can join. For example, you could be a killer GS MBA associate. You could be a genuinely top of the top bucket associate. But simply by when you joined GS, opportunities at MFs may be closed to you simply because you are too late. But if you want to go down market, to firms that don't hire 35738901758903175 years before your start date, you'd have no problem joining a MM firm as an associate.
There are plenty of bankers that join PE as a VP/D/MD from a bank. I mean there is a reason why most of the MFs were started by such people. Moving later doesn't necessarily hurt you. It just changes the opportunity set you'll have
Thanks
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