Ignore title. Currently a second year analyst in the PCA group at an EB interested in lateralling to traditional coverage group. Has anyone done this before and how hard is it? Did summer at a BB coverage but recruited full-time into PCA thinking it would be very interesting and now want to switch. Still like the work I do but feel that having a few years of traditional banking experience would be helpful.
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Yes definitely possible. You might take a year reset but have seen our analysts get offers / multiple looks from traditional coverage roles.
Sorry, I should clarify… what exactly are you doing within PCA?
Thanks, primarily GP-led deals
Do you think it's possible to move from a Real estate private debt seat to borader GP-led PCA? Many thanks!
RE GP-leds? Sure no problem.
Traditional PE/buyout GP-leds? If you’re only 1-2 years in, are willing to reset 1-2 years and have a good connection… maybe.
RE guys just don’t do traditional corp finance work or LBOs day to day so there’s a steep learning curve and given the amount of talent from either M&A, valuation advisory or secondaries buy side interested in these seats it just doesn’t make sense for us to take on someone like that.
Don’t want to say never but you’re gonna have to network hard and do a lot of work in your free time to prove you’re coming in up the learning curve.
Many thanks! Do you think RE GP-led and secondaries would be a good field to be in? Also, even if I'm only analyst 1, it seems that I'm still piegon-holed... is there any other possibility of jumping to the corporate side? Really appreciate for the insights, this truly helps!
As an analyst 1 I wouldn’t say it’s impossible if you network hard and practice in your free time. RE GP-leds are still a good seat as well. Much smaller market with fewer buyers but growing rapidly. So worth a consideration.
Tbf I wouldn’t fully knock a career in RE either. Earnings are lower in the early years but can be extremely lucrative in the long run, WLB is better and far easier to start your own thing which will virtually never happen in Secondaries. Have always been jealous of my RE buddies in that regard. Also more flexibility in the cities you can work in… secondaries is pretty concentrated in NY/LON… fine when you’re young but loses its allure as you get older.
Would appreciate your insights on PCA, what’s it like. Currently at a big 3 rating agency within the private capital space, quite particularly the secondaries market. Looking to make a lateral soon as it’s the most relevant to my work here with funds and fund dynamics.
If you're on GP leds, easily enough. LP leds will be tricky.
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