Private Funds Group Analyst at MM – What Are My Realistic Exits?

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Starting soon as an analyst in a Private Funds Group (under the Private Capital Advisory umbrella) at a MM bank (think Lincoln, WB, HL). The role is focused on private fund placement.

I’m trying to get a better sense of what my lateral and exit options actually look like from here.

Lateral goals:

Ideally would want to move to one of the top platforms in the space — Evercore, PJT, Lazard PCA, Campbell Lutyens, etc. How realistic is that coming from a MM? Is it doable after a year or two? How hot is that lateral market being that its quite niche?

Exit opportunities:

I’ve heard of people going into IR at PE firms, or landing at family offices. Curious if exits to secondaries funds are on the table from here — especially investing-side roles vs just IR

Technical exposure:

Still not sure how much modeling/technical work I’ll actually get in this role, seems like its team dependent. Wondering how that impacts future optionality (esp. if I ever want to move into direct investing or secondaries buy-side).

Would appreciate any insight from people who’ve been in PCA / PFG roles — trying to understand what realistic next steps look like and what to focus on early.

Thanks.

PS this is US based but would like to hear UK pov as I am a UK/US dual citizen

3 Comments
 

Lateral Goals:

Realistic, yes. Remember, each bank will usually focus on raising funds for a specific type of fund (e.g. RE). If it is agnostic, then depending on how staffing works, just angle yourself to work on fundraising in a space that aligns with the focus of whatever bank you want to lateral to.

Exit Opportunities:

IR is the overwhelming exit. As with the above, if you work in a PFG team focusing on RE funds, going in-house at a REPE is the most realistic - but not the only - option. Particularly so if you're in a top shop with great brand name, such as EVR in London.

Technical Exposure:

Modelling/valuation is non-existent in PFG.

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