Starting a Career in Secondaries
I attend a semi-target in the states and have the opportunity to go full-time in an EB's secondary advisory team (PJT/Moelis/Lazard).
Although the opportunity seems excellent, I am not sure if starting out my career in secondaries is a good idea. I am not sure how much optionality I would have later in the years because the last thing I'd want is to be stuck within secondaries/FoF and end up not liking it.
Furthermore, I am also scared that something might happen to the secondary industry in the future, like what happened to SPAC advisory, and I would be left within an industry that is dead.
Would love to hear everyone's thoughts on starting a career in secondaries in 2022. Thank you!
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I don’t see a SPAC situation ever happening to secondaries, the expected growth is pretty insane and dozens of established buyside firms focusing on secondaries. But I’ve only been on the desk a few months so who knows.
Worst case if you don’t like it pivot to M&A later.
Bump
Bump - would be interested in hearing perspectives on this.
I don't see a SPAC scenario in Secondaries. Secondaries have been around since the early 2000s, its just experienced tremendous growth in the last few year with the advent of GP-leds.
Can one move to PE from secondaries?
No, not usually. More likely to go to an asset allocator LP/FoF doing primary fund investments and GP led co-investments.
Are LP roles more stable than GP?
Wouldn’t worry too much, it’s your first job. If you don’t like it you can lateral as an analyst or associate at some point.
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