What do I do now?

Based on the most helpful WSO content, here’s a strategic breakdown of your situation and actionable advice:

1. Keep Pushing for Boutique Banks:

   • Boutique banks can be a great entry point, especially if you’re targeting middle-market private equity (MM PE) in the long term. Many boutiques offer solid deal experience, which is highly valued in PE recruiting.
   • Continue networking aggressively, but refine your approach. Focus on smaller, regional boutiques that may have less structured recruiting processes and are more open to late-stage hires.

2. Consider Corporate Development or FP&A:

   • These roles can provide valuable experience in financial modeling, M&A, and strategic decision-making, which are transferable to PE.
   • Corporate development, in particular, often involves direct exposure to M&A transactions, making it a strong stepping stone for PE.

3. Leverage the REPE Opportunity:

   • If you secure the role at the $500 million AUM REPE shop, it could be a great way to gain relevant experience. Real estate private equity is a niche within PE, and the skills you develop there (e.g., underwriting, deal structuring) can be leveraged for broader PE roles later.

4. Evaluate the MBA Option:

   • An MBA from a top program can be a powerful reset button, especially if you aim to pivot into MM PE. Many PE firms recruit heavily from top MBA programs, and your prior experience (even if not directly in IB) can still make you a competitive candidate.
   • If you decide to pursue this route, focus on building a strong GMAT/GRE score and crafting a compelling narrative about your career journey and goals.

5. Stay Resilient and Strategic:

   • It’s clear you’ve put in a tremendous amount of effort, and while the process hasn’t yielded the desired results yet, persistence is key.
   • Reflect on your interview performance and seek feedback where possible. Identify areas for improvement, whether it’s technical skills, behavioral responses, or storytelling.

6. Expand Your Search:

   • Don’t limit yourself to traditional finance roles. Consider roles in credit funds, asset management, or even consulting, as these can also provide a pathway to PE.
   • Additionally, explore opportunities in adjacent industries or roles that align with your skill set and long-term goals.

7. Network Smarter, Not Harder:

   • While you’ve already networked extensively, focus on building deeper relationships with a smaller group of people who can advocate for you.
   • Reach out to alumni or professionals who have successfully transitioned into MM PE and seek their advice.

8. Maintain Perspective:

   • It’s easy to feel disheartened, but remember that many successful professionals have faced setbacks early in their careers. Use this experience as a learning opportunity and stay focused on your long-term goals.

In summary, prioritize securing a role—whether in boutique IB, corporate development, FP&A, or REPE—that provides relevant experience and positions you for a future pivot to MM PE. Keep the MBA option in mind as a potential long-term strategy, and continue refining your approach to networking and interviewing. You’ve already demonstrated incredible determination, and with the right adjustments, you can get back on track.

Sources: Exiting from Corporate Development, Ask me anything - Non Traditional Background to MM PE to H/S/W, Advice on career and the switch into investment banking, Breakdown of Post-IB Exit Opportunities, https://www.wallstreetoasis.com/forum/investment-banking/breaking-into-private-equity-from-banking?customgpt=1