I recently received an offer to join a large FoF / Coinvest fund in London at the analyst level. I quit my banking stint at an EB (2.5 years) to join this as initially I was super excited about the opportunity.
However due to a lot of recent changes in my personal life, I'm now looking for ways to lateral into the US (NYC if possible but can be flexible). I've read that at large PE firms, including FoF shops, the likelihood of convincing your team to support an internal switch over across the pond is next to impossible.
Curious to know just how realistic the exit options are given my experience, and more importantly, lack of any prior US experience. In an ideal world it would be an internal transfer to the NY office after working at said FoF for a few years or lateral to a direct competitor. I also would not mind going back into banking (in NY) ... as opposed to almost everyone on this forum I thoroughly enjoyed my EB experience. Open to corp dev / strategy work too
I also have an offer from an MBB although not sure if I'm ready to give up the PE experience for a potential lateral from MBB london > MBB NY just yet. Would give more weight to this option a few years later though again unsure what that transition would look like from PE as an experienced hire
All in all, can be flexible in the type of work I do so long as it's near the world of finance (of course, if FoF in the US then nothing like it), but trying to be realistic. Primary goal is to leave London and shift to the US at the latest in the next 4-5 years
Based on the most helpful WSO content, here’s a breakdown of your situation and potential strategies for transitioning from London to NYC:
1. Internal Transfer at FoF/Co-Invest Fund
2. Lateral Move to a Competitor
3. Returning to Banking in NYC
4. MBB Option
5. Corporate Development/Strategy
6. Timeline and Flexibility
Key Recommendations:
By staying proactive and leveraging your experience, you can position yourself for a successful transition to NYC within your desired timeframe.
Sources: Have I messed up my future?, Exit Opps Are Paradise, https://www.wallstreetoasis.com/forum/investment-banking/william-blair-tech-exit-opps?customgpt=1, NYC vs. London vs. Zurich vs. FFM, https://www.wallstreetoasis.com/forum/investment-banking/finally-got-ft-offer-now-sad?customgpt=1
In a similar situation, albeit a few years older than you. Started at a BB and moved to PE while also having MBB offers. Presume you require sponsorship?
On the buyside, internal transfers are very idiosyncratic. I've seen people doing this at all levels and strategies e.g. PE, infra, credit, etc. In some cases, very early in their tenure i.e. within the first 1-2 years. I definitely wouldn't assume it's impossible. The issue, rather, is that it's so case-specific that you cannot reliably underwrite it. How large is your new firm's presence in the US?
What I would instead assume is that lateraling will be impossible - no reason for a firm to hire from LDN, unless they want to cover EMEA from the US (unlikely to happen and even then, it would be much more senior figures).
I briefly explored corp dev / strategy, but cannot talk much about it, as that's also a function of the industry you're in.
On MBB - I'll play devil's advocate and say that if your absolute #1 priority is moving to NYC asap, this would be your best choice. MBB transfer programs are the most structured / fluid I can think of and NYC-LDN transfers are well trodden. I recently re-considered joining one of these, but ultimately felt I wasn't ready to bite the bullet as there would be a meaningful seniority and pay cut, and the job is arguably less interesting. Consulting and PE are ultimately different skillsets and buyside experience doesn't necessarily transfer well - despite sponsors being a big chunk of MBB revenues. From my perspective, you should assume your flexibility / willingness to accept this steeply goes down the longer you stay in finance.
Yes.. require sponsorship unfortunately. My new firm is US-based, London office is relatively new (just about 10 years vs 50+ years in US, and much smaller in team size). What bearing do you think this has on a potential move?
Well noted on the lateraling point. Re MBB, you're right in that the pay cut will be harsh the longer one stays in finance, but at that point i think I'd be more willing to bite the bullet after having stronger earnings potential over the next 3-4 years in PE (having 'had my fill'). Have you seen many moves from people who have done banking > PE > MBB?
Also curious to know what your personal choice is here, given you're in a similar situation. Guessing having more experience definitely helps position yourself better for such moves
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