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While a simple internet search or search of the forum would have answered this for you, i'll give you the quick answer. ER to HFs is a normal progression, so yes going to a L/S HF after being in ER for however many years i definitely an option. ER to PE is much less common, but I have seen it happen (particularly in cases where the ER associate had a deep understanding of a specific industry that the firm was focused on, eg. Energy, Healthcare, etc).

 
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