18 Months IB in London trying to move to PE

Based on the most helpful WSO content, here’s what you need to know:

1. "Too Junior" Feedback:

   • At 18 months in a boutique M&A role, the "too junior" feedback could be a mix of both timing and brand perception. Many UMM/large-cap PE funds prefer candidates with 2+ years of IB experience, especially from BB/EB firms, as they are seen as more seasoned and have likely closed deals.
   • For boutique backgrounds, the perception of being "too junior" might also stem from a lack of exposure to larger, more complex transactions that funds value. This isn't necessarily a dealbreaker but does mean you may need to position your experience more effectively.

2. Timing for Boutique Backgrounds:

   • Candidates from smaller or sector-focused boutiques often find success after completing 2-3 years in IB. This allows you to build a stronger deal sheet and gain more technical and transactional experience.
   • Between early conversations and successful conversions, the key changes are often:
     • A more robust deal sheet with notable transactions.
     • Improved technical and case study preparation.
     • Networking and leveraging relationships with recruiters and alumni.

3. Recruiter Coverage for UMM Seats:

   • KEA, Dartmouth, PER, and Arkesden are still strong players for UMM/large-cap PE recruiting in London.
   • Sector specialisation can matter, especially if you're targeting funds with a specific focus (e.g., tech, healthcare). Highlighting your boutique's sector expertise could help differentiate you.
   • Building relationships with these recruiters and staying on their radar is crucial. Regularly update them on your progress and deal experience.

4. Next Steps:

   • Focus on building your deal sheet over the next 6-12 months. Aim to highlight any notable transactions or responsibilities that demonstrate your readiness for PE.
   • Strengthen your technical skills and case study preparation. Funds often test candidates rigorously on LBO modeling and investment theses.
   • Continue networking with recruiters and alumni at your target funds. Personal connections can sometimes help overcome brand biases.
   • Consider targeting funds that value sector expertise or have a history of hiring from boutiques.

If you’d like more tailored advice or resources, feel free to ask!

Sources: Senior Associate Recruiting - Timeline for Recruiter Outreach, MM pe vs MF, Q&A - Private Equity Internships, My Private Equity Recruiting Process, MM PE out of undergrad worth it?