Corp Dev --> PE?
I have been in Corporate Development for two years and have led several completed M&A and capital raise transactions. We are a small start-up in growth mode. Before this, I spent a couple of years in Big 4 financial due diligence. Prior to this, I was an accountant. I am in my mid-30's.
My ultimate career goal is to break into Private Equity (investing across multiple industries appeals to me). I understand that it will be tough and will require significant networking and maybe luck. But I am willing to try, and if all else fails, a career in corporate M&A is perfectly fine by me.
With that said, my current role appears to have stagnated. For strategic reasons, the company has pivoted away from M&A, and so my role has effectively become FP&A - ad hoc financial analyses and project management. That's fine and interesting enough, but career-wise I think it's more important to continue getting 'deal reps'.
So I'm wondering, do I jump out to a more mature Corp Dev team where I can add some stronger 'reps' before the PE push? Or just push for PE now (which I imagine could take a year or more) and wait out the 'FP&A' role in the meantime?
Appreciate your input, thanks in advance.
I would try to make the jump to PE now. The earlier you make the jump the better as it gets much harder the higher you go up. I think you would have a decent shot at smaller LMM groups, but it may be difficult at more established shops. The TAS experience would also be much more relevant for LMM deals as the quality of financial information you receive can be pretty abysmal on proprietary deals in the LMM.
Thanks for the input. Makes sense that LMM is my best shot. And it might take a while to build any sort of 'in' via networking so probably best to start sooner rather than later. Appreciate the feedback.
I went from Sr analyst Corp dev at a well respected fintech to a Sr analyst role at a LMM. Took a few years to work my way up and transition out but worked.
I tried to follow a similar path years ago when looking to make the transition to PE from Corp Dev. Ended up not being able to make the transition (did get 1 final round here or there), but it ended up being for the best I never made the transition into PE given where my career ultimately ended up.
For the OP, the sooner you can make the jump to PE, the better. Your target will be LMM and I would start with networking if you can along with job applications for roles you come across. Make sure you are prepared to talk through your deal experience and brush up on PE interview guides (WSO has a good one) along with being able to do different kinds of LBO (Paper and 1 Hour LBO) for the case study portion of the interview.
Interesting insights, thanks guys.
@Principal in PE - Other, what were the pivotal steps / actions / factors that you feel made you successful in breaking into PE from Corp Dev?
Fake it till you make it, brah
I'd start networking with LMM now, ideally in the same space as your current company. It's not worth the time to go to a more acquisitive company first.
That said I think this is a pretty challenging move, especially given you're already an associate/senior associate at minimum, and you are no longer doing M&A. The networking aspect will be key.
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