Coverage IB to Secondaries PE?
I am very interested in joining the secondaries space since it seems like there is a lot of potential to grow. How possible would it be to move from Coverage IB (at a BB) to secondaries PE? The plan is to get some deal experience, but I doubt I will get direct experience with secondary deals (LP or GP). Obviously, PCA banking would be the easiest way to swap over, but how possible is coverage banking?
Definitely possible. Secondary funds are typically less particular on background. I've seen juniors with backgrounds in FOF/IB/direct PE/Big 4 TS. Some funds actually prefer bankers, especially for funds that do a lot more GP-leds and for the large funds. I would say background is typically like this:
Large funds (Lexington, Blackstone SP, etc.) - many ex-bankers, some FOF, some directs
Mid sized to smaller funds - much more variable, many roles are fair game. Some like Big 4 TS in particular because of strong accounting knowledge.
If you have deal experience involving PE sponsors you're pretty set already - fit wise you'll have to come up with a good story on why secondaries rather than direct PE but if you're genuinely interested you will be seriously considered everywhere.
Would my chances be better if I lateraled to a PCA then went for secondaries? Or just from coverage?
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