DCM to PE?
Is it possible to move from DCM to a PE role? I'm analyst in Debt Capital Markets at a BB in New York and have passed a few modeling tests already so I'm not worried about technicals. Have worked on a few billion dollar bond deals but just stressed that my lack of m&a coverage deal experience will hurt me.
Any thoughts?
Slim to none, but I guess anything is possible. Depends how well you can sell yourself to the HH. Most PE associates who will screen will pass just because of competition. Might be best off rotating to coverage for a year.
Disagree with the above. If you are in DCM and have led bond/loan deals then you should have some underwriting and due diligence experience. If you did any underwritten financings, that’s even better as that would be directly related to sponsors (but more of a LevFin thing).
Either way, having due diligence/underwriting experience should put you in a good enough place to pass through for an associate position at a non-sweaty shop. Just relate/restate your experience so that it’s similar to how PE firms are doing due diligence on companies that they screen for investments.
Maybe you won’t end up at APO/BX/KKR but should be able to slip through the cracks to an MM shop with enough work. From there, you’re “in” and can jump around as needed. (This all assumes good school / good IB shop / good GPA / etc.)
source: myself and co-workers who made the jump over (disregard title)
This.
What matters in terms of your experience is the actual job tasks you do. And, like the other person said, you often can do the job tasks in DCM that get you the experience you need to both be successful in PE and to have something useful to talk about in interviews
I agree with the above, it's possible. In a better market I'd just say rotate to coverage but that will be very difficult right now. Just be open to MM/LMM firms and spin your experience a bit.
Maybe reach out to a few people on LinkedIn who have made the move... make clear not looking for a job, just some advice on how they presented DCM on their resume and in interviews
I agree with this more. My friends in DCM (top BB) are struggling right now and a lot of headhunters have told them it’s best off to rotate to coverage. Just in our experience im they’ve valued modeling over anything else. Might just be the market as the above mentioned.
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