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Based on reading, considered potential routes:
1) my team -> move to levfin or even M&A as we should be working closely with them (still need to find out how the process is actually run, would love it if someone can shed some light on this) ->PE
2) my team -> Real estate coverage team -> RE at PE
3) my team -> infra/energy/RE fund at PE
Would appreciate any insights on the above.
Personally still unsure which part of PE I'd enjoy, might be real asset but also thinking tac opps and special sit look interesting.
At least at the moment it seems that breaking into anything with real asset backed would be the path with least resistance, could potentially move to other parts in PE later on?
Any take on how to find out what you enjoy apart from reading/doing it/talking to people? Would it be hard to move around within PE? What are the typical types of people that would enjoy in each part?
Loads of thanks
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bump^
Im guessing its GS or Nomura?
Exits in LDN arnt great, market is not like US
Thanks for the reply, mind specifying a bit more? E.g. typical exits/anyone you know? Anything’s helpful.
go on linkedin and look at where they exit to
best outcome is lateralling to a coverage team
Take a look at lifeandlevfin dot come - good place to learn for debt capital markets or lev fin. I can help answer some lev fin stuff too as I worked at a BB in it. But lifeandlevfin has some good starter info (an analyst showed me this, honestly thought he made it). Believe they're based in the US though
Will do, thanks!
Some infra funds operate more like traditional corporate funds where they are deploying capital into platforms instead of individual assets. If you don't have much interest in asset level investments (which I think are very interesting), you could always target the platform investments side.
I'm not sure what the London landscape looks like for infra funds off the top of my head.
Thanks for the info. Not so well versed in PE lingo yet so wondering if you’d mind elaborating a bit more on platform?
From google it seems like the meaning is PE acquiring a company (the platform company, usually top player in the industry) which then go on to acquire others in the sector?
"This is the initial acquisition made by a private equity firm in a specific industry or investment type. This acquisition will serve as the foundation for a roll-up of other companies acquired in the same industry. Most private equity firms will find four to six platform companies for each fund, and then grow these platform companies both organically and through acquisition."
By no means I am an expert on this so take what I'm going to say with a grain of salt and my experience is exclusively in the US, but I just recently had to do a ton of research on this (offer decision). I spoke with multiple PE professionals (Associates-VPs).
What I found was that from structured finance specifically, exits are very limited. You basically can ~maybe~ exit to MF Infra PE (if a top shop) but it's significantly harder than being at a coverage group in Infra. Truth is that while it's a technical role, the experience is very removed from the actual live deal experience you get in coverage groups. Many head hunters straight up don't care to see the nuances of your experience. Your best exit op here is to lateral into a coverage/M&A group after 2 years generally (not easy though) considering everyone else who will want to do this.
LevFin is the best of the financing groups if you are trying to break into MFPE, but even there it's hard. At GS last year I believe (according to someone on WSO) no one from LevFin and/or structured finance placed into MF, which kind of says everything. Of course, YMMV and this is not a rule. It's just going to be harder than a traditional coverage group in general.If you really like it or see a long term career, it's great, but I want to caution you against thinking that even name brand BBs in either will guarantee top exits.DM me if you want more specifics
Thanks a lot! Dm’d
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