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Transitioning from investment consulting to a Private Equity Fund of Funds (PE FoF) role is a feasible move, especially if you can specialize in private markets within your current firm. Here's what you need to know:

Likelihood of Transition:

1. Relevant Experience: Your background in portfolio strategy, asset allocation, and fund/manager selection is highly relevant. Specializing in private markets and gaining exposure to fund investments, co-investments, or secondaries within your current firm will significantly strengthen your profile.
2. CFA Credential: Completing the CFA is a strong signal of your technical and analytical capabilities, which is valued in PE FoF roles.
3. Networking: Building relationships with professionals in the PE FoF space, including placement agents and GPs, can help you identify opportunities and gain insights into the industry.

Interview Process:

The interview process for a PE FoF role typically includes: 1. Behavioral Questions: Expect questions about your experience, motivation for transitioning to PE FoF, and understanding of the industry. Be prepared to discuss your work with institutional clients and how it translates to the FoF space. 2. Technical Questions: These may cover topics like fund structures, performance metrics (e.g., IRR, MOIC), and portfolio construction. Your CFA knowledge will be helpful here. 3. Case Studies: You might be asked to evaluate a fund or co-investment opportunity. This could involve analyzing a GP's track record, assessing market trends, or identifying risks and opportunities. 4. Modeling Tests: While pure FoF investing isn't highly technical, you should be prepared for: - Performance Analysis: Building or interpreting models to calculate IRR, cash flow waterfalls, or fund performance metrics. - Co-Investment Modeling: If the role involves co-investments, you may need to build a simple LBO model or assess a company's financials. - Secondaries Analysis: For secondaries, you might analyze a portfolio of LP stakes, focusing on NAV, unfunded commitments, and potential returns.

Tips for Success:

1. Develop Modeling Skills: Practice building and interpreting financial models, especially those related to fund performance and co-investments. Resources like WSO's financial modeling courses can be helpful.
2. Understand the Industry: Familiarize yourself with the nuances of PE FoF, including primary investments, secondaries, and co-investments. Learn about fee structures, fund terms, and market trends.
3. Leverage Your Network: Use your firm's connections with GPs and placement agents to gain insights and potentially secure referrals.
4. Tailor Your Story: Clearly articulate why you're interested in PE FoF and how your consulting experience aligns with the role.

By specializing in private markets, honing your technical skills, and networking strategically, you can position yourself as a strong candidate for a PE FoF role.

Sources: Associate in Private Equity FoF - will answer questions, Why Are Fund of Funds looked down upon?, Q&A: 1st year FoF Infrastructure at Buyside, Transitioning from IB/ER to HF Series - Part 2: Where to Interview and Behaviorals, Direct Invest to FoF/Co-Invest?