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| +59 | Seeking External Perspectives | 17 | 1d |
| +32 | Rejoining old firm - Guaranteed Promotion? | 9 | 1d |
| +22 | Oncycle Rumblings | 26 | 2h |
| +21 | Reneging on an offer | 8 | 1d |
| +19 | American PE VP who needs to move to London for personal reasons - how should I go about it? | 8 | 3d |
| +19 | Negotiating sale economics with CEO? | 4 | 4d |
| +19 | Cold Pitching an Investment Idea for a VP Seat | 3 | 2d |
| +18 | Career Advice | 1 | 3d |
| +17 | Joseph Baratta to Leave BX | 16 | 3d |
| +16 | PE -> CFO at Portco -> Back to Investing | 2 | 3d |
Career Resources
Based on the most helpful WSO content, your experience at a lower middle market (LMM) private equity fund is quite typical. Smaller funds often lack the deal flow that larger funds receive from established banking relationships, so junior professionals are frequently tasked with sourcing deals through cold outreach to businesses and bankers. This is a common responsibility in LMM PE, as deal sourcing is critical to the fund's success.
Here’s what you can expect and how to position yourself for future opportunities:
1. Deal Sourcing as a Core Responsibility
2. Broader Exposure to the Deal Process
3. Positioning Yourself for Exits
To maximize your exit opportunities, focus on the following: - Technical Skills: Hone your financial modeling and valuation skills. These are critical for moving to larger funds or other finance roles. - Deal Experience: Document your involvement in deals, including your role in sourcing, analysis, and execution. Highlight any successful deals you contributed to. - Networking: Build relationships with bankers, business owners, and other professionals you interact with. A strong network can open doors to future opportunities. - Storytelling: Be prepared to articulate your experience in a way that demonstrates your impact and the skills you’ve developed. This will be crucial during interviews for your next role.
4. Long-Term Perspective
In summary, your experience aligns with what’s typical at LMM PE funds. By prioritizing technical skills, deal experience, and networking, you’ll position yourself well for future opportunities. Keep pushing through the grind—it’s all part of the journey in private equity!
Sources: Journey from CC to EB, Q&A: VP in Private Equity (Growth Equity + LBO)...Post-MBA...Formerly IB Analyst, (Mis)adventures in PE fundraising (part 2), 12 Years Old With No Finance Experience, Too Late To Get Into PE? (Follow Up Post), So you want to cold email me? Here's how you do it right.
My experience with LLM PE is that you spend most of your day hallucinating (mostly about carry).
But here’s the thing: It’s not LLM PE, it’s LMM PE (em dash) you should try to delve deeper into the load bearing mechanics of your work.
The best deals are almost always sourced outside of banked processes.
Recent story. This fairly functional undergrad from my non-target actually turned down interview at my legit bank (my group in particular places extremely well in large funds) to take a summer offer at a regional LMM because he thought it gets him where he wants to be. I know a partner at the fund coincidentally - unrelated he told me they’ll cut their tiny analyst class by half cause they don’t really need them as much (I guess to screen / cold emails). Know it’s not answering your question directly - but the value add for juniors seem to be questionable. And there are enough people getting out of larger funds at all level that they don’t really need to grow people with skills internally.
Most of LMM PE is emailing, regardless of what level you're at. Analysis is getting increasingly automated and all that's left is sourcing, due diligence and legal documentation.
Understandable. In that case, what is the best approach to leverage this experience to break into a bigger fund?
Get deals done. Show you are someone that can contribute to getting deals done. Also, building sector / industry vertical expertise helps. Easier to lateral from LMM Industrial -> MM Industrial (vs MM Healthcare)
Sounds like a great experience to me. You're seeing how deals actually get done, from start to finish. It's not glamourous and isn't supposed to be. Outreach, building relationships, then reviewing deals as a byproduct...
Sure, you may be getting fewer deal reps than juniors at more established funds, but I'd argue you're building a more valuable skillset. As others have mentioned, deal analysis is commoditized.
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