Difficulty in Staying in PE
Hey everyone - I work at an UMM fund in NY that is 2 and out. I don't want to go to b school but want to stay in PE long-term (as of now). How difficult is it to lateral to a similar fund ($5bn +) as a sr. associate after my 2 years? Should I try to discuss a 3rd year as Sr. Associate with my partners and see if that would be possible? My worry is that at the end of my 2 years I don't apply to b school and there are no spots to lateral to that are decently sized.
Bump
Has there been any discussions around potentially staying for a third year as you figure things out? I know for some 2 and out shops they will add on a third year or ~6 months as the associate look to find a seat elsewhere or figure out their next move. Obviously they don't have to but I've seen a few shops provide that flexibility
Yes but my worry is there are limited opportunities and a lot goes into who can stay - Seniors are supportive of helping you get to where you want to be but my question is say I want to leave after 2 years, what are the chances that other firms are looking? I've always been confused by the whole PE lateral process because if there aren't enough seats to fill from Associates moving up, why would they need to hire a lateral?
I'd encourage you start networking and connecting with headhunters now. Senior associate seats are not easy to come across versus normal associate seats. While I'm sure you're hoping to make the exit at the end of your two year stint, i would imagine to give yourself the highest change of successfully lateraling, you may have to start talking to firms earlier to start checking their temperature to see how open they are/have been with bringing in senior associates. I'm sure it's usually because of a departure or they're looking to grow and need a bit more support than an associate can provide
How early should I begin to pushing for lateral spots (i.e. actively interviewing)? Also, how open should I be with my current fund (obviously depends on the fund but is it generally ok?)
When does your program run out? this summer or summer of next year?
I would start pushing for lateral career-track opportunities 6-12 months before your expected departure date. I would not be open to the current fund about it unless they have said "you can't stay here after your 24 months, but we will help you". Unless those words are uttered, i would not share anything about being in the market and exploring other opportunities
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