I'm coming up on two years in IB and want to pivot out to PE but don't want to do buyout (or growth and vc for that matter). I've been exploring strategies like direct co-investments, secondaries, and primaries, and would really appreciate any insight into compensation and WLB across these three. Thanks in advance
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Ignore title. Switched to this kind of role following banking and best decision ever. WLB / comp ratio is ideal af
Which strategy?
Compensation and WLB will pretty much be inversely correlated across the three strategies. Best comp would be secondaries, followed by co-invest and then primaries. Secondaries comp can be almost as high as buyout, the top shops can be similar but most funds will pay less than buyout since they know the hours will be more favorable. You’ll work the most in secondaries since it’s one of the hottest areas right now but ultimately depends on the strategy since each firm will have a different target of GP and LP-led deals. GP deals are more diligence intensive so more hours. Co-invest and primaries can be a lot more chill since co-invest is not as involved in diligence of the asset compared to the lead buyer and primaries is little to none company-level diligence. Pay will be worse than secondaries but still respectable. Overall the WLB is going to be better than regular way PE but you will have to take a discount on comp for it, I wouldn’t worry about the discount since it’s still going to pay better than a corporate job.
Outside of HarborVest, what are the best places to do primaries?
Uncertain about culture, work/life balance and comp at these places but Pathway, Hamilton Lane, Carlyle AlpInvest, GCM Grosvenor and Adams Street are all reputable.
How much will you work on GP-Led heavy shop vs LP-Led shop?
Any insight into interview processes and preparation for interviews?
Not a bad role but be advised
LP teams that do this may not pay carry
Big shops like Harbour Alpinvest partners group really over hired during covid so mobility may be limited at junior and mid ranks
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