Does anyone have color on the lateral pre-MBA PE associate market/process?
Title says it all - did 2 years of banking, am a year in my current PE role, and just hit the market for lateral associate PE roles for personal reasons. I have been surprised at the # of roles I am being presented and my higher hit rate in getting 1st rounds (getting much better looks than what I got last year out of banking) so am curious if anyone has any color into what the market is like. From what the recruiters say, the lateral market/market for experienced hires is hot across the board (IB/buyside).
I haven't seen many people, on LinkedIn at least, lateral the way a 1st year in IB might. Does anyone know if the PE lateral process is similar to that of IB (easier to go from MM -> BB/EB than it is from undergrad -> BB/EB due to the smaller talent pool)?
PE lateral market is VERY hot right now. Reason being, and I'm sure you know this, being a PE Associate sucks pretty bad during COVID. Deal flow is red hot and WFH until 1am+ every night is miserable so many Associates are quitting. The result is lots of openings at top shops. If you're in it for the long haul this could be a great opportunity to "trade up" in shops. Just be ready to continue to grind.
Thank you for the reply! Would have responded the other day but for some reason your comment wasn't showing up despite my getting a notification for it.
This is extremely encouraging to hear. I'm down to grind, if anything, I'm upset cause my current shop is kind of slow somehow... I wasn't able to uptier / trade up during my banking stint cause I got sick so this may be my chance to get back on track haha. I honestly have nothing better to do with my time right now, I just want the opportunity to grind and get deals done and learn stuff lol.
I would echo that the market is hot right now - while there is a turnover, a decent amount is just driven by volume of deal flow and firms trying to keep up headcount wise.
Moving upmarket is harder than IB, however. Firms want guys/gals that can hit the ground running and it's a safer bet that the associate working on larger, more complex transactions will pick it up faster. Fit also comes into play as many of these roles are not 2-and-out. Personally am involved in a few processes and still getting new looks.
Yeah these are great points, especially about being able to hit the ground running. Don't have the most robust deal experience despite pestering my seniors to direct more CIMs towards my way but hopefully can spin my experiences enough. Best of luck in your processes!
Agree with all of the above. Almost every MF is hiring so if that’s your goal, it’s most likely possible from a solid MM or UMM shop as long as you have the deal experience to hit the ground running
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