Getting back into PE from Corp Dev (1-2 yrs)
As title suggests, I previously did my 2 years at a PE fund, got my MBA, and just started doing Corp Dev at a sponsor-backed company. Thinking of putting out feelings to get back into investing at the VP-level after a year or two of this, as I don't see a ton of current upside where I'm at.
I've heard / seen enough folks do this to where I know it's possible, but wanted to see if any current PE professionals actually ding you for this? Would I have to shift downward to Sr. Assoc again?
The story seems pretty straightforward - liked my PE job, wanted to get deeper into operations / strategy so did MBA to build network and then lead Corp Dev, realize I like investing more, think the operating experience gives me some holistic experience for investing. This would be targeted (mid-market shops that operate in my current sector), so hopefully the sell isn't crazy.
OP - not able to provide any color here, but as I am considering a similar path, can you share how you would compare your roles on the investing side vs operations? After your investment role, did you pursue an MBA with the intention of landing an ops role?
Bump - curious on any thoughts here
Bump here. Curious on this thought process. Considering taking a corp dev role in my industry to see how I like the role, but want to keep my eyes open in case I find out I’m actually a masochist and wanna do PE again.
With prior 2 years as PE Associate, would I get ding’d for doing a year or two in Corp Dev if I decide to look for VP recruiting afterwards? Said another way, do I lose any credit for my prior PE experience if I end up trying to get back in?
My hypothesis is probably not, as I’ve seen many associates take on a secondment-like operating role as part of the VP promotion process. But also there’s a ton of hardos in the industry who simply love grinders who would’ve filled that time with ~dEaL wOrK~ so it’s hard to judge.
I think 2 years -> corp dev -> VP is a tough sell, but senior associate should be quite doable.
bump, have a PE background also and getting more traction with corp dev so interested on how the process works if I want to return back to PE.
Bump - nobody’s done this before? Lol
Currently doing this (ignore the role in my WSO description) and the absolute backlog of midlevels is making getting looks at “good” shops absolute hell. Meanwhile the midlevels a few years above me when I was an ASO could literally go be CFO’s of failing b-school startups for three years and then waltz back into director / principal roles.
Firms seem very risk-averse and focused on “the path” at the moment. Not even being cocky but the fund size I’m getting even moderate traction at is severely down from where I left the industry and the caliber / banking background of the Associates at these places is night and day compared to the VP candidates. We’re talking very specialized sector-specific or regional banks at the ASO level compared to “flagship” 2+2 + Wharton or even HBS at the midlevel.
This all reads incredibly snobbily, I realize, but just trying to paint a pretty clear picture of how weird the market is.
Jeez - good luck man. Curious why you’re going back? Lack of mobility or are realizing you just wanna do investing again?
That’s depressing yet not at all surprising - mid-level market is so absurd right now. The types of funds people are going to from the “gold plated” 2+2+2 background along with the sheer number of searchers popping up is super indicative of the sad state of the market.
Probably a good time to make peace with my decision and go enjoy corporate life.
Thought operating experience would make me a better investor, but now the investors think I don’t like investing. Oops!
What’s funny is, if I had done a global macro internship as an MBA summer, I would have raised no “narrative” concerns. Totally not bitter, why do you ask?
Curious why you don't see more upside in corporate? Maybe not in corp dev but in other functions like Strategy, IR, etc? You really think grass is greener? I'm just curious for my own sake as kinda in a similar situation
Being in charge of corp dev and reporting directly to the CFO at a leaner company, pretty much entails you’re gonna stay in that function - not as much promotion space (no, CFO isn’t in the cards). So it’s a natural role to be looking around, whether other companies or back to PE.
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