IB to PE at VP Level
Currently a fresh VP at a Jeff / Gugg / PWP / Roth type firm in coverage. I have a couple years of prior LMM PE experience, and am contemplating the possibility of moving back into PE at the VP level in my current coverage.
I have top reviews and can point to 3+ years of consecutive top bucket bonuses. Know it will be an uphill battle, but wanted to get a sense of how likely I am to land something and see if it has been done before.
Not willing to take a step back to Sr. Associate, so that will definitely limit my options.
Based on the most helpful WSO content, moving from IB to PE at the VP level, especially with your background at a Jeff / Gugg / PWP / Roth type firm and prior LMM PE experience, is indeed a challenging but not impossible task. Your top reviews and history of top bucket bonuses are significant assets in this transition. Here are some insights and steps you might consider based on similar transitions discussed in the WSO forums:
Leverage Your Network: Your experience in both IB and PE should have helped you build a robust network. Reach out to former colleagues, mentors, and anyone you've worked with in the PE space. Personal connections can often lead to opportunities that aren't publicly listed.
Highlight Relevant Experience: In your outreach and interviews, focus on your deal experience, especially any that are relevant to the PE firms you're targeting. Your ability to source deals, manage relationships, and drive transactions to close are valuable skills at the VP level in PE.
Be Prepared for the "Why PE Again?" Question: Given your move from PE to IB and now contemplating a return to PE, be ready to articulate why you want to move back into PE, especially at the VP level. Your reasoning should reflect a long-term commitment to the PE industry.
Consider a Broad Range of Firms: While you're not willing to step back to a Senior Associate role, being open to a range of PE firms, including those that might not be the largest or most well-known, could increase your chances. Smaller or mid-market firms might value your broad experience more and have immediate needs that align with your skill set.
Utilize Recruiters: Specialized recruiters who focus on PE placements can provide insights into the market and which firms might be looking for someone with your background. They can also offer advice on positioning yourself for these roles.
Prepare for a Rigorous Process: The PE recruiting process, especially at the mid to senior level, can be intense, involving multiple rounds of interviews, case studies, and possibly even modeling tests. Brush up on your technical skills and be prepared to discuss your previous deals in depth.
Showcase Leadership and Potential for Growth: At the VP level, PE firms are not just looking for someone who can execute deals but also someone who can lead teams, manage portfolio companies, and contribute to the firm's growth. Highlight any leadership experience and your vision for contributing to the firm.
Based on previous WSO threads, while the path is not straightforward and competition is fierce, candidates with strong banking backgrounds, solid deal experience, and a clear rationale for wanting to return to PE have successfully made the transition. Your unwillingness to step back to a Senior Associate role does limit your options, but with a strategic approach and leveraging your strengths, you can increase your chances of making a successful move.
Sources: From PE >> Startup >> Back to PE, Leave PE for Corp Dev VP role?, BB VP to PE Associate, PE recruiting from coverage group at mid tier BB, Q&A: UMM PE VP
Never say never, but currently, there is too much talent right now at the senior associate / VP level (from across LMM/MM) looking for a new job given the slow hiring market, don't think most funds will take a chance on an IB (even if you had PE experience) at the VP level unless you're willing to do senior asso.
Yeah figured this was the case. Just wanted a pulse check. Thanks
not being open to sr associate is a dealbreaker and a head-scratcher if you truly want back in
So sounds like you did 3 years banking, 2 years LMM PE for 5 YoE? Or did you do 2 years banking, 2 years LMM PE, 3 years more banking?
If its seven years of experience and you are in a super esoteric sector (mining for example) its probably doable. Much more difficult if you are doing like vanilla HC services with just 5 YoE.
As someone now working towards the VP promote and starting to realize how much more competitive the field gets, I'm genuinely curious - why now? Why did you leave PE in the first place? What made you wait till VP to try and make the jump back to PE when the transition would've arguably been much smoother had you tried during any of the preceding 3 years?
Honestly because I’m not a long term career planner. I take things day by day and genuinely like my job. I realize the VP role is not much different and I’m not excited about the day to day anymore, so it’s more about curiosity and doing something different.
PE is probably not the move for me, but was just curious.
Currently in a similar position to you, how has the promotion process been on your end? Have your seniors outlined a clear path forward? Better/fair economics on deals?
I worry sometimes the path towards a VP promote is pretty opaque at my current shop (even after several conversations with my seniors), but I’ve found lateraling as a Sr Associate to be quite difficult. Debating if I should make a move soon given my firm’s unstructured promotion process and (candidly) below market comp.
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