II-Ranked ER to Tech MF
I currently work within an II-ranked technology team (for those not in ER, it's what most teams strive to achieve yearly). I started in 2020 and worked on a handful of roadshows, ramped up coverage on new names, and have interacted with many SM/MM teams + corporate management within the industry.
I'm not convinced that I would enjoy working at a multi-manager (even though I love public markets), as I've seen countless blowups over the years and a general vibe of constant dread during my interactions w/ them.
I want to switch to one of the leading technology PE firms on one of their flagship platforms. How much of a stretch is it? I've only seen 1 person do it (Saroya at Vista) but he seems like an edge case.
My value prop:
- I know the a certain subsector within the sector like the back of my hand.
- I am on a first-name basis with 70% of the CFOs, CROs, and CEOs in this sector (public cos).
- I understand the competitive dynamics of these firms and can talk about it for hours.
- I can model with my eyes closed
Shortfalls:
- never worked M&A in any capacity, I've participated in research about M&A targets within the industry that's about it
- There are 3 main search firms for the PE firms I'm interested in, and I doubt I'll get any looks with my background.
- The firms have never hired anyone from ER (only 1 of the heads of the firm, so not a relevant sample).
My plan:
A company that I closely covered was acquired by one of the firms, I wanted to reach out to the CFO that's still there about an intro with the deal team on that transaction.
So what are your thoughts, keep in mind this would all be offcycle. :///////
Vista will give you looks if you apply for their experienced analyst program or if you get an MBA and do their associate internship.
Bump
Just curious, why aren’t you considering SM HF platforms?
I only like certain firms like ValueAct Capital, but seats are often times hard to come across / they don't typically hire from ER.
Other firms (tiger cubs) have a lot of the same lifestyle issues as MM, constant dread / at the whim of markets, and having to live on market schedule.
Only public market job I'd consider would be mutual fund investing at Dodge & Cox, Capital Group, etc
PE also has lifestyle issues lmfao
You’re viable. Suggested action plan:
Network with target PE firms. Keep it casual, develop relationships until you’re friends/friendly with mid-level professionals. Express interest & make the ask. Do *not* make outreach with a job in mind - Goal is to share info: understand buyside / PE psychology and process and share your insights in exchange. Be fun, humble, earnest.
It's possible but not a likely path, especially in tech which has no shortage of interest from IB candidates - and I'd say close to impossible if you are only interested in the huge flagship funds. You could probably land a MM with some networking and hustle, but as you have found out, the top firms hire from a very narrow subset of backgrounds.
The other issue here is you're also a bit too experienced... these top funds are hiring out of 2 year programs and you have 4 years of experience. You can confirm this yourself but they essentially never hire experienced ASOs without a PE background, and if some lucky duck sneaks in they had an IB/transaction background with significant reps.
I'd reach out to the CFO but more as a mentor/career chat and see if he recommends you try for that deal team. He might tell you to go get some transaction experience first.
Any reason you can't go do some time in a tech IB group to learn M&A?
Think it’s worth shooting your shot, but agree with others that it’s a long shot. A well thought out LBO idea with slides, model, etc could help you. If you want top LO, the more straight forward path would be 2 years at a SM HF -> bschool -> LO. Or just skip SM HF and do b school now.
Isn't a good firm to consider here Elliott? Feel like they would be interested in this background if you are that good / connected in tech either in their tech team under the HF or under their PE arm.
I want to leave NYC, I have family in all the cities where the top PE tech funds have offices/ are HQd
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