Independant PE sponsor associate seeking advice for jobsearch
Hi All,
Seeking some advice on my job search as I seem to be getting ghosted after initial screen calls by MM P/E funds and Boutique IB's.
Long story short, my career started in wealth management where I spent 10 years crawling up the ladder at a large wire house with continual promotions through the ranks up to their Chief Investment platform after CFA and Top 20 MBA.
I was in initial interviews with a remote LMM P/E firm for a summer internship when i was laid off in May 23' (I was seeking to get out of wealth management and i guess i got my wish). I got a nice severance package and decided to take a shot with the LMM P/E firm. The summer internship went well but the job market/deal activity was so soft I decided to stay on their as an associate - I'm now at the one year mark trying to get back to a more formal role in MM P/E or a Boutique IB.
I think the experience over the last year has been pretty good exposing me to deal activity, my modeling and understanding of M&A has increased significantly but, when people hear that its not a committed fund and a remote role they seem to head for the exit door.
Anyone have any clarity on why this is and how maybe I should re-frame my resume if this is really a turn off? (I'm 2 years post-MBA and doubt I'll be able to recruit for a formal FT associate program)
Based on the most helpful WSO content, it sounds like you're facing a common challenge among professionals transitioning from wealth management to private equity, especially within the middle market (MM) PE and boutique investment banking (IB) sectors. Here are some strategies to enhance your job search and potentially overcome the hurdles you're encountering:
Reframe Your Resume: Highlight your unique value proposition. Emphasize the skills and experiences you've gained in deal-making, financial modeling, and M&A activities during your tenure at the LMM PE firm. Make sure to quantify your achievements (e.g., size of deals worked on, specific outcomes of projects). Since your role is remote and with a non-committed fund, focus on the responsibilities and impact rather than the structure of the fund.
Networking: Leverage your network from the Top 20 MBA and CFA communities. Often, opportunities in MM PE and boutique IB come through personal connections rather than traditional application processes. Reach out to alumni, former colleagues, and industry contacts, and be open about your career goals and current challenges.
Tailor Your Approach: When discussing your current role in interviews or networking settings, be prepared to explain the advantages of working in a remote role and with an independent sponsor. For example, discuss the self-motivation, discipline, and broad exposure to various aspects of deals you've gained, which might not be as accessible in a larger, structured fund.
Consider Contract or Project Work: If full-time roles are challenging to secure immediately, look for contract or project-based work in PE or IB. This can help you continue building relevant experience and make you a more attractive candidate for full-time roles.
Professional Development: Continue engaging in professional development opportunities that can enhance your profile. This could include advanced financial modeling courses, industry conferences, or even writing thought leadership pieces on relevant industry topics.
Recruitment Agencies: Engage with recruitment agencies that specialize in finance and investment roles. They can offer guidance tailored to your background and aspirations and might have access to opportunities not advertised publicly.
By focusing on these strategies, you can better position yourself in the competitive MM PE and boutique IB job markets. Remember, persistence and continuous learning are key in this transition phase of your career.
Sources: Why can't I even get any interviews?, When to call PE recruiting quits?, Filtering resumes - what I looked for when screening 200+ resumes, No VP Promote from Sr. Associate - Seeking Advice, Private Equity Associate - flailing in my role
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