IR to Sourcing/Investment-side at PE?
Hey all, Currently I accepted an internship for 2022 with a decently-sized PE firm on their IR/fundraising arm, but in the time since I accepted, I really realized that my interests were on the investment side. I really like the firm, since it seems like a great place to work/great network, but I really think IR might not be the place for me, and want to prepare if that's the case. Any insights on if it is possible to jump across functions at a PE, or if there's a good way to leverage this summer internship for a FT role on the investment side? Thanks!
Difficult to pull off unless you are connected to someone on investment side. If you do want to switch from IR to deal side, you should try to do so before you move above the associate level. (This is true if you’re at one of the larger alts managers) if you’re with a smaller (sub 1b aum) it’s a little easier as less formal/siloed
Really hard unless you have some sort of corporate finance or M&A experience. Should consider getting IB experience first.
If you want to do deal sourcing it’s not a big of a leap as you’d think. If you’re interested in underwriting than you’ll find making the switch challenging and it’s effectively the same as someone networking in from an unrelated field.
Plenty of firms combine IR and BD (sourcing) so you should be good there. Deal team is always a harder switch but things are much more negotiable and fluid at LMM funds.
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