London vs. NYC PE Scene

Based on the most helpful WSO content, here are insights into your questions about the PE scene in London versus NYC:

1. HC PE Scene in the EU:

   • The healthcare (HC) private equity (PE) scene in the EU is different from the US. While HC is a significant sector in the US, it may not be as dominant in the EU. However, there is still substantial interest in HC, especially in sectors like services and HCIT. The skill set from HC is broadly applicable to other industries, so switching groups might not be necessary unless you have a specific interest in another sector.

2. Pay Discount in LDN vs. NYC:

   • There is generally a pay discount in London compared to NYC. This is true for both investment banking (IB) and private equity (PE). The exact discount can vary, but it's important to consider the cost of living and other benefits that might offset the lower base salary.

3. Culture in LDN PE vs. NYC:

   • The culture in London PE tends to be more relaxed compared to NYC. European funds often offer better work-life balance (WLB), more time off, and more relaxed senior management. This aligns with your experience of better culture in your current EU fund.

4. Competitiveness as an American Applicant:

   • Being an American who doesn't speak European languages and hasn't worked on European deals might be a challenge. However, having a strong brand name and experience in a reputable fund can help. Networking and demonstrating your willingness to adapt to the European market will be crucial.

5. Difference Between US Funds with London Offices vs. EU Funds:

   • Working at US funds with London offices (e.g., BX, KKR, WP, HIG) might offer a more familiar working environment and potentially smoother transition. However, EU funds (e.g., Apax, BCP, Astorg, GHO) might provide deeper insights into the local market and different deal structures. Each has its pros and cons, and your choice might depend on your long-term career goals and personal preferences.

These insights should help you navigate your potential move to London and understand the differences in the PE landscape between the two cities.

Sources: Why I Left PE & Switched to the Public Markets, https://www.wallstreetoasis.com/forum/private-equity/why-i-left-pe-switched-to-the-public-markets?customgpt=1, Working for European PE as an American, Q&A: European PE Professional, Can we start a thread on the pros and cons of different coverage groups from a work / career perspective?