Middle Market TMT IB vs Secondaries PE vs top-20 IBAB IB

Hello fellow Monkeys,

Currently in a position where I need some career advice/thoughts and figured I might come here to help make the decision. I am in the final stages for multiple roles and need to hear some words of wisdom. Right now, I am a TAS/Valuation Senior Associate at a big4, looking at a promotion to Manager this summer. However, the long term goal is PE (very original, I know). Coming from a semi target without direct IB experience I am aware of what is possible, so looking at growth equity/MM/cross border PE (no MFs). Been recruiting for the past months and am currently looking at the 3 following options:

- Middle Market TMT IB (3^rd yr Analyst/Associate): great place, great team, hot industry. The only issue is that the bank is a bit more boutique focused in terms of prestige and I might have hard time recruiting for PE in 2-3 years.

- Secondaries PE (Associate): an opportunity to get into one of the fastest growing sectors of PE (grew from 10bn in 2011 to 130bn in 2021) in one of the strongest shops out there. The concerns however are that I am betting my whole career on a growing asset class that is not known for high returns. Also, the position is in tier 2 city and the pay is 20% less than the IB options.

- IBAB IB (Associate): chance to join a big international bank (top-20 by total asset size globally) with a strong focus on cross border transactions, which appeals to me. However, the other sectors covered are very capital intensive, low return, and overpopulated – infrastructure & utilities. Also, based on the conversations with the team, the juniors are VERY overworked, even by IB standards.

I am aware that coming from a big4 corpfin, all of the said options would be fantastic for my career, however need some help navigating which one would be the biggest step forward in terms of getting to the final goal (see above). Thanks in advance and hope everyone has a great weekend!