PE folks - How easy is it to pivot between to a UMM / MM PE fund once you are in a LMM PE?
Anyone has made this move previously?
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Imagine it's fairly difficult. Only way seats open up for Associates is if there's a massive increase in fund size (and they need more Assos to handle the volume of deals) or if someone leaves. Think of it this way -- very few Associates even get the promo to Sr. Associate / VP, so why would they need more lateral Associates?
Moving upstream is pretty difficult, especally from a LMM where you won't have brand name and experience is pretty hard to vet. LMM to UMM is probably not happening. LMM to MM, doable.
This was possible but very rare in the bull market, it is impossible now
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