Neuberger Berman - Co-Invest and Primaries?
Hi all - in the process now (relatively early stages, to be fair) with Neuberger Berman's Co-Invest and Primaries (PIPCO) group in NYC for an Associate role. Would really, really appreciate any color / perspectives on this vs. other co-invest shops like StepStone / HarbourVest in terms of pay and culture (and exits? if you decide not to stay at the platform) and also vs. traditional buyout PE.
Know this topic has been discussed somewhat, but does one basically cut themselves off from traditional buyout PE if they go down the co-invest role out of banking? How does pay compare at these shops vs. traditional MM / UMM PE? At a bit of a crossroads generally in my recruiting as I'm looking at both and there isn't as much out there about co-invest.
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Anyone have any intel here? Would be extremely helpful
NB has a solid reputation in the industry and should get good co-invest deal
flow given their primary fund commitments. My interactions with the team have all been positive. The secondaries market is growing, and if I were at the beginning of my career, I would consider these types of seats. It would likely be hard, but not impossible to exit to a MM buyout fund from a co-invest role (I can’t provide any examples of this happening although someone probably has done it). Your most natural exits would be to the LP side or a lateral move in secondaries. I would do your diligence to see if you want to make a career out of this part of the market. Definitely worth taking the interview to see if it a good fit for you.
Thank you very much! Very helpful
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