OCIO to Secondary Buyside Chances (Ardian, NB, SP)
I have a year of experience at a well-respected OCIO (think Cambridge Associates) with exposure to secondaries and co-investments, but it doesn't really scratch my investing itch like I thought it would. I have been interested in secondaries for a while now, and am hoping to transition to a large secondary shop where the underwriting, modeling, execution, and pace of learning will be higher / more intense. Some alumni from my undergrad (T50 non or semi-target) work in the space at BXSP/NB/Ardian/Portfolio Advisors/Alpinvest and seem to really enjoy it and have stated that they can stay at the firm (not a 2 and out) - which is a massive plus.
I am worried that I will struggle to gain traction in the recruitment process since I am not in IB or PE. What are some steps I should be taking now to best position myself to make the jump)? Based on my interactions with alumni, it seems that the secondary space seems to be more open to non IB/MBB/PE paths, although this may be changing due to the surge in interest in the space recently.
Based on the most helpful WSO content, it seems like you're on the right track. Here are a few steps you could consider to increase your chances of transitioning into a large secondary shop:
Networking: Continue to reach out to alumni and other professionals in the secondary space. They can provide valuable insights and potentially refer you for opportunities.
Skill Development: Enhance your skills in underwriting, modeling, and execution. This could be through online courses, certifications, or practical experience.
MBA Program: Consider applying for an MBA program. This could provide you with the necessary recruiting connections to apply for jobs in the secondary space.
Recruitment Process: Understand the recruitment process of the firms you're interested in. This could be through asking your contacts, researching online, or reaching out to recruiters.
Stay Informed: Keep up-to-date with the latest trends and developments in the secondary space. This will not only help you in interviews but also make you a more attractive candidate.
Remember, every path is unique and what worked for one person might not work for another. So, take these suggestions as a starting point and adapt them to your specific situation. Good luck!
Sources: https://www.wallstreetoasis.com/forum/investment-banking/advice-for-undergrads-going-into-ib-interested-in-pe?customgpt=1, PE Lateral Recruiting Advice/Stories/Help?, Moving from Asset Management into IB / PE, PE Secondaries Recruiting/HHs
Sounds like you are at Cliffwater. You won't get into a big firm but could get into a smaller fund. All about networking.
Agreed, look at firms like Sweetwater, Apogem, Landmark,Kline Hill or look at the secondary brokers, or PCA group of a bank to make an easier pivot
While growing exponentially, the secondary world is still super small and tight knight, echo the comments above me that networking is your best friend here, everybody knows everybody. While direct banking experience definingly makes things easier, a lot of these firms value people who have direct experience in secondary's. Assume at an OCIO your experience has been focused on LP-led deals? Have seen people move from small boutiques to big shops so it is definingly doable (i.e Stepstone, NB, etc..) Saying that, I wouldn't discount some of these smaller shops, still see a ton of deal flow and can lead at the LMM/MM side of the market and be a syndicate member for some of the bigger deals.
Hi, would you mind PM me of what to expect for lateral interviews? There aren't many resources of Secondaries Interview / Case Studies. Appreciate your help!
Tried to make the same move from an OCIO (although no co-invest or secondaries exposure) and struggled to get traction with secondaries funds. Managed to get interviews with GCM, New 2ND, Temasek (co-invest) but didn’t get very far… getting my foot in the door with the larger shops was very challenging.
I found a lot more success within secondary advisory which is where I ended up. Managed to secure interviews (and made it to the final round in virtually all) with all but one of the top shops. I think they are more willing to train you up on the advisory side than on the buy-side. Once you’re in secondaries advisory it’s much easier to make the transition to a fund. Personally, I’m trying to figure out which side I want to be on. Comp is pretty similar either way - really comes down to the type of work you want to do.
Which firms offer secondary advisory services?
EVR, PJT, LAZ, JEF, MOE, HL, HW, WB, Baird, Lincoln, Gugg, GS, MS, Campbell Lutyens, Aviditi, Devon Park, Greenhill… probably missing some. Some more relevant than others but all of those banks/firms have teams.
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