PC TO PE

Based on the most helpful WSO content, moving from Project Finance/Corporate Development (PC) to Private Equity (PE) is relatively uncommon but not impossible. Typically, the more traditional route involves transitioning into Investment Banking (IB) first, as IB provides the deal experience and technical skills PE firms prioritize.

If you're currently in PC and considering PE, here are some insights:

1. Direct Move to PE:

   • This is rare unless you have a strong personal connection to a PE firm or a unique skill set that aligns with their needs. Smaller or regional PE firms might be more open to unconventional backgrounds.

2. Lateral to IB First:

   • Lateraling into a product group within IB (e.g., M&A or Leveraged Finance) is a more common and effective strategy. This allows you to gain the transaction experience and modeling skills that PE firms value.
   • Once in IB, you can recruit for PE during the on-cycle or off-cycle processes.

3. Timing and Feasibility:

   • If you're early in your career, lateraling to IB is still possible. Analyst-to-analyst lateral moves are generally straightforward, especially if you can demonstrate strong technical skills and a clear interest in IB.

In summary, while a direct move from PC to PE is challenging, transitioning to IB first significantly increases your chances of breaking into PE.

Sources: CorpDev to PE prospects - creating a long-term map / success stories, Why move to PE/HF at all?, Any career regrets after moving from PE to public markets?, PE long-term attractivity: Is the trodden path "broken"? Quo vadis gen Y?, STOP obsessing about windows to jump thru for PE!!!