PE BD/IR
Hi – Im at an IB coverage group at a US EB/BB and recently made VP. Not sure yet I see myself in this role long-term but I do like the process management, communicating and relationship-building aspect a lot.
Im not interested in traditional buyside roles although I saw some informative threads on PE BD and IR on fundraising side. I know these are two very different roles but it would be great to have more information on both specifically on making the move from VP level such as:
1. Are opportunities found mostly through headhunters or networking? Any specific advice or anecdotes would be really helpful
2. What are interviews like coming in at an experienced level?
3. But I did see elsewhere someone mentioned that the equivalent of my level these roles, it’s more about the contacts you already have (for IR at least)… would I realistically have to consider a step down back to associate?
Any information is greatly appreciated!
Bump
My two cents:
1. Are opportunities found mostly through headhunters or networking? Any specific advice or anecdotes would be really helpful
I would say mainly headhunters (they usually hire for spots similar to investment roles) and job posts online are always key. Networking may work as well but not as prominent, has the same relevance as any other industry or vertical - if you message the right person at the right time might be helpful
2. What are interviews like coming in at an experienced level?
They usually ask questions about the particular industry the funds you will be working in are situated - general market views what you think about the fundraising environment etc… Many fit questions and EQ questions , this will sometimes be assessed unspoken if you’re a people person or have a likeable personality. Ultimately you may get light technical questioning to make sure you are solid. For attention to detail you may have a PowerPoint or fund prospectus deck case study so they can review your business writing and PowerPoint skills.
3. But I did see elsewhere someone mentioned that the equivalent of my level these roles, it's more about the contacts you already have (for IR at least)... would I realistically have to consider a step down back to associate?
Look IR/BD isn’t as simple as you think it is. There are multiple different sub groups, such as product specialists (these are the guys that do the middle office/ back office work) such as investment decks, strategy documents, fundraising data analysis, database management, answering particular questions in DDQs, coordinating fundraising processes. Usually more junior heavy but still have some seniors on this.
You then have the actual coverage group so they are divided by region or product type and they actually have to do the prospecting, client meetings and raise the capital with the support of the other team members. There are more nuances to this but I’ll leave it at only these two main groups.
Hope this gives you some color
You may have to consider a step down but this is not likely. Depending on which side of the coin in IR you are applying for they will value your skill set differently. If it’s directly for a coverage team they will likely prefer someone with contacts but if it’s a much larger firm sometimes they don’t really care because they have the clients you just need to know how to service them.
Any difference between MF IR team and non MF? Any idea on comp?
Vast difference smaller teams likely not segregated as formally by groups as depicted above.
Base and bonus should be relatively similar maybe 20% discount? Likely easier to get into the carry pool from a comp perspective in the non-MF if you can move the needle and bring some contacts due to base effects and your leveraged position. I.e 50M vs 2B or 500B.
When you say base and bonus 20% discount you would mean, for example, base is 100k and bonus is 80k? Do you know what MF IR associate all in comp ranges?
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