Hey guys,
What do you think the chances are in terms of going into a private equity (MM not your KKR) following a few years at a restructuring shop ( think Alvarez, FTI, ALIX, etc.). Personally, I would figure that in addition to the financial analysis experience, the operational experience would be very applicable to the private equity industry.
| +139 | What’s “the path” now? | 56 | 13h |
| +92 | Is Everyone Too Bearish on PE? | 32 | 5h |
| +48 | Why would anyone do PE in long term in 2026? | 13 | 5m |
| +37 | 3rd Year IB Analyst, Top Bucket, Still No PE Offer. What Would You Do? | 19 | 17h |
| +25 | Is This Normal in LLM PE | 10 | 3d |
| +24 | Q&A: What It’s Actually Like Working at an Independent (Fundless) Sponsor | 4 | 1d |
| +21 | UMM PE or High Paying Strat Finance? | 10 | 26m |
| +21 | Striking out in last rounds | 2 | 2d |
| +20 | On Cycle Preparation | 8 | 1d |
| +16 | Would you use a centralized sponsor research page before meetings? | 6 | 6d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
how are your modeling skills
restructuring is more like consulting
i am interested in this as well, except am coming from a MM IB restructuring group (think around jefferies or chanin but below lazard or blackstone). where have you seen these analysts exit to after 2-3 years? strictly distressed HF or any more general PE? Any firms in particular that like to pick up people with restructuring backgrounds? Any headhunters that i should talk to? And yes, I have extensive modelling experience. feel free to PM me.
bump
bump
bump
bump?
How would an analyst from HL Restructuring do for PE exit opportunities?
hl rest places just fine. You won't get tpg or kkr but you get very good distressed positions and also sometimes billion + buyout positions
Can anyone provide more info on exit opps for Alvarez, FTI, ALIX though?
Restructuring backgrounds are great fits with operational oriented PE firms, esp. those that focus on special situations (distressed, carve-out, etc). Every PE firm markets itself as operational, but some that I commonly see in hairy deals are Golden Gate, Platinum Equity, Marlin Equity, Gores Group, KPS, Sun Capital, Angelo Gordon... Larger funds like Bain Capital and Cerberus are operational oriented as well.
I would recommend you do a google search for special situations or distressed private equity.. there are tons of shops out there, especially when you get to the sub-$1bn AUM level.
I heard a sponsor describe themselves as NOT operators for the first the other day, I just about fell out of my chair.
Restructuring to PE? (Originally Posted: 04/18/2009)
Hello fellow monkeys,
I am new user to wallstreetoasis, but I have surfed through the forum quite frequently in the past. With the recent boom in restructuring, I am curious if PE firms would be a likely or even possible exit for a restructuring group analyst as I would be interested in this path. I have recently heard of various PE firms being involved in restructuring deals. I was curious as to what everyone else thinks?
Alternatively, you could focus on the portfolio/operational groups of PE firms. A lot of these funds have portfolio groups to support operational changes at portfolio companies. Of course, if your goal is to get investing experience, this would not be helpful. Some well-known examples are:
KKR Capstone is like 50% ex-BCG, 30% ex-McKinsey - they definitely hire consultants BainCap Portfolio group is fairly new, but also has several MBB hires that I know of Summit Partners also has a portfolio group, though I don't know as much about it
As posters above have noted, distressed funds are a natural fit for a restructuring background. If any of those have operating groups, it might be a good exit for Alix/Alvarez & Marsal
there exist PE funds that invest in turnaround & special situations and buy distressed companies. for example - KPS Capital Partners
the lev fin experience can come in handy but I assume you are referring to a restructuring advisor such as HL or LAZ not the lev fin/restructuring desk of a BB.
so traditional buy out is usually a road less traveled. from what i've seen, buyside opps are usually at distressed hedge funds.The world has changed. And we must change with it.
buyout shops are the more traditional route but you can definitely go into PE from restructuring (I did as well as a few of my friends in restructuring)...and it doesn't necessarily have to be to a distressed buyout shop.
Invite People Here: //www.wallstreetoasis.com/invite $9 WSO Guides: //www.wallstreetoasis.com/wsoguides Elite GMAT Tutors: //www.wallstreetoasis.com/page/one-on-one-gmat-prep
It is interesting to hear a position that is different than the common one of restructuring-> distressed HF/PE. Are the skills and modeling experience of a restructuring analyst be as easily transferable to healthy PE/HF as a similar individual coming from an M&A role?
I would also note that a lot of PE shops have distressed portfolio companies and are looking for people experienced in distressed situations. Haven't started recruiting for PE yet but that is what a lot of the headhunters are saying right now. I'm not entirely sure how that will play out in a year or two from now but it makes sense for PE firms to pick up analysts with restructuring experience now given how badly their companies are doing.
with regard to analysts with restructuring experience?
Restructuring to PE (Originally Posted: 09/25/2009)
I asked this in the PE forum, but didnt get much of a response so figured I would try it here.
Was wondering if there was anyone here who has made the transition to PE after their 2-3 year stint in the restructuring group of an IB.
I'm coming from a MM IB restructuring group (think jefferies or chanin but below lazard or blackstone). Where have you seen these analysts exit to after 2-3 years? Strictly distressed HF or any more general PE? Any firms in particular that like to pick up people with restructuring backgrounds? Any headhunters that i should talk to? And yes, I have extensive modeling experience. Feel free to PM me.
I would think that in this market, PE firms would be more interested in people with restructuring backgrounds given they are the ones who have been busy for the last couple years, not to mention the opportunity there will be to buy distressed companies and execute turnarounds. Any opinions on this?
bump - didnt get any response to this the first time around
Hahahah, no ur pretty f'd coming from a MM and being in pidgeholing restructuring. Once ur in restructuring u stay there.
I gotta ask this...wtf is your problem?
You've been here what, 6 weeks? And you have almost 340 bananas? That averages out to like 7 posts per day. Do you even have a job?
Vulture funds
Ut quod est accusamus qui. Accusantium ipsam rerum aliquid nesciunt ipsa eaque eum. A dolorem omnis perspiciatis sed ut et. Vero dignissimos quasi natus corporis quia corporis consequatur. Sed numquam dolorum repellat magnam iusto molestias.
Et molestias sint est omnis iusto qui autem. Incidunt officiis aspernatur porro illo exercitationem ab fuga. Modi dolorem nam itaque quis ut necessitatibus aut culpa. Eum odit est dolorem est nostrum quis inventore. Asperiores est hic quaerat eaque corporis facere.
Et omnis commodi officiis non optio consequuntur aperiam. Reprehenderit dolores molestiae est eveniet at. Magni molestias numquam quas ex et.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Quae nisi molestias ut. Distinctio ipsam excepturi et aut fuga quam vel saepe. Ut autem maxime facere porro ipsam non dolor. Vel reprehenderit tempora repellat rem voluptas non magnam ab.
Vero et velit cumque natus corrupti. Ut debitis quia nemo exercitationem labore ipsum vero quos. Et quia eos tempore. Quia quo cumque deserunt aut necessitatibus.
Error voluptatum ad aut et. Non quia quas illum voluptatem. Dolores hic eos autem vel facilis. Itaque rerum quis rerum omnis eveniet.
Mollitia animi consequatur enim sit asperiores laborum itaque repudiandae. Doloremque hic laudantium eos. Recusandae cum perspiciatis molestiae quia. Hic quas consequuntur reprehenderit temporibus vitae eligendi nostrum. Aliquam suscipit sequi quidem molestiae cupiditate. Odio aut voluptatum distinctio.