PE FoF to GP... possible?

Have seen a couple of people do this but always coming from FoF programs that also did a lot of co-investing. 1 guy went to business school first and will be in a GP role after, but he did not have prior banking exp.

Very unlikely. Needs to be a LOT of co-invest and even then would be difficult. Came from FoF background and tried and failed. Went to B-School too and even then was hard without IB/ extensive deal experience. Decided to do IB at BB and maybe try for Sr. Assoc/VP down the line. 

I just transitioned from a PE FoF to a LMM PE. But prior to the FoF, I worked at a growth stage fund so I have some direct investment experience but no IBD/M&A background. Have to say it takes a lot of efforts on building up the relationship and modelling / ppt skills. And also depends on what type of person the direct funds want to bring on - for my case they want someone familiar with investments more than a banking graduate.

Usually not if just FOF. Often based prior experience to FOF like what others have said eg low tenure at Co-invest focused FOF with a lot of co-underwriting plus top tier IB or GP experience previously.

I made the move to a solid LMM shop from a FoF and had plenty of interview opportunities on that end of the market. Like others have said, it’s much easier to do if you’re at a place that is known for doing co-investments so that you have some form of direct deal experience to reference. I did not have prior banking experience, so financial modeling was a point of emphasis in every process I was in, as well as the ability to formulate an investment thesis. As you’ll learn, some FoFs actually do good diligence on direct deals which leads to a good experience for the junior team, whereas others literally just check the box and do the bare minimum.