Graduate analyst at a mid tier MM IB firm (think MUFG / Santander / Mizuho / Natixis) and was wondering what the best way into PE would be (ideally London specific).
Would an MM PE be relatively attainable or does it make more sense to lateral upwards before moving into PE and maybe spending an extra year or two in IB
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bump - would also like to know more about Lincoln for instance
As in, Lincoln International LDN exits?
Precisely, I guess exit options are very few?
Bump
Me telling you xyz firm/team has abc opportunities doesn’t do much for you - you probably know the team and the people that used to be around (better than the average wso user). Look at what they did / had the option to do - this will provide a a better / more accurate perspective for you.
Opps definitely exist to lateral into one of the smaller MM or LMM PE funds, and candidates from those MM banks are often preferred (better knowledge of the mid-market, working with founders / entrepreneurs, etc.)
A lot of BB bankers will work heavily around listed companies which have a different set of priorities and operating styles.
That said, you probably have more limited options than BB bankers, but there'll still be some. If you have any recruiter contacts, ask them for a conversation. If you don't, reach out. Ask to speak to their buyside team - they'll be able to give a frank answer and current market knowledge.
What do you think the PE exits would look like coming out of a no name MM Boutique IB? Would MM PE be attainable? Not really interested in LMM PE since comp would be too similar to IB
This is a grey area sort of question and I think you know that. In the right market and with the right networking, of course it is possible. But it'll be harder.
The attitude towards LMM PE is juvenile, im sorry but i have to say it. (A) you know you can move to progressively larger funds, (B) money is not the only thing you should care about particularly at the lowest ranks, and (C) you have a lot to learn if you think PE will always and in every case outrank IB. It is definitely higher than IB when your carry pays out and those are the stories you hear about. But be aware that some funds bomb out, some don't meet their carry hurdles. I'm far more interested in doing DD on the fund itself than on whether it is "LMM" or "MM"
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