PE Secondaries – What are the exit opportunities?
Currently have an offer at a top Secondaries player (think bx sp/gs/ares/carlyle) but was slightly concerned about the potential of being pigeon holed. Really interested in going into direct investing or PE at some point. Is this the best path? The job will involve working with real assets, and thats what I hope to do long-term, but was hoping to get some color on the space and whether exits from a top firm are any good.
Secondaries is the exit opp for most people, yet some people have gone from secondaries to MMPE but it’s not the easiest journey in the world .
I have also seen exits to LP and allocator roles as well as SWF’s.
Hope this helps
This is the exit brother
If your ultimate goal is direct PE, this is not the best path.
Why is this the case? I've heard that some of the modeling is identical?
Not true, only GP led has somewhat similar modelling.
so no possibility to exit then, even from one of the best groups that focus more on the gp/co-invest side (ares, carlyle, gs etc)?
I’ve seen analysts from BX secondaries exit to MMPE, as an intern you can try and secure a return and use that to recruit for direct PE next cycle or for grad roles. It’s not the end of the world
thanks – seems like a good path to take, hate the idea of being pigeon holed so early on though. appreciate the comments
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