Private Credit/DL --> IB --> PE
I'm a high performing analyst at a MM private credit/DL firm where I was a summer analyst before, but I want to do PE. I graduated a year ago from a top 10-30 school (both overall and in terms of undergrad b-school ranking), with a low GPA (3.0-3.5) but otherwise stellar college resume (investment club leadership, other extracurriculars, PWM/other summer internships). Based on the typical path, I think I have to do IB first before getting into PE, although I loathe the idea of having to do so.
Which IB firms (names, sizes, market focuses, etc.) should I target? Which groups (M&A, industry groups, leveraged finance, restructuring, coverage, equity capital markets, debt capital markets, etc.) should I target? How do I best network/recruit into any of these? I only desire an exit to PE and preferably fewer hours relative to other firms available.
Do you think I can get into PE without doing IB first?
Thanks!
Don't think you would need to do IB, but it will be more of a bespoke recruiting process. Try to network with PE clients that you have done LBOs with. That may be an easier route (vs. going to IB) and give you more of a personalized recruiting process than most banking analysts. Definitely an uphill battle, but probably a bit easier in terms of time commitment (save 2 years of having to do IB) and having to recruit twice.
Weird question given the circumstances, and I apologize for it in advance. If you don't mind me asking, what does comp at your DL shop look like for associates? VPs? Someone from my analyst class is going to a MF's direct lending arm and it sounds like associate all-in comp is in the $200-225k range, which is definitely on par with MM PE. Once again, sorry for the obscure question.