Private Equity Recruiting as Second/Third Year Analyst, Previous IB Lateral
Sup monkeys, I need some insight on my unique situation here, any and all insight is much appreciated.
I am currently a second year analyst in IB at a lower tier BB (Deutsche/BAML/Barclays/whatever) in a decent coverage group. I lateraled in beginning of 2022 from MM IB. I'm a top performer, so I could be an associate starting next summer (2024) after doing a 3rd year as an analyst assuming the market improves.
My main question is this: what would the recruiting process look like for PE/growth equity given my situation, and when should I do it? Like is it only off-cycle / on an as needed basis, or is there any on-cycle recruiting done in the late summer? Would those roles start immediately (ex: recruit over next few months and start in the summer) or would they start next year? I'm staying for bonus and would like to leave ASAP after that, but it wouldn't be terrible if I started next summer if I had the right opportunity. Is this even possible to do now given the macro backdrop?
Also, given my background as a lateral, I haven't been through a deal from start to finish. A couple deals at my old firm went from start to mid way, then I left, but they closed a few months after I left. And then I joined on the back half of a couple smaller deals at my new firm that closed. Is this a concern for recruiting? Is my situation as a lateral in general something to worry about?
I'm only looking at West Coast roles (LA or SF). I would be ok doing corp fin or corp dev but would prefer high comp if I go to buyside at this point.
Hey Analyst 2 in IB - Gen, I'm here because nobody responded to this thread after a few days...maybe one of these resources will help you:
More suggestions...
You're welcome.
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Oncycle for summer 2024 was in fall 2022, so no more 2024 oncycle. You are eligible for any offcycle roles.. ranges from immediate start to summer 2024, offcycle is pretty unstructured.
If you aren't hearing from HHs because you're a lateral, you can ask one of your buddies for names - fine to shoot HHs a quick email saying you lateraled and would love to hop on the phone.
Not a problem re deals - you can't control whether or not something closes, and sometimes even top analysts get shafted on a heavy lift that dies and they don't close a deal during their stint. Just talk about things to the extent you can. If you did a ton of work on those deals that were eventually announced (to the point where they're a major part of your resume), it's okay to say "I did 6 months of work on this [deal name] and it announced a bit after I left, but I did XYZ tasks". Focus on having good "deal stories" so even if you can't name the client you can walk people through the deal and your contributions in clear detail.
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