Just closed a deal and have some room for breathing, so figure it may be helpful to do an AMA!
Semi-target school, started my career in MBB. Then joined an UMM PE, got terribly burned out and decided to quit for a corporate strategy role.
Then after a few years I realized I was just not learning and growing as much as when I was in PE and I also really missed the broader picture view in PE. I also developed interests in philanthropy which my corporate strategy job will never afford me to do in a scalable way.
Then I got back to PE, started as a senior asc again, felt I somehow dealt with the stress much better, and also got promoted. Still don’t know if I’ll make it to partner, but felt the job is definitely much more survivable this time around and I also really appreciate the corporate experience I had which gave me a different perspective than most folks on the deal team.
So Ask Me Anything - Hope I can be helpful!
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In a similar situation now. Just left my firm after my senior associate year as there wasn’t room to stay on as a VP. Exploring the corp dev route but want to leave the door open to come back. Did you receive PE recruiting emails from headhunters after you left still? Most of what I’m looking at is head of M&A roles, what type of corp dev experience do you think PE firms find most valuable?
I still received some PE recruiter emails, but less than when I was in PE and also the market was not as good…I also reached out to my network and recruiters aggressively when I tried to get back.
On roles - I think portco corp dev / M&A roles can be quite relevant. You are still doing deals but gain broader corporate experience. (It also opens up more operating exec roles in PE…a few ppl in my associate class actually pursued that path after MBA. Also think there’s a bit more tailwind for PE ops roles, cuz financial engineering could only get you that far and it’s harder to see multiple expansion now as things have got more expensive overall..)
how long was your first PE stint? what fund size are you at now?
Standard 2 years $2-5bn AUM.
How did you frame your story to headhunters, and what did the interview process look like?
For me, I also moved city when I moved to corporate, so that’s part of it. I also try to find roles / teams that align with the industry I was in, so it’s an easier story that operating experience in the sector will help with DDs and become more credible when talking to management. (Also I think more funds are taking a sector-focused approach - I started as a generalist when I was an associate, and when I got back to PE I joined a sector focused team.)
Process is pretty standard and prob similar to other lateral interviews. Most are focused on your past deals, thesis, what went right / went wrong, types of deals you want to do, etc. Then obviously many will ask why left PE / why PE again.
Won't meaningfully improve comp, but go to a bigger company. Do you think a F500 / F50 / F10 corp strat role will have you missing the "broader picture view"?
I think it depends on levels and the set-up.
I joined corporate at manager / sr. Manager level, so I felt it didn’t really matter the size of the business - my scope was rather limited / didn’t get to see the full picture, and I was just not senior enough to be at some really important discussions. If director / VP level, I think it’d be different. Also depends on the set-up - if there’s a big merger / very lean team, then you are also gonna get more opportunity.
I think it is a function of (1) does the business itself have interesting scope, (2) is your corporate strategy team lean enough that you get to see all of that scope as a junior IC.
There are absolutely teams that fit both criteria, but quite rare. Feel free to DM.
Also will be starting at an MBB and considering PE due to an interest in finance and investing. When did you realize/what made you realize that you wanted to move from strategy work to finance? Also, do you still find your time in MBB valuable, and how do you see it being useful both during or outside of work? Thanks!
I think starting at MBB was fantastic! As people always say, “best few years but never want to go back to”. Best part of MBB is meeting some life long friends - some of my best friends / mentors today are still from MBB days. Hang out with people in your class. Keep in touch with leadership on your projects.
From strategy to finance - I started doing lots of PE DDs since my second year and largely enjoyed it. The projects themselves were very intellectually intriguing, so initially I just wanted to give it a try to learn more about the full deal cycle from sourcing to DD / execution, from value creation to exit. Then as I actually spent time in PE / corporate strategy, I just realized I didn’t like fluffy strategy work / pure advisory work - I generally feel I got to dig much deeper into the business now than when I was in consulting, and also got to see how execution plays out and how to intervene effectively.
Glad to hear you look back on it favorably! I think the strategy to finance stuff makes sense as well, but I'm noticing that headhunters are already on campus, and it seems like these PE firms try to hire classes near start dates, which would make trying DDs a bit harder. Would it be alright to PM with a few other questions?
I did two years in LMM PE and was promoted to Senior Associate. The fund was not performing well so I moved to Corp Dev at a big tech company. Based on your experience, how likely would it be for me to pivot back into PE? I like my job currently, but I feel more siloed given how large the Corp Dev team is compared to the lean deal team I was in at my PE shop.
How helpful were the recruiters vs the network?
I think there’s definitely chance for you to move back to LMM. network >>>>> recruiters.
I don’t know if I’ll recommend you to move tho if you overall enjoy your current role and there’s a path to move upward. I work a lot more than when I was in corporate and don’t think this will get much better over time looking at the partners. I do think the PE work is more interesting, you feel more at the driver’s seat, and you generally get paid more if you stay for longer.
Thanks! Any chance you would be available to chat further? Would love to ask you a few additional questions.
Why did the UBS investment banker get transferred to Anchorage, Alaska?
Because after blue-skying their valuations so much, senior management said, “If you’re going to keep turning our balance sheet into a bunch of Smurf villages, you might as well go live somewhere that’s actually frozen!”
One could ask the same to you 😂 nerd
low test
Also; one could ask the same to you ha!
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