Quick thought on career advice

In Europe and the family is still jet lagged / sleeping and I was reflecting on some discussions I had with senior folks at the large PE asset managers (full disclosure, I’m a banker but I’m lucky enough to consider a few of these institutions as close clients.

Some generic career advice - if I was a talented 2+2 at any top private equity firm, I wouldn’t want to stay as an investment professional in a private equity group. Too generic and hard to differentiate oneself. That said, anyone who thinks private equity is dead or isn’t a great career path is mistaken, it’s just evolving. All the really interesting action is happening a) investments on balance sheet (KKR, APO), b) M&A (Brookfield, APO), c) interesting new capital formation and strategies (BX), d) insurance strategies (APO, KKR, BX, Carlyle, Brookfield).

The partners I see who are the most successful are the ones focused on new strategy and capital formation. The ones who aren’t are the ones still obsessed with p42 of an IC memo.

As such, I think a great career option is internal strategy and corporate development and all these funds are growing those groups.  Really good top management exposure and exposure to the most interesting developments in asset management and the deals you do are the most interesting.

I’d also really be focused on insurance and on balance sheet investment (TWG issues aside). This only going to grow bigger and more creative.

Gotta run but that’s my random advice for the day.