Hi, everyone.
2. Private Equity Analyst at SIG
3. Junior Research Analyst at Acadian Asset Management
I'd like to hear which one looks like the best career opportunity in general.
Thank you very much for your kind input in advance!
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if not Coller or Lexington then it must be Paul or Greenpark. Enjoy! I'd say go for it.
Not too familiar with SIG outside of its prop business but if its an actual direct investing PE group, I'd go with that.
You do not want to do secondaries especially without a banking background. You'll be heavily pidgeonholed into a FoF platform because the skillsets you learn are very niche. For example, the modeling and analysis you will do on companies will be elementary and generic. Putting in a P&L is probably the most you'll do and even ex-bankers lose their ability to create operating models within a short time.
Acadian is a total quant shop- I would rule that out unless that is what you want. As was said above, secondary stuff is much better left for after you work in PE or IB- nice lifestyle etc, but not a great place to start a career. I'd go number 2.
Thank you very much for all your detailed/kind answers! I will reconsider my options then. Thanks!
I welcome/appreciate any additional comment! Thanks!
I would go with #1, just because it seems like a more structured and formalized program. Maybe you can talk with them more to get a better sense of what they see in terms of your personal career development?
The above posters do make some really good points though.
What do you guys think about the growth prospect for PE secondaries? Is secondaries space worth committing one's life to?
Also, I'm wondering whether secondaries is perceived essentially the same thing as FoF(so ppl look down on both) or secondaries experience is respected slightly more, if any, than FoF experience. Thanks!
Secondaries is a growing asset class with many firms raising huge secondary funds over the past couple of years. It is also becoming more of an accepted way to manage ones portfolio and seek liquidity for a number of reasons, not just forced/distressed sales.
As other posters have said, it depends what you want to do long term. At a secondary fund, you are not going to be operating companies, doing the deep dive diligence, extensive modelling, but you will look at a bunch of different assets, structures, etc. and it depends on the firm, but some also spin out captive PE teams from banks, asset managers, etc. Also, it has been done, but it will be difficult to move to a direct PE fund from a secondary fund if direct PE is your end game.
Lastly, from my experience, people tend to lump it into more of a FoF role, but secondaries is respected slightly more because you are analyzing investments/companies at a high level and executing transactions, not just looking at a firms track record, industry focus, team, etc.
AnacoSteel, Thank you very much for your great post!
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