Starting in IR
Hi,
Have a return offer for a BB, but looking to pivot into IR. Was wondering what internal mobility there is within IR roles (i.e. from Corporate PE to Infra to HF), and whether there are any real benefits to doing an IB stint before entering IR.
IR guy here. Doing banking first will open a ton of doors down the line. Not a particularly hard pivot from banking to IR if you are set on it. And most of all, having a network from being part of a banking class is a huge benefit.
switching products seats within IR isn't all that hard - switching from IR to an investment role is very hard.
Thanks for the response.
Any other roles that may be beneficial beforehand instead of banking? Really keen to avoid killing myself in banking, even if there is light at the end.
Regarding product - does i.e. sit within ‘product’ teams, or is it a seperate function? Lots of PE funds have a bunch of different jargon and it’s hard to identify which roles are which. Afaik, IR is sourcing LP money, product is evaluating markets and creating new funds/asset classes for LPs to invest in, and business development is sourcing investment opportunities for the GP.
my friend if avoiding long hours is your goal, you should not go into IR or product. During fundraises, you're going to get crushed. When you work for a PE partner, you are working the hours they are.
The easy way out is going for a low tier placement agent, delivering a mediocre result and riding that out as a career. the good ones work just as much and earn just as much as classic ib
But surely no 1-2ams in IR? I’m ok with working until 11-12 some days but multiple 1-4am nights or weekend work is not for me.
Corporate IR and product IR are very different. 1-4am nights are pretty unlikely in either role, but you might have some idiosyncratic long hours or light weekend work (i.e. before earnings or during M&A deals in corp IR, or when you're trying to close out fundraising in product IR)
What is reasonable comp for PE MF IR after 2 years from banking?
If you're the person who just posted your own thread about a $175-200k offer, I'd say that's pretty solid. IR is mostly a 9-5 job so you're not going to get investment team dollars, and it's a tough market so unless you have other IR offers in hand, you don't have much leverage.
Some MMs or smaller shops do pay more fwiw, but it's a way harder job to sell a mid market fund than it is to sell BX or Ares' funds.
Yeah its a tradeoff between getting more at a no name shop vs being part of a structured program a bigger place
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