Switching industry groups as an associate?
Currently at UMM fund one year in and basically all my experience is in a pretty specific vertical within HC. It’s all corporate PE so I think the skills are generally applicable to anything, but my long term goal is to not be in HC anymore.
How hard is it to switch industry either within my fund, in lateraling to a new fund, or post MBA? Id love to end up in either tech or consumer but just worry since I don’t have any industry knowledge at this point.
Not so worried about the technical aspect but my perception is that the senior associate / VP level is where you need to start understanding industries / knowing key players, and I currently only know one little healthcare vertical. I can obviously do industry research on any new sector but don’t think it remotely compares to actual deal experience / portco work in terms of true level of understanding.
Anyone seen / done this move? I like my firm but have very little exposure outside my group and it isn’t somewhere that historically has supported a lot of internal group switching. And I worry if I either recruit for senior associate or SA, I’m behind everyone who has the right sector experience.
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Similar question except looking to transition from a specialized industry, software, to something either in services / industrials or infrastructure. My initial reaction is that it is very possible to lateral or post MBA but may need to move downstream in fund size to compensate for the lack of industry experience. Would love to hear any takes about industry specific challenges for those I mentioned (or what OP mentioned).
Out of curiosity, why industrials or infrastructure? Tangible assets?
Because of my banking experience and for geographic reasons (there’s lots of industrial PE firms near my hometown).
It's doable but you need to do it now - don't want for MBA or anything else. Retail seems like an easier sell than tech, give tech recruits heavily from TMT banking groups, so you'd be against people with deep tech knowledge, while your competition for retail likely came from a broader IB coverage area. I would make sure you are very well-versed in the retail space and be prepared to go to MM or LMM. You can climb back up the ladder, but you're going to need to be flexible to move initially. I'd get smart on your space of choice and then just ask some of the usual HHs if they have any retail opportunities.
You’re talking about people with 3-5 years work experience. And being a banker / CIM churner for at least half that time. ‘Very deep knowledge’ of an industry is a vast overstatement
3-5 years of 80 hour weeks working on TMT deals is still quite a bit of industry knowledge versus OP whose TMT experience will be gained through Google... think it's totally reasonable to say he should focus on an area that doesn't exclusively hire from that IB vertical.
Look at team bios for Vista and TB .... tons of investment professionals not from TMT groups.
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