Non-traditional paths to PE?
Is it possible to break into PE (LMM or MM) if you have the IB experience but do something "riskier" after IB first (startups, strategy&ops, etc.)? Would the door still be open for smaller funds because of the IB experience or would it be closed after leaving the direct IB pipeline? Asking because there are some other path that I'm more interested in but not sure if I should do PE first to be safe and then do something riskier after instead. Have some interest in PE so wouldn't want to completely lose optionality if pursuing something else closes the door (while going the other way would still be possible).
I was an analyst at a top BB that went to PE for a couple of years and then left for a cool operational/turnaround opportunity. It is definitely much harder to get back on the traditional PE path once you have left (especially in this market), but it's not impossible... I'd recommend getting PE experience first while you have direct access to the recruiting
I would imagine doors to UMM / MF PE closes, but you should be able to break back into MM / LMM PE provided you have good IB experience. It does get harder the longer you’re in the other role.
This was my experience... Although, you can get shots at a MF/UMM when there is industry alignment between their investment strategy and your non-traditional role
Would be targeting more MM if possible or LMM. Is MM (~$1bn fund size) still possible in a "non-traditional" path?
By no means am I a case study for what someone wanting to break into the PE space 'should' do, but I landed at an MF without any prior banking experience. You can read about my story on my profile if interested. I capitalized on prior skills that I'd obtained throughout my tenure, and ultimately leveraged those to put me in a unique viewpoint that could provide actual value to the group. I made sure to highlight relevant deals that I worked on, and how the notion of me being 'different' wasn't a bad thing - I guess they liked it enough that I got the job four years ago.
I also got lucky. I'm comfortable enough with myself to admit that. I had a couple of connections at my current group, which really sealed the deal on the top. I didn't do this alone and had a LOT of help throughout the way. I'm grateful that I was able to end up where I am, and my story is one of many that demonstrate you don't need two years at Goldman to get a job in this space. Anything is possible as long as you're smart about the way you maneuver into the field.
Thanks all - more specifically, I am looking at some interesting strategy&operations roles at mid-large companies that excite me a bit more right now. While not an obvious path, I thought that some of the operational learnings (along with the traditional IB deal experience) could make sense in terms of potentially pursuing PE after. I thought this path might lend itself more towards LMM or MM in which investment professionals are more involved in the ops after an acquisition vs. the biggest firms having completely separate teams. This story made sense in my mind though admittedly don't know people personally that did something similar.
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