What career path would you choose here? Best route to PE / Investment roles?

Based on the most helpful WSO content, here’s a breakdown of your questions and advice for navigating these career decisions:

1. Transitioning from a Product Role to an Investment Role Internally:

   • Moving from a product role (not sales/investor relations) to an investment role internally is possible, but it depends on the firm and its culture. Smaller private market firms, especially those focusing on secondaries, may offer more flexibility compared to larger firms like Blackstone (BX), where internal mobility is more rigid.
   • If you're already working closely with the investment team, this proximity can help you build relationships and demonstrate your understanding of the investment process. Networking internally and showcasing your technical skills (e.g., modeling, deal analysis) will be key.
   • Asking HR about flexibility down the line is a delicate matter. It’s better to first establish yourself in the role, build credibility, and then explore opportunities informally through internal networking before formally discussing it with HR.

2. Private Equity Product Coverage vs. Real Asset Coverage in Product:

   • Between private equity product coverage and real asset coverage, private equity product coverage is likely the better option if your ultimate goal is to transition into investment roles. PE product coverage will expose you to the private equity space, its deals, and the language of the industry, which aligns more closely with investment roles.
   • Real asset coverage might be more niche and less transferable unless you’re specifically targeting real estate or infrastructure investment roles.

3. Product Role in Private Markets vs. Investment Role in Niche Areas (e.g., Litigation Funding):

   • If your long-term goal is to break into private equity or broader investment roles, the product role in private markets is likely the better choice. It positions you closer to the PE ecosystem and offers more transferable skills and opportunities to pivot internally or externally.
   • A niche investment role like litigation funding might provide strong technical experience (e.g., modeling claims), but it could pigeonhole you into a very specific area, making it harder to transition to traditional PE or broader investment roles later.

4. General Advice:

   • If you’re targeting private equity or investment roles, the traditional path (IB -> PE) is still the most straightforward. However, if you’re already in a private markets firm, focus on networking internally, gaining technical skills, and demonstrating your value to the investment team.
   • Smaller firms often provide more flexibility and opportunities for internal mobility, so leverage that advantage if you’re at a firm with 400-600 staff.
   • Be strategic about your first role. Choose the one that aligns most closely with your long-term goals and offers the best exposure to the private equity space.

In summary, a product role in private equity coverage at a smaller private markets firm would likely be the best route for transitioning into investment roles. Focus on building relationships, developing technical skills, and positioning yourself for internal mobility.

Sources: From Private Equity Associate to VP in Private Equity, Investment Banking to Private Equity - 6 Things You Should Know, Moving from Asset Management into IB / PE, The PE career path, Breakdown of Post-IB Exit Opportunities