How pigeonholed are you in a PE industry group?
It looks like a lot of the larger PE funds (MF and UMM) place you in a specific industry group rather than being generalist and it looks like a lot of the MM funds are either industry specific or are technically generalist but only operate in a few industries. How trapped are you in that specific industry for the rest of your PE career? If you do TMT PE pre-MBA or you stuck with only TMT roles post-MBA? If you try and lateral is it the same? I'd imagine a partner would be pretty stuck, but more along the lines of pre- and post-MBA associate roles as well as VP to what extent is that true?
Bump, also interested. My impression is that industries with more distinct valuation approaches like TMT and FIG would be tougher to switch out of than, say, business services or industrials.
TMT? Can you explain? Software I understand, hardware I understand has an unusual return profile, but does this apply to telecoms and media as well, let’s say, Univision and Chernin Group as illustrative examples?
Yeah I'm talking SaaS. Don't think media or telco would be that different
For better or worse, every (correct) answer in this thread will be some variation on “it depends.”
Some funds care more, some prospects will self-study hard enough, some industry groups are easier to break into later, and so on.
Also interested
Not pigeon holed at all
I don't think you will be limited as long as you have a good reason if you are talking about traditional LBOs. I moved from SaaS to a generalist role.
At the late stage/buyouts, the financial modeling is similar with some variations, and usually at a junior level if you can show that you can learn then you shouldn't worry. I have seen some people move from SaaS to healthcare as HC is becoming more tech-oriented. I have seen people move from industrial / business services to SaaS and from oil and gas to insurance/fin services.
Ofc, it's good to have industry expertise around regulations and such but at junior to mid-level they want you to grind on the models and write memos.
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