Ever feel like you’re stuck in PE?
Second worst feeling ever with the first being stuck in banking… so after a couple of years in banking, I managed to make the jump over to the buy-side. Currently at a MM PE sector focused shop - about a year and a half in, we were one of the most active investors in the space until all of a sudden there’s just no alignment in terms of what we’re going after (our main investor is currently revisiting his investment thesis), and now we’re pretty much on a standstill investing in the sector wise.
This shop is not so much a 2 year and out program to pursue an MBA but they have recently been open for the pre-mba guys to stay. The thing that is weird about this structure is that there’s no definitive timeline, after associate, there’s no senior associate, but rather at the D level. To make the D level, you could be working as an Associate for 10+ years or more, or less, there’s just no set timing. And carry obviously kicks in at the D level.
I’m ranting since I’m at a sector-focused shop, I find it hard to jump ship since the industry is not very big and it doesn’t seem like any buy-side shops (in my sector) are hiring at the moment. Not too interested in hedge funds either since I’m not a markets guy but wouldn’t mind to try my hand for it for the right opportunity comes up. Corp Dev I would probably drown in the boredom… seems to me when there are no live stuff going on or when work gets to be somewhat slow, I just drift away and want to leave. Although when things were super busy in banking, I was dreading to get out since I was on couple of hours of sleep per week.
Have been thinking about a MBA but the opportunity cost is too high since I have a family to care for. Might be willing if it’s a top tier school but round 1s are over (I didn’t apply) and would have to wait till next year to apply, which means I wouldn’t start attending till 2018 and finish in 2020. Then I have to start off as an associate again probably and prove myself, then climb up the corporate ladder.
What do you think I should do? I’ve been pretty much a sector guy for the last couple of years so going back to become a generalist seems to be tough. I know it’s an open ended question and it all comes down to me in the end but honestly, I might seem to be a little burnt out from all this and would just want a high flying gig with some significant $$$ coming in. Would want to be my own boss in the end though haven’t found any idea that sticks.
Somebody with insights care to shed some light or if you’ve personally went through this recently?
Family offices, corporate development, or a private equity backed company in your particular niche might be good places for you. Ever thought about going directly into industry? With your experience level, I would think you could land a VP/Director job with decent hours, potentially interesting work, and great pay (on a per hr basis). Added bonus of upward mobility and potential to access the C suite in a few years. MBA sounds like it doesn't fit your path.
You feel like you're stuck in PE? Stuck in one of the best sectors to work for in the world? Tough life - if you're really sick of it reach out to some head-hunters / industry contacts and start looking for a 9-5 in a BD / Corp. development role where you run the group.
Not trying to be a dick, but it seems like you have it pretty good to be complaining about your current situation.
quarter life crisis .. it happens to the best of us
I think you're over glamourizing PE. PE can be incredibly grueling and taxing at the associate level, many of my friends had an experience similar or worse to banking (MM and megafund alike)
Coming from a guy who most likely doesn't work in PE. Get the fuck out. Sucking cocks as a high end escort pays a lot of money as well, that doesn't mean it doesn't get tiring and you have no reason to complain.
Exactly. Anyone who has been an associate in PE knows that shit SUCKS
Sounds like a student
It doesn't sound like you're particularly interested in b-school, but if it's something you'd consider, you could still apply for 2nd round. I think it's only 3rd round where it's better just to wait till next year. Presumably there would be some mid market PE firms that would consider you for senior associate / post-MBA associate (or maybe even new VP/director) as opposed to 'newbie' associate.
As for corp dev - the level of activity would really depend on your industry and the firm. Just based on your post, it seems like your industry vertical is rather particular and I have to wonder - do you even like it? If you don't and promotion is contingent on the firm's need for a new director and not just meritocracy, and that business need is on hold given the small industry... maybe it's a question of whether you can try and move to a different sector while it's still (relatively) easy to do. Can you pivot to something somewhat similar that's growing and (ideally) of interest to you?
Yeah the shine wears of fast eh?
Happened to me 2 years in--I quit with no back up. It worked out for me though I would not recommend doing the same. Whatever you decide to do, with your background, trust that things will most likely work out in the end.
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