Hello everybody here!
I want to initiate a discussion on the back office -> deal team career path of private equity boutique shops.
I wonder whether there is any overlap between these two distinct functionalities for some small shops. My shop runs a special internship program that promotes best guys from back office (finance/operations) to a supporting position to the deal team. This is after serving the back office as an intern for two years. Moreover, the best supporting guy will get promoted to the deal team.
I know this is far from a typical way in this industry. However, I still wonder whether some other shops do the same thing.
I have been an back office analyst in the 1 Billion shop for a year, handling partnership financial statements, PC valuations and some due dilligence work. I held a M.A. from a Ivy League school with GPA 4.0, and am working on CFA level II now. Right now I am not optimistic about the chance to serve as supporting guy, because of the impeded dealflow and fully staffed deal team.
Can anyone tell me how to join the deal team in another shop, at least a supporting guy? Is the chance really slim? I really appreciate your inputs.
I'm curious why you accepted a back office analyst position at your firm if you had a 4.0 and a master's degree from an ivy league institution. I don't think you can lateral into another PE shop's deal team with a back office experience. I'm not saying back office experience is inferior to front office, but PE shops tend to be staffed very lean and want the person who can be an instant add-in to their team. If you don't have the relevant experience, most firms wouldn't even consider your candidacy. I'm guessing your best bet is to transfer into your current firm's deal team, or network your way into a front office position at a bank.
There is no typical track. There are thousands of PE firms out there. It is essential to learn the BO and guts of ops. The better you learn about the individual parts, the better you will be able to manage the PE deal process. In your own time, you should be networking. Being in the BO you have an opp to see information that is not in the public domain. Info is power and in times like these, everyone is looking for dealmakers. Start proactively networking in your industry. You will always have a better opp at a smaller shop b/c you will be forced to act in more roles than just ops or compliance/due diligence. Promotion comes from results and too many people are worried about having a big name on their resume. The best track for many ppl is to go the boutique route where they will get Front Office exp and then move to a bigger shop.
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