How to Move From Restructuring Advisory to Traditional Private Equity?
Currently at a top RX group (Laz, HL, PJT, EVR, MOE). Haven't tried to recruit yet, but realized distressed opportunities aren't really what I'm looking for. Currently prepping for PE as much as I can and am slowly realizing how not having done an M&A deal is causing some issues. From the modeling perspective to just understanding the process fundamentally. Now I know this is all learnable and I've been taking steps to do so (doesn't seem particularly difficult to pick up), but this has me thinking that there's no way I get the nod over someone with M&A experience, all things considered, as an M&A analyst will have 2 year of reps doing M&A deals and I realistically wouldn't have any. Has anyone made this type of move that would have some advice?
What made you realize distressed opportunities aren’t really what you’re looking for? Do you mind elaborating?
Do you feel that way now, but you did not feel the same always (i.e. for first x months of full-time and during your internships it was fine but now you are not into it as much / at all)?
I think after my summer I still was interested in distressed because don't get me wrong, it's still vert interesting, but it was early when I started FT it shifted. It boils down to the type of companies you work on in each, I really would rather work with the companies with strong growth that you see in M&A. Also really like PE's focus on the business over time, as opposed to distressed situations being a little more situational in nature and often resulting in HFs trying to siphen cash from businesses and being creative with capital structure rather than necessarily focusing on operations as much as PE. Might just be the virtue of deals I've worked on, but the business model of PE (LBOs, hold period, evaluate growth opportunities) just strikes me as more interesting. Still think distressed is interesting, but I don't see myself doing it for the rest of my life and would rather make the switch now before I get siloed more than I am.
Also acknowledging some of what I said might not be true, but keep in mind I've only seen M&A from the outside in.
bump
Last bump
Don't give up
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