Moving from Boutique Private Capital Advisory to Private Equity

Hey guys, need some advice. I'm currently in asset management at a BB but would like to eventually transition into private equity. I have an offer from an elite boutique IB for a private capital advisory role where it seems that I will be doing a mix of advisory and capital raising for PE funds. On the advisory side, they seem to do a bit of everything: direct M&A, joint ventures, fund recapitalisations, spin-outs etc. I understand that the modelling work on the advisory side is way more important for eventually doing PE down the road. 

Question: Do you think PCA is a good stepping stone into PE eventually? Given my current role, it will be difficult for me to move straight into PE given I have no direct modelling/deal experience but my thinking was that PCA is possibly a good way to learn more about the industry and eventually transition?

Thanks in advance!

Comments (3)

 
Feb 19, 2021 - 4:33pm

With the type of experience you will gain in PCA you may be able to join the IR team of a large PE fund.

But I am guessing you want to join the investment team. The more usual hires are IB or MC backgrounds. Take MC as an example, who typically have less financial modeling experience, so if you are willing to put in the time to learn LBOs and general analysis (this one is harder if it's not part of your role) and try to network into an interview then that would probably take you to your goal quicker.

 
Feb 19, 2021 - 8:35pm

Thanks! Yes I was referring to the investment roles. I should add that the role is real estate specific and, as part of the interview process, I had to create a real estate financial model from scratch. It also seems that a lot of the guys in the team currently were previously from RE PE funds. I understand that PCA experience isn't as optimal as having IBD experience but my hope was that a few years in RE PCA could at least put me in a position to land interviews with some RE PE funds down the line?

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