I recently moved up from a no-name LMM IB to a well-known MM bank in an industry group doing M&A. I never wanted to stay in banking so I made the move with the goal of going to a LMM/MM PE fund after. However, ever since I started my new gig, the brutal hours spent solely on administrative tasks related to transactions sort of turned me off to the idea of PE. The idea of just working on structuring transactions and deal execution is making me really reconsider my career path and I am having trouble deciding where to go. Maybe PE isn't for me?
I learned that I am more attracted to the operational side of businesses, improving inefficiencies, and working with management to scale (via acquisitions or organic initiatives) rather than just structuring and executing transactions. I would like to have more ownership in running a businesses and scaling businesses is what attracted me to PE in the first place. I would love a career path that has a bit more "meaning" and involvement with companies. Don't get me wrong, I would still like to work on deals but I am wondering if there are PE firms that offer associates opportunities to do more than just deal execution. Perhaps LMM funds or startup funds? Maybe growth equity or VC? I have also looked into family offices due to the longer-term investment strategy. I would really love everyone's input on this as I would like to know if such firms/roles even exist!
Really appreciate everyone's help in advance.
Sounds like you may want to look at corporate development - focusing on strategic growth of just one company doing organic and inorganic work (more about doing the right deal rather than a volume of deals)
I can second this, what OP is describing is literally a corp dev role within an acquisitive company.
Family offices are a good bet indeed.
I would also add long-term investment platforms that have big operational teams like Ataï Life Sciences in Berlin (If you are into LF / HC) Rocket Internet in Berlin or Tencent in Shenzhen (if you are into tech) and similar structures.
I feel like this is what everyone wants. Bain capital would be the type of firm that's good but obviously that's a hard placement
Bain capital (at least not on the deal team side) is NOT the firm you want to go to if OP is looking to do more ops related stuff
CorpDev, Strategy & Ops (inc. Portfolio Ops / Value Creation teams in PE), Startup Ops Exec Roles, Product Manager in Tech (focused on Growth) and consultant friendly funds seem to fit what you're after.
As others have said, corp dev is a good space to look into. I also wouldn't count out LMM PE firms. You will obviously need to do the deal work but I found it more interesting as you're the buyer versus just an advisor pushing paper / diligence request lists around. You need to guide 3rd party service providers to get you the important details, then you need to decide if they are actually important to the Company, the deal, post-closing, etc. You can then use this information to strategize about risks versus reward on deals and how that make impact structuring (i.e. purchase price reductions or tax implications).
One thing I really like about LMM PE is the ability to have a voice / see more of the business. We get into very detailed conversations about strategy, operations, pricing, hiring / firing, etc. You likely never see any of this in banking. I'm not saying you'll be making the decisions as an associate, but you'll at least get exposed to it. Also worth noting that not all LMM firms are the same. You should ask about this to former/current associates as well as to the partners during interviews. As a general rule, if the founder of a small fund came from Bain/KKR/Apollo, they will likely have the same mindset/culture that those firms do, which doesn't seem like fit based on your post.
Strong username to post correlation
Agree with corp dev at an acquisitive company. Consulting is also a potential move if you're not thrilled about being married to one company, would definitely check your operational/efficiency improvement box.
I’m currently interning at a large MM PE firm that is VERY operationally focused. They certainly exist, it’s just a matter of finding them. I would look at places where the GP’s have MBB backgrounds
could you pm me? im at a similar firm and have some questions
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