Working at Preqin - Research Associate
Was wondering what you guys have heard about working at Preqin? Specifically as a research associate. Also wanted to know about exit ops after preqin. Could I leverage this position to accept a LMM PE gig? Your thoughts are greatly appreciated.
TLDR: What have you heard about working at Preqin as a research associate?
Following. Also interested.
I haven't personally had experience dealing directly with Preqin research associates but others on my team have. The RAs reach out to us to get data (e.g. performance numbers, AUM, etc.) routinely. For some of the data, we're not allowed to provide per SEC regulations so I don't even know why they keep asking but oh well.
Anyway, I digress. Your question is: Will this role allow you to lateral to LMM PE? Sorry to be the bearer of bad news, but the possibility is near zero. I say near zero because I don't like to say never.
As a research associate at Preqin, your primary role is to contact firms to mine for data and confirm data. There is not much you'll learn in terms of transferable skills. Lateralling into the investment team is almost improbable. Maybe (and it's a big maybe) you might be able to lateral into the IR team. But even IR roles are hard to come by.
If your goal is to break into PE, I would advise a hard pass on the Preqin opportunity.
Appreciate the response! What are some possible exit opps for after Preqin?
Honestly? The picking are pretty slim for the research associate position. At worst, it's sort of like working in a call center and trying to get into finance from there. At best, if you're able to work on some internal data projects, you could move to being a data analyst somewhere (but in a junior role where you'd sort of learn from scratch since you wouldn't be learning things like SQL, Python, etc. at Preqin).
You might be able to hustle your way into an IR position as I mentioned (but, again, this is a reach). Or if you become really familiar with the happenings in the alternatives space, you could try to get into investment consulting (e.g. Cambridge Associates, NEPC, etc.).
If your goal is "high finance," a job at Preqin unfortunately won't help.
I don't think working at Preqin will help you at all to land a PE gig. There's no overlap in skillsets or experience. Preqin is a data provider, and a necessary evil in the PE industry. Preqin research people basically send out email surveys to PE firms asking them to provide data on when they raised their fund, how their current fundraise is going, what sectors they are working on, etc. And they email LPs asking what they are looking to invest in, which funds they've deployed in, etc. That has zero to do with the business of PE, which is all about hunting for deals, evaluating deals, structuring deals, adding operational value to portfolio companies, managing the companies to an exit, and of course the necessary evil of fundraising. No relation with any skill you might get from working at Preqin at all. IB is the typical path. But if you don't get into IB you would even be better off in ER, management consulting, etc. I even have met the odd commercial banker in PE (obv with many steps in between) because at least they knew how to evaluate a company for credit risk. But Preqin? No, no relevance.
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