Working in Private Equity abroad

How tough is it to lateral to PE firms abroad? Very interested in having an international PE career in Europe, currently working in NY.

Have an offer from a solid MM PE firm in Boston without international offices. Is this a good starting place, or should I turn it down and try to only recruit for PE firms abroad? Pre-MBA candidate, so could also make this jump post-MBA

Comments (21)

 
Jul 5, 2018 - 10:55pm

The only firm that I know of that even actively recruits US talent for its London office is Advent International.

Other than that, the most likely jump would be if you were to lateral to a Europe-centric platform, such as Apax/CVC/ maybe Permira, that might be possible. And of course, MFs would probably be open to a secondment at their London office as well.

 
Jul 7, 2018 - 5:08am

I know a MF PE Associate who moved from AUS to US, said they just applied internally for a US specific role. Though I have heard that PE firms in general aren't fond of global mobility, less so than banks of course. If you join a country specific team, you're 'that guy/girl' for that team - less so the firm per se.

Ignore my Title and Industry - I can't seem to change it under 'Edit Profile' lol
 
Jul 9, 2018 - 11:35pm

Is there a deadline for the offer? If you're in a pinch for time, I would accept the offer and, as you mentioned, consider jumping abroad post-MBA. However, if you've still got a while, look at other potential firms and apply for those. If you get a more desirable option, take that one, but at least you know you've got a secure offer at a reputable firm. Best of luck to you in either situation.

Made ya look
 
Jul 11, 2018 - 11:58pm

Check albertcliff com they have good recruiters in PE, could help you re UK and European markets and visas
IMHO Accept offer, get experience, then consider new employment/secondment opportunities after MBA. At junior levels it could be very hard to break into PE abroad.

 
Jul 11, 2018 - 11:59pm

Why would PE open up offices abroad? (Originally Posted: 06/21/2009)

I am wondering why would PE firms oopen up global offices?

Fund raisings are done in the states, so there will be no fund raisings out there, with exceptions. Also, all of the decision makings will be done in the states as well.

Is it because they can accumulate more detailed information by hiring local analysts? But don't they just hire them direclty in the states?

The only advantages I can think about is direct meetings and informational advantages.

Am I missing something?

It would be very thankful from someone providing some details how it works outside.

 
Jul 12, 2018 - 12:00am

Having a local presence with local experts is meant to provide the firm with proprietary deal opportunities and better monitoring process.You will appreciate having a regional/local office in Hong Kong where they do all the local networking and meetings with local deal brokers every day instead of you calling in / traveling from New York every month or so.

Also, you must understand that PE is called "private" equity for a reason. You are dealing with private companies who might not have the most up-to-date audited financials and legal documents. This problem is especially severe if you go to a developing region where in some cases, the whole purpose of a company's having a CFO (if they have one at all) and a back office is tax avoidance/minimization. Unless you really have a real comfort in local flavor, regulation and the local entrepreneurs, it can be a very tough due diligence process.

Another point: if I am sitting in the US, and a deal from India comes to my desk, I know that by the time I look at it, more than a handful of local Indian firms had taken a look at it, and would have moved for it already if it were attractive.

 
Jul 12, 2018 - 12:01am

yieldsearcher:
Having a local presence with local experts is meant to provide the firm with proprietary deal opportunities and better monitoring process.You will appreciate having a regional/local office in Hong Kong where they do all the local networking and meetings with local deal brokers every day instead of you calling in / traveling from New York every month or so.

Also, you must understand that PE is called "private" equity for a reason. You are dealing with private companies who might not have the most up-to-date audited financials and legal documents. This problem is especially severe if you go to a developing region where in some cases, the whole purpose of a company's having a CFO (if they have one at all) and a back office is tax avoidance/minimization. Unless you really have a real comfort in local flavor, regulation and the local entrepreneurs, it can be a very tough due diligence process.

Another point: if I am sitting in the US, and a deal from India comes to my desk, I know that by the time I look at it, more than a handful of local Indian firms had taken a look at it, and would have moved for it already if it were attractive.

Thanks.
Was really helpful

 
Jul 12, 2018 - 12:02am

yieldsearcher is spot on, and this is more true these days when the asian economies rebounds faster than the western economies. during the credit boom, all these mega-funds raised enormous amounts of money, of which they haven't been able to deploy to the fullest in the united states because of its lagging recovery. ergo, the more interest in setting up shop in other areas of the world.

though, i think not all funds do this. JVs (joint ventures) with local funds/businessman would also be an alternative.

 
Jul 12, 2018 - 12:03am

I worked for a local office of a global PE firm.
The main reason for having a local office was to be closer to new deals; most of the new deals were 'delivered' by local corporate finance firms. In addition, for management of portfolio firms abroad it is sometimes more efficient to have a (small) office in that particular country.

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