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I know someone who does but he went from direct investing to co-investing rather than the other way around. In fact I know a few people that have done this. But not sure if a direct shop would view the experience as 100% directly relevant - I think you might be able to make the move but not necessarily at the same level (i.e. Might be a step back).
Do you think it would make sense to bide some time at the co invest and then try to move over as a senior hire at a direct PE firm as opposed to trying to join as a senior associate or such?