Currently an analyst in LevFin looking to make a move to PE in the future - but have been going through the “Team” pages of PE firms and seeing mostly M&A / Coverage analysts. How difficult is it for non-M&A IBD analysts to make it to PE?

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I’d say depending on which bank you are at. I recently moved to a mezz debt fund that does preferred equity occasionally from non-BB and got extremely lucky with it. I’ve seen people from BB going into strong direct lending shops (Owl Rock and such) but less going into PE. I’m very happy with where I am given comps are great and good work life balance overall. Definitely stay in touch with the top recruiters and be very clear with what you are looking for. Good luck and feel free to reach out if you have any questions.

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Bluntly speak - difficult. I was a top performer in my lev fin group with decent connections and still had trouble. Eventually landed at a Buy-side shop that does mostly senior lending with a smaller structured products mandate for a bit of equity flair. My suggestion is to either start applying now (PE has incredibly long hiring cycles that are usually a few years out from date of hire), pivot to M&A, or come to terms with the fact that PE is not the end all, be all and that you might be even happier somewhere else. After a few years at my Buy-side debt shop I don't think I would be happier at a PE firm, but your mileage may vary

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Np, best of luck!

Have seen a lot of people transition to IBD group at same bank after second year and then pivot to PE.

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On this topic, is it possible to make the jump to growth equity? I know it’s further away from the lev fin skill set but find the work seems a lot less structured and process based as the experience you get in m&a groups. Would you say GE is a more doable transition from levfin than PE or no?

My logic is yes solely bc barriers to entry in GE seem a bit less competitive compared to PE (assuming it’s not GA or summit type places)

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