How feasible is it to join as an associate at a reputable fund for a few years then jump ship to another that invests in sectors you’re more interested in (even if no direct experience in these sectors). Specifically interested in getting into energy PE down the line, but have an offer from a pretty good place that has little exposure to energy in the US

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That's actually the most common play - many people go to the best and most prestigious funds they can for their associate stint before deciding on what kind of firm they want to be in longer term. A quick word of advice on energy, though - it's a very different asset class to invest in than other sectors (balance sheet financial services is usually also considered very niche). Be very careful about being an "energy" person - can be cyclical, not always the best target for private equity. (Of course, cleant tech growth / VC likely a different story).

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Super useful, thanks for the tips!

A1 hit it. Echo the point on energy - very few carry dollars have been earned in the oil patch in the last 10 years - if the commodity cycle moved against you there is not much you can do

To be clear, there are a few ways to make money in "energy" - for example, I could try to find some mom-and-pop oilfield services company on the Gulf coast or the Bakken shale that does rig maintenance or maybe wastewater services, distribution of parts and supplies, and is generally 70%+ MRO, try to buy it at 5.5x EBITDA with 1.5x turns of equity and some structure, and then roll in a couple tuck-ins to expand geographical reach / service mix. But that's still really tough (does this even exist? this is a contrived example that I made up to prove a point) and it's not like your exempt from the commodity cycle even if you're mostly MRO.

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