Trying to network for PE - should I be reaching out to headhunters or waiting for them to message on LinkedIn? Or is it more effective to just network with alumni from my firm that have made it into PE?

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You should be reaching out to each of the PE HH shops and filling out their interest forms

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You need to take both paths

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Both. And go to networking events like ACG.

Yes it all lower middle and some middle market PE, corp dev, banks, law, accounting etc.
every city has a chapter and they have monthly networking lunches as well as annual conferences. Join and you get access to the database of members you can research and reach out to.
Deal Max, ACG’s big national event, is coming up in Vegas soon and there will be literally thousands of ppl there.
You register and get an app where you can reach out and book meetings with funds, banks, whatever.

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