My Path to a leading Tech PE fund as a non-traditional candidate (Part 1)

When examining the profiles of PE Analysts or Associates in Europe, most tend to share similar characteristics: several M&A internships, perhaps a PE internship, and 2 to 3 years in investment banking at a large bank. A minority of more “diverse” candidates hail from MBB firms or elite boutiques as ex-Consultants. Recently, a few Accountants from Transaction teams in Big 4 firms have also made the cut. In Continental Europe, especially in France, a top undergraduate degree in a quantitative subject is almost a necessity.

In that sense, my background was highly uncharacteristic for a PE Analyst, particularly in a large and reputed fund. My undergrad was in Law from Oxbridge, followed by a Masters in Economics from an Ivy League institution. I did not pursue IBD or MBB. Instead, I worked as a Consultant, first in a well-regarded boutique firm in Paris and then in a small, unknown consulting boutique in London. Let us not forget the gap period between the two consulting roles. Yet, I somehow made it into a leading European Tech fund in London, joining their mid-market team.

Is this to say that as a “non-traditional” candidate, you have exactly the same chances as any of the sweet spot candidates? In all honesty, no. The cold truth is that as a non-traditional candidate, you will have fewer cards to play in an incredibly competitive field. This means that whatever cards you do hold need to be played to perfection. For me, it was a long, frustrating, and difficult path—bumpier than it would have been for an ex-Banker or an ex-MBB consultant. Early access to selected and targeted high-quality information could have guided me better through the pitfalls of the recruiting process in Europe.

I initially entered my Masters in Economics intending to pursue a PhD and possibly conduct research for an Economic Think Tank or preferably for the World Bank or the IMF. I realized during my first semester that a 5-year PhD was not for me. I enjoyed analysis, but my Master’s thesis inspired me to focus on more action-oriented areas.

A few weeks before the end of my program, we had alumni presentations. One alumnus had worked at the IFC, the Investment arm of the World Bank, where they leveraged Private Equity strategies to finance transactions that changed communities, especially in Healthcare and TMT. Their background included an undergrad in Finance, a Masters in Economics, banking internships, M&A experience, and a role in a large-cap PE fund before joining the IFC. This career path seemed ideal to me, offering enough analysis to keep my brain engaged and enough action to make a difference.

However, at that point, my background consisted of a few law internships, a research externship for a consultancy in South Africa, and a stint in marketing and project management. I thought that having done research on Impact Investing would position me well for Analyst roles at the IFC. But they were more interested in candidates with full-time M&A and PE experience. I was not sure how the M&A internship process worked. Most of my classmates in the research-oriented Masters program were heading to prestigious institutions for pre-doctoral research. I did not dare ask the program director or people at the School of Management for fear of not being taken seriously.

Upon returning to Paris in the summer, I started applying for various finance roles, hoping to get an internship in September. I had no idea how to get there as I had not developed the right network. I would have welcomed access to Break Into PE (BIPE), which catered to my interest but lack of exposure to this arena. My only prep material was notes from a Valuation and Financial Accounting class I had taken as an elective.

I got lucky and obtained a Leveraged Finance interview with a large asset manager in Paris. I was excited because Leveraged Finance offers good exit opportunities in Private Equity. My preparation was clumsy. I was still figuring out the subtle differences between various finance areas and struggled to explain my motivations convincingly. Technically, I had a limited understanding of the expected depth. I reviewed my accounting notes the day before the interview. While I could answer questions on Enterprise Value, Equity Value, or debt types, I struggled with more practical questions.

I believe having a place like BIPE would have been a powerful starting point for my interview plan, helping me concretize early opportunities by providing better preparation resources. What I needed was not an overload of unverified material but a platform that centralizes vetted information on Private Equity recruiting in Europe. Direct advice from experienced industry professionals with exposure to the European scene would have been invaluable.

Instead, I spent an inordinate amount of time on online forums, presenting information of varying quality and veracity. A good recommendation from those hours online was to get a copy of Pearl & Rosenbaum’s “Investment Banking” book. This book was very complete and accessible to a Liberal Arts graduate with little finance exposure, becoming a game-changer in my preparation. I spent ten days studying the book, cross-referencing concepts online when in doubt. I dedicated time to job hunting and refining my cover letters, tweaking my resume for different roles.

Later in the summer, I secured two interesting interviews via online applications: one in the M&A team of a Big 4 and one for a PE Analyst role in a large family office. Both were internships in Paris. This time, I was prepared. I knew the questions they would ask and how to answer them. I ended up receiving both opportunities and had to choose. The Big 4 opportunity could lead to a full-time role, but the PE Analyst role was in PE—a field I was passionate about. The online forums suggested that Big 4 (including Transaction teams) were the worst choice for breaking into PE full-time. This was misinformation, and I wish I had access to more credible expert advice.

The PE internship went beyond my expectations. The lean team allowed me to participate in everything: reading CIMs, forming opinions, preparing notes, assisting with research, attending consulting firm meetings, and updating small LBOs. This experience convinced me that PE was my ideal career path. Despite knowing I would have to search for a job immediately after, the risk seemed worth it.

Two months before the end of the internship, my mentor asked about my post-internship plans. I expressed my desire to continue in PE, ideally in London. We discussed different ways to get there, with Investment Banking and Strategy Consulting as the main avenues. Given my enjoyment of CDD reports, I focused on Consulting interviews—another mistake, as I should have been open to both. Ultimately, I joined an elite boutique in Paris.

There I was, the road was finally laid down for me: I would be doing my two or three years in Consulting, in one of those firms the online forums said had some decent exit opportunities in PE and then move back to Private Equity full-time. Everything would be easy flowing and a well-chartered road towards my dream career from then on.

Well, actually…no. In Part 2 of the series, I will tell you about everything that went wrong in the next three years of my career and how a set of unfortunate decisions almost entirely derailed my plans, taking my background from “non-traditional” to “frankly weird”.