Strategy Consulting to Private Equity – What Roles Are Realistically Accessible?

Question

Hi everyone,

I’m trying to better understand the realistic opportunities in private equity for people coming from a strategy consulting background (not operations or due diligence roles, but pure strategy).

My main questions are:

What kind of roles or positions can a strategy consultant realistically aim for inside a top-tier private equity fund?
Are there key or senior roles (e.g. investment decision-making, portfolio leadership, fund strategy) that are accessible to former consultants, or are these mostly reserved for people with a finance background (IB, PE analyst, etc.)?
Are there specific divisions or functions within PE funds where consultants are more likely to enter and thrive? And which ones are considered the most important, prestigious, or high-impact internally?
In general, does a background in strategy consulting open doors to PE, or is it more of a side path compared to finance profiles?
Are the exit opportunities into PE from strategy consulting stronger, weaker, or just different than those from finance roles in terms of seniority, impact, and growth potential?

I’m trying to understand if a career in strategy consulting can be a valid and high-potential pathway into private equity, or if the top roles within PE are structurally out of reach unless you come from a finance-heavy track.

Thanks a lot for your insights—would love to hear from anyone with firsthand experience or informed advice!

Answer 1

Hi,
the short answer is: strategy consulting can be a path into private equity, but the roles, trajectory, and competition differ significantly from traditional finance paths like investment banking or PE analyst tracks. Here’s a breakdown of your questions:

1. What kind of roles can strategy consultants realistically aim for in top-tier PE funds?

Consultants, especially from MBB or Tier 1 firms, often land roles in:

Portfolio value creation / operating partner teams (driving growth, transformation, or post-merger integration in portfolio companies)
Firm strategy / internal strategic initiatives (long-term positioning, fundraising strategy, etc.)
Occasionally in deal teams, but more commonly after a transition role or further education (e.g. MBA or industry experience)

2. Are senior roles like investment decision-making or fund strategy accessible to consultants?

Deal-side leadership roles (e.g. Partner, MD) are mostly filled by people with investing backgrounds (IB/PE track) due to the technical and transactional nature of the role
However, senior portfolio leadership roles and Chief Transformation Officer (CTO) positions within portfolio companies are often held by ex-consultants
Some ex-consultants move into fund strategy or CEO roles in portfolio firms, especially if they combine consulting with deep industry exposure

3. Where do consultants typically enter and thrive in PE firms?

Most common entry points:

Portfolio operations / value creation teams: Involved in growth strategy, EBITDA improvement, pricing, and GTM transformations
Fund strategy / IR / ESG roles: Internal functions that benefit from structured thinking and stakeholder management
Less common: Deal teams, unless combined with financial training or an MBA

Most valued internally: Deal teams have the most prestige and influence in fund economics, but value creation teams are increasingly seen as core differentiators for modern PE firms.

4. Does a strategy consulting background open doors, or is it a side path?

It’s a valid, though non-traditional path:

MBB background + industry depth + strong communication → strong fit for operational roles
However, for direct investing, consultants often face a steeper climb compared to finance-track candidates

Some firms (e.g. Bain Capital, CVC, EQT, KKR Capstone) are known to value consulting DNA, especially in their portfolio groups.

5. Exit opportunities vs. finance-track professionals?

Finance-track (IB, PE analyst): Faster access to investment roles, clearer path to Partner
Consulting-track: Stronger fit for leadership roles in portfolio companies, C-level ops positions, or fund strategy roles
In terms of impact and influence, consultants often thrive in roles that require cross-functional execution, change management, and strategic steering which are increasingly valued in modern PE environments

In summary:

Yes, strategy consulting is a valid and increasingly respected path into PE, just not typically into deal teams unless paired with finance exposure
Roles in portfolio value creation, fund strategy, and post-acquisition transformation are the sweet spot
The growth potential is strong, especially as PE funds broaden their operational capabilities

Let me know if you'd like help mapping out a strategy to position yourself for a PE transition, or if you're exploring firms with strong consulting-friendly entry points.

Answer 2

Lots of great questions.

Honestly, it might make most sense to speak with people who are currently a few years ahead in your target role.

Best,
Cristian

Answer 3

Hi,

Sharing my experience based on working in BCG's PE practice and having friends in PE as well.

The most typical path to PE (deal team) is through IB, they recruit most of their junior analysts after ~2-3 years in IB
Some PE firms do hire from top MBAs (e.g. H/S/W) but even then the preference is for IB experience prior
It is possible for consultants at MBB to make the switch, but you need to switch relatively quickly e.g. ~3 years in MBB, before you reach Manager level
Once you are at Manager, it becomes very difficult to switch to deal team
If you are thinking of Ops team (i.e. value creation), then the switch is more flexible (you can join junior or more senior), and this profile is really what would fit a generalist consultants background best

Happy to have a short chat - just drop me a dm

Answer 4

Most usual positions are investment analyst (i.e. support analysis of the different industries and doing a pre-commercial due diligence, and supporting the investment thesis from the market / competitive perspective) and working in portfolio companies (for operational improvement).