How hard is it to break into private equity if you’re starting at a Tier 2 investment bank?

Hello,

Breaking into private equity (PE) from a Tier 2 investment bank (e.g., middle-market firms like Piper Sandler, Evercore, or Jefferies) is challenging but feasible with strategic planning and strong execution. Tier 2 banks often provide solid deal experience, but PE firms, especially mega-funds like Blackstone or KKR, heavily favor candidates from Tier 1 bulge brackets (e.g., Goldman Sachs, J.P. Morgan) due to their brand prestige, larger deal flow, and rigorous training. However, your path is viable if you leverage your deal exposure, network aggressively, and excel in technical preparation. Expect to compete against candidates with more recognizable resumes, requiring you to differentiate through hustle and relationships.

Focus on maximizing deal experience at your Tier 2 bank—prioritize live transactions, build complex LBO models, and quantify your impact (e.g., “Modeled a $200M buyout, identifying 10% cost savings”). Networking is critical: connect with PE professionals via alumni, LinkedIn, or industry events, aiming for 5-10 informational interviews monthly to secure referrals. Master PE technicals, including LBOs, case studies, and paper investments, using resources like Wall Street Prep or case practice with peers. Apply broadly to middle-market PE firms or growth equity funds, which are more open to Tier 2 candidates, and consider off-cycle recruiting for flexibility. Conversion rates to PE from Tier 2 banks are lower (~10-20% vs. ~30-40% from Tier 1), but persistence and a polished story can land you a role, especially if you target firms aligned with your bank’s sector focus.

Hey there, 

it's definitely doable. I’ve coached a few candidates who made the jump from Tier 2 banks into private equity, and I’ve worked with colleagues who’ve done it too. The main thing is that you’re likely competing with people from top-tier banks or elite boutiques, so you need to make up for that either with really strong deal experience, a solid network, or ideally both.

What helped my candidates was being super intentional. They knew the kind of PE firms they wanted, tailored their story to highlight relevant skills, and prepped hard for the modeling tests and case interviews. It’s not impossible at all, just requires a bit more hustle and a clear strategy. 

If you’re willing to put in the work, there’s definitely a path, so let me know if you need any support. 

Hi There!

Breaking into private equity from a Tier 2 investment bank is definitely possible, but it may require a bit more strategic effort compared to coming from a bulge bracket or elite boutique. Many PE firms prioritize deal experience and strong technical skills, which you can absolutely build at a Tier 2 bank, especially if you're in a group with active live deals and strong modeling exposure. What matters most is how you present your experience and how well you prepare for the recruiting process.

To improve your chances, start early by networking with associates and headhunters, and make sure you can speak clearly about the deals you've worked on, your specific role, and your thought process behind key analyses. Top PE firms look for candidates who can think like investors, not just execute tasks. If you’re in a solid group and take initiative to build your resume with relevant deal experience, there’s no reason you can’t make a successful move into private equity.