Taking a risk - wish a brotha some luck
All,
I am a 1Y at a MM/LMM inv bank and I leaving banking after a year and joining a startup VC Fund ($50M AUM) as the only associate at $180K Base, with 2% carry. I leveraged this role through a personal connection, but just want to share with the community. I know I am taking a risk by not trying to lateral to a BB/EB then go MM/MF PE especially in this environment. I am dedicating the next 7-10 years to this fund and hopefully we build an interesting venture capital business. Since most of this site is classic standard EB>PE moves, I just wanted to share and show people that if you feel like pulling the plug and doing something creative, fuck it and do it - life is short.
Either you die a shitty analyst or live to see yourself become a shitty MD. Because he's the hero Gotham deserves, but not the one it needs right now. So we'll hunt him. Because he can take it. Because he's not our hero.
Good luck man
$180k base + 2% carry is fat af. Great economics for you potentially
ditto
Good luck - following. Let us know how it plays out when you remember this thread a couple of years down the line!
aren't VC and tech investments drying in this economy?
Do you own Gucci loafers? If so, do you wear them with or without socks?
If I had em, I wouldn't have time for WSO
But loafers always go with socks, no exceptions
Early stage deals are insulated from the noise but growth is getting absolutely smoked.
Mans got balls of steel
big-ups baller. Nothing but respect & love.
Wow what a huge risk moving as a first year at a crappy bank to 180k base and carry!
Where did he get the courage? What is the salary bump? The carry? The chance to ride out a recession working for a family friend?
Giving up the legendary comforts of LMM banking is difficult, but our hero looked deep into his soul I guess.
Lol still a risk from a career point of view - clearly OP indicates he likely was at a bank where he could have lateraled to a BB/EB but choose this route. Funds like this go bust all the time, and rarely promote internally unless everything goes super well. Salary bump? lol maybe $10k max and carry only works if the fund performs well. Sure working for a fam friend eases a little pressure of macro factors, but cannot deny that this is still a career risk
LOL - dawg do you not realize funds like this go bust every 3-4 years. Are you really that shortsighted that you think he's gonna make millions? He's risking potentially a better IB name leading to better exit ops for a no name fund..who cares about the salary lol no one got rich off of that
Better IB name? He said in his OP he works for crap bank.
Go get them, tiger. Best of luck!
Good luck champ!
People aren’t realising it’s a first time, 50MM AUM VC fund. It’s hardly moving into guaranteed success.
Congrats on the move bro. Takes cojones.
You cannot manage a long-term VC career by minimizing risks, you are only successful if you have positive outlier.
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