I have a phone interview about a position within an asset management firm's private equity group. The group has fund-of-funds and a direct fund. How is a fund-of-funds background looked upon by actually private equity firms? Can one move from a fund-of-funds role into an investing role at PE fund? Also, they mention a direct fund, is it safe to assume they have a PE fund that directly invests/acquires companies? Thanks
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It depends on the fund. in either case a fof is very different from a direct investment role. in a fof you assess the organisation potential of funds to generate returns. in a direct role, you look at companies, cashflows, and stuff you would generally also do on the buyside as an i-banker. very different skillsets and not altogether transferrable. having said that, a lot of lps actually do coinvestments where they put their money to work on specific deals along their pe funds (gps), in which case, the same skillset as the actual direct investors is needed / developed. The more coinvestments of this kind the fof does, the more transferrable your skillset becomes. In general, however, these coinvests are 10-20% of the work you will do at a fof.
good luck.
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