Institutional Investing Gig? or more Traditional Route out of College
Hey all,
Graduating from a target school this spring, and am fortunate to have a few full time options for post grad. One that I'm currently leaning toward is an institutional investing role (FoF style + some direct/co-investments) at a leading E&F. This fund seems to have a truly top-tier rep from people in IR at PE/HFs I've spoken to. Comp is pretty solid, think around just under Street pay for an IB analyst, and the work, people, and culture all seem really great.
That being said, I'm worried about potentially making this move and limiting career options going forward -- other offers I have are for T2 consulting and merchant banking at a newer firm. I've worked in consulting in the past, so I know what I'd be getting into, both for better and for worse. Re: the banking offer, I think the senior partners at the firm are fantastic, but the firm isn't super established; plus, I'm not sure if banking lifestyle is really for me.
Down the line, I feel that institutional investing would be a cool career, but it's honestly hard to tell at this point. I'd love to hear any input from someone who may have worked at an E&F or transitioned into / out of an institutional investing role from IB or consulting. Also appreciate any general feedback or advice! Thanks guys.
Merchant banking / consulting would be my pick but thats bc i want to go into PE later on
what's the difference between merchant banking and PE?
Merchant banks historically advised and also did principal investments. Nowadays for the big firms, merchant banking is a bank’s PE arm so there isnt a difference -> i.e., GS PIA or Morgan Stanley Capital Partners. For smaller firms that distinction isnt solidified, so youd be likely working on both advisory and principal investments
The L/S fundamental PMs I intern for at a multimanager came out of a FoF. If the training and firm are good I think it's a great job that will allow you to move around the AM space.
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