Strategy vs FOF
Currently in a bit of a spot
I have two offers for a Strategy role at a top AM and a FOF role with mainly secondaries exposure at a top FOF firm.
Which role is the best for exit opps?
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Strategy role is mostly multi asset research and has a TC that is ~25% less than the FOF role, but has better hours and WFH.
Strategy role is better for purely exit opps since it is broader. However, I would try and think about what exactly you want to do after the strategy role and build yourself up for it. Even in a multi-asset research role, your team will probably have ppl specialized in econ/macro/fixed income/equity etc. Being a generalist is a double edged sword, you have broad market exposure but no asset class specialization.
Traditional FoF exit opps are limited to other secondaries-focused roles whether it be PCA IB or another investment role. Could probably swing a primary fund investing role at a consultant or asset owner as well. If those don’t interest you, then do the strat role.
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That is good experience but doesn’t really change the potential outcomes. You will still be best positioned for the roles I mentioned. Exposure to co-investments will probably make you a stronger candidate for a primary fund investing role (they usually do co-inv with their fund partners). Working at an asset owner/LP is highly underrated and a great role btw.
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