Currently a PE associate very keen on going into the public space. But was curious if anyone had any regrets joining? My thoughts are - i'll go, if i fail, i will learn. But want to make sure i'm not missing anything
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Interested too.
Have a handful of friends that made the PE > HF switch. A few of them regret it and want to go back to PE and some are considering b school. Those that regret it either (1) didn’t have a passion for public markets in the first place or (2) didn’t do their due diligence on the fund they’re joining - it’s either more short term than they’re expecting, returns are poor / assets dwindling, comp isn’t as favorable as expected, etc. Public markets are very individually oriented and are risk taking seats, which comes with a greater degree of stress than PE imo.
Curious what others have to contribute.
Guys that have always followed the “track” and are hyper-conformists are more likely to burn out and regret going into a public market seat.
This is not for people who crave structure and well-laden path and scorecard for success. Objectively, it is a worse career path from a pure economic standpoint vs. PE due to volatility, secular AUM pressure, low barrier to entry, reduced optionality, etc. So if you got in the finance game to fit in and get a ticket to a respectable and stable upper-middle class life - stay in PE or IB - that is the most surefire way to do it.
Public market careers have more twists and turns and requires you to live and breathe the game every day to be successful. If you feel like investing is just another job and a means to an end (i.e. to go on luxe vacations, stay in the inner circle, sex appeal to mating partners), private market seat is a much easier place to hide.
amazing
Agreed, but anyone who stays in IB or PE is beyond upper-middle class. Call it rich if you want, or you can analyze CoL, but from a pure income perspective in the US, once you make VP and are at ~350k you're rich.
How is it rich? Compared to what? Your PPP is similar or even less in Manhattan or SF compared to an electrician or plumber making a bit over $100k in a tier 3/4 city.
Great big-picture summary of who will most likely like it, versus who won't. Thanks.
Answer boils down to 1) whether their HF pay (risk-adjusted for volatility) is comparable, materially higher or materially lower than their projected pay in PE; and 2) preference for public vs private.
PE analysts who left for a tiger with 3bn+ and made 7 figures last year don't regret the move to public. Those who went to a platform, got blown out and are playing musical chairs likely regret it.
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