Hi - i've been on this forum since i was a freshman in college. WSO has helped me tremendously and I have another question for you guys. I am in my 2nd year at a UMM PE firm as a generalist after 2 years at a top BB in a top group (think the top groups that get mentioned on these forums such as MS M&A / GS TMT / PJT RSSG). My dream has always been to get into a top multi-strategy HF in a public equity investment role. Ideally this role would be in a long-only, concentrated portfolio, but open to long / short.
I would have recruited for a HF in my first year, but I thought the PE experience would help in becoming a better investor. In short, my goal is now to transition into a HF with the above parameters. I have a couple in mind, but unsure how to approach these funds. I can't tap my alumni network given i'm from a non-target so i'm unsure how to get a job at these funds as open spots are extremely limited. To be honest, i'm not even sure if the funds I'm targeting even use HH so how should i approach jobs at these funds? Thanks!
Speak with headhunters to start. It would help if you can name such funds you are thinking about as it sounds you have a very specific set of LOs/long biased HFs in mind (Ruane, Capital, Greenhaven, Abrams?). Also, I find most of the time multistrategy and LO to be polar opposites (unless you are simply trying to describing Baupost) just FYI.
If you have a ticking time bomb i.e. no ability to stay on 3rd year it probably makes sense to also reach out to senior members of specific teams to float your resume/see if they are looking.
I think i should probably clarify. I think most HFs are multi-strategy these days (e.g., Lone Pine, Baupost, Viking, etc.) All these funds have public equity investment arms, but also dabble in private investments. My goal is to get into these types of funds along with funds similar to what SPO Partners used to do before they shut down.
I would say your multi-strat assertion isn't entirely accurate. Each fund is going to have their own nuances in terms of fund structure, lockup period/fees, and overall investment mandate granted by LPs. Its very hard to generalize them in that way, in my opinion.
Of the funds you named, I personally know for a fact they all use headhunters (even SPO used to use a headhunter). There's really only two of them, which you probably know already, and I would imagine have interacted with them in the past, given you were in a top banking group.
I would be quite surprised if there was not an alum from your banking group or PE fund at these funds that you can network with.
It is highly dependent on the fund structure and the mandate. Multi strat typically means either a single manager, like Baupost or Elliott, that has a relatively open mandate to cycle through credit, equity, commodities, distressed, structured credit etc. through market cycles with varying levels of net exposure at different points in time. There are also places like OZ (Sculptor) that would be called Multi Strat because there are Individual team investing a portion of the master fund in different asset classes. Multi manager like Millennium become an extreme example of the latter where it’s lots of (hopefully) uncorrelated L/S books combined.
Viking and Lone Pine barely fit that description being primarily L/S equity managers. Even with all the distinctions, you don’t get hired to go invest in seven different asset classes unless you are targeting a Baupost cub like Finepoint/Abrams...making targeting a “multi strat” firm somewhat meaningles.
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