Evaluating SM TMT HFs
How do you evaluate whether a TMT L/S SM is a great seat? What questions do you ask during the interview process to figure that out and how do you think about the landscape?
I’m considering making the move to a TMT L/S fund. I’m familiar with the more established names (Viking, Tiger, Coatue, D1, Maverick, Lone Pine), but I’m less sure how to differentiate between other platforms like Alkeon, Anomaly, Avala, Avantyr, Cadian, Egerton, Hound, Jericho, Junto, Palestra, Steadfast, SurgoCap, XN, and others.
Since these opportunities rarely open and there is limited information, I’d love to hear how people evaluate them. Obviously, I want to work for a great investor who can help me sharpen my skills. Longer term, an ambitious goal would be to eventually raise my own capital, if I'm good, and I imagine being at a strong platform would be better to do that. Also, I understand the argument on MM but I'm pretty set on SM for now.
at a certain level of AUM, they are all the same. none of them are really differentiated on how they think nor trade. do you really think D1 and other tiger cubs have varying views on where semis will go in the next few years? they certainly dont trade weekly (although i did hear dan at d1 does day trade). not even bashing them - i work at a MM but i do think being a founder at a levered long tech beta hf is the fastest way to accumulate wealth in this era. but the LPs are the real suckers. pick any one of them and itd be the same
Is there a certain view on AUM then? 3bn+? How do you decide between them then? Based on historical performance and culture / mentorship?
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