HF Recruiting
A few Qs on HF recruiting (ignore title)
1/ If you don’t have access to research (ie between jobs etc.), are you pretty much screwed since you won’t be able to pull research for the take-home case studies and such?
2/ How well do people from LMM PE fare with HF placement, both SM and pod? Looking at the top SMs it’s mostly people from MF I think but not sure if that’s selection bias
3/ What’s the expectation for a good take-home case study, are people cranking out like 30 pagers or is it just about hitting good points in a few slides?
Newcomer trying to figure out whether feasible to go for the HF thing or choose safer path
If you don’t have access to research, it doesn’t necessarily mean you’re "screwed," but it does make things more challenging. Based on the most helpful WSO content, hedge fund interviews often focus on your ability to think critically and present a compelling investment thesis. While access to research can help, you can still leverage publicly available resources like company filings, earnings calls, and industry reports to build your case. Creativity and resourcefulness in sourcing information can also impress interviewers.
People from LMM PE can fare decently in HF placement, but it’s true that top SMs (single managers) and pods often lean towards candidates from MFs (mega funds) or top-tier IB groups. This is partly due to selection bias, as these candidates typically have more exposure to large-scale deals and a broader network. However, if you can demonstrate strong investing acumen, a clear thought process, and a solid track record, you can still break into HFs from LMM PE. Networking and targeting funds that value diverse backgrounds can also improve your chances.
For take-home case studies, the expectation isn’t necessarily about length but about quality. Based on previous WSO threads, a concise, well-structured deck (e.g., 5-10 slides) that clearly outlines your investment thesis, key drivers, risks, and valuation is often sufficient. The focus should be on hitting the critical points and showcasing your ability to think like an investor. Overloading with unnecessary details can detract from your argument, so aim for clarity and impact.
If you’re weighing HF against a safer path, consider your long-term goals and risk tolerance. HFs can be highly rewarding but are also more volatile and competitive. If you’re passionate about public markets and investing, it’s worth pursuing, but ensure you’re prepared for the challenges.
Sources: Private Equity Recruiting Walkthrough – My Experience, Private Equity Recruiting Process (From Banking), From Private Equity Associate to VP in Private Equity, My Private Equity Recruiting Process, Hedge Fund Careers: Getting a Hedge Fund Job Out of Undergrad and Beyond
Bump
For pod specifically, have interviewed many PE ppl trying to make the move:
1) You shouldn't need access to research
2) If its a reputable shop it will be fine, getting past biz dev is the only real hurdle here
3) You should be able to articulate your pitch in 2 minutes without any slides, but generally, a 2 page write-up / a couple of slides with an appendix is fine.
Thanks can I PM you?
U won’t get a top pod and won’t get a top SM unless u know someone or get pretty lucky. But making the switch is pretty easy they know your pitches are gonna be trash.
Thanks, can I PM?
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