How do you make friends at other funds?
I’m new to the industry and do not have the traditional 2 years in IB followed by 2 years in PE. I got quite lucky to break in from a less relevant background (I’m at a L/S SM). My peers all seem to have friends at other shops that they can sometimes talk to and run things by. This is quite an advantage as other shops have different strategies/thought processes compared to bouncing things off my own coworkers. Also, when I go to roadshows, a lot of people seem to already know each other. I’m in London and find it a very “cliquey” city and am just wondering how I can make some friends at other funds? Any ideas?
1) this site should stop telling people 2+2 is the traditional path. I have worked in this industry a LONG time and only know 1 person with that background.
2) I meet a lot of people at meetings w companies, sellside events, etc.
Preach! I just about went into the HF space straight from a stint in PWM after being approached by a recruiter. Only reason I didn't is because they were taking so long that I was approached to go into SEC reporting and was given an offer before the HF finally came back to try and set up a final interview. The 2+2 concept never came up once during the interviews. They were more concerned that I understood how markets work and that I had exposure to several different asset classes, etc.
And this: "Just take initiative at these conferences - If you're impressed by someone's questions, just ask them post-meeting if they would be down to compare notes on that name/industry." is too true too. I'd just expand that to doing the same with the IR folks too, because they're helpful themselves, but also another good conduit to other industry folks. Once you've spent a bit of time in the industry, and especially as you move up the ladder, you'll realize the pond gets smaller and smaller and that the majority of the fish know each other. It's not just the HF world, but most F100 c-suite members know their counterparts for instance. Or GC's in the F500 world. Etc, etc.
Lol you must not know people from top funds then.
You’re right. I am different and therefore I suck and everyone else is homogenous and better than me. Im basically saying I take “the field” on background over the one specific path this site has chosen to worship.
I guess it depends on how you see the world. I’m talking about people with 15-25 years of experience at funds who have been PMs for a decade plus. I know 50-75-100 people who fit that background.
Agree that I don’t know any billionaires personally but I know a heck of a lot of top 0.5% net worth folks who have been incredibly successful.
I guess I’ll just shut my mouth and start applying to PE associate programs so I can get a HF analyst job 😅
ps I was not the MS
To your point #1, that's because almost all the users on the site think hedge fund consists of only Tiger Cub and then rest (of hedge fund land) are dead to them.
If they think that way, almost all of them have ZERO shot of ever working at a hedge fund.
care to elaborate why?
Just take initiative at these conferences - If you’re impressed by someone’s questions, just ask them post-meeting if they would be down to compare notes on that name/industry.
Plenty of assholes in the business, plenty of nice mentees too.
Start by making friends with the sell side and vendors and then from there your network will grow. The sell-side should know who is in a similar seat to you and then in the future when see them just say hi sort of thing.
I like to just walk my way into other funds' offices and take a shit on their MDs' desks. Theres just something really satisfying about it. Like if you though taking a shit was nice and peaceful in your own home, this is on a whole other level. Honestly, its like LSD. I think the analysts understand the urge to do the same and empathize with me. Normally I'd get kicked out right after but thats not without any new friends.
Conferences are good, but I also reach out to folks on a cold email basis for firms I like. People are happy (in my experience) to meet up and ‘trade notes’ since it benefits them too
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