How many L/S seats exist?
How many L/S seats do you think exist in the entire world?
Lets clarify for the sake of this question how many seats actually care about getting numbers right each quarter/few quarters, while also having some short exposure.
This includes the platforms, SMs, your odd PM at a asset manager etc. Include anyone from analyst to PM/Partner.
Let me know what you guys think. I have heard places like P72 have 60-70% of headcount in L/S strats. So that instantly means a couple hundred professionals.
It is said that there are more L/S HFs than burger kings in America.... so a lot. In terms high quality seats (which is what I am assuming you are asking), high level estimate 300-600. Cliffwater CEO said only about a dozen SM HF are relevant and I am guessing there are 20-40 pods at the platforms that pulls in the majority of the PnL. Assuming 10 people per team.
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Think it would be helpful to do a high level scrape of IAPD for number of funds and come up with an assumption on average level of IPs and go from there.
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