HSW Dream - Lone Pine vs. Viking vs Elliott vs. Capital
I’m an incoming HSW student from a PE background. From talking to finance people already there, it sounds like these four are the dream destinations for those that want to do publics. Is that true, and how would you rank them?
What is comp for those names after a 2+2+2?
Know that it is highly variable given performance but can you expect ~$250k base and bonus of $200-800k? What is the "median" outcome and how does that compare to a MFPE VP seat? How do the hours or stress differ and can you start having a life outside of work after 4 years of straight grinding?
Based on the most helpful WSO content, Lone Pine, Viking, Elliott, and Capital Group are indeed considered top-tier destinations for those pursuing public markets roles, especially for individuals with a strong background in private equity and an HSW (Harvard, Stanford, Wharton) pedigree. These firms are highly prestigious and offer exceptional opportunities in the public investing space.
Ranking and Considerations:
Elliott Management: Known for its activist investing strategy, Elliott is highly respected in the hedge fund world. It offers exposure to complex, high-stakes investments and is a top choice for those interested in activism and distressed investing.
Viking Global Investors: Viking is a long/short equity hedge fund with a stellar reputation for performance and a strong focus on fundamental research. It’s a dream destination for those who want to focus on equity investing.
Lone Pine Capital: Another long/short equity fund, Lone Pine is known for its rigorous investment process and strong returns. It’s a fantastic option for those who want to work in a collaborative, research-driven environment.
Capital Group: While not a hedge fund, Capital Group is one of the largest and most respected asset managers globally. It’s ideal for those who prefer a more traditional asset management role with a focus on long-term investing.
Key Factors to Consider:
Ultimately, all four are exceptional choices, and your decision should align with your long-term career aspirations and preferred investment style.
Sources: Public Finance Investment Banking Information, Comprehensive Undergraduate Target Schools Tier List 2020, Best funds for H/S/W placement, D.E. Shaw Fundamental Research group
I don't get the point of ranking them... 1) all these are different seats in their own right 2) you're probably just spraying applications to all of them anyways. "Ranking" these places is going to be subjective and differ every time you ask someone.
From the perspective of someone who works in long only, I wouldn't usually put those companies together as a group, but yeah those are all the "top" places people would want to work in their spaces currently. I would caveat that the strategy for beating the markets or making money for clients is meaningfully different
Ranking them really comes down to personal style preference and maybe risk tolerance
I swear for someone who has worked in this industry for 4+ years you sound like a freshman undergrad comparing these places. Do you have no conviction on what would suit you better besides optimizing for comp/WLB ratio?
All very different. Would not focus on year 1 or 2 comp but on upside. Publics are not a good place to shoot for median outcomes.
Elliott very hierarchical. Banking 2.0 out of b school and limited comp upside in early years. Can make much more at Lone Pine or Viking if you crush it in first 2-3 years out. Elliott also buys into too many value traps both in distressed and activist, structurally underweight a lot of factors.
Cap group also bureaucratic but less so from an actual investment standpoint. Needless to say given long only, best work life balance. Concentrated bets for a long only which can be good (see their exposure to cruise lines or Oracle bonds or many other things). Main negative is lower comp for a while but if in LA, much lower CoL vs NY.
Elliott and cap group also have non vanilla equity strategies that are material to business (high yield/distressed, structured products, activist at Elliott), which may be of interest.
Lone Pine would be best seat for me. But it might not be for you. Can take much more risk / vol without getting canned. But can make it tougher to transition to a MM model vs Viking down the road. Like many guys/gals at Lone Pine but not all are the sharpest or most alpha/profit generating. A lot of prestige coasters which ultimately isn’t the way you make $ in publics.
Viking can be tough place to work but out of all mentioned most career optionality and skill development. Can get career advancement to PM (low probability still but higher than all except cap group). Strongest chance of being able to raise your own fund but extreme right tail to be able to do that in this environment.
Congrats on Wharton!
Depends what you like, to my knowledge capital is the only one that let’s you manage dollars, but it is long only vs a hedge fund.
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