VP at $1B LMM PE fund. Haven't touched public stuff since college investment fund and banking days (levfin). Do people with my background ever make the jump to MM HF? Candidly my reason is just I'm tried of the politics and grind of pe, and enjoy research. Plus, if it works out in HF, you get rich faster.
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Former PM ($1B AUM) here. The jump is possible, but your title is your enemy.
Yes, PE professionals make the jump, but it's significantly harder at the VP level than the Associate level.
The "Expensive Junior" Trap. To a Multi-Manager PM, you're a difficult hire. You command a VP-level base salary, but you have zero public market track record. Your "deal execution" skills (managing lawyers, lenders, diligence vendors) are worth $0 in a pod. You're effectively a highly-paid junior analyst until you prove you can pick stocks. The fix: be prepared to take a title cut (back to Senior Analyst) and potentially a base salary cut to get the seat. The upside comes from the bonus (PnL), not the base.
Politics vs. Scoreboard. You mentioned you're tired of politics. The pod model solves that. PnL is the only vote that counts. If you make money, you can wear flip-flops and nobody cares. The trade-off: in LMM PE, mistakes take 3 years to surface. In a pod, they surface by 4pm. The "grind" isn't the hours; it's the psychological weight of daily mark-to-market.
Research vs. Trading. "Enjoying research" is a trap if you define it as "learning about businesses." PE research is: "Is this a good company to buy and fix?" MM research is: "What is the market missing about next quarter's earnings?" You have to unlearn the "private" mindset (control, influence, long timelines) and prove you have the "public" mindset (variant perception, catalysts, liquidity).
If you want to get rich faster, the HF path works—but only if you're willing to trade job security for performance volatility.
Senior analyst (at a pod) would be a lateral not taking a step back. Trying to step into that job function on day 1 will set you up for failure.
If you’re open to something more introductory and actively communicate that you will get bids. But little “credit” for the VP promote.
Thanks ChatGPT
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