PE VP to HF career transition?
For context, I'm in my early 30s and have followed a fairly typical PE path (banking, MF associate, MBA at H/S/W, now a couple of years into VP role at MM fund). I've become pretty disillusioned with the PE career path and have been thinking about trying to make the jump into publics.
I don't want to turn this thread into the classic PE vs. HF debate. My complaints with PE are pretty common: WLB / always being on-call, spending excessive time on diligence points that are not important, don't love the portfolio mgmt side, etc. etc.
Would probably prefer to be at a good SM but open to other options as well
My questions are: 1) Anyone seen folks make this jump from a mid-level PE seat? 2) What is the best way to go about recruiting? Are HHs the best option or should I be focused more on networking? 3) What can I expect in terms of title/comp? 4) Any other thoughts / advice appreciated
Thanks
Bump
Are you gunning for MM or SM?
Leaning SM mainly bc of my PE background. Frankly haven't thought too much about MM but am open to exploring
you're honestly probably too old / expensive for most of the "top prestige" SMs that some of your associate classmates from your MF job landed. Those places like 2+2 or, at oldest, fresh out of MBA candidates. Your best bet for a top tier hedge fund seat (where you dont take a meaningful comp haircut) would probably be highly event driven / activist. Else, you may have to settle to go downstream to a smaller long short fund. I think even pod shops with struggle with your profile because you have no publics experience so no PM will hire you as an analyst, but you're probably not willing to take the haircut / ego hit to come in as an associate like a kid out of banking. Leveraging your network will make a big difference though as generally, HF recruiting is less cookie cutter than PE and there are way more exceptions made for people that are vouched for.
I understand event driven / activist funds have smaller teams with fairly low turnover making it difficult to land a gig there. With which firms do you reckon a SA/VP would have the best chances?
I find it so funny how WSO conflates whatever HF some overworked Apollo associates exit to as the best and most prestigious seats in the industry
It’s funny because no legit person on the buyside thinks like this, yet when I check WSO every few months it’s the same juniors infatuating over the same few funds
unironically that is correct. people in the best PE firms w/best optionality going somewhere is usually a positive indication of the opportunity set. cope otherwise
I see it go the other way (HF to PE) way more often than PE to HF. I feel like it's possible but requires a pretty bespoke search on your part using connections -- more about finding the right people that just want a talented and sharp individual with solid (albeit only "HF adjacent") experience.
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