Restructuring IB v HF out of undergrad?
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I can think of two funds that you may be referring to and if you have an offer from either of them, I would absolutely take it.
Can I DM?
Can't agree more.
.
How big is the fund?
Don't want to specify beyond very large.
Take the HF unless (a) you want to do distressed investing or (b) you don't attend a school with large senior buyside presence. Can't stress enough how much more having a strong network matters than perceived optionality/skillset.
Send DM
Forget the prestige for now. The problem is you won’t get any training at the HF and will be expected to contribute 2 months in. Up to you if you want that, but it can be a very bad situation and very difficult mentally (I did just that and regret it)
It’s better, in my opinion, to go through training either in IB or PE or one of the HF training programs, but this isn’t one of them. What I would tell you is they obviously like you, so keep the conversation open post IBD. Just not worth it in my opinion
Can I DM?
Dm me
I started my career at a top RX group and work in SM L/S now.
I don’t think it’s a good sign that you’re weighing this discussion. When I was looking to make the jump to HFs, a mentor told me, making the decision to join a hedge fund is like getting married. If it’s not a “hell yes”, it’s a no. Only you know how you feel about the HF offer in front of you. It seems like you aren’t immediately excited about it. And I think that should inform your decision.
Nothing we can tell you will inform your decision more than what you already know. You alone have worked for the PM. You alone know the specifics on mentorship, PM track record, upward mobility in the team, culture, pay trajectory, etc. These are the attributes you should be considering and we cannot inform you on them. I think if you aren’t leaping at the chance to work at this fund. you should pass.
Very helpful, thanks
I'm pretty sure this is Farallon so you should also consider location (assuming your top RX group is out of NYC).
Unless you are considering Private market jobs as your ultimate end goal or you are set on distressed strategies (believe me, you generally don’t want that).
Why not distressed investing?
public distressed is a rapidly shrinking space unless you're at a big shop that is active in processes and has the ability to be involved in size in large stressed names undergoing cap structure transitions.
if not, you're stuck with the absolute worst businesses in ch11 that have no reasons to survive while dreaming about a true distressed cycle. Pointless diligence on crap businesses, heated calls just for show, and pointless calls with legal/FA who feed you BS on their read of the docs/court processes leading you to do pointless valuation cuts for your PM to show how you will recover 200x of your outlay when in reality all of you are involved holding the worst smelling pile of crap known to the rest of the world
this guy nailed it. I would argue that public distressed is one of the very few asset classes that has dimmer prospect than LO equity. Generally stay away.
What about big public RV HFs in this space?
And also isn’t there gonna be a return of distressed credit with the tariffs and the recession that’s due?
Always found distress quite interesting, sad to hear it’s shrinking, assumed it would cyclical if anything
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