Trying to find out what is “market” for travel so would appreciate any input.
I’ll start:
Fund size: 3-7bn, relatively high AUM/IP
Fund strat: Distressed / Event Driven / Go anywhere
Flight Policy: economy below 4hrs. business above 4hrs with a cap. premium economy if bus above 5k, 2-3k OK for bus with senior discretion
Hotel Policy: 350-400 per night including NYC / HCOL cities / during peak season
Daily Meal Allowance while travelling: 50 per day
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Not in the HF world, but god damn that seems like pretty ass having 0 travel perks. Haven't traveled yet for my gig, but I know plenty of friends that went into B4 consulting and their travel seems better than yours.
Is your PM ok?
Ours below (5bn+ event driven fund):
Business class on all flights. First class if no business class availability.
No cap on hotel spend as long as reasonable. usually stay at Four Seasons / Ritz
No cap on daily meal allowance while travelling as long as reasonable. Can expense dry cleaning / cabs as appropriate.
Fund size: $10-15bn
Strategy: Fundamental L/S + some crossover
Our perks are very similar to the other commenter - business/first class on all flights, no cap on hotels / food.
$400/night is the price of a Hilton in a tier 2 city these days outside of long weekends. During conference season a hotel in NY/SF is $1000+ if you want to stay at the hotel the conference is in instead of a hostel next door. That is a terribly unfair budget.
Fund Size: $7-12bn
Strategy: Event-Driven / Distressed
Local flights are business class (under 3 hours). Flights to Europe / Asia / Africa are first class.
No budget on hotels / food.
Distressed in Africa?? Good luck brother!
Sounds like a cool mandate!
Thread also shows how far the MM/SM debates have gone. MMs are paying $50mm for new senior investors and SMs are nickel and dime/ing for $400 of hotels.
Pretty funny but seems like OPs fund is just stingy given the other comments.
Its a shame you can’t play across the entire distressed smorgasbord from a podshop. all those that have tried to dip their feet ended up like George at baly. MM risk model just doesn't work in distressed.
Ya I'm pretty sure this is ass
Fund Size: $25 - 50bn
Fund Strat: Multi
Flight Policy: Business above two hours
Hotel Policy: $550 a night
Meal Allowance: $100 / $200 / $300 per head (if entertaining)
Can always expense more if justifiable
Friend from boarding school's (Eton/Andover/Exeter/Deerfield/Westminster) shop that he started a few years ago:
- Business class for domestic flights, first class for international, no corporate PJ but chartered direct flights for weird locations instead of transferring like a peon
- Basically unlimited transportation budget (Uber Blacks within the US, taxis in third world peon countries, armored SUV rentals in even more peon-like violent places, the limit is basically trying to rent a Bugatti for the week
- Basically unlimited food/drinks budget (the limit is probably bottle service at Hi Ibiza)
- $1200/night hotel limit
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