Switching from public markets to private?
I’ve been in L/S for around 8 years mostly in one sector. I’ve spent the most of my career at single managers but gave the multi manager thing a try too (and failed). I’ve come to the point where the money has become pretty meh (AUM outflows etc) while the stress has remained the same. The fact the market seems to have been entirely macro and factor driven the past few years has further sucked the life out of any interest I had in this career (admittedly I might just be bad at it).
Any way I have been considering realistic exits. I would ideally like to switch to private equity or similar given the core part of the job is one I enjoy (looking at and evaluating businesses). Has anyone seen this done? Many of the VP jobs I’ve seen require decent level of PE experience while I fear I’m too old to be trying for an associate job.
Any advice more generally from folks who have gone through a transition out of the hedge fund world is also helpful
Think it’s a move that is a) tough as competing with guys who have been on the private side for some time and b) private markets require different skills than public markets (transactional, due diligence, network, etc.). I haven’t seen anyone make the move on a more senior level from the LS side.
Interviewed with a VP who went from Equity Research/ HF to PE. Given he went to an Ivy and had name-brand experience. Also the PE is LMM, but I think it is doable.
Do people who enjoy long/short investing typically enjoy going to PE? Seems like a lot more BS, politicking, and isn't immune from its own set of distortions that lead to less-than-pure-economic decisions.
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