Things to look for in offer out of UG

I’m an undergrad interning at a single manager, where I will potentially be returning full time. I like the place, but would have other options, so I don’t have to just take whatever I’m given if it’s unreasonable. Is there anything I should look out for in a contract (non compete terms, etc)? I have no point of reference for what market terms are or whether any of this even matters in the first place.
And maybe more importantly, what further questions should I be asking about the fund/LP base/PM’s vision/etc before committing to a place?

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Based on the most helpful WSO content, here are some key points to consider when evaluating an offer and questions to ask about the fund:

Key Points to Consider in an Offer:

Non-Compete Terms:
- Understand the duration and geographic scope of any non-compete clauses.
- Assess how restrictive these terms are and how they might impact your future career opportunities.
Compensation and Benefits:
- Ensure the compensation package is competitive and includes bonuses, benefits, and any other perks.
- Clarify the structure of performance bonuses and how they are calculated.
Career Progression:
- Inquire about the potential for career advancement within the firm.
- Understand the timeline and criteria for promotions.
Work-Life Balance:
- Gauge the expected working hours and the firm's culture regarding work-life balance.
- Consider how this aligns with your personal preferences and long-term career goals.

Questions to Ask About the Fund:

Fundraising and Investor Base:
- Ask about the current state of fundraising and the types of LPs (Limited Partners) involved.
- Understand the stability and commitment of the investor base.
PM’s Vision and Strategy:
- Inquire about the Portfolio Manager’s (PM) long-term vision for the fund.
- Understand the investment strategy and how it aligns with your interests and expertise.
Team Dynamics and Culture:
- Ask about the team structure and the dynamics within the firm.
- Understand the firm’s culture and how it supports professional development and collaboration.
Track Record and Performance:
- Request information on the fund’s historical performance and track record.
- Understand the key drivers of past performance and any challenges faced.
Future Growth Plans:
- Inquire about the firm’s plans for growth and expansion.
- Understand how these plans might impact your role and opportunities within the firm.

Additional Considerations:

References and Reputation:
- Seek out references or speak with current/former employees to get a sense of the firm’s reputation.
- Understand how the firm is perceived in the industry.
Legal and Compliance:
- Ensure that the firm has strong legal and compliance frameworks in place.
- Understand any regulatory challenges the firm might be facing.

By addressing these points and asking these questions, you can make a more informed decision about whether to accept the offer and commit to the firm.

Sources: Q&A: BlueWing Part 2: Endowments, Foundations, & Asset Allocators, How to raise a fund - what I know, and what I'm clueless about, Joining Start Up Hedge Fund - What to Expect, 20 Most Frequently Asked Questions - London Edition, Q&A: Non-Target School to Portfolio Manager at a Top Hedge Fund – 6 Years Out of Undergrad

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