What kinds of funds can I recruit at?
Quick background: I’m currently a 2nd year associate at an upper MM sector focused private equity shop (flagship around $9-11 bn) and am interested in HF opportunities. The culture / job stability of MM funds doesn’t seem the most attractive, so I would be more interested in tiger cub and activist opportunities.
My question is if these opportunities would be realistic for someone with my background. Seems that almost everyone with these seats comes from traditional MF backgrounds, so would I have even a chance at interviewing at these places? If not, what are some good funds that may be more appropriate?
Thank you in advance
A 9bn pe fund offers a less stable job than a hf?
The second MM refers to multi manager hedge funds. (Citadel etc) Poor job security.
Ahh misunderstood my bad
Similar boat. Would you ever think about joining a fund with 2-3 people, few hundred million? I can't quite put my finger on it but for some reason that seems less attractive than gunning for a large SM.
Coming out of UMM, you will get a look. If your resume/school is strong, I wouldn’t worry too much about getting first round interviews with top SMs. MF representation in HFs are a bit of a selection bias so don’t feel discouraged. Talk to the HHs and they will give you looks. Just make sure to prep as hard as the MF guys/gals getting screwed at work and desperate to leave for their next big thing
If you are leaving private equity for hedge funds for better job security... You're gonna have a bad time.
^^^ This.
And "the culture" LOL.
Wdym?
Hedge funds live and die by their performance. Private equity funds can raise successive multi billion $ funds as long as they don’t lose money.
the only job security in hedge fund world is being really good at what you do. In PE, from what I understand, you can be a pretty mediocre investor but as long as you work hard and a few things work out you can grind your way to principal level.
in terms of culture - yes, culture does vary between funds and is mainly a reflection of the people at the top. But again, performance is what matters. Any fund in a downturn, whether a SM or a tiger cub or an MM, is going to feel the pressure of bad numbers and that will affect culture.
That’s what he said I think. The second MM is referring to multi-manager HF, not mid-market PE.
Got it. Slightly confusing
Sorry for the confusion - you are right. Was comparing job stability between multi manager and single manager HFs rather than HF vs. PE. Appreciate that the HF industry broadly has worse stability (and possibly culture) relative to PE
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