CVP Exits
Why haven't there been that many CVP megafund exits? I want to recruit for there but not sure if I should.
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Former CVP analyst who went MF. It’s not for lack of traction and more function of self selection. I had no issue getting looks when I recruited so would not dissuade you from recruiting there based on exits.
Megafunds have lost appeal at a broad scale in recent years: returns have compressed, career track is broken, carry is a pipe dream, lifestyle is just as bad (or worse) than banking, etc. which leaves max 2-3 reasons to go to a MF: (1) cash compensation, (2) prestige, (3) hedge fund exits.
CVP comp is higher than megafunds at equivalent YoE and most analysts start to see improvement in WLB by year 3, with a step change in both WLB and comp at Associate level. This leaves prestige and HF exits as being the primary drivers to select megafunds over high performing (U)MMs if you have a genuine interest in PE. There definitely are analysts who value those but substantially fewer than at other banks.
In recent years, as PE has lost its luster, there have been multiple analysts who’ve reneged on PE offers to stay and go A2A.
What’s the A3/Associate 1 WLB?
Interested in this too ^
You’re missing something key — what work you actually do. Some people just hate banking and prefer an investing role.
Legitimate investing decisions are not done by anyone at the asso/vp level in PE at this point. If you think otherwise, that is pure cope.
E: and of course, as mentioned, the career track is broken. So not like you will see those opportunities in any case.
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