FSG exits into HF
Hey guys, currently in FSG and I’m realising I don’t really want to go into PE. I think I would rather go into a HF instead. What are my exit chances like? Does anyone know people who have made this move and how possible is it if at all? Thanks!
Based on the most helpful WSO content, transitioning from Financial Sponsors Group (FSG) to a hedge fund (HF) is definitely possible, and there have been professionals who have made this move. Here are some points to consider:
Skillset Transfer: FSG provides a strong understanding of leveraged buyouts and financial structures, which can be valuable in a hedge fund, especially those that focus on credit or event-driven strategies.
Networking: As always, networking is key. Leverage your contacts within the industry and reach out to alumni or other connections who have made a similar transition.
Research and Pitching: Start honing your skills in equity research and pitching investment ideas, as these are crucial in the hedge fund world.
Recruiting: Be proactive in your job search and consider working with recruiters who specialize in hedge fund placements.
Interview Prep: Be prepared to discuss your deal experience in detail and how it can be relevant to investing. Also, expect to do a stock pitch or investment case study as part of the interview process.
Remember, while the transition is possible, it will require dedication and a clear understanding of how your skills and experiences align with the needs of a hedge fund. Keep sharpening your investment analysis skills and stay informed about the hedge fund industry trends.
Sources: Transitioning from IB/ER to HF Series - Part 2: Where to Interview and Behaviorals, Allianz Global Investors Graduate Programme vs IB?, Hedge Fund Exit Opps, Why move to PE/HF at all?, Burned out HF guy, what are my exit options
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Here’s a bump, but just wondering if there’s any truth to the idea on here that FSG teams have better hours and better culture than other coverage groups.
At my bank (MM - ignore title), the culture seems (as far as I can tell anyway) much more relaxed, but those guys are still cranking. Finding bolt-ons for your clients’ platforms for 15 hours a day seems rough. Is this just a middle market thing?
Was in FSG at one of the BBs, best culture / hours at the bank and comp still the same. Now at MF PE (alongside most of my class). Worked on average ~9-8, Fridays done by 5, minimal weekends.
We didn't do a lot of bolt-on screening exercises; most of that was outsourced to coverage. Most of my job was LBO financing (~50%), rest split between M&A buy/sell-sides (~30%) and other random coverage work (ECM, PortCo refis, pitches, etc.)
Thanks for the info. I really appreciate it.
Super surprised to hear that weekend work was minimal. Sponsor clients always love dropping work on us on Friday evenings. Our LevFin guys seemed to have it the worst with sponsors wanting commitments on Mondays and Tuesdays.
Which BB?
Also in FSG at a BB so bit curious
is this MS?
Exiting straight out of banking to a legit HF is pretty rare in my experience, FSG or not. That said I do know one person that moved over to MM L/S out of FSG, but at the Associate level.
Your best bet is probably doing a year of PE at an UMM/MF and then exiting to HF tbh. So many more opportunities.
Not really true. PE doesn't open up a ton of HF opportunities - its more that people tend to go to PE after banking and then realize its not for them.
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