Have a couple questions on Fund Finance. It seems like an interesting place to start in banking but I know it’s a bit more niche. Any insights appreciated.
What is the general consensus on Fund Finance groups across the street?
Which banks have the best FF groups?
Is this a good place to learn/gain exposure to sponsors?
What do exits look like? I’d imagine direct lending, secondaries shops, maybe HF for some FF groups?
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FF is def a growing space but a pretty pigeonholey. Your main exits will be to ABF buyside teams which is mostly out of a larger PC shop like 17 capital(oaktree), ares, apollo.
It's a similar tradeoff to ECM/DCM where you are paid a haircut for better hours. The main thing you want to see if whether the group you are at only does sub lines(basically instead of constantly asking the LPs for money, sponsors will borrow at a low rate to smooth out the process of LP checks coming in) which is a snooze fest, or whether they play in NAV lending which is a rapidly growing part of the market.
For top players among banks, JPM, WF, Stanchart, MUFG, DB, and probably a couple other balance sheet banks. Alot of the BBs have exited FF like GS/citi which I'm not sure why. Curious to know if any other commenter has insight
I dont work in FF but am in DL at one of the big shops that has a dedicated FF team
This is super helpful thank you. As far as exits, is credit HF and/or traditional PC feasible?
Maybe lmm PC or the CLO arm of a DL/HF but the traditional places you are referring to will be pretty hard. Swear these people have never modelled in their life and their exits reflect that
Can you PM pls. Rly appreciate it
Hey, I wanted to check like if somebody is in credit at a BB, and then moves to fun. Finance. Is it possible to move to ABF at Apollo areas or others? Any would be really helpful?
Yes. Especially if u get NAV lending exposure
The fund finance teams actually pay really well. Fund finance is hot right now and all their juniors quit because it’s boring as shit, so they retain via good comp. There are no good exits. Only decent exits are to buyside roles where you help an asset manager manage their fund financing. Otherwise, it would be like sales and trading counterparty risk roles etc. There are some private credit firms that do fund finance (I.e. they lend to other firms’ funds), but those are hard to come by.
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