People who have worked at both PE and AM: which job did you think was more fulfilling?
Lets disregard pay for now. Which job did you think was more fulfilling? Reading through previous posts it seems to me that people that got into PE were left disappointed because instead of real "investing responsibilities", most of their time was spent on managing deals. As for AM, there's not a lot of info about that here.
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It's honestly very hard to generalize. Your experience will be dependent on the culture of your team and other factors. For PE, it depends on how well the PE firm is doing (are portfolios doing well, are they getting deals) and culture. Ex: PE firm A might treat you like a slave and have you update pitchbooks 24/7, without giving you an opportunity to learn the operation side of the business or pitching in. This makes it equivalent to banking.
For AM I think it's even harder to generalize as there are a lot more AM firms than PE.
Unfortunately, it's not enough to focus on the industry, your firm/team will make or break your experience.
Did both, found public markets to be boring and stressful at the same time. Happy to be back on the private side now.
Did one summer at a PE firm and one at a big mutual fund- personally found the public markets to be way more interesting.
At the end of the day, i felt like public markets are way closer to true investing. So much of PE comes down to the actual deal process- makes sense why so many bankers go to PE, but for a college kid who’s interested in investing, I think people overhype PE.
In public markets, I can go read through Facebooks filings, look at all their financial data, and look at different research reports that will all have different opinions. If I like the stock, I can buy at its current price or not (or short it). There’s no negotiating the price or thinking about activist stuff like cutting costs or synergies. No worrying about the exit. Just simply finding a good company and investing in it. None of that is as simple in PE
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