Thoughts On In-House Buyside Roles At A Bank?
I've noticed that many firms like MS, JPM, & GS have their own PE/HF/etc. depts. What do you guys think about these roles compared to other FO roles? It seems as though some (eg. GS PIA) usually hire internally from their IBD class, is this normally the case?
Not sure why you got moneky sh1t thrown at you for that. But either way, good question. I've not seen too much on this board by in way of shedding light at these departments. I have a bit of colour on Goldman Principal Investing - rather than a direct PE buyout hose they operate as a fund of funds and a co-investment partner. They structure clients' portfolio to different risk strategies across various alternative assets for eg - 40% to vanilla mid market buyout managers, 35% to long lock metals and mining managers across the mining curve and 25% to to growth equity managers. Very crude example but hope you get the idea. In this aspect they're like a FoF aka Access and Adveq etc. They also do co-investment deal where they partner with a PE manager on one deal specifically and co-invest alongside them, This enables them to save on the 2% management fee. Other such groups like GS PI would be Rothschild 5 Arrows. Not sure on the HF side of things, some else would be better placed to answer.
In terms of hiring - I would imagine it's across the spectrum and doesn't necessarily have to be from the IBD crew. Why don't you linkedin quickly? Should be fairly easy to get a feel..