Large Family Office Over PE?

Hey everyone. I’ve been more of an observer than poster on this site, but not seeing much activity on these types of discussions, so looking for a little help here.

I’m a current AN2 in NYC that opted out of on-cycle, as I’m not completely bought into the PE hype. I’ve recently come across some large FO roles that look attractive, with base pay in the low $100k+ range (Cascade, Willett, Soros, Willoughby, etc.). I ideally want to stay in NYC and have a role with decent WLB and stimulating work, without killing salary and progression upside of grinding through the sweat of a top-tier PE shop. Therefore, my main questions / concerns are these:

1) Does anyone have any detail on these types of opportunities as far as comp, WLB and career progression go? I can’t help but feel that doing anything less than strong / decent MM PE (typical exit for my bank) could at worst be a waste of all the effort I’ve put in and sacrifices I’ve made to land and work in my current role.

2) What does interviewing look like at these jobs? I’ve seen a couple of these listed as PE opps by headhunters and LinkedIn posts— are standard LBO technicals the norm? Are these interviews more fit-focused?

Any advice at all would be appreciated, and thanks in advance. I just don’t see a ton of volume on this site around large FO roles, and don’t want to go into searching for these opportunities or interviewing without some type of understanding of what a 1) career in the vertical or 2) the recruiting process here looks like.

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Based on the most helpful WSO content, here are some insights regarding large Family Office (FO) roles compared to Private Equity (PE):

Compensation, Work-Life Balance (WLB), and Career Progression:

Compensation:
- Family Offices can offer competitive compensation packages. For example, some large FOs like Cascade, Willett, Soros, and Willoughby offer base pay in the low $100k+ range.
- Compensation structures in FOs often include long-term incentives, such as carry or profit-sharing, which can be meaningful over time.
Work-Life Balance:
- Family Offices generally provide a better work-life balance compared to traditional PE shops. Smaller teams and less competitive deal processes contribute to a more manageable workload.
- The lifestyle at FOs can be more stable, with fewer unpredictable timelines compared to PE, where deal timelines can be intense and demanding.
Career Progression:
- Career progression in FOs can be attractive, especially if you value long-term stability and face time with decision-makers.
- FOs often focus on long-term hires, and roles may not follow the typical 2-year associate program seen in PE. This can lead to more meaningful long-term incentives and career growth opportunities.

Interview Process:

Technical Skills:
- While some FO roles are listed as PE opportunities by headhunters and on LinkedIn, the interview process can vary.
- Standard LBO technicals may still be relevant, but the emphasis might be less intense compared to traditional PE interviews.
Fit and Cultural Alignment:
- Interviews at FOs are often more fit-focused. Given the smaller team sizes and close interaction with family members and decision-makers, cultural fit and personality alignment are crucial.
- Expect discussions around your attitude, personality, and how well you can work within a family-oriented environment.

Additional Considerations:

Deal Exposure: FOs may work on smaller or less "sexy" assets compared to institutional PE shops, but some larger FOs do play in the institutional space, offering exposure to high-profile deals.
Team Structure: FOs typically have leaner team structures, which can mean more responsibility and direct involvement in deals from an early stage.

Conclusion:

Choosing between a large Family Office and a traditional PE role depends on your career goals and personal preferences. If you prioritize work-life balance and long-term stability with competitive compensation, a Family Office could be a great fit. However, if you seek the high-intensity, high-reward environment of top-tier PE, you might find traditional PE roles more aligned with your ambitions.

For more detailed insights, consider reaching out to professionals currently working in these roles or exploring specific threads on WSO related to Family Offices and PE comparisons.

Sources: Private Equity shops with the best work/life balance, Best lifestyle PE firms in terms of hours work, comp/size doesn't matter, Family Office vs. Traditional LP Career Path, Family office Private Equity - help, Family Office Private Equity

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