what are the most exlusive funds that mirror places such as pershing square
(in terms of prestige due to founder, small team size, aum)
i'm wondering over all branches of finance, not limited to the three above
what small teams have such a prestige and exclusivity that analysts would sell their left nut to get a seat
once again... think pershing square
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boosting myself lol
Economies of scale is a real thing... think these small top shops will be hard to find outside the public markets
In PE/AM it is difficult to raise and deploy capital with a small team and little "street" cred. There's a reason the behemoths are the coveted seats, they are the most successful even if they are large. Guess you could say the leaner shops like H&F, but there's downsides to that too and many would take a MF offer over that... it's not like HF where there are a handful of tiny shops that can rule the world with 20 people
IB is similar to HF with some very quiet under the radar top shops... Qatalyst, Allen & Co etc. the downside is really that these don't have the name cred outside high finance like a GS or JPM would give you
H&F in PE
Please shut up
Dude go touch some grass
ok back office
most exclusive/competitive/prestigious for pe is undisputably KKR/APO/BX in no particular order
Probably the investment team of one of those quasi - family offices / controlled public holding companies that is relatively active from a deployment perspective.
I'm sure there are alot of people who would give their left nut to work in an investment seat at Berkshire Hathaway which I guess is more public / private (tbh not totally sure how they are set up), but there are a few others out there that are on the smaller side that are relatively under the radar.
Some of the privates vehicles / family office vehicles for HF billionaires are pretty desirable as well I'd think (ie; Tepper's investment vehicle or similar).
Buffett hired two former hedge fund managers to run the portfolio a few years back. Family office seats are going to be all over the map. It really comes down to the deal the managers are able to cut with the founders and their investment approach. A lot depends on how much the family office is managing directly vs. third parties. Some of these seats will look like private equity groups or hedge funds whereas others are closer to pension/endowments where you are mostly an LP.
Benchmark in VC, TCI in HF, H&F in PE
In PE, there are some non-MF shops exhibiting stellar returns (higher than the 2-2.5x MOIC that MFs aim for). Some names that come to mind are Francisco Partners, Alpine Investors, or Veritas.
Simple answer so it quits being a dick measuring contest among firms all within the upper tiers of high finance:
IB: Top BB, Top EB
PE: MFs
HFs: Tiger Cubs, top activists, top MMs
Hope that was unhelpful
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