Accel-KKR or StepStone?
Which offer should I take? I’m considering either staying at the company (till VP for example) or exiting to a hedge fund. This is summer analyst
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AKKR. If you eventually want to make it to a HF (or stay at AKKR), you’re going to need to improve your research and decision making skills materially… Your question is a bit like asking should I play D1 or club soccer in college if I want to eventually play in the MLS.
Software PE is cooked but you need more than coinvesting/fund investing experience for a HF to give you a look.
Am I missing any nuances of your situation that caused you to ask this? Genuine question.
AKKR PE vs StepStone VC - i know pe is much more relevant to HF than vc but then again stepstone is a greater name and better deal flow and size. Also stepstone analyst team, despite being a vc ge or pe analyst, does all aspects of the business + secondaries + FoF. Not trying to make it a “million dollars or billion dollars” question
They’re fundamentally different careers. At stepstone, you’ll put VC analyst or associate on your resume but you’re an allocator. You’ll get exposure to some co-investing and secondaries, but otherwise you’ll be investing in managers not companies. If you want any reasonable shot at a HF or role as an operator go to AKKR. If you want to be an allocator go to stepstone
I don’t know what you mean by millions or billions question. I’ve met the senior guys at StepStone a couple times and know their model… bought an AKKR asset and just assume they a lot function like every other PE firm.
I tried with the analogy above but will simplify further. Do you want to be able to truthfully say you actually did deals and get the skillset that comes along with that (D1 soccer) or do you want to be around deals and participate because you like it (club soccer)? That’s the simplest way to think about it. At your age, I’d prioritize getting your skills up as much as possible.
The only reason to be pick Stepstone is if you want to live in La Jolla long-term. Later WLB can be a factor too but reality is 1st job is gonna be tough anywhere (finance or not) so wouldn’t weight it much right now. La Jolla is beautiful but if you don’t have family there, it’s sleepy.
Stepstone almost never leads a deal or a round. It’s just not the same level of intensity… they may spend most of the interview process highlighting their “direct deals” but it’s once in a blue moon and candidly is copium. You can research this.
Broad product experience is nice (in theory?) but if you can underwrite PE deals comfortably… doing FoF or fund commitment work will feel like completing a paint by numbers with a bottle of wine. Fun throughout and a little harder at the end but enjoyable. Not going to progress your investor skillset enough to be ready for a HF and likely wouldn’t be able to exit to a PE firm like AKKR either.
Thanks for the detailed response, really appreciate it.
How are returns at both?
AKKR are top of the street.
sorry. return offers since this is for SA.
Are AKKR offers out already? Also, I don't recall Stepstonegroup VC having opened for SA 2027
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