Any views on roles involving higher AM workload than pure investments? Is it worth it? Is comp really different, I.e. carry?
Keen to get some views on this - Currently looking for a transition from IB BB, and seems to be some interesting opps in that space.
Is it a pure AM role? Or a investment + AM role but with just more focus on AM at the moment? Some infra fund roles do both origination and AM, however some infra funds separate the 2 teams.
If it’s the latter and your going for a dedicated AM team then I would advise against it as your background could easily go into a team with origination/investment. AM is more of a monitoring/reporting role. You may get involved in transactions such as refinancing or if selling the asset, but it will mostly be your advisor doing the work and these transactions don’t have an investment lens to it which is what buyside is about. So your exit opps become limited too and work is less interesting. However that aside the comp and hours would be good (unless the assets your are covering for are a mess)
All in comp will be lower than investment team ofc but base will be similar
Good points, thanks. They don’t have separate teams as of now, but I’ve been told my time would be split 50% AM / 50% investments, vs their normal 20/80…
Yeah that’s fine and normal infra pre role then. There’s not much fundraising activity at the moment so there is less deployment activity compared to previous years which is expected. most of the transactions I’m working on now are just focused on existing portfolio companies with their bolt on opportunities. Not much activity on platform investment side.
It sounds like it's just an investing role and the team happens to take a heavier hand in asset management (so it's presumably a value-add fund), and probably has a lot of active portfolio companies to focus on right now with less need to rush capital out the door. Assuming that's right, there's nothing particularly unique about the situation, it's how a lot of the funds are structured in the space. It shouldn't make any difference in terms of compensation.
What’s the difference between investment and AM?
Investment team focus on acquiring the company, AM is managing it afterwards
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