BB Analyst to small multi-asset family office - pigeonhole risk?
Hi all,
I´m currently a BB Analyst in EMEA (CB within IBD) and looking for the next step/move to the buyside. While I already had some interviews from larger (credit) funds and regularly have HHs reach out to me for (mostly mid-cap) PE, I now received an offer from a multi-family office that does everything from RE, PE, PC to Public Markets (although on a comparatively small scale, think <$200m fund size and <$10m equity tickets). The fund is run by an ex-IBD head so it certainly won´t be "sleepy"; it was further only set up a few years ago and their investing track record is really strong so far.
What seems pretty compelling is the large variety of deals I would be doing (which I haven´t seen at other funds that box you into one group/strategy) as well as the really strong comp (on par with MFs). The founder seems very well connected and experienced too, which should be a nice mentorship opp. Process-work and politics seem relatively reduced (except of course getting along with the families) and lifestyle should be decent (60ish hours per week with some travel, which I enjoy).
Drawbacks are that each deal may be more straightforward and less technical vs larger tickets one may see at bigger funds (also I got essentially no technical question in the interviews, this was rather understood to be ok given my BB background). Potential exit opps down the road may also be reduced vs larger funds.
What are your views / how would you evaluate the offer? My biggest concern are the potential exits from there - I´m still not fully sure which asset class / investing style interests me the most, so I would still like to keep some optionality should I find myself not enjoying the gig in a few years. Could I "bounce back" towards larger PE funds or even smaller HFs should I not enjoy it?
@All US monkeys: Keep in mind this is EMEA, so things may run a bit different here - but still happy to hear any insights/experiences!
TL;DR - can you go to a small but dynamic multi-family office after a BB analyst stint without pigeonholing yourself to such (comparatively) small funds/would this generally be advisable?
Think smaller HFs are certainly an option, especially if you position yourself to work more on public markets. Family offices are a nice spot and even if you for some reason don't like this one, you can move to another one.
I would say large buyout PE (UMM+) is likely out, but if you're in CB I don't think that is super likely anyway (except for credit, which would still be an option, again especially if you try to get some reps in the PC space at this fund)
As long as you're not thinking MF PE is the next stop I think this sounds like a really interesting opportunity
Thanks a lot, really helpful! I'm fine with not having worked at BX or Bridgestone as part of my career. I just don't want to void "all" or most of my options, but I understand MM PE / small-ish HF would still be doable.
On another note, would a step back to a BB (IB) still be feasible in your view?
Yes that door will be open for sure. Especially if you did 2 years and not one year. You can still go back if it was only one year, you will just face more questions about why you left so quickly
Also, your point was well-received but did get a laugh out of Bridgestone
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