Deal team size?
What are typical deal team sizes at the MF, UMM, and MM level? Every fund I talk with mentions having lean deal teams but it's not clear to me what that means.
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LMM to MM can be 2-3; some niche strategies at AMs can be 2. I know VPs and SVPs at larger PCs that may not get an Associate below them - it just varies. I would imagine Assoc, VP / Principal, MD / Partner most common, and you may have additional bodies based on fund size, deal complexity, timing etc.
At my LMM our teams are typically 1 associate, 1 VP/Principal, 2 partners. We hired a senior associate recently and so a few deals have added that layer in between Associate and VP.
My firm is typically 3...partner, mid-level, associate. May have two partners if a business crosses multiple categories that different partners may oversee. Occasionally two associates if complex. Never two mid-level people.
At UMM deal team 3 people. MD, VP, and An.
At MF its generally Asso, VP, MD and then Partner
1 MD (does nothing), 1 principal to lead, 1 associate to model, 1 analyst in India to do the bitch work.
Do you outsource the bitch work? Or in-house offshored?
Offshore that shit
At my UMM, typical deal team is 3: 1 Analyst/Asso, 1 VP, 1 Partner
UMM - usually 1 ASO, 1 mid-level, 1 MD. Sometimes if it’s one we think we like a lot there will be a director that basically is hands-on MD / a person that will soon be a MD. Let’s the MD be even more hands off.
LMM - 1 ASO, 1 VP / Principal, 1 Partner. Partner's involvement depends on size and platform / add-on, but oftentimes it's mostly relationship management. If a smaller add-on, sometimes a good ASO / Sr. ASO can run the whole thing themselves.
MM. Ideal team would be 1 Associate, 1 VP/SVP, 1 Partner.
MM. Assoc, VP, Partner (1 of each)
associate, vp, principal, partner
Does anything ever get reviewed if you only have 2-3 people on the deal? Especially if you’re churning on multiple processes at 2am seems like it probably should.
No, which is why PE is much more stressful than IB. You’re expected to check your own work and take full ownership for it
Seems like my firm is very much in the minority here, but at a MF and our teams are generally staffed with 1 An, 1 Assoc, 1 VP, 1 Principal, 1 Partner (all assuming we’re running hard at something). Have been on deal teams with an additional Assoc and Partner as well…
Sounds like Bain, which is known for having larger-than-average deal teams
I’ve also worked with blackstone on deals where they had exactly that structure. Especially where the business was basically two businesses, one of which you are planning on quickly spinning off.
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