Family office PE Middle East vs Infra PE London
I've been lucky enough to secure these two offers after almost 9 months of unemployment. My answer was yes to both so my window to make a decision is tightening. I'd appreciate your insights into how to make a decision and WWYD.
- The first offer is full-time at a family office with around $2.8mn of annual profits. The office is pretty small, consisting only of 1 analyst and 1 director. They specialise in PE, real estate and energy but also get involved in public equities and macro-thematic investing. Pay is okay. Biggest issue is the location being the less known part of the middle east. One of the former analysts at this office went into the country's SWF just 1.5yr after, so that could be the only good exit option.
- 6 months off-cycle internship at a $4bn fund owned by one of the largest asset managers globally ($1.4tn AUM) based in London specialising in core renewable infrastructure. They have new capital commitments exceeding $1bn so the team is expanding which also means I'll get good transaction experience during this internship. Honestly having a front office position, let alone a buy-side one, is what's been missing from my CV. They're also offering to do my visa - which has become nearly impossible for foreign workers in London.
How I'm evaluating these offers:
- Full-time vs internship: I'll be 26 by the time that internship is over and I've graduated in December 2023 so I'm lagging behind my peers in terms of progress. This angle makes going through an internship a bit difficult for my self-esteem (I know womp womp)
- Opportunities: I honestly thought that front office jobs were just too good for me and never thought I could get one in London. I worked with PE/credit infrastructure before but in middle office functions (modelling, reviews, valuation). I think the London offer wins here as it yields more opportunities - recruiting for full-time FO positions (in case I don't secure full-time with this firm) could yield genuinely great results, with one PE internship under my belt. Then again the issue of my slow progression would bug me if I had to recruit again
- Responsibilities: When I was talking to the CEO of the family office he gave me the impression that I would have full exposure and ownership of investments which I don't think I'll get being an intern at a much larger fund. But then again, quality and flow of the investment process differs significantly making both experiences seem equal in my personal development
I'll have to make a decision by the end of this month. If I do get the internship, my plan is to start recruiting halfway through for full-time front office jobs or other off-cycles, in case converting to full-time becomes a problem, whereas if I take the other offer I'll focus on transitioning into SWFs or potentially bigger firms.
What do you think and what do you recommend? Thanks in advance!
Yeah this is easy. Take the infra gig.
Thanks for the response man. Do you mind if I ask if you’re in London too?
If so, how do you feel about recruiting after this internship? I was in London last year and the market was in a pretty big slump. Obviously with FO experience things will be different.
no offence but no one cares about your self esteem. when you come to london you will see 28-30 year old french and italian dudes in spring weeks. it sounds like you have a good standing already to get these 2 offers and ur right that the infra internship will boost you big time. i'd take it if i were you
Easily take the infra gig.
I’ll reiterate to all those who’ve just left uni at 21/22 and are trying to get jobs or internships. This is the level of competition for these off-cycles. I’m sure competent, 25/6 year olds with experience.
Can be tough out there in the U.K.
Thanks for the insight man. I guess I’ll take it and hope to either convert full time or recruit for other positions.
For the record my profile is a bit unimpressive and this internship would be the biggest highlight. So far I’ve had an internship in valuation & modelling, internship in consulting (real estate/tourism), internship in private equity/credit infrastructure portfolio management and reporting - only the last one was in London. Based on the current competition levels do you think this is promising?
Your profile could only be 'unimpressive' from a European perspective. Many Brits graduate at 21 with 0 internships.
Well I graduated from a European non-UK university so I think my competition is more comprehensive... plus the sponsorship nightmare :skull:
I have multiple off-cycles but about to graduate in a few months with nothing lined up and still hunting for a job. I would take the 4B infra asset manager. Let me reframe the question: would you run a PA with full autonomy or be an intern at a billion dollar fund with access to learning from investment professionals, albeit having zero autonomy? It becomes clear at least to me. I also wouldn’t start recruiting halfway into the internship, I would start looking for alternative options before even starting the internship. The peer comparison doesn’t really matter, what matters is you pick a job you really want to do so you can stick with it and excel to see career progression.
I’m impressed you found something 9 months after graduation. Would you be open to DM and connecting?
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