Monkeys-
I'm curious if anyone has used a HH specifically for GP stakes recruiting (preferably off-cycle) as it doesn't seem like there are many HHs focused on this given the limited players in the space.
For those that have broken into the space, did you network your way in or take the HH route?
Thanks in advance.
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GP stakes firms are a tough path to walk down given they're essentially FOFs...without the optionality to NOT invest in the GP's next fund. You're kinda stuck and most of these firms invest in really crap GPs, oftentimes at their peak, or just middling firms in general with the hope that they'll massively increase their AUM. Just imagine all the lofty underwriting that went down 2020-2022.
Given you know the players (Petershill, Dyal, Blackstone, Hunter Point, Investcorp, Bonaccord Capital, etc.), I'd just scope them out on LinkedIn and try to network that way. Most of these firms will have HR or Ops folks that play a dual role of recruiting for not only the GP stakes firm but also their underlying GPs anyway. I would just take a min and think about whether or not this is really what you want to do. The work really won't be that interesting and it's a super niche space with an uncertain endgame IMO. Good luck.
Thanks for the comment. I am curious why a lot of people don't recommend going into FoFs. It seems like they have good WLB with decent pay. They are essentially in the game of asset allocation and there will always be a demand for that. Would you agree if you are at a relatively sizable FoF, the job is more stable than say at a LMM or MM fund?
GP stakes is a very different model than FOF. The prior posters comments are spot on.
FOFs are fine but are a struggling breed of firms because more and more LPs (allocators) feel that they are sophisticated (most aren't) and have matured to a point in their program where they can do deals directly rather than even commit to a GP's investment fund. Given FOFs charge a dual layer of fees at minimum (the FOF's fees and then the underlying GPs' fees are all passed through to the investing LP), the maximum pool of potential allocators investing in FOFs is shrinking by the day. Many LPs have boards, committees, bosses that they report to that want them to cut fees as a priority.
You're right that a FOF job could be chill, decently paid, and exemplify good WLB, but it's highly unlikely that it'll last forever.
Thanks for the helpful dialogue. While it’s niche, doesn’t GP stakes pay well? Like UMM PE comparable comp?
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