help me move from PE to HF please
Hi all
PE is bullshit and I want out (at a UMM/MF type shop in London, getting paid shit and being worked like an absolute dog). It does not get better - seniors also working all hours. Carry is a scam and I am not waiting 15 years for it., only to have to plough it back in as GP commit. Piss off.
What are the most "PE-like" hedge funds out there, and how should I market myself? Happy to do literally anything else with good comp upside, more risk, but most importantly - a better WLB and potential for cash upfront. Don't say pods please. I'll look at anything - equity, debt, whatever. Literally anything is better than PE lol except maybe banking.
I would go corp dev / any other industry too but as you all know those jobs pay peanuts in London and I have a family to support.
Danke
TCI if you’re in London.
Unfortunately the roles you are looking for a quite sparse / rare, but the best roles in London I would say are TCI and Elliott. For both you need a quite blue blooded background
I am a lowly mudblood so is there anything besides these guys? The chances of me working at TCI or Elliot are basically 0 at this point
Don't think you need to be blue blooded. They hired a doctor (Lazard, GHO, Elliot) for their healthcare team. Not sure whether this is an investment team or a back office team to support the investment professionals.
TCI is sick (and also probably impossible to get), and at least based on my friends who work there not sure of the better quality WLB with Elliot (definitely at least will be more intense)
lol if you’re in London your only option outside PE is 1) some trashy VC/growth shop, 2) small SM HF (comp will be mediocre), 3) pods (risk is real).
That’s just how it is
ffs
it boggles my mind how limited options are in London sometimes.
It's fucking London! epicenter of finance for so long. When I was in college, people on here were making very valid arguments that London was going to be a better market than NYC.
I always thought I'd live there for at least a couple years in my life.
ha.
College students having dumb takes, what else is new? It was and still is obvious that London/Europe is in long term terminal decline.
Real PE-style SMs are rare and even rarer is an open role.
Why not a pod?
a bit too much volatility for my blood, plus i have no idea how to trade with a short term / quarterly mindset. i don't think there are that many pods that do long-term deep value style investing but could be wrong
Parvus is your best bet
check out Credit HF/CLOs. Have come to a similar conclusion to and made a move from my banking stint to credit/debt roles to break in.
I wouldn’t restrict yourself to funds that are similar to PE. Any shop that isn’t trading quarters is something you should consider; in all honesty the MM framework can be non-intuitive if you’re used to deep fundamental analysis of companies.
Elliot, TCI, Kuvari, Lansdowne, Gladstone, Pelham come to mind. I would also look at DE Shaw, SquarePoint and Blackrock
Lansdowne closed their L/S fund and are basically a subscale LO now. Pelham lost 80% of assets and are sub 1B. TCI probably the only quality SM left, but they have lots of spinoffs that are just as good (Naya, Parvus, etc).
It will be difficult - HF requires you to think critically. Good luck.
uh oh me no thunk good
OP, your responses are hilarious, idk where you'll end up but when you move pls DM so I can come be your intern (i'll quit my job)
you're hired!
In a similar boat as you. Looking for any better WLB role that still has decent comp
Have you had any luck in your search? Are there any parts of the market (like growth equity or TMT corporate finance) that are better suited for your goal?
Don’t know much but heard Cevian is pretty good and a nice place to work at, this is a large activist shop
No investment professionals in London
Damn my bad, thought they had a ldn office
In a sense unrelated but thought it might be another option for you, why not have a look at Sovereign wealth funds ?
WLB will be good/great for many, comp can be decent, definitely PE stuff in there (tho not very cerebral to my understanding)
Can you get a job at TCI coming from a Tiger cub?
Just move to a MMHF and go get paid (maybe).
MMHF in LDN is an even worse trade than in NYC unless macro tbh
Why is it a worse trade when they have no better HFs except TCI?
In a similar spot OP, here are the funds I have marked as being a better landing pad with my 10 min of googling: TCI, Elliot, Toscafund, Naya, Parvus, Theleme, Marshall Wace, Farallon, Davidson Kempner, King Street Capital
Others were discarded due to a combination of shitty economics, investment style too different, or shitty culture. Feel free to add to the list.
Note that there are PE funds out there that pay way better (huge variance) so that is something to consider.
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