HF vs PE

Hi - I posted this in the IB forum but had comments saying to post this in either the PE/HF forums for a more appropriate audience so here I am reposting.

I'm an IBD analyst that is looking to make a move to the buy-side.

Unlike most others who have a clear path in their head regarding their exit to PE, VC, GE, HF, Corp Dev etc.. I'm more of an open-minded person and don't have anything specific that is my 'goal'. I just have an interest in investing and honestly have no clue which I would prefer between PE and HF so I've been recruiting for both.

I'm now in the awkward situation of being in the final rounds for both a PE fund and an equities L/S fund and have no idea which I should choose if I receive both offers. I might get rejected by both but I figured I need to prepare and have a big think about it before I hear the outcomes to be prepared for any scenario.

I really have no clue so choosing the one I'm more interested in is not applicable and would appreciate any advice on how you would go about choosing?

Type: not sure, I find both PE/private markets and HF / public equities interesting

Size/Reputation: PE fund is respected and well known in the MM space with around $2bn AUM. HF is small and unknown but the backgrounds of the team are respectable (all come from BB Equity Research) with around $400m AUM. Despite the HF having a smaller AUM, it also has far fewer people which should make up for this on an AUM per head basis.

Returns: the PE of course has the higher past returns, but both have done strong for their industry.

Culture: both cultures sounded great, got on with all my interviewers and liked them all. HF has fewer employees so will have less of a social scene

Hours: Probs very similar in terms of hours just HF has earlier mornings. I expect HF to be standard HF hours maybe 7am - 8pm. PE fund said culture is of big importance for them they don't want to make juniors work their lives away like at most PE funds i.e. they said if not on a live deal then people finish up by 6 but when working on a live deal or during busy periods it could be late hours but they try their best to respect times and peoples  weekends.

Security: PE fund will have better job security and less pressure to generate investment ideas whereas I know at HFs there is a lot of pressure to generate ideas and a high risk of being fired e.g. citadel who is known for firing people within a few months if they don't perform well. I guess job security is important in a competitive environment.

Comp: Similar, PE slightly higher

I guess the decision really comes down to whether I prefer public or private investing and I'm really unsure, would appreciate advice and thoughts I should consider. Especially surrounding peoples thoughts on what it is truly like on the job and how you feel about your responsibilities and how it will differ etc.

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