Hours and culture in London PE
What are the hours generally like on the associate level for UMM/MF in London? Is there a difference between US and European funds in terms of hours?
I've done a few internships in both PE and IB (not London). In my experience, the culture has been much better in PE and the people have been more chill (less facetime culture, no bullshit tasks, less tasks that come up in the last minute, no looking down on more junior people etc.). Is this also the case in London?
Depends by fund, but would say US funds would be more sweaty vs. European (think EQT etc.).
During deal sprints (anywhere, including MM, UMM) it'll be sweaty.
Makes sense. I know someone who told me that people from his group at GS/MS/JPM had left for various US MFs and they had all quit within 2 years and joined smaller funds because the hours were so brutal.
It'll depend by fund so I don't want to generalise, but megafunds in London will certainly be long hours - I've worked with a number in my tenure and their juniors are working as long if not longer than banking juniors. As for more nuanced aspects of culture (like respect and recognition, etc.), this depends so much on individuals and teams than anything else (something true for banks too). The anecdote about the GS / JPM / MS juniors does not surprise me.
The MM and LMM are much more diverse and there are definitely places withgreat people and great culture (as mentioned above there'll of course be the deal sprints). I can't generalise here but this is something to probe at any interviews you might have (and ask to speak with their juniors too).
Thanks for the input! Any insights on which funds are considered the worst / best in the MF and MM segment respectively from a WLB / culture perspective?
I don't want to appear to be avoiding your question, but here's a good thread which provides a lot more insight than I think I could with my own answer (as you get more than one opinion) - I hope this helps!
https://www.wallstreetoasis.com/forum/private-equity/london-pe-funds-wi…;
Interested: how is Advent CVC CD&R EQT?
When speaking to friends who know people at CVC I've gotten the vibe that it's quite sweaty.
Interesting - share more?
Advent is quite 'serious' culture. CD&R similar.
CVC seems to be in between - quite lean.
EQT probably the most 'European' out of those.
Advent and Apax very sweaty.
Agreed. Seems to be a 'stiff' culture at both too.
I always thought Advent was very relaxed (vs GS / MS) is this just me then? What do you mean by sweaty / stuff? Also thought Advent was chill (a bit like EQT) not like Hg / Carlyle / Silver Lake
Advent is most definitely not chill
Can you please say more about culture etc? I mean the whys?
Your additional comp (beyond base + basic bonus) is tied to how many deals you close - therefore, there is an incentive to get onto the "best" deals.
There are also limited VP seats so associates have to work really hard to get those (Advent has a very lucartive carry pool given their performance + how good they are - I think they are one of the best funds in Europe).
Everyone's a shark there I've heard. It's not for everyone but for those that want to fight it out internally, it's great.
Any insights on PSG? Know they are growing big time
I know this is a weird comment, but when I looked at the profiles - the London team all had above average levels of attractiveness. Make of that what you will, just an observation.
I noticed it too - assume they were stellar during the interview process but not common to get invited with private banking or headhunting backgrounds
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