Is working at a megafund any better as you get more senior? Let’s say VP-MD level. is the comp, growth potential, work-life balance any better than a high quality smaller fund? Why is there so much competition to get into them?
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Yes, very much so.
Can you elaborate
First, clearly it depends what you mean by “smaller fund”. The MF label is arbitrary and largely meaningless. There’s no practical difference between, say, KKR and CD&R.
Assuming you are an MD, the pay is significantly higher at the MF vs a small place as is platform stability and resources. Lifestyle is entirely self driven at that point so not a consideration.
Of course, there will be exceptions, like MD at the rare $2bn fund that raises a successor 3-4x as large where org structure also lines up for you to have a clearer shot at partner than the MF. But there’s always exceptions.
Just for arguments sake let’s say a place like crestview. Lean with 1-3b fund performing well. You’d still go with MF? And what can you expect for comp if you’re a middle of the pack VP or MD at one of the MFs?
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