LA Private Equity
People severely misunderstood this post haha. Deleted.
People severely misunderstood this post haha. Deleted.
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I love when people at megafunds think that they're somehow God's gift to the world and they can jump from analyst to VP by going to a smaller firm. Spoiler alert: that's not how it works
Have public MF friends from my top target who cannot get LMM offers and ended up at corporate jobs they hate. Obviously some choose to go down the corproate route, and more power to them for that, but there is an equal if not more people forced down that path simply because they cannot find any PE seat.
Yes and No. Not always the case. I have friends that went to a top target HYP/WS and of course some that want MFs and dont get it end up at corporate roles or start-ups but for some of them its self-selection. They just dont wanna go that route for whatever reason. Some want top hedge funds like the Tiger clubs and Coatue’s of the world or bust, some go VC, etc. You get my drift.
I agree with your sentiment but OP is asking about waiting until he makes VP at his current MF and then making the jump to LA… still presumptuous because making VP anywhere is going to be an absolute grind.
Apologies if I came off as presumptuous - I’m asking precisely because I recognize that it’s difficult and hence see a need to be thoughtful / optimize as much as I can.
Much easier to lateral at the analyst to associate level. Your pedigree is not unique. MF analysts don't get as much deal experinence or exposure to the UMM/MM; so you're a weaker canidate for SA or VP seats, since those things are far more important at that level. That plus the weaker training program in PE vs. banking plus the distinct lack of SA or VP seats means your best bet by far is going through recruiitng now and trying to be an associate.
PS: getting promoted at a large cap MF is near-impossible. I know everyone think's they are the special one; but statistically the odds are that you will not get promoted and get pushed out. Some of these MF's will promote 1 or 2 associates out of a class of ~10. Statistics point to that not being you.
Lateraling is extremely hard no matter where from. I am at a top UMM (15bn+ fund size pure play PE) and most of the associates who didn't get the SA promote end up at a sub-1bn PE firm (rarity someone ends up at a similar-sized firm for SA). Different story if going to business school, which effectively resets you. Very similar story for most top UMM/MF's. It's simply a numbers issue; there are far more associate or analyst seats vs SA seats and VP seats. Additionally, most firms will promote from within either directly or b-school, meaning there is 1-2 spots at most (often zero) for most instiutionalized flagship PE funds above 2-3bn at the SA or VP level.
Lmaooooooooo Analyst to VP. Get me some of what this guy is having
Entitlement is crazy… first worry on staying on as associate vs vp which is more than 6 years down the road.
Likelihood is you will not do any deals at your mf and will be washed out. Not to mention the hours which you have not experienced. LGP and other funds are not waiting to hire you.
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