How common is it for senior associates at mega-funds to lateral to middle market funds at the VP level? (i.e., getting a title promotion by lateraling, rather than getting it at the fund you were working for the last few years)
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In the red hot 2021 market, there were lots. In the last couple of years though, I've only seen a few go from MF/UMM to a much smaller fund as a direct promote (e.g., $5B+ fund to $1B fund). But otherwise, almost every lateral I've seen takes an extra senior associate year before the VP promote. Mostly just a risk management move for funds
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