Lateral from Sr Asc to VP?
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)
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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