Lifestyle PE Funds in NYC?
Fairly burnt out from IB after three years, and not really sure I'm ready to take a big pay cut and/or leave NYC for Corporate Development just yet, so giving PE a second thought. It seems like WLB can be a bit of a crapshoot even in the middle market / lower middle market space, so I was just wondering if anyone had any insight into more lifestyle oriented funds in the city? Have friends who made the jump from banking, and about half of them are working similar hours to banking while the other half seem to be enjoying significant improvement. Would just note that the ones with the least hours all seem to be outside NYC, for what that's worth. Appreciate any insight here.
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By lifestyle, if you mean a consistent 60-70hrs, I think that's very hard to find in NYC given the culture here and nature of deal sprints in PE. I have some friends that have decent WLBs but those are at funds in Westchester/CT and require reverse commute. That being said, I have come across a few select LMM/MM funds in NYC where it did seem more sustainable (i.e. if you're not a live deal, you're at 60 hours but all bets are off on deal sprints).
If WLB is the priority, would consider an LP/FoF type role. Probably not as interesting, but comp hit might be more palatable.
I work in MM opportunistic private credit. 30-60 hours/week depending on deal flow. ~$300all in 1st year ASO. NYC... Not PE but depends what you want
Could I pm you for more info?
Would you mind Pming me the name of the fund? Interested...
Mind PM'ing fund name as well? Thank you
Are you at like Monroe or TCW?
So I know for a fact (through friends / interviewing) that there are LMM funds outside of NYC with great WLB (for example, interviewed with an out by 5-7pm place, solid fund too). Is the NYC PE culture really so much more intense that you aren't going to be able to find this anywhere in the NYC lower middle market?
Could you dm some names?
Lifestyle PE fund in NYC is an oxymoron lol. One viable path is to join adjacent PE sub-verticals in NYC that provide much better WLB (40-60 hrs) with comp in line or slightly below the direct PE median. FoF/co-investing/secondary/private credit/growth equity/corporate development are such paths.
If you want to do direct PE in NYC you have to accept the long hours. If you love the industry but want better WLB then you have to leave NYC to a tier 2-4 city (PE in Chicago/LA is long hours too). If your desire to stay in NYC is more than your desire to stay in PE then I would suggest checking out one of the sub-verticals I listed above.
This
I mean deals are intense and any PE funds worth their name will chase deals. That being said, have heard good things about Stellex and you should look for PE funds that don't focus on bank run processes which typically creates those diligence sprints.
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