I'm currently at an EB and while the work itself isn't bad I hate the lifestyle (hours/culture). So now I'm wondering how the lifestyle will be at a LMM PE fund with ~$500m AuM or maybe even less.
I'm especially interested in the hours. Are 50-60 hours the norm?
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A lot of threads on this and you won’t get anything more concrete than: it depends. Everything from banking 2.0 to 50 hours/week.
What about PERE and FoF funds? I heard that lifestyle there is drastically better than traditional buyout shops.
Probably for FoF, but how much better will vary and you’ll certainly make less and have less career flexibility. REPE is very different from what we’re discussing here and the background of people who go to REPE is quite different from regular PE. Compensation is also significantly lower from what I’ve seen/heard (I’m not in RE so this is second-hand).
Really don’t know many guys who regularly work 50-60 hours. Have not met any people in this industry that are 100% free from work on the weekends.
** Wants to do IB for models and bottles - gets shafted for the first week of the internship - tries to exits to LMM PE... **
Can't speak for Europe, but certainly not the case in the U.S.
Is it closer to 70? Damm so much for a better work-life balance
Ebbs and flows and depends on the structure, but at a fund size of ~$500, there will be a ton of in-bound CIPs to review (if there are good BD people, that may be lighter), along with deal diligence, etc.
I'd guess 60-70 is probably more accurate just knowing some of the funds in that realm. The difference is that you are less likely to have as many 90+ weeks. I just can't see that many 50 hour weeks in this market.
To address one of OP's points, the culture will be largely dependent on the GP and location. Given these LMM shops are inherently smaller, culture is largely dependent on a couple of founders / members of the GP who set the tone. Fortunately, this can be assessed during the numerous rounds of interviews you will endure with the team.
Regarding hours, the job will still be more-or-less all encompassing. PE isn't a good industry for someone who values a schedule with predictable hours. There may be some 50 or even sub 50 hour work weeks after a deal closes but these are generally fleeting. It also depends on what level you are speaking about. As you get more senior you can control your schedule a bit more, but travel will increase commensurately.
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