Low quality secondary funds?
I'm not a rockstar but want to get into the industry. What are some low quality funds that might take someone who is decent but not amazing?
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You really don't want to work for a low quality fund... firms that can't generate returns are also unable to raise money and a lot of the time you end up getting paid your base salary to sit around and do no deals because there's nothing to deploy... it's not a good time even as a junior.
You should look into LMM boutiques in T2/T3 cities. Most of these do fine but are just small and pay a discount so harder to attract great talent
Whats an example of a T2 or T3 city?
Dallas, Houston, Austin, Chicago (debatable T1), Charlotte, Nashville, Atlanta, Miami, Philadelphia, Minneapolis, etc.
Dorchester comes to mind as a low quality fund that seems to have hired rando’s in the past w minimal industry experience
How about Morningside and Overbay? Both are independent sponsors.
Looks like they're currently hiring. Any insights on fund performance, culture etc? Haven't heard of them before.
Since they aren't registered with the SEC they don't bother listing all the shit returns in their track record - they take those out and just show the okay ones. Firm uses a ton of leverage as it thought of as a retail bucket shop
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