I have been asked by the firm I'm working at to move to an Asia satellite office in order to bolster our presence in a certain sector. I am curious if anyone has encountered anything similar, and what you did. Pros and cons would be much appreciated. Note: I have an ethnic background from this country but I was born and raised in the US.
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Hey there. Never worked in direct PE but am currently an LP so I see all of the returns and how people’s careers have progressed (I’m older than most here). I also lived and worked in Asia for over a decade.
I don’t know your personal situation or career goals but I would personally look to make it a temporary role in that you have a guarantee or role at home base after a few years and a promotion to boot (for doing your firm a favor). Now you could get married, be super successful, love Asia and settle there etc but hear me out.
Your career prospects and upward mobility is probably capped in Asia. Why? It’s a region where everything is typically personal and you have to know people / be connected. Where you went to school, who your parents are, who you know in govt (these all overlap a lot) really matters. And that role is usually filled by pure locals. These are the people that get promoted and paid and move up and start funds and are stereotyped in Crazy Rich Asians or whatever. Sure you can make MD (maybe)… but you’ll always be a grunt and an outsider. Many people are cool with that.
The other thing, generally returns in Asia PE have been lower than the US/DM and with higher volatility. People are less technical and frankly the quality of training and intellect is nowhere near as good. Then there are just the macro and micro dynamics that make negotiation and exiting so hard. I’ve seen it with friends and peers and not just as an LP (I also used to manage a book at a HF). So at a point pretty quickly you will stop learning and growing and the firm won’t make as much money in Asia (great for fundraising though).
Finally in your career… proximity to the top matters and Asia takes you away from that. Be mindful.
I hope this helps and perhaps someone can give an opposing point of view to flesh things out more.
Good Luck
Can you PM me? I’m making a move to my firm’s Asia office in a few months and would love to chat
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