MF/UMM Associates who have gone to MM how is your experience?

Currently at an MF and my two-year program is coming to an end in a couple of months (my firm requires MBA to continue) and so I've been looking for a lateral associate/sr. associate roles


With the lateral market being cold/closed the only opportunities I've been seeing are within the MM space (latest fund size ~1-2bn). I plan on going 'downstream' as I can't see myself enjoying the MF space as a VP+ (but was initially targeting funds in the 4-6bn range) but going from a $15bn+ fund to $1-2bn seems like a really big 'downgrade' as such I would like to hear how your thoughts on your experience after lateraling and if you have any regrets

 

Don't have the knowledge to contribute to this thread but on a related note, what is the complete list of MFs that require MBAs to continue past ASO? Is this ever negotiable if you are a top performer or do they quite literally force you out? Which firms don't require?

 

don’t hardly any firms require it? what do? i’m not sure

 

Not a specific answer to your questions but it's becoming more and more popular as the industry gets more saturated... it's a way to defer giving up more carry while making your fund look more 'prestigious' to LPs.

Before I get MS on this, our old intro decks would list out all partner, VP and operating partner MBAs so it definitely is a thing (at some firms).

 

My MM is far sweatier than the MFs my banking peers went to. Feel that it’s very much firm by firm.

 

I would break into two buckets. One that is a function of investment size - PortCos lack sophisticated managers so you have to step in, Buy and Build strategy far more prevalent leading to endless add-on diligence - and the other that is firm specific related to running at / attempting to pre-empt every process and having a diligence process focused on “no stone unturned” vs “getting the key issues right”. For your purpose I would look at the first bucket and ask if you are comfortable spending more time in the actual operations of your PortCos & handholding management teams

 

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