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
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Great thread idea - hope it gets traction. I also need a new job lowkey lol so help a brotha out
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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
This is completely wrong. Advent, GA, WP and APO all promote directly through. Believe the MFs who require MBA still are Carlyle, CD&R, H&F and maybe Bain
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).
Why are you no longer interested in MF?
My MM is far sweatier than the MFs my banking peers went to. Feel that it’s very much firm by firm.
What makes it sweaty? Culture or shitty PortCo's or lots of having to do it yourself admin type stuff?
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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