I'm a recent graduate joining a LMM firm as their first analyst hire. I've been told this position is pretty unstructured and is going to be "what I make of it." Any tips on how to succeed in this sort of environment?
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The word 'unstructured' is used a lot in funds that have a lower amount of deployable capital, which means their real goal is personnel at this stage. Acquiring millions in AUM is one thing, getting the right people to manage and distribute it is another. Any smart firm knows that its people are their MOST important asset, and working at an LMM fund is a great place and opportunity to use what so many UMM and MF employees don't have: your voice.
You're going to get a lot of problems thrown your way, and if you've had any real-world experience (regardless of whether it's in this financial space or anything else) you'll know that the textbook in college isn't how it works in real life. Those carefully-modeled scenarios that you encounter in school and training don't take into account the multitude and the size of problems that you'll be dealing with, which is why so many multitudes of smaller shops and startups fail. It's not that those in charge don't know how to a) manage people or b) manage money, it's just that doing both simultaneously is a challenge that not a lot of people can muster. I sure as shit couldn't do it!
Now, don't interpret this as me trying to shit on smaller funds or telling you that this is a bad thing. It's a great thing. I work at a megafund, and I deal with the F500 corporate strategy public relations machine buzzword bullshit yada yada yada... on a daily basis. At any given point, I could quit on the spot and would have dozens of shops with $1b AUM try to scoop me up at any moment. A lot of the time, I think I'd even prefer it! So use this opportunity to get to know your people, know the space, and form relationships with those in higher positions. At bigger funds, it's a lot harder to get the MD's ear on something. If you can do it now, go for it!
Most importantly, my number-one career-profiting move throughout my tenure in this space is observing and watching what other people do. Chances are, the founders of your fund are ex-MD or ex-SVP of a larger, more prominent space. They have years of industry experience, technical intelligence, and understand how this game is played. If you see them do something that looks interesting, try to figure out the why and the how of what that is. If you don't understand, ask them! Unless you're blatantly wasting their time, most higher-ups genuinely enjoy being asked what they're doing by the newer hires, and are more than happy to explain it to them. That's how I am anyway, and that's what I've experienced in my tenure working in the space.
But take a breath, show up early, and know that you will get out what you put into this job. Nerves are probably high, which is okay. Just remember that you're the new guy, and the new guy doesn't have to solve every problem on day one. The longer you're in this game, the more comfortable you'll get. Best of luck to you. Go kill it out there.
Wow. Really appreciate the thorough response and your honesty! Will definitely take this with me.
It's a similar approach to an unstructured internship. The roles and responsibilities are fluid and can vary day-to-day.
I'd pay close attention to what people say at team meetings and ask if you can get involved/help out. For example, a portfolio company might need a revolver to address working capital needs and to increase liquidity. Ask if you can hop on the phone with prospective lenders and help prepare materials for that process. Start with simpler tasks like the one I mentioned above and work your way up to getting involved on a significant platform acquisition.
The best way to build confidence is to knock out simpler tasks. The worst feeling in the industry is sinking on a big task and losing the confidence needed to perform smaller tasks well.
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