NY Family Offices
Analyst 2 looking to leave IB in the next year or so. Know the hiring environment in PE has been mixed and am really interested in exploring opportunities in the family office space, particularly in NYC. I’d love to hear from anyone with insights into what the family office world looks like - what the culture is like, comp/career progression expectations, and general work-life balance compared to PE/IB.
From my research, it seems like some of the top firms are BDT/MSD, Declaration Capital, Wildcat Capital, Willett Advisors, amongst others. Does anyone have experience or know folks at these places? Would really appreciate any info
Based on the most helpful WSO content, here's what you need to know about family offices, particularly in comparison to PE/IB:
Culture: Family offices tend to have a more relaxed and less corporate culture compared to traditional PE or IB. However, the dynamic can vary significantly depending on the founder's style and the size of the office. Some family offices operate with a "my way or the highway" approach, as the founder often has significant influence over decision-making. If you prefer a structured, corporate environment, a family office might not be the best fit.
Compensation: Compensation in family offices can be diverse. While base + bonus might be lower than PE/IB, family offices often offer unique perks like profit sharing across the portfolio, co-investment opportunities, carried interest, phantom equity, or even loans to invest alongside the family. Over the long term, these extras can make up for the lower base comp.
Career Progression: Career progression in family offices is less defined compared to PE/IB. The highest you might reach is being the founder's right-hand person, as family offices typically don't have the same hierarchical structure as larger firms. However, the exposure to decision-makers and the ability to work on a variety of deals can be a significant advantage.
Work-Life Balance: Generally, family offices offer better work-life balance than PE/IB. Hours are often more reasonable, and the pace of work can be less intense. That said, this can vary depending on the specific office and its investment strategy.
Deal Flow and Experience: Family offices often have less deal flow compared to PE firms. They tend to be more selective and conservative in their investments, as they aren't under pressure to deploy capital within a fund's lifecycle. This can mean fewer opportunities to gain deal experience, especially in divestments.
Exit Opportunities: Exit options from family offices can be diverse but less traditional. Some professionals move into roles like CEO/CFO of portfolio companies, regional PE funds, or even start their own funds. Others transition to corporate finance or strategy roles in F500 companies.
Regarding the firms you mentioned (BDT/MSD, Declaration Capital, Wildcat Capital, Willett Advisors), these are well-regarded names in the family office space. They often operate at an institutional level, partnering with major players like Blackstone, KKR, and others. This can provide exposure to high-quality deals and a more sophisticated investment environment compared to smaller family offices.
If you're seriously considering this move, networking will be key. Many family office roles aren't widely advertised, so building connections in the space can help uncover opportunities. Additionally, be prepared for a less structured hiring process compared to PE/IB.
Let me know if you'd like further insights or advice!
Sources: Would you work for a family office?, Family Office vs. Traditional LP Career Path, Family Office Private Equity, Family Office - Exit Opps, LifeCo Positions on the Equity Side
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Yea family offices are completely different from one another, more so than any profession in finance imo. Some could be 40 hours a week, some are swear shops.
Worked with a lot of family offices when I was in PB, and honestly no two family office is the same. I’ve seen places run at an institutional level where the family is far removed and the principals have the discretion and trust to make decisions. I’ve also seen places where the family office team is treated like slaves and are subjected to absolutely psychotic behavior from the family. It can be a great gig but it’s such a crapshoot.
Thanks for the insights - does anybody know anything about the few I noted specifically in my note (BDT/MSC, Declaration, Wildcat, Willet)? If not, are there any more professional family offices that folks know of in NY? Just trying to get a sense of where to start trying to network and learn more as a next step
There's a pretty big bdt&msd thread on wso - mixed reviews throughout. Would also check twitter to source info
Anecdotally have a friend there and he likes it but ymmv
Spoke to a junior at Willett before who seemed to like it.
There are thousands in NYC, but most don’t have an online presence. Search for Multi Family Offices (MFOs, as opposed to Single Family Offices, SFOs), as MFOs are far easier to break in and find in general. That will then help you find opportunities to network in the FO space
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