Primary PE Investors
What are the best Fund of Funds for primary investing in PE? Do any have offices in Chicago outside of Adams Street?
Currently I am an associate at a MM PE firm looking to make the switch over. Is it common for LPs to have non-solicits in place for GP employees?
Separately, what recruiting firms represent Fund of Funds for associate level positions?
Usual big players are HarbourVest, Hamilton Lane, AlpInvest, StepStone. GCM Grosvenor is based out of Chicago, they are probably next step below the ones I mentioned prior. All these funds should have Analyst and Associate roles although there are mixed reviews on the junior experience and comp depending on which funds.
Other reputable CHI shops
Based on the most helpful WSO content:
Best Fund of Funds for Primary Investing in PE: While specific names aren't explicitly mentioned in the context, Adams Street Partners is highlighted as a notable player in Chicago. For other top-tier Fund of Funds, you might want to explore firms with strong reputations in primary investing, secondaries, and co-investments. Networking events and databases like Preqin, PitchBook, and CapitalIQ are often used by professionals in this space to identify leading funds.
Offices in Chicago Outside of Adams Street: The context does not provide specific names of other Fund of Funds with offices in Chicago. However, Adams Street is a well-known presence in the city.
Non-Solicits for GP Employees: It is not uncommon for LPs to have non-solicitation agreements in place for GP employees. These agreements are often designed to protect relationships and prevent conflicts of interest. If you're considering a move, it's worth reviewing your current employment contract and consulting with legal counsel to understand any restrictions.
Recruiting Firms Representing Fund of Funds for Associate-Level Positions: The context mentions that firms like GTCR, BDT, and MDP in Chicago are represented by recruiting firms such as Dynamics, Henkel, and GoBuyside. While these are not specific to Fund of Funds, these recruiters may also have connections in the FoF space. Tailoring your outreach to these firms and expressing your interest in Fund of Funds roles could be a good starting point.
If you're looking for more specific names or additional insights, networking with professionals in the space or attending industry events like SuperReturn could be valuable.
Sources: Starting a Private Equity Fund/Firm, Associate in Private Equity FoF - will answer questions, Best Chicago Funds in 2022 and Beyond?, Q&A: Private Equity Fund of funds - GP Evaluation/ Due diligence, Why Are Fund of Funds looked down upon?
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