Hey guys. Wanted to see if I could get some advice. At a high level, was in renewables PF for 2 yr at a large bank. Wanted to try something new (despite liking the PF world). Ended up recruiting - got a few looks at several reputable MM PE firms but ended up going to an LMM PE energy fund and have worked there for a yr. I enjoy working with the people and find the work intellectually stimulating; however, I am lightly considering moving upstream to a MM PE firm (whether or not doing pure infra and/or corp I'm indifferent) to work on larger, more complex transactions. Obviously haven't made up my mind given how much I like my current group but wanted to ask a few questions:
a) Recruiters were circulating my resume to MM PE funds before my current role. Does my LMM PE experience role make me a more or less attractive candidate?
b) I normally work 50-80 hrs a week at my current fund and found the workload to be fine. I am married and don't believe the hrs have impacted my relationship in any way. I believe working more hrs is fine but am hesitant (my wife is also in high finance so she is very understanding). Are MM PE infra or corp roles more hr intensive? Generally would like to stay within the ballpark of 60-80 hrs a week.
Thanks!
Based on the most helpful WSO content, here’s what you need to know:
a) Does your LMM PE experience make you a more or less attractive candidate for MM PE?
Your LMM PE experience can be a double-edged sword when targeting MM PE roles. On the positive side, LMM PE often provides exposure to a wide range of responsibilities, including sourcing, working closely with portfolio companies, and even leading deals. This hands-on experience can make you a strong candidate, especially if you can articulate how your skills are transferable to larger, more complex transactions. However, the challenge lies in the perception of brand name and deal size. MM PE firms may prioritize candidates with experience at larger funds or those who have worked on higher-profile deals. That said, your prior renewables PF experience at a large bank adds credibility and could help offset any concerns about your current fund's size.
If you’re serious about moving upstream, it’s crucial to highlight the depth of your deal experience, your ability to handle complexity, and your adaptability to larger transactions. Networking and leveraging relationships with recruiters who understand your background will also be key.
b) Are MM PE infra or corp roles more hour-intensive?
Hours in MM PE roles can vary significantly depending on the firm’s culture, deal flow, and sector focus. Based on WSO insights: - MM PE hours: Generally range from 65-85 hours per week, with live deal sprints pushing the upper end. Some MM shops offer better work-life balance, with typical days running from 9 AM to 7 PM and weekends mostly free, but this is not universal. - Infra vs. Corp PE: Infrastructure-focused roles may have slightly more predictable hours due to the nature of the assets and longer deal timelines. Corporate PE roles, especially in generalist funds, can be more intense due to the diversity of sectors and deal types.
Given that you’re currently working 50-80 hours a week and find it manageable, transitioning to MM PE should be feasible, but you may encounter periods of higher intensity, especially during live deals. It’s worth researching specific firms to understand their culture and workload expectations. Some MM funds prioritize work-life balance, while others mirror the grind of larger funds.
Final Thoughts:
If you enjoy your current group and the work, carefully weigh the trade-offs of moving upstream. MM PE offers exposure to larger, more complex deals, but it may come with longer hours and a more competitive environment. If you decide to pursue this path, focus on positioning your LMM experience as a strength and target firms with cultures that align with your lifestyle preferences.
Bumping for viz.
What’s your comp like?
I was at a corporate LMM/MM fund but considering moving into infra IB for a career reset. Do you like infra? What does the fund comp compare to PF?
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Also want to bump and ask for advice - currently a college student about to intern at a renewable company in their Asset Management group this summer and was wondering what the path forward is like + how to recruit for the renewable sector if I want to pivot to PF/IB/PE.
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Spent time in both LMM corp PE and then large cap infra - generally much easier to move downmarket vs. upmarket but going LMM to MM is not unheard of. The current market is a tough one for laterals however.
At the MM level, hours are highly firm / strategy dependent. You have LMM funds that grind their associates to the bone doing tons of small checks / lobbing in tons of lowball LOIs / heavy buy and builds / lots of portco work and on the flipside MM firms with great cultures / more concentrated bets / less portco BS that result in more sustainable WLBs. Will really vary, though would note NYC WLB tends to be worse vs. other markets.
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