Transition from LMM to UMM / MF?

Currently getting my MBA at an M7 and going to an UMM fund (think $7-10Bn latest raise). I previous worked at a MM / LMM fund ($500-$750MM) and was curious if anyone here has worked at firms of both sizes? How different is the day to day and what should I focus on to be successful at the new firm?

Comments (6)

May 14, 2022 - 7:05am
yeahrightbuddy111, what's your opinion? Comment below:

Unrelated question - how did you do it? I'm about to start at a similarly sized LMM fund and have a deferred admit to an M7 school. Can PM if that's a better forum to discuss.

Most Helpful
  • Associate 3 in PE - LBOs
May 14, 2022 - 12:38pm

Worked at both MM and MF (pre-MBA however).  Culture/strategy obviously varies from firm to firm, but some key differences I noted:

- Much more narrow focus on deal execution at the UMM/MF level.  We had an army of in-house / outsourced legal, operating, and consulting resources and ancillary work streams like legal doc negotiations, industry work, and post-close value creation was never directly on my or the VP's plate.  You were still coordinating/quarterbacking amongst these resources as a VP, but not really involved in any work creation.  At the LMM, we did a lot of the primary industry diligence ourselves, worked directly with mgmt. on a variety of initiatives, marked up legal docs ourselves, etc. 

- Better resources at the UMM/MF level.  Access to a bunch of different group/industry-specific databases, news sources, consultants, etc. in addition to the above. 

- Larger deal teams at the UMM/MF level. Often found more layers both below and above the VP (Assoc, Sr. Assoc, VP, Principal, and then often multiple Partners).  If a deal was particularly hairy or complex, would sometimes have a second VP pulled in (say if we were buying a conglomerate company with several very different divisions). 

- Higher caliber mgmt. team. Many of the CEOs I dealt with at the LMM didn't even have college degrees and were just really scrappy entrepreneurs that knew how to hustle.  All the execs at the UMM/MF portcos were much more polished/well-pedigreed.

- WLB/culture.  Found the LMM culture to be much more "family friendly".  All the VPs were married with kids (and wanted to eat dinner with their families) and partners tried to avoid weekend work for deal teams when possible.  UMM/MF culture was way more hard charging, and often times felt like the partners viewed everyone below them as resources to churn through deals.  This will vary highly from firm to firm however. 

  • Analyst 1 in PE - LBOs
May 14, 2022 - 7:10pm

Thanks for the write-up. Not OP, but I had a few questions.

1. Were you in a MM analyst program?

2. How did you recruit for MF roles without people finding out you were recruiting? For context, I'll be joining a MM platform in a non-NYC city as an analyst and would like to transition to UMM/MF in NYC for my associate years.

  • Associate 3 in PE - LBOs
May 17, 2022 - 11:21am

Eos sit sequi minus nihil. Perspiciatis quam adipisci esse rerum suscipit totam necessitatibus. Sequi voluptatem odit nihil quos. Quas quia libero omnis autem et aliquid hic.

Eum suscipit doloribus impedit voluptates ab vero occaecati. Sunt sint facilis qui voluptatem sapiente culpa. Aliquid molestiae dignissimos voluptates nisi ipsam. Dolorem ut quidem cupiditate illum fuga. Tempore eligendi qui voluptatem fugiat qui rem. Non dolores dolorem vitae laborum temporibus distinctio. At recusandae officiis in optio.

Rem labore saepe ut modi dolor dolor ea. Sit tempora voluptatum suscipit ducimus ut explicabo. Tenetur aut impedit reiciendis et.

Nesciunt ipsum harum illo adipisci ducimus voluptas et. Autem dolores quis eligendi dolores. Et fugiat reprehenderit dolorem officiis. Aut quis eligendi aspernatur debitis.

Start Discussion

Career Advancement Opportunities

June 2022 Private Equity

  • The Riverside Company 99.4%
  • Apollo Global Management 98.9%
  • Warburg Pincus 98.3%
  • KKR (Kohlberg Kravis Roberts) 97.7%
  • Blackstone Group 97.1%

Overall Employee Satisfaction

June 2022 Private Equity

  • Blackstone Group 99.4%
  • KKR (Kohlberg Kravis Roberts) 98.8%
  • The Riverside Company 98.3%
  • Ardian 97.7%
  • Bain Capital 97.1%

Professional Growth Opportunities

June 2022 Private Equity

  • The Riverside Company 99.4%
  • Warburg Pincus 98.9%
  • Bain Capital 98.3%
  • Apollo Global Management 97.7%
  • Blackstone Group 97.1%

Total Avg Compensation

June 2022 Private Equity

  • Principal (8) $676
  • Director/MD (20) $595
  • Vice President (79) $360
  • 3rd+ Year Associate (81) $273
  • 2nd Year Associate (183) $266
  • 1st Year Associate (346) $226
  • 3rd+ Year Analyst (27) $157
  • 2nd Year Analyst (71) $134
  • 1st Year Analyst (210) $120
  • Intern/Summer Associate (22) $67
  • Intern/Summer Analyst (250) $58