Transitioned from UMM to LMM PE and hate it. Can I switch back?
I worked at a UMM firm ($10-15bn fund size) for ~5 years (including as associate and post-MBA VP) before lateraling over to a LMM firm (~$1bn fund) 6 months ago. I think this opportunity is likely more lucrative in terms of realizing carry (consistent track record of 2.5-3x funds) but the lifestyle isn’t great in terms of hours and both cash comp and soft factors (perks, offices, benefits, travel, etc.) are worse. Moreover, dealing with management teams, lack of systems/process, stingy diligence budgets, less professional admin, LMM business brokers, etc. has been much more of a slog than anticipated and it’s hard to get excited about the smaller dollar amounts even if returns are higher. I’ve been pretty active in terms of deal flow but how hard would it be to make my way back to large MM or UMM again?
Were you asked to leave your UMM fund or chose to leave? AKA would they take you back or too awkward?
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