Feels like my firm is too stingy on travel and wanted to get a sense for what others are dealing with. Hotels limited at $500 / night and first class travel only if >4 hours. $1Bn MM fund FYI. Have friends at other funds that are first class everywhere, $1k+ hotels etc.—doesn’t really matter in the scheme of things but does make the constant work travel a lot more pleasant.
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Are you an associate ? If so that’s not crazy
Did my Associate stint at a large MF / UMM PE firm in NYC and they had a super flexible travel stipend. No limit on food + first class flights everywhere + black car waiting at airport + no limit on hotel (usually Peninsula, Ritz, St Regis). One caveat on hotel is the deal team usually stayed wherever partner wanted to stay, but it was always higher end of 5 star hotels unless it was middle of nowhere city.
Welcome to MM PE.
Doesn't seem that stingy for a $1bn MM fund tbh. You're not really missing out on shorter first class flights (besides points / airline status) anyways
Similar flight policy here, but offset by an attractive reimbursement policy on tuggies.
Good luck!
I'm perfectly happy with $300 hotels and economy plus. It isn't like you are going to down 3 drinks at the lounge / plane at 6 am and then hit the rental car counter / client office. I pick schedule over perks every time.
Sounds right. As others have said, welcome to MM haha ($2B fund here and my travel rules are equal/worse than yours)
Lol your policy sounds great. At a growing MM (4bn fund) that pays above market, but our travel policy is very conservative. $400 hotel max (inclusive of fees and taxes!), economy+ for flights >4hrs. Maybe you can get approval for business for transcon or international if it’s a redeye or going right to a meeting after landing. Although if the partners are taking the pj you can ride along with them. Meal per diem is $150.
Also have friends at much smaller funds flying business everywhere and staying at the nicest hotels. But hey ultimately it’s our portcos/LP dollars so I can’t complain too much about the partners wanting to be responsible with spend. They follow these rules too so it’s not like they’re living it up while we waste away in row 15.
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