It seems that the composition of many UK MM funds is heavily weighted towards ex-Big Four employees. Why is that? Is it because their previous experience would be better oriented for smaller deal sizes?
| +89 | Nothing to do at work & bored to hell | 9 | 17h |
| +67 | Do people over-index on 'moats' | 22 | 10h |
| +52 | Predicted Net Worth in Trodden Finance Path by 60? | 20 | 17h |
| +44 | Biggest (avoidable) failures in PE Investments? | 25 | 12h |
| +38 | Why is ROIC never really a topic when looking at companies IRL | 11 | 4d |
| +24 | What do you think of PE Value Creation Careers in 2026? | 6 | 2h |
| +19 | Senior IR Lifestyle | 3 | 6d |
| +12 | NY LMM PE Recruiting | 3 | 1d |
| +12 | Honest opinions needed about lateraling | 4 | 2d |
| +12 | How to approach Buyside Recruiting | 3 | 5d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Bump
A lot of the partners at these smaller shops were at Big 4 2-3 decades ago and hence value the experience.
Their deal experience is more relevant. They also have lower comp expectations.
ACA is highly regarded by these firms for some reason + the experience is more relevant
Basically no point doing IB if you want to go for MM PE in the UK, despite what this website will tell you..
Fully agreed (and I hope my post history is consistent about this topic!)
That said, you have to be the star pupil at the Big 4 to be a candidate to move to TS or FDD or the like. And put up with crap pay for a few years.
Being a qualified accountant is highly valued (especially those employees with FDD experience or other related areas). In many cases a lot of analysis will be done internally rather than using external advisors, at least at an early stage - there's smaller deals and lower budgets. I expect there's something to be said for the smaller deal size argument too.
Why hire a banker when you could hire something with a stronger accounting skillset and (probably as another commentor has mentioned) lower comp requirements?
To be honest it's sometimes a wonder that the MFs hire bankers at all, especially when so many are hired with 1 - 2 years' experience (often this will literally be shuffling logos and making company profiles for a good portion of that time). I guess that MFs like that (A) Banks are typically super selective with candidates, so they can rely on the "seal of approval", (B) there's a need for more complex deal structures (multiple tranches of debt, etc., although you have to believe an AN2 comes with that and it can't be easily learned), and maybe (C) bankers are probably more tried-and-tested with consistent crazy hours that (some) MFs are known for.
Beatae facilis ut corrupti est fugit qui. Quia facilis repellendus consequatur omnis corrupti non. Excepturi eaque doloribus beatae corporis. Praesentium distinctio sunt sequi rerum voluptates sit. Laborum quam ut nesciunt sunt et adipisci omnis enim. Nisi molestiae commodi quia voluptates soluta possimus. Mollitia et facilis odio ipsa omnis consequuntur.
Voluptatem consequatur rem necessitatibus distinctio fugit. Corporis ut molestiae placeat dolorem. Provident sed temporibus est. Qui at perspiciatis quos ut autem harum.
Enim corporis aut animi vero hic quia. Sed voluptatem aperiam architecto libero. Culpa voluptatem deserunt est. Autem consequuntur est qui dolores corporis excepturi est.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...