Warning re: LMM PE
This thread is more to vent than anything else, but just wanted to share that I've been working as a senior associate at a LMM firm for the past year or so after spending two years at a MF and two years at a top BB IBD group and this is by far the worst WLB of the three roles (exaggerating a bit here). For context, I'm at a relatively new fund with a very lean team so very clear path for upward mobility, outsized carry allocation, etc. which is why I chose to try this role out vs. business school or lateral to another large cap fund (also thought the lifestyle would be much better). Unfortunately, my hours are significantly worse than they were at the MF and the work is much more nitty-gritty portco management, process management, screening shitty deals -- way less intellectually stimulating while simultaneously requiring significant mental exertion. On top of that, I didn't realize how stingy the partners would be -- I was already taking a very significant haircut on base+bonus, but have gotten no guidance on upward mobility, sharing economics, etc. because the firm "doesn't believe in making promises." I don't think it's a performance issue as my feedback (both formal and informal) has been great -- it's just the way the firm operates.
All of this is to say, don't just blindly take a MM or LMM offer because you think it's a better lifestyle or has more upward mobility. It varies tremendously by firm and there are many places that have significantly worse work life balance coupled with weaker brand recognition and shitty comp, so be very thoughtful and do your diligence before accepting an offer at a place like that. Thanks for coming to my ted talk.
Your last paragraph captures it well — life at a LMM PE shop is going to vary wildly depending on the culture instilled by the founders / partners. Usually this is 1-3 people. If they are workaholic slave drivers, don’t expect any sort of WLB. If they are chill, big-picture type people, you could find yourself going home at 6:00pm most days. And of course, everything exists in-between.
That said, a few observations:
1) The work is definitely different, as you point out. The LMM is generally much more in the weeds on portfolio company initiatives. Some people love this as it gives them exposure to all sorts of operating company issues. Others hate it if they just want to focus on deals.
2) I don’t understand how you can view the job as way less intellectually stimulating but also requiring more mental exertion? What exactly do you mean here? I would think that the more you need to think / use your brain, the more stimulating it would be. I assume the fact that you don’t like the type of work makes it even more cumbersome on you.
3) Keep in mind that one of the reasons your hours are worse is that you’re utilizing and building a new skillset. You’re right that a lot of junior LMM roles include a ton of process management. That’s why many LMM shops hire from MM investment banks rather than bulge brackets — in the LMM, modeling is only a tiny aspect of the job while other deal responsibilities take priority. The skillset you’ve honed in a top BB and MF are relevant, but different, and in some cases may hinder you because the processes you’re accustomed to are different. The more time you spend in the LMM, the better the hours will be as you get up the LMM learning curve.
4) Pay is almost always less in the LMM unless you have very generous partners. That’s just the way it goes when you manage less capital. I suggest you find another firm with a better culture / WLB — you seem to have ended up on the extremely negative side of the WLB + pay distribution.