What do LMM PE Associates do ?
Know that for a lot of the name brand MF, the idea is you do your two years and then go HSW, or to a hedgefund.
But wondering what happens to LMM associates ? Know the idea is that they have a higher likelihood of sticking with the firm to VP, but what happens if they like PE but don’t like the firm ?
Can you lateral to another geography or up market? I see a lot go to your random corporate gig, but not sure if that’s by choice (eg they decide they hate finance and want something chill where they can have a family etc), or what happens to the hardos who don’t want to stay with the same firm for whatever reason
Of the 3 associates in my LMM class one went to do corp finance at a portco, one lateraled up market to a Sr. assoc role, and the other lateraled to a smaller fund VP role
Speaking from London - but do see people move 'upmarket' as a lot of skills are transferable - not easy ofc, but possible.
Otherwise, people go Corp Dev etc.
Following
Typically see them lateral to another fund that is similar if the intention is to stay in PE. It can be in a similar geography or can be different. Going up market is difficult if you are at a $250m fund and trying to go something extreme like a $2b fund since the check size and target criteria is probably different between these two funds but wouldn't necessarily say fund size is the only metric to assess since some $2b funds can still be targetted tiny deals they are just writing more checks and will have a larger portfolio of small investments. For example there are LMM funds at places like Platinum or Veritas which are a few billion but target companies that are $100m - $200m in EV.
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