When does a MM transition to a UMM?
In your opinion, when does a firm definitively transition from a MM to a UMM? Is it just by most recent fundraise (moves above $3B)? Is it determined by the types of deals they do (size, brad recognition, etc.)? Their own brand recognition? Also, how much evidence do you need to “confirm” the transition (is a single fundraise over $3B valid)? Curious to see as the line seems blurry.
Who cares. Figure out what you're trying to solve for (comp? prestige? returns performance? investment style?) and go for that.
Mostly a personal curiosity question and to get the opinion of the community. But I agree - the label shouldn't be the primary driver for what you want to go for!
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