Feel free to correct me but I would assume it is less risky to join a HF after having 4 years of experience in prestigious roles because of the comp and the ability to gain admission into a top b school if you don't like it, being in the trenches of a company and developing an investor mindset is a requirement in PE so making the move to the public markets isn't as complex as joining right after banking and getting thrown into the deep end and the HF doesn't question your reputation or prestige as you now have  a padded resume. 

 

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