Boutique PE Fund of Funds vs. Institutional Investment Consulting*

analytical21's picture
Rank: Chimp | 14

Hi WSO,

You guys have been great in the past with questions, so I'm hoping for a little advice. I've been working at a top 3 investment consulting firm (mid/front office role), and passed the first 2 levels of my CFA. I've been offered a position to move over to the direct consulting side (and possibly AM side for outsourcing institutions down the road). I'm also interviewing with a $10B PE FoF/hybrid (they do FoF, secondaries, and co-direct investments) investing in the buyout/VC and small allocation to distressed - I'd be a general analyst working across all investments.

I'm planning on going back to B-school regardless in 2-4yrs (undergrad was very non-target). Which do you think would be the better route long-term to get into a direct fund role? I had been hoping to move to either a HF/PE fund down the road, or even a mutual fund if possible, but haven't had much luck (even getting in the door for ER interviews).

Comments (3)

Jan 14, 2014

This is an easy one (assuming equally stable firms, etc.), take the PE FOF/hybrid role - you should not take a consulting position if you want to do investments. It will be difficult to ever get to a direct role regardless, but at least if you go work at the hybrid you could get exposure to secondaries and co-investments, build some relevant skills and relationships and at least be able to stay on the investment side. Some of the secondaries/co-invest shops also pay well in relation to the work/life balance, at least once you get past the Analyst level.

Feb 5, 2014

Which one did you pick?

also interested in your PE FOF/hybrid interviews. How was your interview experience? What kind of skills set or qualities are they looking for in the candidates?

Aug 3, 2014
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