Cambridge Associates vs Prominent FoF (Grosvenor, Pantheon)
Hello all,
If I were hypothetically fortunate enough to receive offers for FO positions at Cambridge Associates (prominent investment consulting firm) and a FoF like Grosvenor/Pantheon, which would you recommend I choose in regards to better Bschool and lateral exit opps? In regards to pre-B school exit opps, I can actually see myself being in the alternatives space somewhat long-term, and would potentially even like to remain either at a FoF, placement agent, endowment/foundation, etc...
My impression thus far is that Cambridge has a very strong name in the alternatives space, and is very well respected for MBA admissions. This would be for their FO Investment Associate role, which seems to be very similar to a FoF position. The only difference with the two FoF's I mentioned above, however, is that they are also quite active in co-investments/secondaries, which I believe would provide a more relevant skillset should I ever want to do something else.
Thank you all for your opinions!
If I had to choose I'd do a prominent FoF. Reason being you're doing more investment related duties, perhaps covering a particular sector of funds and have the opportunity to do some investing and putting your recommendations into the funds that clients invest in. You'd be a lot more involved in the markets and build much better investing exposure. Not sure what the Cambridge program looks like, but having worked at another consulting firm, my guess would be that your exposure to investing would be better at an FoF. With consulting you're writing recommendations for clients and creating a 'buy list' for managers but don't have any real skin in the game.
I think the skills you develop at FoF give you better exposure to investing, so your exit opps would be better at FoF if you truly want to invest.
Thanks for your opinion saxxyman I think you're right regarding having more skin in the game, but in other oops in the alternatives world (e.g. placement agents, other fofs), would having the LP network one develops from Cambridge help? Here is their description:
Investment Associates (IAs) work closely with our Investment Directors to provide investment and capital markets research, analysis, and advice to our clients. Investment Associates often have the opportunity to attend client and investment manager meetings; however, travel is limited. Each IA is generally responsible for eight to 12 clients and handles several projects at once. While every IA is responsible for arranging his/her priorities in order to meet deadlines, there is a strong tradition of teamwork and cooperation among members of the Investment Associate staff to help manage the workload. Although the position involves quantitative analysis, there is also a strong qualitative component as IAs work to describe market conditions and relay investment recommendations to clients in written reports. In addition to client work, Investment Associates often choose to join auxiliary teams, which provide support for the broader firm and allow individuals to develop skills outside of traditional client work. Tenured IAs have the opportunity to apply for junior management roles such as the Team Leader position. Team Leaders manage work flow, conduct performance reviews, and oversee ongoing development and training for a team of six to eight Associates. Investment Associates (IAs) work closely with our Investment Directors to provide investment and capital markets research, analysis, and advice to our clients. Investment Associates often have the opportunity to attend client and investment manager meetings; however, travel is limited.
We Offer: • A comprehensive training program and continuing education opportunities • A structured mentorship program, which pairs Investment Associates with tenured Investment Directors • Access and ability to attend meetings with clients and top-tier investment managers • Auxiliary teams including: Alternative Assets (PE/VC), Professional Development, Training, Recruiting, and Excel • Junior management roles to gain leadership experience • Support and sponsorship for professional designations such as CFA, CAIA, etc. Requirements: • Bachelor’s degree (ALL MAJORS) with a record of high academic achievement • Strong quantitative, analytical, and communication skills • An interest in investments and the capital markets or related quantitative fields • A demonstrated ability to work independently and as part of a team • Must be eligible to work in the US without sponsorship or restriction
Responsibilities Include: • Analyzing investment managers’ portfolios • Responding to clients’ questions and requests • Gathering and analyzing historical asset allocation, spending, and performance data • Evaluating financial histories • Preparing exhibits and other presentation documentaion
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