Fund of Funds Private Equity
Does anyone have any insights into comp, culture, exits etc?
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Hey RealGermanHardo, what a lonely thread. I'm here since nobody responded ...so maybe one of these discussions will help:
More suggestions...
If those topics were completely useless, don't blame me, blame my programmers...
Was previously an analyst at a smaller FoF shop where responsibilities were split but I primarily focused on equity co-investments. Comp was ~110k all in with 1 year prior of work experience. Although the job wasn't modeling intensive, we would build models alongside the sponsor's model with our own base case assumptions as well as meet with management teams. I typically got in the office around 7:00-7:30 and left around 6:30-7 most days. The firm I worked at was smaller than Alpinvest, Ardian, HL, Coller, Harbourvest, so the org was a much less structured but fortunate the people were great. When I left I had exit opps to go to a larger FoF platform (like those I menttioned), IB Private Funds Advisory, and LMM PE and Growth Equity, where I ultimately ended up. I'd say I was fortunate to join a great firm at the right time and was able to receive solid compensation with great work/life balance. If you're solely doing primaries, the work can definitely get repetitive and boring over time, but the way FoF are perceived on this forum are exaggerated imo. Unless you are able to blend down the fee structure, I agree with those that argue against the layer of fees with FoFs, but I also don't see the industry going away anytime soon. Most shops are now pivoting to essentially become direct investors in some form anyway (i.e. AlpInvest, etc.)
Thanks for the information - helpful. Quick question, how did comp scale and WLB change? 12 hours a day is pretty good if no weekends. If you stayed, would you have the option to get into the carry? Out of interest why did you not switch into one of the larger FoFs? With Alpinvest - are you referring to these FoFs doing more 'co-underwrites' rather than equity syndication?
Lastly, do you think a minority equity / sub debt focused fund could be a potential exit op with the skill-set you developed?
Thanks!
Don’t have the most accurate numbers with comp scaling because it’s to variable, but at the firm I was at, pay scaled roughly in line with private credit shops of similar size. I interviewed with several of the larger firms and just didn’t like how structured all of them felt. I personally enjoy a smaller and more collegial work environment where the opportunities to advance are often clearer. Yes, I left and was able to get a seat at a LMM firm doing growth equity type deals and knew others I worked with that left to credit shops. Backgrounds for my firm varied but we had all types of people from IB, private credit, traditional PE, MBAs, and big 4 TAS. If you are smart, develop solid modeling skills, and can understand and step through direct co-investment deals at length, you can find a quality direct investing seat. I would be wary of getting stuck in a seat where you’re just doing primaries, as that can seriously hurt your chances at exit opps.
Hi, I'm currently in IB and thinking about moving to Secondaries / co-investment. I'm very interested in your experiences. Would it possible to PM me? Thank you very much.
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