I was wondering how to become a HF raiser?
The jobs seems like a perfect fit for me, I always wanted to work in an HF but I came to the conclusion that making analysis all day wasn't for me, I would like to deal with potentials investors and try convince them. I think that there isn't a set path to this position as there is for PE or PM in HF but I would appreciate if anyone can share some insight on this one.
Regards.
Start in sales/marketing someplace and hope to make a move. Mutual funds, institutional asset management, wall street all have these roles. You should keep in mind that it'll be a while (several years) before anyone puts you in front of a client and in the meantime you are going to be doing power point presentations and copying/pasting precanned responses to RFPs. I know you said you didn't want to do analysis all day but without having done so I question how anyone can effectively communicate with a client how the fund's strat works.
Thanks for your answer. When I said that i don't want to make analysis all day it's that I don't want to do it for several years, if I have to do it for 1,2,3 years and I know that it will allow me to pursue the job that I want, i'm fine. Are you currently in a such position ? How do you know that I will have to do presentations and powerpoints ? It seems like banking or consulting lol. If you could elaborate a little bit more with the day to day job I would appreciate it and give you the few SB that i have.
Well if you're coming out of school you'll have no contacts and no way to raise capital on your own right? If I brought you into my HF and said go raise me some capital what would you do? Like I said you can start out in a similar role on the sell side or at a larger asset manager where you might get some exposure sooner but if you start in capital raising at a HF you're going to be supporting someone fairly senior for several years while you slowly make contacts and start getting invited to meetings. Your day-to-day would be to support him (presentations, gathering data that he might need, writing letters/RFPs, etc).
Thanks you again. You're right, I think I should start in PWM or in a mutual fund, I will still have to do grunt work but I think that there is a real training in this programs that are used to take graduate.
Ignore the poster above. What you are describing is Cap Intro...its based within prime brokerage of most major banks. The path to this is the same as S&T, as you can request to do a rotation through them.
Uhh you have no clue what you're talking about, huh? He said he wanted to work for a HF. There are certainly people at HFs that are responsible for raising capital for the firm (which if you reread his post is what he wants to do) but they tend to be senior people who have contacts at private client/wealth management firms, consultants, etc. There are people with large HFs that support these people but they don't do the type of work that I'd think he'd want to do. Like I said they create presentations, respond to RFPs, etc.
I work on the trading side of a $3B AUM multi-strat HF... We have two rain makers who bring in a lot of money and they each have 2 people working for them as described above.
Why dont you ask your "rain makers" how they got there in the first place...the set path for this is cap intro...for the OP who doesnt know what that is since here referred to it as "private brokerage", you should read up on it....for cs arb, if you work in cap intro you meet the institutional clients who actually invest in HFs...this is a very clear cut path and not as unclear as you purport it to be...also PWM would in know way help you make contacts, unless you trying to raise very very small HFs...
I know someone that has this role at one of the largest hedge funds. He started his career in wealth management for high net worth individuals.
CS Arb - Do you know if this is a lucrative career?
@Bernankey: I know what is private brokerage and that's not what I want to do. Thanks for your answer.
@pacman22: Thanks, yeah I think that starting in PWM could be a good idea, it allows you to know wealthy people that are willing to invest, and, you learn how to persuade people to trusut you, I think it could be a very good start.
@CS Arb: Yes, I think that the job that I described in my first post is what you called "rain maker". I'm more interested to make the links beetwen the HF and the investor than investing directly myself.
Maybe I could start in PWM or in a sales role in a big mutual fund and then become a raiser in a smaller fund, I think that it's easier to skip the supports position in smaller funds and then go to a bigger fund. When you say more senior, how old are they roughly ?
Yes, very lucrative once you get to the one who actually has the contacts and brings in the $.
Thanks - would it be possible to make 7 figures in a role at a multi billion dollar fund?
Or is it more lucrative to work as a third party marketer representing a number of different strategies where you can benefit from all market cycles?
I know there are a number of different variables but just in general?
In my experience, cap intro is dominated by women who are not ugly. That is not a coincidence.
Gotta get the glengarry leads man
Gotta get the glengarry leads man
Does interning help as much as getting a job?
PWM or Private bank role would help in acquiring valuable contacts/skills.
you might want to look into private funds groups. UBS and CS both have sizable ones within IBD but lots of banks spun them off after the crisis. they generally raise capital for alternative assets funds including hedge funds and yeah most of what you do is perform due diligence on the funds and put together marketing materials i.e. pitchbooks and private placement memoranda. also eaton partners, mercury capital advisors are top independent ones.
cap intro is slightly different since its generally a "free" service provided within prime brokerage and fundraising is ongoing
Thanks for your insight garelj. I will try to reach some people in cap intro in order to get more informations.
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