LMM Hours
So I know it's firm dependent. But I'm curious as to what is considered the norm/expectation in the industry. How many hours are associates working in 250 - 750 M funds (Size, not Aum) in the Northeast i.e. NYC/BOS? Is it safe to assumed 9-10 M-Th and 9-6 F, with a few hours of housekeeping weekend work when there are no live deals? I'm only curious for when there is no live deal sprint, because those hours will be the same everywhere. I'm currently in banking, hate the hours / uncertainty of making plans on Saturdays / Sundays and am curious if I am being unrealistic with LMM hours.
Thanks all.
What's a common fund size for a LMM firm (250-750MM like you mentioned?) and for MM and UMM
That is the fund size. He said not aum.
Yup, I caught that. So is 250-750MM a typical fund size range for LMM?
With the general caveat that it is firm dependent (as you note), my experience is 8-8 M-TH, 9-6 F with minimal weekend work. There are select few situations where weekend work is necessary if you aren't on a live deal.
A good rule to use when looking into smaller funds is that if the founder/partners came from UMM/MF, then they are likely going to have the same mindset as those firms (i.e. not great hours).
This is great to hear! Can you confirm Location (NYC/BOOS) and can you comment on ASO comp? I'm trying to think about what comp to expect for these hours (which sound amazing coming from my BB coverage team)
Comp is generally $175-225k for associates at these fund sizes.
When not on a pressing live deal: 9-7/8 M-Th, 9-5 Fri. Very rarely any weekend work and a ton of visibility into schedule.
This is great to hear! Can you confirm Location (NYC/BOOS) and can you comment on ASO comp? I'm trying to think about what comp to expect for these hours (which sound amazing coming from my BB coverage team)
My experience was 9-7pm when not on a live deal - very rare to have meaningful weekend work (besides maybe a few hours of playing ahead on Sunday evening). Lots of visibility into my schedule and easy to take weekend trips (week long vacations a bit harder).
This is almost entirely firm/strategy driven. Partners were all family guys that wanted to be home for dinner.
Can you confirm NYC/BOS location and Buyout i.e. Buy and build / operational focus, etc?
NYC, vanilla LBO. Would caveat that this firm was the exception rather than the rule. Of my friends in LMM/MM roles in the northeast, ~2/3 are probably working at least 70hrs/week when no live deal action.
It varies a TON to be clear. I worked a LMM fund (~$750MM fund size, ~$25-100MM equity checks) which was an absolute grindhouse at the associate level (significant weekend work even when not in deal mode, tight timelines, lots of travel and portco work, etc.). Not that this is the norm, but you shouldn't expect to work a consistent 9-7 just because you're at a MM fund.
were there any warnings signs that you thought you might've missed?
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