Lower Middle Market Experience?
I've got a solid lead in a lower MM fund (pretty large market, but not NYC/Bay Area) with ~$500MM AUM. Anyone have any insight on pay / work life balance / exit opps / general experience at these kind of places? This would be for an associate role after two years of IBD.
Thanks!
I did 2 years at a lower middle market firm. Was $1.2bn AUM and the equity fund I was investing out of was about $500M. Pay was $180k all in (cheap cost of living state though). We were lean, so I worked a good deal, especially when stuff was live. Good experience (was a value/turnaround investment strategy and I did my banking stint as a restructuring analyst); now at a mega fund in NYC as senior associate (although not typical for a lower middle market associate to jump to large cap fund as senior associate). BitzGerald
As a follow up on exit opps, other associates while I was there: One decided to work at one of our portfolio companies in operations Another b school (top 8ish) to MBB after Another b school (top 2) - will come back after Another b school (matriculating this fall to top 5ish) Another went to a start up - doing well there Another was straight promote - now VP there
Best to just stay focused on maximizing the opportunity in front of you.
Perspectives/experiences with Lower Mid Market PE? (Originally Posted: 09/14/2010)
Hi all,
In a couple months I'll be finishing up my second year at a BB and packing off to a small, relatively new, lower mid-market PE shop in San Francisco. I signed up because I liked the vibe of the team (ex MBB consultants / CEOs / entrepreneuers rather than ex bankers) and also because they promised me plenty of autonomy and exposure to the full investment life cycle (source/execute/operate/exit). That said, comp was somewhat on the light side (I'd probably do just a little better vs. my 3rd year at the bank, but definitely less than as an IB associate).
For better or for worse, I've made my bargain and justified it all in my head - but I'd love to hear the perspectives of people who've spent time in a smiliar role.
Did you find the autonomy / broader role satisfying? Did it help you develop your investment acumen / professional skills more quickly? Or did you feel shortchanged and wish you held out for a larger fund? What did you move on to? Where did the frustrations come from?
Appreciate it, Hungryman
bump - may be doing the same.
I work at a shop where Associates have an extremely broad role. In my opinion, it is definitely worth every dollar of pay sacrificed by not going to a larger shop. My investment acumen and professional skills are light years ahead of the folks that spend the majority of their day doing modeling or just aggregating data. I'm definitely weaker on the modeling/finance front, but the way I see it, the soft skills are the ones that are going to enable me to move up the ladder in the long run, not the modeling.
Summary: Take the job and don't second guess yourself.
Much appreciated CompBanker. Any others?
Esse est odio eaque commodi architecto. Autem placeat blanditiis tempore.
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