MM vs. MF track?
I appreciate this or something similar has been posted a number of times, and don't want to get too specific, but was wondering if people have insight or faced a similar decision in the past:
Currently an investment manager focused on a region in a pan-EU MM firm, with (small allocation) of carry in a recent fund (i.e. will take 6-8 years to payout). Currently have significant responsibility, and am deal captain with only a handful of other managers across Europe in the firm. At all levels, comp is somewhat below market, and far below large cap/MF. Deal execution has been limited in the region (skimping results in lost deals). A clear upward movement to Director (c.2-3 years) and eventually partner would be on the cards (being groomed).
It looks like there may be an opportunity to consider a couple of MF offers at the Associate level, and potentially a new-ish EU platform of a big US name at SA/VP level. Both >$25bn+ AUM in PE strategies.
- Reputation a plus: all reputable top 20 global names (not top 3 funds)
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- One option as Associate with an EU team of c.40 associates, 15 VP, 10 Directors, handful of MD's and Partners.
- Role interesting (complex mega-deals, role in a newer region with a smaller team).
- Consistent handful of deals executed in EU every year.
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Comp somewhat below the top MFs given the Associate-1 role (2-3 year track to VP), still significant upgrade from today. No carry until VP.
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Concern about upward mobility (rigid), step back in responsibility, and timing to carry
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- Second option as SA/VP with a new-to-Europe growing platform with rather small team, with seemingly traction in fundraising, but limited execution evidenced to date.
- Rather positive culture and focus on team/people (experienced this through work with them).
- Comp unknown but likely carry and broadly in line with other MF's
- Concern about deal execution capacity, new-ish team, US-centric decision-making
It's much of a small fish in big pond vs. big fish in small pond question - and would like to get the community's views on it. Clearly I have my own ideas and perspectives, but sitting in a tough spot and want to get some more clarity/viewpoints for myself before any situation of choices might arise.
Any thoughts?
