MM vs UMM vs MF

What are the numerical thresholds in terms of fund and deal sizes typically associated with the different types of fund categories as per the topic title? Can anyone advise?

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Comments (6)

  • Associate 2 in PE - LBOs
May 19, 2021 - 7:17pm

It's about transaction size not fund size. Would say MM <1bn, UMM 1-4bn, MF 4bn+. Most MF will play in UMM and even some MM as well but they have the optionality to go for the largest ticket sizes

  • Associate 1 in PE - LBOs
May 20, 2021 - 8:52pm

With how much fund sizes have grown in the past couple years I think the following categorization (in terms of latest fund size). Like IB rankings there are general truths (i.e. GS > UBS) but not clear cut. After going through interviews (and seeing how interviewers categorize themselves) I'd say:

LMM: <500mm

MM: <2bn

UMM: <8bn (honestly this starts getting murky) 

MF: 8-10bn+ 

  • Intern in IB - Gen
May 20, 2021 - 10:09pm

Dows timing of fundraising matter as well? E.g id they raised a new fund after 2 yrs etc

  • Associate 2 in PE - LBOs
May 21, 2021 - 2:01am

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