Laid off from my niche lending role at a BB in October. I have been applying exclusively to endowments since then, with good traction. Just got an offer from by far the best role, but it's located in the Midwest (but a quick flight away). Multi billion dollar endowment, consistently in the top ten of size. Organization outsourced the investing to a consultant, and recently brought it back in house, and has been on a hiring spree with impressive names. This gives me a great opp to get in at the ground floor and do some interesting investing across the credit, PE, and VC space.
Offer is well above my old salary, and the cost of living is a joke. I still have finals in NYC, but I'm looking for someone to convince me to take a gamble and leave.
Thx
bump.
"This gives me a great opp to get in at the ground floor and do some interesting investing across the credit, PE, and VC space."
And it's a higher salary? What exactly are you waiting for and what did you have in mind when you started looking?
It's 100% the move. If this were in NYC I wouldn't create this thread and I would be getting ready for the new gig.
If it's not in Chicago, I get it. Tough to give up NYC for say indy or Milwaukee. That being said, life's about change and this role could catapult you to greater things in a couple years. NYC will always be there.
IMO, challenge yourself, go to the new city and move the chains forward.
This isn't what you want to hear, but keep going with your final rounds in NYC, and see how things shake out
You regret the things you don't do more than the ones you did
You created this thread because you're having doubts about doing what you're about to do, which is currently your path of least resistance. Those doubts arise for a reason. Always trust your gut
The size of the fund is 10x compared to NYC, and the name branding/investment staff are huge. Might take the step out of my comfort zone. I appreciate all opinions.
Good luck! At worst it sounds like you'll have a good name on your resume which should open up lots of opportunities. Can I ask how and why you exclusively targeted endowments? Seems very specific
Sure. The desk that I was on was an ABL desk focusing on fof, PE, and RE lending. My role was essentially a manager research role there, so very similar to what goes on at our clients, so the carryover makes a ton of sense. With my background it was pretty easy to get in front of these guys. Not a lot of people start in alternatives out of UG.
Besides that I think the investing that you get to do is awesome. With a multi billion dollar portfolio over all asset classes, you literally get to see everything. Additionally, the "staying" power of E&F is big. While a trading desk/group can go anywhere, an institutional endowment will not.
Thanks! In recruiting, did you mostly go through headhunters or contacts that you had made on the job?
Your new salary in the Midwest is "well above" your old NYC salary? How can you resist not taking this offer? Usually when you're moving from the Midwest to NYC, your salary is adjusted to up to 30%, but considering your offer is already well above your previous NYC salary, this alone is an opportunity you shouldn't miss out on. Good luck!
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