PE/VC in a random city (non-NYC/CHI/LA/SF)

Sup y'all.

Does anyone currently work in PE or VC or anything similar in a city outside of the typicals - New York, Chicago, etc...I'm talking about a random ass city that you would never expect to have anything comparable, like Des Moines, IA or a Salt Lake City.

Can anyone offer up any advice?

Obviously, a city like those will offer fewer opportunities and may even look suspect on a resume, but it seems like if the pay & perks are good, the quality of life could be excellent - lots of disposable income in a city with a low CoL.

Thoughts?

 

I've worked with a few PE firms that are not in big cities (or their suburbs.) Usually a bulk of the people at these firms are originally from the area, so the benefit to them is low COL, pay relatively commensurate with similar firms (i.e. really high for mid-tier cities), and they get to go back home. The biggest challenge that you'll face is:

  1. Do you actually want to live there? It's hard enough to move to a new city where you don't know a lot of people (if any), and it's even harder when it's not a destination for a lot of other people your age.

  2. Convincing the firm that you do want to move there, as they're going to be strongly biased toward people from whatever city you're looking at.

 

I work in a no-name city, under 500,000 in the midwest.

There are almost no "employees" at these firms. Its pretty much the GPs and a few managing directors, if that.

Salaried roles are fairly non-existent. You are expected to have significant operating experience as well as founder/exit experience.

That said, if an opportunity arises, check it out. The investment scene is changing, LPs are becoming less conservative.

The typically model isn't to invest in 100 companies and see what sticks. The model is usually 4-8 investments a year, with each company being a double, not a home run. Some areas haven't seen exits in a long time, especially university towns dependent of biotech. So, successful funds will focus on quick exits.

 
Best Response

Quae quas quam quo et est. Nihil voluptas officiis et alias eaque. Id consequatur optio accusantium. Recusandae ipsam voluptatem nihil vitae quod. Dolor accusantium officia voluptas numquam quia.

Consectetur aut sint nostrum corporis voluptatem eius expedita dolor. Reprehenderit architecto aut ut.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
DrApeman's picture
DrApeman
98.9
6
dosk17's picture
dosk17
98.9
7
CompBanker's picture
CompBanker
98.9
8
GameTheory's picture
GameTheory
98.9
9
kanon's picture
kanon
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”