Should I drop out of my MBA to join a startup fund?
For context, I’ve worked in PE for a few years out of undergrad and am currently starting my first year of an MBA. I have wanted to get my MBA for a while, but I do like working and, well, making money.
I found out that a former colleague of mine is raising a new fund and needs an Associate. I’ve worked with them before and they have indicated explicit interest in having me onboard. They’re great to work with and the role sounds interesting plus comes with carry.
The caveat is that the fund hasn’t closed, so it would be on a temporary contract that converts to full-time at close with the overhanging risk of not being able to complete the raise. Then I’d be out of luck and a job.
I was curious if others had any advice on this and what they would do? Or even questions you would ask yourself when considering this option. Thanks :)
If i was in your shoes and believed in the long-term potential of the new fund. I would stick with school for now and delay any impending tuition payment while you are sorting out the new fund situation. I assume you go to a school that has GND so you can easily breeze through your first semester while working full-time. Knowing how difficult it is to raise a first-time fund in this environment (and many first time fund go for pledges these day to get started), I would hesitate to jump ship until there was a first close or at the very least a meaningful commitment from an anchor LP. Given your experience, I would also make sure that you have a post-MBA title and economics that compensate for the risk you are taking (ie. a higher than normal carry allocation).
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