加入1亿+启动L/S资金？
Hey all,
我目前是一家MFPE公司的第二年，从事传统收购（想想KKR,BX,阿波罗,沃堡,银湖，H＆F），想知道加入这些最近的一家企业资金之一，专注于L/S权益，这是一个好举动TMT(capacity to do privates).
I was 2+2IB/PE而且可以肯定我不喜欢乏味的执行和基于交易的工作流，而宁愿投入贸易和运行kpi勤奋。So I would like to move to L/S equity but I am not sure if the blow-up risk of a smaller platform outweighs the amount of potential upside I could get from joining a rising star. Full disclosure I do have an offer to join one of these startup funds. Options are to give it a leap of faith or to stay at MFPE for another year or two and keep looking around for a larger, more established fund.
if anyone has any thoughts that would be really helpful. On the list below I included D1 but obviously not a comp and I don't have an offer from them.
Kinetic Partners (Partner from Darsana)
SurgoCap (PM from Lone Pine)
Anomaly (PM from Viking)
Avala Global (PM from Viking)
Mane Global (PM from Moore)
Alua（孤松的伙伴）
Voyager Global (PM from Viking)
D1 (CIO from Viking)
XN（来自Soroban的合作伙伴）
无标题 （Partner from Tiger Global)
我知道其中很多下降了15％+YTD。感谢对职业发展的任何见解（通往校长/高级分析师，薪酬结构，工作流程，管理人员难度，稳定或composition of AUMcapital, etc).
首先十分感谢
评论 （32)
don't have anything to add but interested
This may be controversial but my thoughts below:
- if you are extremely interested in pitching trades and doing the deep diligence and think you will have talent for it, join CGE, Surveyor or Ashler, one of the城堡豆荚企业。您将拥有最有用的结果，这些策略在任何市场环境中都可以做得很好
- 如果你想做TMTprivates go join a fully focused privates effort like a16z, sequoia, etc
- L/S SM doesn't really have an edge or stability anywhere and is mostly dependent on the ability of the founder to raise capital. The crossover funds that目的to have a flexible mandate often times are just marketing and fall short at both public (not as good as seeing the trends andkpis）和私人（不如采购和获得交易那么好），使您依靠创始人筹集另一个基金 /更多资本。最好的结果是，您要开始自己的基金，这非常艰难，除非您要离开维京人或老虎。
与营销点一致，筹款时间非常重要。拥有新鲜资本（如Surgo）的资金比去年+及以上的其他资金要好得多。很难克服-15-25％+一年级。
听说过关于马拉的好消息，毫无疑问，当股票世界似乎正在崩溃时，她有能力拿起超售质量的技术名称。我曾经为之工作的PM是没有纪律的，显然只是一个牧羊人（这在一个行业中说的话很难辨别牧民陪伴与“ Smart”）。
什么是CGE？
citadel global equities
The answers to the questions you listed are going to be difficult to answer. Every one of those firms is going to be different and with the exception of a few, there just aren't enough analysts and enough history (firms haven't been around long enough) to be able to answer questions about career progression, comp, etc. You should ask those questions before you accept the offer but only the founder can answer those for you. Then the question is whether you believe the founder and whether they have a history of being fair and of keeping their word.
总的来说，我认为您从您的座位上获得了一个有吸引力的地方的启动内容。我认为它们是在公共方面开始职业生涯的好地方，因为您可以直接向一些在较大平台培训的好投资者那里学习。如果它无法解决，您总是可以去毫米later. I think毫米platforms can be attractive so that's not a knock on them, but I think for your first public job it doesn't hurt to learn under a SM style for a few years and see if you like that, vs the other way around. Especially if you're coming from a 2+2 background.
关于爆炸的风险，是的，有爆炸的风险，但是所有人都是如此HFs。The blow up risk for the firms you mentioned are lower (relatively) than say a smallerHF但可能高于更大的基金，但您应该为自己承担的风险得到补偿。而且我认为它们足够高，如果能做到这一点，那就不难找到工作了。
FWIW来自与您的描述类似的公司工作的人。
Hi there - any chance you can share / DM some of the recruiters you've used to secure a role at some of these startups funds?
What is "kpis" diligence? How exactly do you feel L/S is different than ourMFPEjob?
如果您愿意，很高兴通过DM聊天。我为大型捐赠工作。当我阅读这篇文章时，我非常有信心这可能是哪家公司，然后他们在您的清单上。我知道动力学，D1，无题，Avala和Xn。与您列出的其他地方没有任何互动，但是PMS从顶级公司中脱颖而出，这些公司可以筹集$ 1B是一个好兆头。作为初级投资专业人士，所有这些都是在HFworld. Yes there's blowup risk but a $1B+ launch isn't the same as joining a $200MM fund.
感兴趣的
Don't.
Care to elaborate why? Although not the optimal choice it is still a step towards what OP prefers as a career path
只要环顾你。这是绝对的狗屎表演HF行业。我知道，我知道，您会说，只有少数资金炸毁了。但这不是我的意思。在这个行业中，职业长寿的日子已经不再存在了。您最好在其他地方（例如PE），您将获得更多的职业稳定性，您将获得可以适用于其他公司（Corp Finance，Startup等）的切实技能，而不必担心被解雇是因为要么1）您做出了糟糕的投资决定2）您的基金关闭。在这种高可能性中，您不会在HF行业，您无处可去（没有真正的退出操作）。薪水比率也很糟糕。
Also: if you're joining a L/S fund, good luck making it in the non-QE-free money world (which hasn't happened for over 10+ years). Hope you're a really good stock picker.
I work at a fund like one you mention above. I think it's a good opportunity and you should take it. Everybody is overblowing how badly this space is doing. Yes, there are some funds that have absolutely hit the shitter, no doubt about that. But there are also funds that are still riding on very good alpha on a 3 year, 5 year, 10 year basis, which is ultimately what a lot of their LPs care about. Most LPs are not idiots - they know drawdowns of this size are very bad, but they also know that most of these funds have proven to generate very good returns over the long run.
Joining a top launch is an opportunity very few people get to have. It can certainly be rewarding. Especially if the fund does well in the next few years. Given where everything is trading, there is probably some decent upside over the next few years... and a lot of LPs are willing to make this bet.
Career stability should be fine with this too - obviously nothing in the public markets can be as cushy as the private markets, but a fund raising $1bn+ clearly has a lot of backing from top LPs and the chances that it crumbles within 24 months is low. Negotiate some good comp for yourself and I think will feel rewarded.
thanks for the input. what would you say is a "good comp" package for someone joining one of these high profile launches out of 2+2?
600-800k
听起来像长期资本哈哈！
我认为钥匙决策点应该是your view and chemistry with the PM and the early team in place. If you think that the PM is someone you can really learn from, have a strong relationship with, and will be your supporter for the rest of your career, I think this is a no-brainer given your interests. Also, I would drill down into if the PM can profitably short - this is the key skill set that will differentiate performance in this market environment. If the PM's game plan is to chargeHFfees but is a closet LO, not gonna make it.
While Tiger, D1,高度表，等等，在这个周期中，一些L/S基金确实证明了它们的价值。即使许多人仍在YTD下Coatue，Empyrean，Soroban等）远低于S＆P，这足以让LPS看到该价值 - 特别是如果它们能够跟上在牛市期间。遭受破坏的资金的共同点之一是，他们在确切的最糟糕时刻放弃了短缺 - 即投降到牛市，变得太贪婪了。
I think some people on this forum way overplay the career volatility of someone who already has banked 2+2 at top tierIB和PE在他们的简历上。您的职业生涯已经如此危险，以至于人们对任何职业搬迁的风险感到担忧。您可能只能加入绿色和平的几年来笑，然后回到PE和still be better off than 99% of population. Unless you just suck as a person and somehow tricked everyone who has hired and kept you thus far, your exit options will be numerous even though this particular venture doesn't pan out as expected. Don't be so risk-averse as to always be collecting optionality but never exercising them. If there is carry/profit-sharing involved and cash comp is in-line with market, I would take this opportunity and ride it out for 2-3 years then re-evaluate.VC, corporate/start-up, pod shops, and even returning toPE会为您提供一些努力的开放选择。不要过度思考实际的下行风险。职业生涯的波动略有增加=/=职业收入潜力的实际损害。特别是在经验丰富的PMS上推出$ 1B+。
Shit they're on to me
大声笑在这里。冒名顶替综合症是真实的MFPE
认为OP和其他人的担忧是，如果基金最终炸毁 /关闭商店，很难回到先前的声望 /基金级别 /任何您想称呼它的水平。在一个简单的LinkedIn搜索中，我看到一些来自顶部BBIBD>顶部MFPE> large fund launch that closed shop > middle marketPE或者no-nameHF。可能是少数派，但有些
Tempora corporis ut enim in. Consectetur dolores ea modi expedita iusto architecto. Quidem molestias itaque quam qui omnis. Perspiciatis qui non officia. Voluptas consequuntur aut iste voluptas explicabo sit.
Sed et non accusamus ipsam. Optio facere nostrum voluptatibus velit neque.
Iste Vitae et Autem Nam Saepe tenetur Quo repellendus。et et a Laboriosam Quod。Ad voluptatem voluptatem ut Corporis Libero。
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus:6 financial modeling lessons free($199 value)
或者Unlockwith your social account...
Sapiente expedita minus molestiae atque perferendis. Nisi dolor eius magni modi. Temporibus odit et et voluptatem soluta. Consequatur et ea vel voluptatem aspernatur. Aspernatur autem provident necessitatibus sed vitae sit. Atque corporis nihil saepe qui.
Velit omnis earum minima eos dolorem inventore. Minima dolorem fugiat molestiae sunt.
Iste Praesentium dolor ut评分。et quaerat nisi tenetur aspernatur recusandae。voluptatem porro laudantium itaque voluptatem除了库里斯特·deserunt安置。Itaque Vero Illum voluptatum减去。