退出OPPS小型和即将到来的VC基金与著名的VC FOF？
Hello fellow monkeys,
In this new year I've got two offers in theventure capital industry:
- 第一个是来自新的VCfund (GPs have a solid track record), that started fundraising last year and planning to finish fundraising at 150million AuM this year. The fund is focused on a tech market that I like and that is fast-growing.
——另一个是众所周知的FoF, investing primarily in private equity but that is expanding itsVCteam. I would do approx. 50-60% co-investments and the rest in primaries. They also plan to fundraise for aVCco-investments fund (1B AuM).
In both funds, I landed an analyst role.
Which one do you think is better in terms of exit opportunities? I saw that people sayFoFis bad in this forum, however the role includes at least 50% of co-investments and the brand name is good. In theVCfund, I would have a direct investing role, but the future of the fund and whether they can fundraise successfully, is more uncertain.
对这些有任何见解吗？
Thank you very much, and happy new year!
评论 （10)
This is super tough to answer unless we know you personally, your risk appetite, and what sort of work you enjoy, etc. I presume this is an associate-level role, if not a lot of this may change.
也就是说，这里会给一些高级的想法：
a) Joining a first-timeVC基金是您可以做出的最高beta早期职业生涯之一。该基金表现良好，是四分之一的？你设定了。为什么？因为最牢固VCs/GPs don't need a headcount to scale and they usually prefer to promote from within. A new fund, esp aVC——就像一个创业公司——将会有大量的农业tunity to prove yourself and rapidly make partner if things work out. It is truly incredible and lifechanging luck to be an early employee at one of these funds, akin to being an early employee at a successful startup
b) That said, first-time funds "fail" and can struggle to fundraise down the road for a variety of reasons. In which case, you likely will need to lick your wounds, go to your network, and either work at a startup after or find other options. It's possible to lateral, but in general, I have found that folks that are not DEI candidates from first-time funds don't always have the brand name to land decentVC在他们的商店努力筹款之后演出。有些人确实没有这样做 - 只有很少的良好的冒险机会，而且他们具有很高的竞争力，因此随机基金的经验可以让您在初次面试中，但没有区别您。
对于您的特定情况，您的风险更高，因为该基金甚至还没有提高。因此，我会在思考中权衡这一点，然后要求更多的携带，而不是他们否则愿意付出的来弥补风险。
There's also the fact that to see the benefits of the venture path unfolding, you need to stay there for 7-8 years for your carry to vest, and another 10 to actually see your big winners pay off! So make sure that these are people you could see yourself working at least a couple of years for. If there's any pause on that angle, don't take theVCgig. Also, If they're not willing to pony up at least ~1-2% for their first associate hire joining before the fund is raised, they're probably not people you want to be in relationships with.
在FoFside, this sounds like a more traditional, lower risk option but it probably lacks the excitement and learning opportunities you'd get at building a newVCfund. Not saying you wouldn't learn a ton at theFoF，但是加入新成长的公司的学习机会和职业发展是无与伦比的。
我见过FoFVCfolks make the moves to funds later on but it's quite rare - they usually have a different career path and even if they work on direct investments, it is with a different lens and in a different culture than direct investing for aVC公司。也就是说，我认为这里对您的一件令人兴奋的事情是VCfund managers is exploding, and being able to work on sourcing new managers, co-investments, etc. is really exciting and will be a valuable skill set for many family offices/FOFs, etc down the road. You'll be building a skill set that will be well valued there.
TL;DR - depends on how risk-oriented you are and how much you like and respect theVC公司。If you are given pause about never being able to get back intoVC再次做FoF角色。然后做VC. If what you just read from me gave you pause about doingVC因为这似乎有些冒险，请做FoF.
Thanks a lot for your answer, it really helps!
我还有两个其他问题：
- This is actually for an analyst role, I was never employed full-time before. I interned at variousVC资金和初创公司，并自己建立了一个非常成功的项目。考虑到这一事实，您的答案会改变吗？
- You say it is rare forFoFVCfolks to then move to funds: what moves do you usually see from people coming from these FoF?
Considering theVCfund:
我根本不考虑薪酬（两种优惠都很好），因为这是第一次角色，我更喜欢经验以及以后能带来什么。
我不打算留在VCfund more than 3-4years (I guess the ideal plan would be to be promoted to associate, stay a bit and then leave) as it is in a foreign country. I am currently based where the fund is and got to know the team, we get along well. GPs have a solid track record and managedVCfunds/did angel investing before.
I would take theFoFrole then. You should not take aVC角色的本科生,除非它是绝对伏特加ely stellar firm with a track record and record of training their analysts (Bessemer, Kleiner in the past, maybe Insight...)
A few reasons
- No upward mobility to partner in 98/100 cases. In your case very little mobility to sr. associate
- No real training outside of solid shops
- 指导和退出OPPS差异很大，并且往往比银行/咨询/启动PM/软件工程师差得多。
- 路径依赖性：职业生涯初期没有选择性
- Compensation is low
- 如果您很好奇，并且实际上在乎VCvs. the prestige of doing it outside of school, you can find ways to expose yourself to the entrepreneurial ecosystem in other ways while working elsewhere
职业非常长。在咨询/银行/领导力轮换计划中，在其中一些早期商店工作2年来工作的人会为生活提供品牌并获得良好的培训。
You would move on to资产分配角色likely - other FoFs, etc. I'm not the best person to have a detailed reply here - but you'd probably move to a pension fund, endowment, etc.
It's a different but more stable and lucrative career track in its own right.
离开去理想的地方？
您想退出什么？
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