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Depends on the firm and client set. Riskier culture = a lot more fun for the employees - you can actually chase good deals and land them.
I worked for one and we found an amazing deal where even our conservative underwriting yielded a short stabilization timeframe and high IRR (17% unlevered), but we lost to a firm that took the deal without going to committee.
I think a lot of times with firms like this, they value tenure over all else so comp/progression can be slower than typical high finance.