Are there any advantages to working for a smaller LMM firm over a much larger and well-respected UMM firm? Or are larger firms always better than smaller ones? Smaller firm seems like it has a strong trajectory, great returns, and some big-name LP's. But the firm itself is new (~6 yrs old) and not well-known.

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Really depends on your career objectives. My view is that well-respected UMM maximizes your odds for MBA placement, while LMM generally has higher rates of direct promotion to post-MBA roles / better odds for general career advancement.

Also, from a returns respective, it’s much easier for a LMM fund to generate 3.0x+ MOIC outcomes given small $ growth needed for large % scaling vs UMM deals where intense competition results in near perfect pricing on the front end of a deal.


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