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My least favorite part is drafting the comment memos to our client explaining the mechanics of the fund then discussing all the changes the client wants and reverting on the memo - ends up taking forever
Lp work is terrible, largely because the clients are often incredibly cheap. Very hard to build a profitable practice
Gp side can lead to you becoming significantly more valuable to the firm. Those funds clients tend to bring in a lot of other related business
I’m a fourth year where I did like 75%/25% gp lp work for the first two years now do 95% gp work. I think gp work just has more grunt work. Lp work is kinda interesting and imo once you do a few lp side work for one client, u know what they care about etc. and its the gp counsels who’s usually duping out docs etc
Coach
LP work is interesting, you get to see the other firms‘ documents.
Coach
I should clarify: My practice is GP side but I like the occasional LP side work.
What do you hate about LP side work?