Thoughts on LMM?

Kinda seems like the place to be - less competition for deals, more time evaluating deals than doing 4 months of diligence as one of 20 funds bidding, better culture (hit or miss, but vibe from places I interviewed was a little more laid back but still very smart VS UMM/MF vibe where I feel like I need to display my Lannister banner to get eye contact)

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And some incredible returns selling to MM/UMM PE

Depends what fund. I’m enjoying being in LMM but it’s also a Fund I with the ambition to grow aggressively.

Long term comp in my situation is kind of risky, but big upside. A LMM fund with $300M on Fund V is probably not going to ever get you paid...

I think something like fund 1 at 200, fund 2 at 500, fund 3 at 1.5b etc would be fantastic…

1) It’s not a first fund and there is clear traction
2) Each fund is growing in size

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