Thoughts on private equity FoF firms (ex: harbourvest) Particularly from a fundraising perspective. Good place to be, or no?

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Very. Good opportunity to learn the space broadly defined. Would go to an industry leader versus a small niche shop.

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Some. But coinvesting has changed the world. Few clients can build a high quality portfolio diversified by manager, strategy and vintage. The world’s largest investors won’t do a FoF but they will hire what used to be called a FoF firm to build a great fee efficient portfolio. Anyway - good place to learn.

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What is a “fundraising perspective”?

FoF roles are a great place to start your career if you want to move to an allocator role or do secondaries. Long terms I don’t think prospects are great, most firms that use FoF will move to OCIO models or 40 Act Funds.

No chance of moving to direct PE from FoF

Eliminate exposure to EME entirely, I should say*

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